In today’s fast-changing and competitive
business landscape, engineering and construction firms are vying to
attract and retain the best people more than ever. Findings from this
year’s talent development study paint a mixed picture of how
construction firms are addressing people development.
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 our 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.
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