How to Increase Labor Productivity with Digitalization
Labor productivity has increased across all industries by 2.8% in the last two decades while the construction industry has only increased by 1% during the same time according to Reinventing Construction: A route to higher productivity, a McKinsey Global Institute (MGI) report. Experts believe that digitization could be
Using Long-Term Incentive Compensation as a Succession Planning Tool
A recent FMI/CFMA Ownership Transfer and Management Succession Industry Survey revealed that many contractors were in the process of transferring ownership prior to the start of the pandemic. As the pandemic subsides and normalcy resumes, companies are looking for ways to jumpstart those transition plans that have gone dormant over
How Biden’s Infrastructure Plan Could Impact the Construction Industry for Years to Come
Many economists and industry leaders believe that even a moderate infrastructure investment would significantly help the construction industry in the wake of the COVID-19 pandemic. While some sectors of the industry will likely see more growth than others, the American Jobs Plan proposed by President Biden would spend $1.2 trillion
The Securing a Strong Retirement Act of 2021 Aims to Boost Savings for More Americans
Congress is currently working on a bill designed to help savers of all ages: The Securing a Strong Retirement Act of 2021 will attempt to increase retirement savings and add to changes seen under the Setting Every Community Up for Retirement Enhancement Act of 2019, or SECURE Act. This newest
Revisiting Changes to 401(k) Hardship Withdrawals
Retirement plans were in the news a lot during 2020, but one thing that may have been missed or overlooked are the changes made to hardship withdrawal rules. The following changes were made as of January 1, 2020, with some being mandatory and some being optional. We’ve outlined the most
FMI Engineering and Construction Second Quarter 2020 Report
A Vastly Different Landscape – and How to Navigate It Times have certainly changed since FMI distributed their First Quarter 2020 outlook, and the Second Quarter outlook shines the light on a vastly different landscape. Items of disruption that have emerged include: COVID-19 Volatility in financial and equity markets Federal