Monthly Archives: February 2017
Posted on February 24, 2017 by FMI CorporationThe fact that most construction firms are struggling to find qualified people is old news. To be sure, much of the blame for the labor shortage problem can be laid at the feet of the Great Recession, when job demands changed dramatically and many downsized workers left the industry for good. The trouble is, these workers have yet to be replaced with workers of equal or better skills. So what can be done? The industry has responded to the challenge by treating it as an “asset” problem. Applying the same principles they would to a construction project, employers have brought a hammer-and-nail solution approach to something that requires more thought and consideration. Companies are putting big dollars into training programs focused on sharpening employee skills and competencies. But just how effective is all of that training?
This post was posted in Center for Strategic Leadership, Talent Development and was tagged with Attracting people to construction, employee retention, employee development, Training investment, FMI Management Consulting, Human Resources, oil and gas market strategy, construction blog, millennials in construction
Posted on February 14, 2017 by FMI CorporationAny principal of a construction firm will tell you that cash is king. There is little room for error when it comes to feeding the cash cycle. Why not apply the same focus and fervor to collecting the monies that are owed to your company as you do to installing the building components for which you bill? Often, too much of the responsibility for collecting receivables is shifted to the accounting department. When accounting investigates the nature of an account and the reason for delinquency, it is often determined that the client has withheld payment because it has yet to receive consideration for payment as outlined in the contract. Examples range from a significant deviation from the schedule of values to failing to deliver as-built drawings.
This post was posted in Consulting and was tagged with construction industry, Construction cash flow, Cash flow management, Relationship building, construction firm blog, collections construction, construction best practices