Tag Archives: construction industry blog
Posted on March 1, 2017 by FMI CorporationMuch has been written about millennials and how they differ from previous generations in their approach to work – and careers in general. Indeed, we see millennials often unfairly saddled with the dubious reputation for being entitled, disloyal, self-centered or optimistic go-getters, but it turns out that they are actually not that different from their older work colleagues. In fact, in our recent study “Millennials in Construction: Learning to Engage a New Workforce,” we found that millennials are indeed very dedicated and loyal to their companies and want to do more than just punch a clock and take home a paycheck. They are looking to add value, make an impact and find meaning in what they are doing. Company leaders can leverage these realities by ensuring that their young talent has a clear sense of purpose and an understanding of their roles within the larger plan. According to our findings, when the company’s vision is inspiring and clearly communicated, millennials are 25% more likely to stay longer with the company compared to those who don’t understand the company’s vision and direction.
This post was posted in Talent Development and was tagged with construction industry blog, Attracting people to construction, employee retention, FMI Management Consulting, Human Resources, oil and gas market strategy, engineering blog, construction blog, millennials in construction
Posted on October 10, 2016 by FMI CorporationIn today’s team-based, fast-paced work environments, the ability to communicate effectively over several channels and provide ongoing feedback is key to success. Feedback makes you aware of how you are doing and what you can do to develop and improve. It builds trust in your relationships. The topic of feedback is hot in today’s marketplace. Employees are eager to know what is expected of them, how they are doing, and what they need to do to receive greater responsibilities and rewards. Employers are also eager to implement feedback tools and systems so that they can determine how they are doing in the eyes of their customers and employees. Best-of-class organizations also use feedback to help identify areas of success and developmental opportunities for their upcoming leaders. Here are five reasons why:
This post was posted in Consulting, Center for Strategic Leadership, Talent Development and was tagged with leadership, construction industry blog, team building, oil and gas market strategy, engineering blog, construction blog, agile leadership, feedback in workplace, feedback construction, feedback team development', 360-degree feedback, feedback leadership, team development, construction and engineering
Posted on July 20, 2016 by FMI CorporationWhen done well, assembling a peak-performing board pays off in dividends for engineering and construction firms. Companies throughout the engineering and construction industry are seeking innovative solutions to the myriad challenges they face in today’s competitive business environment. Leaders are confronted with talent pressures, changing technologies, increased competition, demographic shifts, economic uncertainty and various other seemingly random obstacles on a daily basis. To find solutions, leaders are considering a long list of options, including re-examining the way they recruit, onboard, train and develop their people; hiring talent with unique skill sets; re-examining their business models; forming new partnerships; joining peer groups; and finding ways to cut costs and increase productivity. Through it all, one powerful asset is often overlooked or not fully utilized: the board of directors (even more specifically, the use of independent outside directors as members of those boards).
This post was posted in Consulting, Center for Strategic Leadership and was tagged with construction industry blog, NRCI 2014 Q2, engineering blog, construction blog, peak performing board, board of directors construction, construction firm blog
Posted on July 13, 2016 by FMI CorporationFor many firms, financial regulators, and homeowners, the most recent housing bubble and subsequent Great Recession blindsided their confidence, cutting short an era of unprecedented growth and good fortune. But some people were prepared. Some even sounded the alarm. How was it they saw the downturn coming? Knowing what is going to happen is quite different than preparing for an eventuality. In a new era underpinned by sustained economic uncertainty, business leaders are learning to insure themselves against unpredictable futures. Keeping an eye on movements and events—both within the industry and beyond its bounds—can lessen the surprise factor. Put simply, leaders need to be a few steps ahead of the game. By looking at a range of possible outcomes and scenarios, and by developing a strategic response for each, companies can reduce the shock of industry shifts and minimize crisis-mode decision-making.
Posted on June 9, 2016 by FMI CorporationToday’s new technologies allow industry professionals to link up and share project knowledge across integrated teams, 24/7, across the globe. When the Internet was introduced in the early 1990s, no one really knew that complete industries, cultures, governments and businesses would be transformed by this innovative platform for sharing information, learning and transacting. Nevertheless, what started out as a novelty of sorts has since grown into a 3 billion-strong web that’s accessible via the desktop computer to the 5-ounce mobile phone — and everything in between. Technological advancements are also reshaping the engineering and construction (E&C) space, where the evolution of design and construction functions has taken a leap forward with the transition from electronic drafting to high-resolution digital modeling (also known as Building Information Modeling or “BIM”). Thanks to ubiquitous digital connectivity, cloud computing, and big data, the E&C industry is undergoing a historic melding of engineering, architecture, fabrication, construction, and other related disciplines, undoing 100 years of expansive industry fragmentation.
