Video Nearly 60% of organizations with strategic plans struggle to execute, according to a Gartner Strategy Agenda Poll. During this on-demand webinar, you will learn about the basics of effective strategic growth planning, how to break through internal and external barriers, how to identify key gaps across the organization, and how to improve your chances of success.  Key objectives include: A framework for developing a strategic growth plan in a post-pandemic environment Lessons from the pandemic – how to address internal and external barriers to strategic growth How to create long-term sustainable value
Presenters Gary A. Plaster Jeffrey J. Vrabel  Dr. Mark Frigo, Director Emeritus of the Center for Strategy, Execution, and Valuation and the Strategic Risk Management Lab, Kellstadt Graduate School of Business at DePaul University in Chicago For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

Join Baker Tilly for an informative on-demand webinar on how to break through barriers to success with strategic growth planning.

Supply Chain Network Optimization

Strategy & Management Consulting

Customer Experience

Sales, Marketing & Service

Talent Recruitment, Retention & Management

Nearshoring Services

Project Finance

Strategic Assessments & Roadmaps 

Strategic Growth Planning & Execution

Break through barriers to success with strategic growth planning

Authored by Laura Cataldo and Kurt Siebenaller Published in Construction Financial Management Association's March/April issue of Building Profits magazine. Even before COVID-19, the construction industry was facing a talent shortage, an aging workforce, and an inadequate pipeline of younger workers. The pandemic has heightened the importance of focusing on the retention of your existing workforce, even while navigating local government shutdowns, employee concerns about work-related COVID-19 exposures, and dwindling project backlogs. By maintaining flexibility, addressing compensation, improving communication, and focusing on career development, contractors can retain their top talent and keep their employees productive and safe.
For more information on this topic or to learn how Baker Tilly specialists can help, contact our team.

The pandemic has heightened the importance of retaining your workforce in the construction industry. Through maintaining flexibility, addressing compensation, improving communication, and focusing on career development, you can create an effective retention strategy to keep your talent.

Construction

Construction Coronavirus Resources

Coronavirus Recovery & Growth Resources

Employee retention strategies during the pandemic 

In association with the National Insulation Association (NIA), Laura Cataldo and Kurt Siebenaller share key retention strategies in this time of remote work and COVID-19-resulted obstacles, such as government shutdowns and COVID-19 exposures at construction jobsites. You will learn unique retention strategies for the construction industry related to flexibility, compensation, communication, development, and resilience to help craft a desirable company culture and retain your existing workforce.  
Presenters Laura Cataldo, Senior Manager Kurt Siebenaller, Partner
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

Learn the key components of a successful retention strategy for construction companies to create a desirable company culture. You'll understand the five components needed to retain your workforce and how to implement them in your organizational structure.

Construction coronavirus resources

Coronavirus recovery and growth resources

Human Capital

Key strategies for retaining talent during COVID-19

Published in National Insulation Association’s August 2020 issue of Insulation Outlook magazine.  Authored by Laura Cataldo The COVID-19 pandemic has affected many industries across the United States. Even though construction was deemed an essential business in many states, most contractors found that business was anything but normal. Whether dealing with remote employees, documenting pandemic-related harm, or navigating the rapidly changing terms of the Paycheck Protection Program (PPP) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the last few months have been a period of rapid change. Many organizations are now focused on defining new business practices that are necessary to succeed in a changed business environment. While there is still a lot of uncertainty about what the economic rebound will look like, focusing today on organizational stability allows contractors to minimize further disruption, protect their workforce, and strategically prepare to succeed in the recovery. There are 6 areas where you can take steps to secure your future. The 6 key areas of business that contractors should assess and stabilize today include: Operations, profitability, and revenue; Client relationships and branding; Human capital and succession; Financial resilience and business optimization; Information technology (IT) infrastructure and cybersecurity; and Stabilization of subcontractors and suppliers.
For more information on this topic or to learn how Baker Tilly specialists can help, contact our team.

How ready are you for recovery post-COVID-19? Read the six key areas of business contractors should assess and stabilize today.

