CISCA Monday Newsletter
 
Industry News
Megaprojects are set to be one of the biggest disruptors for the construction industry. Bent Flyvbjerg, an expert in project management at Oxford’s business school, says that globally, megaprojects make up 8% of total global GDP. However, widespread shortcomings and low success rate of megaprojects have been so pervasive that those involved have begun to question the very model, according to FMI.
 
Department of Labor officials considering a new rule for U.S. apprenticeship programs have received more than 325,000 comments, many of them focused on a controversial provision that would especially affect construction workers, according to Engineering News Record. At issue is a proposal to exempt the construction industry from one element of the plan — the creation of Industry-Recognized Apprenticeship Programs (IRAPs) that would take over much of the standard-setting now done by DOL and state agencies.
 
The fight to attract and retain top-tier construction workers is fiercer than ever. The construction economy is booming (still) and the biggest challenge for construction companies continues to be sourcing skilled trades workers. Technology can help facilitate a more efficient and more fruitful hiring process. 
 
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In a report issued this week and obtained by Construction Dive, Moody's Investors Service came to the conclusion that fixed-price engineering and construction (E&C) contracts offer more risk than reward for the companies that choose to take them on. Moody's said that there is a shift toward fixed-price contracts within the E&C sector, and, while that creates more certainty for owners, it has resulted in more charges for E&C companies like Fluor and McDermott Technology Inc. beyond the original contract amount, as well as negative cash flows and weaker credit ratings.
 
Small businesses can lack the knowledge and access to all the tools that would enable them to operate more efficiently and market more effectively. They also miss out on the leverage of purchasing power and other economies of scale enjoyed by large national chains. It is for these reasons that remodeling industry is ideally suited for the co-op model, which has become a dominant force already in areas such as flooring and lighting.
 
Claims are inevitable in the construction industry. They can take on a life of their own and come with the burden of legal fees, wasted executive time and a possible judgment. Too often the only winners are the lawyers. These eight tips should help you protect your business proactively.
 
While some construction firms are on the forefront of incorporating technology into employees' daily workflow, others have struggled to add digital solutions to their projects. A group of McKinsey & Co. analysts has looked into the reasons why some engineering and construction companies fail in their efforts to digitalize.
 
In an ideal world, you are in a role that plays to your strengths and motivations and limits exposure to your weaknesses, and you are partnered with a manager who serves as your advocate. In reality, you’re likely motivated by some aspects of your job and not always by others, and your manager has many other responsibilities that prevent them from being the best coach they can be to their team. In this scenario, the best you can do is do your best. And achieving your best requires a measure of self-management.
 
Construction input prices fell 0.6% in August and are down 0.9% year over year, according to an Associated Builders and Contractors (ABC) analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices fell 0.4% for the month and are down 0.4% compared to August 2018.
 
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New data released by Tariffs Hurt the Heartland, a coalition of more than 150 associations from every sector of the U.S. economy, shows that tariffs cost U.S. business and consumers $6.8 billion in July, the highest monthly total in U.S. history. The $6.8 billion in overall tariffs paid is a 62% increase from July 2018, driven by $3.5 billion in new tariffs on goods imported from China.
 
If a joint venture is in your future, you should be asking yourself, what is the objective? What are you trying to achieve by this joint venture? Are you trying to obtain a specific contract for work you can’t do yourself? Do you need more capital or a higher bonding capacity? Maybe you need folks with more experience, or is this a qualification issue?
 
The average annual turnover rate for salespeople is 20%. Many factors account for that number, but a sizeable amount of voluntary turnover occurs from burnout and lack of motivation. To combat turnover, it’s crucial to put added resources behind your onboarding and development process to ensure your hires maintain the engagement, mental toughness, and willingness to tap into the personality traits that contribute to success in the role.
 
Member News
Join Caliper for a free webinar on Wednesday, September 25, 2019 at noon EST on Hiring and Development Made Easy: How to Maximize Your Caliper Investment. You'll learn about practical tools that you can implement today to help you hire the best people for your open roles, seamlessly create a more robust onboarding and employee development process and ensure that your employees have a plan for success at your organization.
 
 

 

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