Tag Archives: engineering blog
Posted on March 22, 2017 by FMI CorporationAcquisitions have always been a means to maximize value and create a sustainable competitive advantage for engineering and construction (E&C) firms. However, acquisitions of any size are a major undertaking for both the acquirer and the target. Substantial financial returns are required not only to create stockholder value, but also to justify the enormous investment of managerial time and effort that goes into a takeover. A handful of E&C firms have been active and masterful acquirers; putting these firms aside, acquisition results for the masses have been mixed. Often, the rationale is flawed, or the post-acquisition strategy ill-executed in cases where the strategic relationship does not last. Acquisition fever, failure to recognize the costs of an acquisition, or a flawed understanding of the target company has derailed many plans for expansion. Within the E&C industry, acquisitions are a vital driver of competition and growth among varied players. However, the post-acquisition strategy of each can differ significantly. At one end of the spectrum, the parent company allows the acquired firm to operate entirely as an independent subsidiary – we term these ‘operators.’ At the opposite end, the parent company works to fully integrate the culture and processes of the acquired firm into their own, effectively expanding the parent company – typically known as an ‘integrator.’ While either strategy will work, it is important to note that successful acquirers make a very conscious decision about where their strategy falls on the operator-integrator spectrum. They are successful acquirers because they have a defined acquisition integration strategy.
This post was posted in Investment Banking and was tagged with Mergers and Acquisitions, Acquisition search best practices, construction, NRCI 2014 Q2, engineering blog, construction blog, construction acquisitions, acquisition construction industry
Posted on March 8, 2017 by FMI CorporationThey say that construction and engineering are male-dominated fields, but is that really the whole story? To answer that question, we believe that leaders must look well beyond counts of employees from different demographic groups and gain holistic views of their organizations. For example, diversity metrics include measures that capture the characteristics of the workforce (e.g., the percentage of the workforce that is female). And while race and gender are the two demographic characteristics most focused on in the workplace, diversity is defined as the differences and similarities that include, for example, individual and organizational characteristics, values, beliefs, experiences and backgrounds. Put simply, not all demographic characteristics are federally-protected classes, but states, municipalities and organizations may choose to protect a broader set of demographics.
This post was posted in Consulting, Center for Strategic Leadership and was tagged with engineering blog, construction blog, women in construction, diversity construction, inclusion construction, international women's day, women construction, women engineering
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 September 29, 2016 by FMI CorporationThe race to cultivate and transition leaders into executive positions is on. Is your company ready for the challenge? With 10,000 baby boomers retiring every day, the construction industry is in a race to fill vacant leadership seats with candidates who are as competent as they are agile. Defined as the power to move quickly and nimbly while thinking on your feet and acting decisively, agility helps leaders tackle the challenges of today’s business environment while also thinking about the bigger picture and planning for the future. Based on extensive observation, research and practice around leadership, FMI has determined that Peak Leaders—those who exemplify what it means to be a leader—exhibit eight key behaviors. This framework can be used to identify, support and develop agility in your own leaders:
This post was posted in Center for Strategic Leadership, Talent Development and was tagged with leadership, strategic leadership, Leader selection, construction leadership development, leadership development, engineering blog, construction blog, construction management, construction leadership, leadership style, construction field leader, agile leadership, agile construction, agility, agile, talent development construction
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 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 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