Talent recruitment, retention and management

Cybersecurity

Preparing for the economic recovery: strategies to help contractors succeed in a changed business environment

Published in National Insulation Association’s July 2020 issue of Insulation Outlook magazine.  Authored by Laura Cataldo When the first article in this series was submitted for publication, the economy was humming along and workforce shortages were a top concern for most contractors. Fast forward a few months and the coronavirus is front page and the workforce discussion has shifted to, “How do we protect our employees from mass layoffs, keep them safe from the virus, and survive as a business?” In many states, construction is defined as an essential activity. Construction employees are able to work, support their families, and contribute to their communities. Despite the fact that 40% of contractors have experienced project delays related to COVID-19, we should consider ourselves lucky to be able to work. Many construction industry economists predict that the recession caused by the coronavirus pandemic will be very significant to the private sector because select industries are essentially shut down (manufacturing, retail, and hospitality among them). ITR CEO Brian Beaulieu recommends that businesses “keep calm and carry on because the U.S. economy is strong and we will get to the other side of this.” Anirban Basu of Sage Policy Group predicts that “when recovery commences, it will be sharp, profound, and most welcome.” He cites low interest rates, pent-up demand, and the need to rebuild inventories and reengage with human activities as the primary reasons why the recovery will be swift.
For more information on this topic or to learn how Baker Tilly specialists can help, contact our team.

Part two in a series on how construction firms solve their talent problems and drive company success.

Time for a pause: reevaluating recruiting strategies

Checklist for recruiting public sector employees  Strategies organizations can adopt and implement now to address the talent challenge Recruiting qualified talent is a borderless challenge. Public sector leaders face unprecedented obstacles to recruit and retain a skilled and engaged workforce.  Our team of public sector executive recruiting specialists understands the issues organizations face to fill management roles and staff departments. To help governments, school districts, not-for-profits and other government agencies develop strategies to address talent challenges; we use our first-hand knowledge and experience from previously serving in public sector organization leadership roles to develop a checklist for recruiting public sector employees. 
For more information on this topic, or to learn how Baker Tilly public sector executive recruitment specialists can help develop solutions to address your workforce needs, contact our team. Related insights Public sector executive recruitment: hiring recommendations for government entities  Public sector executive recruitment: recruiting for difficult positions Public sector executive recruitment: five myths about search firms The talent problem: finding qualified employees

Recruiting qualified talent is a borderless challenge. Public sector leaders face unprecedented obstacles to recruit and retain a skilled and engaged workforce.

State & Local Government

Power & Utilities

Public Sector Executive Recruitment

Public sector human capital services

Municipal Advisory

Public sector executive recruitment: checklist for recruiting public sector employees

video Workforce development is key to employee retention. Employees increasingly look for new opportunities, and if they cannot find them with their existing employer, they will look elsewhere. Employers have to navigate different expectations for job satisfaction from different generations of employees. Providing a consistent employee experience from recruitment to onboarding to training to career development is key to the success of organizations of all sizes and in all sectors. Listen to our educational webinar to learn how employers can better manage their employees through cloud computing, succession planning, automation and more. Key takeaways How a cloud-based talent management system can benefit an employer’s efforts to find, train and retain its workforce  How to develop talent profiles and pipelines as well as succession plans within an organization When to consider automating certain tasks to open up opportunities for more challenging roles within an organization Download the presentation  For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team. Please also view our other webcasts in our talent webinar series. The talent problem: finding qualified employees The talent problem: retaining and developing employees

Listen to our on-demand webinar to learn how businesses can better manage their employees through cloud computing, succession planning, automation and more.

Healthcare & Life Sciences

Financial Services

Manufacturing & Distribution

Real Estate

Lodging

Multifamily Housing

Real Estate Investors

The talent problem: modern approaches to managing talent

Video The current job market is more challenging for employers of all types that are trying to find qualified candidates and retain their existing workforce. The rate at which employees quit their jobs has steadily increased over the last decade; in 2018, the “quits” rate was 27%. Replacing an employee is costly to an employer. The Society for Human Resource Management (SHRM) estimates that on average it costs an employer six to nine months’ of an employee’s salary to replace them, which includes the cost of searching and hiring, training and lost productivity. Key takeaways: What, beyond salary, job seekers are looking for from an employer How to create a workplace culture that will enable people to grow their careers without changing employers Strategies for rethinking current roles – including creating new job descriptions,  outsourcing, and adopting automation Effective incentive compensation strategies to attract, reward and retain key employees Download the presentation  For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team. Please also view our other webcasts in our talent webinar series. The talent problem: finding qualified employees The talent problem: modern approaches to managing talent

In  this on-demand webinar we discuss today's potential labor market and  offer searching and sourcing techniques that can help increase an  organization’s ability to fill open positions or expand.

