“Only those who will risk going too far can possibly find out how far one can go.” T. S. Elliot
Failure to innovate or take risks can eventually take down the most successful companies. Throughout history, there have been countless companies on top of their industry that did not stand the test of time. The same time that allowed competition to take advantage of and adopt new technologies. Although Blockbuster met its demise for several reasons, failure to innovate would be in the top three. In 2000, the CEO of Blockbuster was approached by the founder of Netflix with a proposal to form a partnership. Blockbuster was doing so well, and they already had their recipe for success, so they did not do the analysis and failed to connect the unseen factors. When companies are consistently increasing revenue with little to no change in the business model, it is often harder for them to embrace strategic thinkers. How long will the success of your current strategic initiative prevent you from failing? Continue reading
“We can raise the talent bar, but you have to do something different. You can’t do what you are currently doing today.” – Lou Adler
A continuing downward trend for the construction industry has been the lack of skilled labor workers. The recession cost hundreds of thousands their jobs between 2006 and 2011. Looking for more stability, most of those workers went on to other industries, while others struggled to find work years after being laid off. If you look at the unemployment rate, many people are looking for a job, but why does the construction industry continue to struggle?
There was a time when construction industries had to worry about not having the work available to keep employees busy; now they struggle to bring in workers to fill jobs. This industry challenge tributes to the number one concern for the construction industry: not enough qualified workers. During the 50s and 60s, unskilled labor was the norm, but was down to less than 30 percent by the time the recession hit. Per the AGC of America, construction firms are pushing for more qualified workers.
“Construction firms seem particularly concerned with the quantity and quality of local construction education and training programs. Nationwide, 55 percent of businesses say the local pipeline for preparing new craft workers is below average or poor. Meanwhile, 35 percent of firms have a low opinion of the local pipeline for construction professionals.” Continue reading
Construction industry professionals have slowed down with the winter months. It is the time of year to start focusing and strategically planning on how to get the most out of the opportunities in 2017. Let’s look at three trends to watch this year.
With the continued growth in the economy, nonresidential construction will continue to grow as well.
In 2017, the forecast for nonresidential construction is predicted to go up 6.5% compared to 5.6% in 2016. Although there has been continued growth in the economy, there is still a lot of uncertainty in how long it can be sustained. As stated in the new U.S. Construction Outlook Heading into 2017 from ContructConnect, this is partially due to the presidential election. Job growth is expected to go up in the
U. S., especially with the push to bring jobs back from overseas. Combine that with low-interest rates and continued population growth, the need for more construction will continue to increase.