CFMA: Talent Pipelining

Contractors will face continually worsening talent shortages through 2030.

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Those that want to continue sustainable growth must manage every aspect of their talent management processes with the same rigor they would manage a fast-track project with $100K per day in liquidated damages.

The Construction Talent War - Talent Pipelining.

On November 15th, Katie McConnell and David Brown kicked-off the first of a three-part series focused on talent.   

  1. Diagnosing the Biggest Talent Bottlenecks for CFMA Sacramento Members
  1. Fixing Your Biggest Talent Bottlenecks
  1. Building Benefit Packages and Perks Beyond Compensation for a Competitive Advantage 

A few interesting takeaways from the first session were:

  • When asked what their hiring challenges were, nearly 100% of the audience cited external market factors, which included the shortage of talent. To begin solving the problem, we must first start looking inwardly at the areas they can control and, more specifically, those that matter
  • Of the 83% of people who stated their challenge was not enough qualified talent, 50% of those also rated their Talent Pipelining process as effective (an ‘A’ or ‘B’). This is a little bit like stating your sales process is effective but not achieving the sales you want.  

The next step in solving a problem is to recognize that we may be looking at our internal processes and capabilities with more rose-colored glasses than we think. We actually may not even know what we don’t know. 




Attracting and Retaining Talent: The Five Most Important Questions
To attract and retain the best talent, everyone on your team must be able to clearly answer these five questions. Your answers must be competitive with the other choices a potential new team member has.
Helen Keller - Blind vs Vision
As a contracting business grows it becomes more important the team is aligned around a common vision and culture. It becomes even more critical if the company has more than one geographic location.
Incentive Compensation for Contractors - Audience Question: When?
While an incentive program won’t turn around a completely bad culture, there is also no such thing as a perfect culture. There are are important prerequisites to have in place before getting started with an incentive program.