The talent problem: retaining and developing employees

Authored by Sharon Klumpp and Chuck Rohre With exceptionally skilled government managers in high demand, attracting top executive talent is a task that should not be taken lightly. A misstep can result in significant consequences for a public sector organization, affecting its strategic direction and culture.  Because recruiting for a top position differs from other positions customarily filled by the human resources department, many organizations engage the services of a search consultant to find highly skilled or specialized candidates.  In part two of Baker Tilly’s three-part series on executive recruitment for public sector positions, we explore the process of recruiting for difficult positions. Search consultants draw upon their experience in organizational management and human resources to address the difficulties described below that may arise during a public sector executive search. Encouraging passive candidates to apply. Many viable candidates for executive positions are not actively seeking a new job. Therefore, search consultants research and reach out to passive candidates who appear to be a good fit and encourage them to consider the position. They provide these potential candidates with background on the position, their first-hand observations of the organization and its culture, and an understanding of the leadership opportunities associated with the position. Passive candidates are often cautious about the impact of exploring a new job and appreciate the confidentiality provided by a search consultant.   Starting a second recruitment after an unsuccessful first attempt. When an initial search does not yield a successful conclusion, consultants begin by reviewing the past process to ensure that desired qualifications are clearly understood among those making the hiring decision and to re-brand the search. This effort may include revisiting the desired qualifications and revising recruitment brochures and postings to better reflect the position and to highlight the leadership opportunities the position offers. Consultants also develop a new recruitment strategy to target prospective candidates.   Addressing market pay and other compensation issues. Salaries and other elements of the compensation package can negatively affect a public sector search. An overview of compensation for comparable positions may identify the need to increase the advertised salary to attract a qualified candidate pool. Of course, other elements of compensation influence a candidate’s decision to apply for the position, such as benefit programs and relocation assistance.  Attracting talent to organizations that may be perceived as troubled. Organizations experiencing financial problems, a lack of strategic direction, repeated turnover in executive positions or tension and incivility among governing body members frequently express concerns about whether they will be able to attract top talent. Characteristics perceived as challenges by governing boards are sometimes seen by candidates as opportunities such as improving an organization’s fiscal condition and executing a strategic plan. However, frequent executive turnover and difficult dynamics among governing board members can limit the pool of candidates. In these situations, consultants share their observations with candidates to provide a context for past events and an understanding of organizational priorities going forward.  Executive recruiters typically have greater interaction with candidates as well as ongoing coordination with individuals involved in the hiring decision than other positions for which the human resources department typically recruits. Public sector search consultants assist organizations in hiring top talent by providing an objective process that lays the foundation for decision-makers to act collectively in selecting top candidates and extending a job offer. Search consultants also help the candidate determine their fit with the organization and ultimately prepare them to accept an offer.  By gaining awareness of the difficulties that can impact an executive search and utilizing the described solutions, public sector organizations will strengthen their recruitment processes and attract a pool of high-value candidates from which to hire. Check out the full public sector executive recruitment series:  Read part 1: Five myths about search firms > Read part 3: Hiring recommendations for government entities > For more information on this topic, or to learn how Baker Tilly executive recruitment specialists can help, contact our team.

In part two of Baker Tilly’s three-part series on executive recruitment, discover how to recruit for difficult positions.

Public sector executive recruitment: recruiting for difficult positions

Video A recovering and expanding economy over the last decade has made the job market generally favorable for job seekers, and more challenging for employers of all types that are trying to find qualified candidates.  Employers also face a significant generational issue – baby boomers are retiring and millennials are now the largest generation in the workforce. Younger generations, however, may have different expectations and demands from an employer, and may be more likely to change jobs frequently in a search for challenging roles and better work/life integration. An employer’s techniques for searching, sourcing, and understanding the potential labor market may be outdated, which can limit an organization’s ability to fill open positions or expand.  Key takeaways: Why the current job market is so favorable for job seekers Strategies to align organization stakeholders on best practices for finding qualified candidates Techniques to raise the image and desirability of hard-to-fill positions such as in the public sector and the trades How to align your workforce today to prepare for succession issues tomorrow Why workplace culture and diversity are so important for job seekers

For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team. 70 percent of respondents answered “finding qualified candidates and retaining employees" to a poll question during the webinar, The talent problem: finding qualified candidates on Oct. 29, 2019. Please also view our other webcasts in our talent webinar series. The talent problem: retaining and developing employees  The talent problem: modern approaches to managing talent

