What FMI is Seeing in the Marketplace Increased Competition Out of Town Contractors Lower Bid Prices Less Work Lowered Employee Engagement Lack of Motivation and Morale Labor Shortages
Labor Shortages¹ Results of the Recession Unemployment will permanently be higher 6.5 – 7.5% after the recession AEC labor shortages in the next 3-4 years Predicted 2012 deficit: 1.5 million workers Displaced workers likely to move to new industries More difficult to recruit back to AEC Highest risk: young professionals & recent grads Widening talent gap Higher need for specialized workers ¹The Next Big Threat… And It’s Probably Not What You’re Expecting. FMI Corporation. 2010
Table Discussion Group Discussion Where is the talent? How attractive is your industry? What makes top performers stay or go? On Your Own How attractive is your organization? Who are the right employees for you? How can you retain your star talent?
Defining “Star” Talent Who you are Personality Work Style Values & Beliefs Goals What you are capable of Performance vs. Potential What you know Skills Experiences Education What you have done Successful projects Diverse experiences
Finding the Right Talent Get serious about recruiting Find the right pools to fish in Differentiate yourself in the marketplace Become an employer of choice
Get Serious About Recruiting Over-communicate recruiting needs and status Get the word out – networks and advertising Build a powerful website Create a consistent process to “wow” recruits Build relationships with talent pools Treat recruiting as a strategic imperative Define the role of leaders in recruiting talent
Attracting Experienced Talent Provide hefty referral incentives Get involved in your community Win external recognition Define and live your culture Become an employer of choice
Table Discussion What are some reasons that high potentials have left your organization? What could you have done differently to retain them? What recruiting efforts can you change to attract and retain more high potentials?
Table Discussion List the following retention drivers in order of personal importance: Exciting Work & Challenge Career Growth, Learning & Development Working with Great People & Relationships Fair Pay Supportive Management/Great Boss Would this be the same order for your employees? Why/Why Not?
Retention Drivers by Age Exciting Work & Challenge Career Growth, Learning & Development Working with Great People & Relationships Fair Pay Supportive Management/Great Boss
Top 10 Reasons Why High Potentials Leave 1.Boss Relationship 2.Better Opportunity 3.Personal/Family 4.Job Security 5.Compensation 6.Leadership 7.Quality of Life 8.Values Conflict 9.Recognition 10.Stock Ownership Hornberger Management Co.– 2002 FMI Contractor’s Management Journal Feb 03
Identifying Talent Choosing the people you want to develop Knowledge Education Experience Organizational Knowledge Skills Business and Management Personal Attributes Personality Attitude Energy Learner
Questions to Consider Have you identified your high potentials? What are you doing to develop your high potentials? What can you do differently to speed up their development? What efforts have you made toward improving retention?