During EFCG's 2023 CEO Conference this September 18-20, 2023, EFCG covered the critical trends impacting the AEC Industry, bringing insights from their latest annual AEC Industry CEO Survey data. Rising to the top was talent, with 80% of AEC Firms reporting that talent is their number one constraint to growth.
"The first is changing employee expectations on issues such as the new hybrid model, compensation, ESG, and DEI. The second is changing external pressures surrounding trends such as tech and innovation, generative AI, and shifting business models," Hasiba messaged. "Yet some aspects of what employees are searching for remain the same: (1) professional growth opportunities and (2) company culture.”
Despite this, EFCG data shows that, for the last four years, 76% of vacant AEC firm roles have been filled by external hires. "How do we meet employees where they are to break the cycle of hiring externally and start promoting internally?" Hasiba challenged.
5 Questions Your Executive Leadership Team Should Answer.
What are the strategic priorities for our firm in the next 5 years?
What roles do we need to fulfill those strategic priorities?
What do we want our company culture and employee experience to be like moving forward?
What firm policies and strategies should change based on what best motivates and supports our employees?
How do we align firm goals with the ideal employee experience to set our employees up for success and find the skills we need in the next 5 years?
How to Get Started.
Reassess your employees’ needs (e.g., employee surveys).
Benchmark your employee offerings (e.g., EFCG compensation and benefits benchmarks) to understand how you compare to peer firms.
Conduct a leadership team workshop to align on the 5 questions above.
Align on what’s realistic to implement.
Be transparent and open with your employees about your decisions - create a communication strategy and story. Let them know that you listened. Be direct about what you can and cannot offer. Share the positive changes to come that will reinforce their professional development and company culture!
For more information and to conduct your own talent assessment, contact:
EFCG Managing Partner and Talent Practice Lead
To conduct your own compensation and total rewards assessment, contact:
EFCG Vice President, Compensation Strategy
EFCG will welcome 250 CEOs to our 2024 CEO Conference as we celebrate the 35th anniversary of this premier event. Hear the latest on AEC performance through EFCG analysis and perspectives from experts and industry leaders.