This post was posted in Consulting, Research, Technology and was tagged with construction industry blog, construction industry, NRCI 2014 Q2, engineering industry, engineering blog, construction technology
Posted on June 2, 2016 by FMI CorporationA strong corporate culture and open lines of communication go a long way when it comes to developing and running an ethical organization. Ethics programs have been praised for the effect they have had on the engineering and construction (E&C) industry, shoring up the reputation of firms, and bringing stricter oversight and regulation of work practices. But all ethics programs are not equal. In a firm dedicated to promoting lasting cultural change through the ethics program, reporting rates will be higher, and incidences of ethical violations will be lower. Conversely, it is possible to have in place the facade of an ethics program, and yet harbor a dishonest and retaliatory culture that discourages ethics reports. In this case, your last line of defense is your anonymous hotline. The performance of your ethics program depends on how engaged your employees are with the company in general and ethics in particular. This in turn depends on how your company seeks out and responds to reports of ethical misconduct. Here’s a list of five ethics program best practices, and the reporting mechanisms that underpin them.
This post was posted in Consulting and was tagged with construction industry blog, ethics construction industry, construction industry, business ethics, construction ethics, engineering ethics, construction firm ethics, company ethics programs
Posted on April 4, 2016 by FMI CorporationA relatively new concept for many U.S. design and construction firms, today’s global business environment has grown significantly over the last 10 years, and along the way, has pushed companies of all sizes to begin thinking globally. A seemingly simple proposition, the idea of doing business beyond domestic borders is actually quite complicated. Today’s global economy and political outlook remain uncertain and possibly even disconcerting. According to McKinsey’s latest economic outlook, executives across the globe are concerned about China and how its growth might affect the world economy. Many of today’s business challenges and opportunities facing corporate leaders are global in nature and therefore demand leadership with a truly global mindset. To ensure that your firm is positioned to manage these challenges while also taking advantage of the opportunities associated with global trade, here are six strategies that all companies can benefit from—regardless of company size or type:
This post was posted in Consulting, Center for Strategic Leadership and was tagged with construction industry blog, construction, NRCI 2014 Q2, engineering blog, global trade construction, global trade
Posted on March 21, 2016 by FMI CorporationLeaders in the construction industry have long dealt with volatility, uncertainty, complexity and ambiguity ("VUCA") on a daily basis. In fact, VUCA is part of the industry's DNA. Today, though, the pace of change and the speed of information flow are transforming the global business landscape more than ever, escalating risk and vulnerability at all organizational levels. In the construction industry particularly, the failure rates associated with untested, uninformed decision-making have pushed executives to become vastly more creative, flexible and nimble when it comes to identifying and managing risk and solving problems. Unfortunately, many of today's construction leaders are ill-equipped to deal with their companies' many moving parts and are now seeking innovative ways to develop their leadership capabilities.
This post was posted in Consulting, Center for Strategic Leadership, Talent Development and was tagged with construction industry blog, CEO in construction, construction executive, construction leadership development, construction executive institute, leadership development
Posted on February 29, 2016 by FMI CorporationWhether they are large public businesses or small, family-owned startups, successful construction companies have strong, positive cultures. These cultural roots typically start with a founder who has a vision of the type of company he or she wants to build. The CEO should be able to get his or her team “pumped up” – an effort that requires a lot of energy, but that should be on every leader’s actionable agenda nonetheless. In their leadership capacities, CEOs must also influence organizational cultures to grow in a positive direction. Too often, the culture in a construction company can become a losing one, especially in tough times. By inspiring higher levels of execution and celebrating individual and team successes, a CEO can raise the aspirations of the organization’s human resources. The best CEOs understand, practice, shape and lead with their company’s culture, raise their firms above mediocrity, and assemble many different people and talents. Taking the lead to shape the corporate culture can be quite a challenge anytime, but it’s even more important when the company grows to a multi-billion dollar organization.
This post was posted in Consulting, Center for Strategic Leadership, Talent Development and was tagged with construction industry blog, NRCI 2014 Q2, CEO, CEO in construction, ceo skills, cultural intelligence, ceo cultural intelligence
Posted on June 10, 2014 by FMI CorporationEach quarter, FMI asks members of our Investment Banking team to contribute insights concerning M&A activity in the Engineering and Construction (E&C) industry. The M&A Advisor serves as a reminder of the activity FMI is seeing in various sectors of the E&C industry, but, more importantly, it aims to provide unique insight into key drivers of activity. What's Inside?
- 2014 Valuation Drivers
- Five Key Elements for a Successful Acquisition and Integration
- The Energy Services Opportunity
- Have Oil & Gas Valuations Peaked?
- Don't Forget Operations When Performing Due Diligence
- Recent FMI Transactions