FMI, a provider of management consulting and investment banking services to engineering and construction, infrastructure and the built environment, recently released 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.
In many cases, the topics of human resources (HR) and talent development are still being tackled in a very tactical, piecemeal manner, at best. Leading firms, however, recognize the need for a systematic and strategic approach and are investing in the necessary people and resources to set up long-term talent management programs.
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.
To read more about the study, click here.