Latest HR Trends in the A/E/C Industry. David Burstein, PE PSMJ Resources, Inc
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1 1
2 Latest HR Trends in the A/E/C Industry David Burstein, PE PSMJ Resources, Inc
3 Agenda 1. The Perfect Storm hitting our industry 2. The impact on compensation 3. The impact on recruiting 4. Recommendations 5. Discussion 3
4
5 The Perfect Storm is Hitting the A/E Industry Firm Growth Increasing Turnover Millennial Generation Retiring Baby Boomers 5
6 Firm Growth Increasing Turnover Millennial Generation Retiring Baby Boomers 6
7 U.S. Employment Reached Pre- Recession Levels in Early 2014 Source: U.S. Bureau of Labor Statistics 7
8 It s Taken 4 Years Longer for the U.S. A/E Industry to Catch Up Source: U.S. Bureau of Labor Statistics 8
9 Engineering Firms Are Doing a Bit Better Source: U.S. Dept. of Labor Bureau of Labor Statistics 9
10 Architecture Firms Still Haven t Fully Recovered Source: U.S. Dept. of Labor Bureau of Labor Statistics 10
11 Construction Firms Are Also Behind Source: U.S. Dept. of Labor Bureau of Labor Statistics 11
12 A/E Growth is Expected to Continue Source: PSMJ 2018 Management Compensation Survey 12
13 Wages of All U.S. Workers Are Escalating Source: U.S. Bureau of Labor Statistics 13
14 After a Hiatus, Wages in U.S. A/E Firms Are Also Escalating Source: U.S. Bureau of Labor Statistics 14
15 Salaries Are Increasing Faster for Junior and Mid-level Architects $110,000 Median Base Salaries for Architects $100,000 $90,000 $80,000 $70,000 $60,000 New Grads 6-9 Years Experience Years Experience 20+ Years Experience $50,000 $40, Source: PSMJ 2018 Staff Salary Survey 15
16 Salaries Are Increasing Faster for Junior and Mid-level Civil Engineers $120,000 Median Base Salaries for Civil Engineers $110,000 $100,000 $90,000 $80,000 $70,000 $60,000 New Grads 6-9 Years Experience Years Experience 20+ Years Experience $50,000 $40, Source: PSMJ 2018 Staff Salary Survey 16
17 Management Comp is Also Increasing Position: Relative Change Since Feb 2017 Salary Total Comp Chairman of the Board 5.7% 24.3% Chief Executive Officer/President/Managing Partner 4.2% 4.2% Chief Operating Officer/Executive Vice President -2.3% 1.1% Senior Vice President/Senior Principal 0.5% -4.1% Other Principals and Partners 5.3% 2.6% Director of Finance/CFO 2.8% 2.8% Controller 2.0% -0.4% Business Manager 1.7% 3.0% Director of BIM Services 1.0% 2.0% Director of Operations 1.1% -8.8% Director of Business Development 0.0% 3.8% Director of Marketing 5.4% 9.4% Director of Human Resources 2.0% 4.7% Director of IT/Computer Operations 10.4% 4.9% Branch Office Manager 4.7% -3.8% Department Head -1.5% 5.3% Senior Project Manager 5.6% 6.4% Project Manager 2.9% 4.6% Overall 2.4% 3.4% Source: Comparison of 126 firms participating in both the 2017 and 2018 PSMJ Management Comp Survey 17
18 Especially for PMs Source: PSMJ 2018 Management Compensation Survey 18
19 And Senior PMs Source: PSMJ 2018 Management Compensation Survey 19
20 Bonuses Are Becoming More Prominent for PMs Source: PSMJ 2018 Management Compensation Survey 20
21 Source: PSMJ 2018 Management Compensation Survey 21
22 Causing Downward Pressure on Profits? 22
23 Firm Growth Increasing Turnover Millennial Generation Retiring Baby Boomers 23
24 Unemployment rate is plunging Source: Bureau of Labor Statistics 24
25 It s taking longer to find employees Source: DHI Hiring Indicators 25
26 Professional/Technical Services Quit Rates Are Increasing Source: U.S. Department of Labor 26
27 Also increasing in the A/E industry 22% Median Annual Turnover Median Annual Turnover 20% 18% 16% 14% 12% 10% 3-year Moving Average 8% 8% Source: 2017 PSMJ Financial Performance Survey 27
28 Larger firms have higher turnover Employee Turnover (%) Over 500 Firm Size (Employees) Source: 2017 PSMJ Financial Performance Survey 28
