RALEIGH, N.C. (November 18, 2013) – FMI, a leading provider of management consulting and investment banking* to the engineering and construction industry, announces the release of its 2013 U.S. Construction Industry Talent Development Report. The report is based on responses nationwide from a mix of general contractors and construction managers at firms of all sizes and specialties, including mechanical/plumbing and heavy/highway/civil.
More than half of respondents report a shortage in skilled labor. As a war for talent begins, construction experts must evolve their methodology of searching for the best and brightest employees. First, construction careers must be made more appealing to women and minorities. Second, there must be an appeal to today’s youth through career counselors, career fairs and utilization of social media channels.
In addition, as baby boomers retire, more than 75 percent of those surveyed said they were preparing for a leadership transition in three ways:
- Promoting internally
- Training to improve performance
- Providing internship and co/op programs
Also, more than half of those surveyed said they were:
- Identifying gaps in core competencies
- Increasing recruiting efforts at schools and universities
- Employing “best practices” to retain key talent
*Investment banking services provided by FMI Capital Advisors, Inc., a registered broker-dealer and wholly owned subsidiary of FMI.