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Avoid common hiring mistakes in construction

Hiring more workers is crucially important as construction companies continue to face a labor shortage. Making mistakes when hiring new employees can be harmful.

For Construction Pros shares the following common hiring mistakes in the construction industry and how you can avoid them.

1. Hiring during the wrong time of year. The best time to hire is during the spring and summer months when construction activity is at its peak and more job opportunities are available. Track your low and peak times to ensure you have adequate staff to handle the busiest times.
2. Using a vague job description. Construction companies sometimes do not include enough information or include information irrelevant to an open position when writing job ads. This leads to frustration as potential candidates may not understand what the company is seeking and what the job entails. Be sure to include all necessary details, such as the specific title/position; a brief description of the role and its responsibilities; required qualifications; desired skills and attributes; job location; and salary range or rate.
3. Not checking references or running background checks. Checking references and running a background check will help ensure your candidate is qualified. It also can be helpful to learn about a candidate’s relationship with a previous employer and whether he or she left on good terms.
4. Waiting until the situation is desperate before hiring someone. When there is a sudden workload increase or a crucial team member leaves, companies sometimes rush to hire, fail to vet candidates properly and make poor decisions that cost the company time and money. Proactively plan for staffing needs so you are not in a position where you must make hasty decisions.
5. Not understanding what the company needs from the new employee. This can lead to hiring someone unsuitable for the company, as well as decreased productivity and morale. Clearly define what you will need from a new employee before beginning the hiring process.

FM Global clients to receive record $800 million membership credit

Commercial property insurer FM Global, Johnston, R.I., has announced its clients collectively will receive an estimated $800 million in premium credit—the largest amount ever—because of the company’s “outstanding” financial results. The membership credit each eligible policyholder will receive will be based on annual premium and client tenure and applied as an offset against premium at a client’s renewal or anniversary date.

Following this credit, FM Global clients will have benefited from about $5 billion in membership credit since the program was introduced in 2001.

“Our financial strength and mutual business model mean our clients share in our success,” says Malcolm Roberts, FM Global’s president and CEO. “The more we prevent loss, the more we can give back to our client-owners. This is demonstrated in another record membership credit. In such a volatile market, the year ahead will be a challenge once again, but we face it from a position of strength and look forward with more optimism than ever before.”

FM Global clients holding policies consecutively for less than five years will be eligible for a 5% credit; five to 19 consecutive years will be eligible for a 10% credit; and 20 consecutive years or more will be eligible for a 15% credit.

According to FM Global’s annual report, in 2022, the company had $8.838 billion in total gross premiums, a 49.9% loss ratio and a 26.8% expense ratio.

What to consider when selling a business

Selling a business is a big step, and business owners must remain mindful of several considerations during the process.

The U.S. Chamber of Commerce offers the following factors to consider.

1. Timing of the sale. Good timing is crucial to a successful sale. Be sure to research the market; you could miss financial benefits if you sell your business when its valuation is lower rather than waiting for the market to change in your favor. It also is important to understand the sale process could take longer than expected; it may be a year or more before you finalize the sale.
2. Reasons for selling. Your goals, such as retirement, should drive the sale of your business, so determine your reasons and how they may affect you going forward. Do not rush the decision. Your reasons also may affect who you want to buy the business; finding the right buyer will take time and energy.
3. Your business’s value. You can determine your business’s value by examining profits, inventory, key customers, goodwill and how necessary your business is to its industry. Undervaluing and overvaluing your business can be an issue, so you may want to use an impartial third party to estimate the value correctly. When you are determining the price point, buyers are looking for the business’s current value and not potential growth value.
4. Personal readiness. A sale should not proceed unless the owner is completely ready to transfer ownership. Avoid regrets by determining whether you have accomplished your goals with the company or whether you have unfinished business that should postpone your plan to sell.
5. Structure of the sale. Businesses can be sold in different ways, most commonly via an asset sale or share sale. For an asset sale, the entrepreneur retains ownership of the company and sells some or all the company’s assets. A share sale involves selling the entrepreneur’s shares in the company. Each sale structure comes with tax implications that affect how much you earn from the deal.
6. Your next steps. It can be helpful to know what moving on will look like once your business is sold. After years of running a company, you may feel something significant is missing. You will handle the decision better if you have something to look forward to.

New partnership between CMAA and National Association of Women in Construction

The Construction Management Association of America and the National Association of Women in Construction have signed a cooperating agreement to help support women in the construction industry.

The partnership aims to further the success of women in construction by advancing their education and careers and increasing talent within the workforce.

CMAA President and CEO Andrea S. Rutledge and NAWIC Executive Director Crissy Ingram recently completed the cooperative agreement. The two organizations will cross-promote events, with the possibility of co-producing a few, and attend each other’s conferences.

NAWIC members also will be able to pursue CMAA credentials for Construction Manager-in-Training, Certified Associate Construction Manager and Certified Construction Manager at the CMAA member rate.

In August, CMAA will lead a Principles of Construction Management course for NAWIC members during NAWIC’s 68th Annual Conference in Portland, Ore.

“I am excited for NAWIC and CMAA to enter into this partnership. This is a big step in educating and promoting women in the industry,” Ingram says.

EagleView Technologies appoints Piers Dormeyer CEO

EagleView Technologies, Bellevue, Wash., has named Piers Dormeyer CEO. Dormeyer most recently served as the company’s president of the commercial group and has expertise in business strategy, organizational development and operational excellence.

“It is an honor to assume the position of CEO at EagleView Technologies,” says Dormeyer. “The company has seen unparalleled growth in the recent past, and I believe we will continue to lead the industry by focusing on our cutting-edge technology. We have a talented team, and I look forward to continuing our work together to scale our innovative solutions and deliver unparalleled value to our customers.”

Dormeyer’s leadership will be instrumental in advancing EagleView Technologies’ approach to revolutionize how businesses leverage aerial imagery and geospatial data solutions to improve business outcomes.

Former EagleView Technologies CEO Chris Jurasek will move into the role of executive chairman. During Jurasek’s tenure as CEO, his strategic vision and dedication played a crucial role in shaping EagleView Technologies’ growth and establishing the company as a leader in aerial imagery and geospatial data analytics.

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