What We Learned at the AGC/CFMA Conference

The Construction industry is constantly evolving, with new technology, new IT systems, better and more efficient practices, and even generational differences in employees and recruits. It’s easy to go about your day-to-day business, but it’s vital to step back occasionally to look at the big picture—how are things changing, and how does your company need to adjust to the changes to be successful?

Steven Lamp, Secretary/Treasurer of Lamp, recently attended the Associated General Contractors of America (AGC)/Construction Financial Management Association (CFMA) conference. We love the opportunity to keep Lamp at the cutting edge of what is happening in construction, the financial implications, and how we as a company can establish best practices within the industry.

Steven had so many takeaways from this valuable session. Here are just a few pivotal current trends and risks worth the construction industry’s attention.

1. Succession and Labor is changing. As the construction industry continues to grow stronger, new labor joining the industry doesn’t seem to be keeping up with the trend. The older generation is retiring, so it will be important to focus on recruiting successors. Equally important will be training them so they are prepared. Recruitment and training alone could put your company at a competitive advantage.

2. Acceptance of change within an organization is important. We live in an age where everything is changing—technology is changing everything. As a result, IT changes, efficiency systems change, and the way we do everything changes. Your organization must be positioned to embrace change. To do this, you must effectively communicate with your organization. People have a natural tendency to reject the new. You can shift that tendency through your communication—focus on the value of change, answering “why” questions. The more the organization understands why you are doing things, the less fear they will have. Also, those who are affected by change should be involved in the communication. You can build up a well of support if you communicate effectively.

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