29 How would you like to be responsible for recruiting at AECOM?
30 Firm Growth Increasing Turnover Millennial Generation Retiring Baby Boomers 30
31 The Retirement Wave is Well Underway Percent of Population Over 65 We are here Source: U.S. Census Bureau 31
32 Reasons for Staff Turnover Source: PSMJ 2017 Bonus & Benefits Survey 32
33 Our Population Will Shrink Without Immigration Source: Pew Research Center 33
34 Who Will Fill This Gap? 34
35 Engineering and Architecture Bachelor Degrees as a Percentage of Total Source: National Center for Education Statistics (NCES)* 35
36 Having trouble finding mid-level and senior Civil Engineers? 14,000 12,000 BSCE Degrees 10,000 8,000 6,000 Source: American Society for Engineering Education 36
37 The gap is less severe for MEs 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 BSME Degrees Source: American Society for Engineering Education 37
38 25,000 20,000 EE s are in a long-term decline BSEE Degrees 15,000 10,000 5,000 0 Source: American Society for Engineering Education 38
39 1,000 Architectural engineers are especially hard to find BS Architectural Engineering Degrees Source: American Society for Engineering Education 39
40 11,000 There are also gaps in the availability of mid-senior level architects Architecture Degrees 10,000 9,000 8,000 7,000 Source: National Center for Education Statistics 40
41 You can t replace WITH Experienced Professionals New Grads 41
42 Most workers retire in their 50s or 60s 42
43 And Their Knowledge Leaves With Them 43
44 But most design professionals can work well into their 70s or 80s 44
45 An Emerging Category of Employee Create a lifestyle employment agreement: Put them onto the payroll as 1099s or casual employees You call them only when you need them They work only when they want Hire more than you think you ll need Team them with new grads Older, Working Less 45
46 Let s Consider Ownership and Leadership Transition
47 Most Design Professionals Want to Become Leaders Source: Equity in Architecture Survey 2016, conducted by AIA and San Francisco Art Institute 47
48 Many Firms Have Made No Plans Source: 2017 PSMJ Bonus & Benefits Survey 48
49 How Many of You Have significant shareholders older than 60? Have significant shareholders older than 70? Have more than 50% of your shares owned by employees over age 65? 49
50 Change in U.S. Labor Force from by Age (Millions) Buyers Sellers Source: Economist.com 50
51 So There Are a Lot More Sellers Than Buyers 12 PSMJ M&A Clients 6 Sellers Buyers 51
52 Firm Growth Increasing Turnover Millennial Generation Retiring Baby Boomers 52
53 The largest labor pool for new employees is Millennials Of Millennials Attended College Of Baby Boomers Attended College Source: Pew Research Center, Multiple Generations at Work 53
54 Here s the Guy You ll Need to Hire Overconfident; don t accept criticism well (they all got trophies when they were kids) Enjoy working in teams Environmentally aware Want to be judged by achieving goals (not for loyalty or effort) Better at meeting others goals than setting their own Work-life balance Casual dress Thinks (incorrectly) they can multi-task 54
55 But are these generalizations accurate? Are They Really So Collaborative? Millennials Others Competition is what gets me up in the morning. 59% 50% I compare my performance to that of my peers. 58% 48% I don t trust my peers input at work. 37% 26% Are They Really So Altruistic? Millennials Others One of my top reasons for choosing a job is future career opportunities. 33% 22% I put a high emphasis on corporate social responsibility. 35% 41% Are They Really So Rebellious? Millennials Others Employees should do what their managers tell them. 41% 30% Sources: 90,000-person survey conducted by CEB and 5,000-person survey conducted by the Center for Creative Leadership 55
56 What Different Generations Look for When Applying for a Job 56
57 How can we find these Millennials? 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Percent of Millennials who would like to quit their jobs within One Year Two Years Three Years Source: Pew Research Center, Multiple Generations at Work 57
58 How Ernest Shackleton Solved This Problem 58
59 Your website is the first impression Millennials get about your firm Source: PSMJ surveys of over 100 A/E firms conducted in 2013 and
60 If your website is managed by your marketing department Mistakes Your 9% Employees 16% Clients 5% Competitors 27% Headhunters 20% Potential Employees 23% Source: One A/E firm s tracking of hits to their website 60
61 Over 70% of Firms Use Social Media as a Recruiting Tool How often do you use social media to find and recruit design/technical professionals? % 39.5% 34.0% 31.0% 17.8% 21.0% 6.0% 11.6% Regularly Occasionally Rarely Never Source: PSMJ surveys of over 100 A/E firms conducted in 2013 and
62 Most of them find it at least somewhat effective If you use social media to find and recruit design/technical professionals, how effective is it? 56.0% 57.1% % 33.9% 9.9% 4.5% 2.2% 4.5% Extremely effective Somewhat effective Rarely effective Never effective Source: PSMJ surveys of over 100 A/E firms conducted in 2013 and
63 LinkedIn is the most popular outlet Ways to Use LinkedIn: Pay for resumes Adjunct to networking (The LinkedIngineer has 8,500+ registered job seekers and 4,400+ civil engineering resumes) Source: PSMJ surveys of over 100 A/E firms conducted in 2013 and
64 Be sure your firm looks good on employee ratings 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Would you recommend this firm to a friend? AECOM Stantec CH2M Jacobs Burns & McDonnell Parsons Bechtel Source: Glassdoor.com 64
65 So, What Should I Do With This All This Information?
66 Our Staffing Suggestions Based on PSMJ s Latest Market Research Markets Recruit Aggressively Recruit Cautiously Make Contingency Plans Housing Govt. Buildings Commercial Water/Wastewater Education Industrial Transportation Health Care Environmental Energy/Utilities 66
67 Our Compensation Suggestions 1. Be sure your salary structure is internally equitable. 2. Benchmark your salaries with others in the A/E industry 3. Structure your bonus program to promote ownership transition 67
68 Questions or Comments??? 68
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