RALEIGH, N.C. – October 17, 2017. FMI Corporation, the leading provider of management consulting and investment banking services to engineering and construction, infrastructure and the built environment, is pleased to announce the release of its 2017 Talent Development report. The publication reveals emerging trends around talent development in the construction industry and paints a mixed picture of how firms are retaining and developing their people.
Key findings from the study include:
- 89% of participants reported talent shortages in this year’s survey.
- 75% of participants have made changes to their training programs in the last two years, with mixed results.
- 43% of survey participants reported that their firms don’t prepare a formal annual training and development budget.
- Training and development programs aren’t very effective (score of 5.8 out of 10).
- Most firms struggle with performance management (score of 5 out of 10).
- Organizations with the highest employee retention have committed to rich professional development cultures and have effective performance management processes.
- 55% of survey respondents don’t have any formal processes in place for identifying and developing high-potential employees.
Andy Patron, principal with FMI, added, “Our industry is telling us where we should focus our efforts, and these indicators should be a catalyst for action. While these are not new ideas, the current market and industry demographics are making them more important than ever.”
To access the 2017 FMI Talent Development report, please click here.
For over 60 years, FMI has been the leading management consulting and investment banking firm dedicated exclusively to engineering and construction, infrastructure and the built environment.
FMI serves all sectors of the industry as a trusted advisor. More than six decades of context, connections and insights lead to transformational outcomes for clients and the industry.
FMI helps you build your foundation for tomorrow and optimize your business for today. Industry Focus. Powerful Results.
Rebecca Esler, FMI