The talent problem: finding qualified employees

I recently came across an interesting article in the Harvard Business  Review (HBR 07/2019). The title instantly grabbed my attention – “When Should you Fire Your Child from the Family Business?”
 The  authors, Judy Lin Walsh and Ben Francois suggest that “Choosing to fire  your child can be one of the most difficult decisions you can make as a  leader of a family business”. Having served as a family business  advisor for the past 30 years, I wholeheartedly agree with the authors.  The consequences of this decision will transcend the business and  continue to be part of the family dynamic forever. Unfortunately,  many family businesses face this hard dose of reality because they did  not have the proper guidelines in place regarding hiring, performance  evaluation and firing of family members. Additionally, it has been my  observation that patriarchs of families, in particular, want to begin  grooming the oldest son to take over and carry on the family legacy.  Oftentimes, the son has no previous experience, did not attend business  school and/or has no interest in running the business. A McKinsey study reported family-owned businesses run by outsiders are better managed  than those run by the eldest son. Wishful thinking does not always turn  into the intended result! I am reminded of my first meeting with  the patriarch of a successful family-owned manufacturing company. The  oldest son, two daughters and one son-in-law worked for the business.  The objective of the meeting was to discuss developing a succession plan  to begin to transition leadership and ownership to the next generation.  Instead, when I arrived at the office, the father asked me if I could  fire his son for him. He told me that he had fired him ten times and he  kept coming back. He was hoping that I could finally do the trick! We  had a thoughtful discussion about the root cause of the issues with the  eldest son. Not surprisingly, some of the drivers of the problems with  the son went directly back to the father. Walsh and Francois suggest that working through the following four questions may lead to a successful path forward. Question 1: Are expectations agreed upon? Have  you set up your child for failure? Did you hire him/her into a position  that they were not qualified for. Does the child have the proper skills  and experience? Did the child go to college to study business? Did the  child ever work at another company? Did you define clear goals and  objectives and measures of success? Again, I am reminded of a past  client. The second generation owner of a food processing company had  just brought a new $300 million plant online. Coincidentally, his oldest  son had just graduated from a fine Midwestern university (my alma mater!).  Ignoring my counsel, the owner named his son as the General Manager of  the plant. Because the father was a shrewd business man, he also hired  an experienced plant manager to “head up” operations. All of the  employees realized that the son was the GM in name only. The operations  manager was really running the facility. Soon the son found himself not  really engaged in the business. He would come to the plant, sit in his  office and surf the internet. Eventually, he stopped coming into the  plant and would spend his days at the local casino! After running up a  large gambling debt, his father finally relived him of his duties. The  son was set up to fail. Everybody but the father could see it coming.  Again, wishful thinking does not always lead to desired outcomes. Walsh  and Francois say “If you have set your child up to fail with  unrealistic expectations it will be impossible for them to succeed.  Without clear goals and a mechanism for feedback and development, there  can be no clear metrics to measure progress and hold your child  accountable”. In order to raise the likelihood of success in a situation like this, you must: Clearly define the role for the next generation family member Assess whether that person has the skills or aptitude for the job If they do not, design a skill development plan. You may also want to consider hiring a family business advisor to mentor the child. Question 2: Is there a cultural mismatch? Oftentimes,  the next generation comes in highly motivated to make changes and bring  the company into the new millennium by implementing technology or new  business practices. This may “upset the apple cart” and begin to eat  away at the existing culture developed by the previous generation(s). Walsh  and Francois suggest, “We often find unexpected trouble when the next  generation is highly motivated to make a mark on the business, but is  not yet mature or trusted enough to do so, which wreaks havoc on the  corporate culture.” When this happens, the child will need to be  encouraged to modify his/her approach and be respectful of the existing  value set and culture while still being focused on making the changes  needed for future success. Question 3: Is the child in the right role? Just  because you have a current job opening or you like doing a certain job  does not mean your child wants to take on that role. Back to the food  processing company example, as it turns out, the son was a people person  and liked to go out and sell. He was given an entry-level sales  position and began to excel. By the way, the daughter eventually joined  the company after working at a Fortune 500 food company. It became  obvious to everyone that she was experienced and qualified and should  eventually succeed the father in running the business. Question 4: Could you be the problem? In  many situations, the problem is not always with the child. It may be  caused by the current generation for a variety of reasons including: Founder/current generation leadership does not want to admit that the business can run without him/her. The founder/current generation does not have a “third act” plan and does not want to leave. The father/mother still views their adult children as little kids and does not realize that they are capable, grown adults. The toughest question to ask and answer is this: Is the problem truly your child, or is it you? Walsh  and Francois say, “If there’s even a chance this is why you want to  fire your child, pump the brakes. Ask yourself if you want the business  to be successful in your lifetime, or if you want it to thrive after you  are gone. If you want longer-term success, then you will need to  establish a succession plan that carries success forward’.  Always  remember what hat you are wearing. If you end up firing your child –  you are wearing your employer hat. You are not firing your child from  the family! Walsh and Francois remind us of an oft-told story, “One  family business patriarch, wearing his “CEO hat” told his son that he  was fired. Immediately afterwards, he put his “Dad hat” on and said  “Son, I’ve heard you’ve just been fired. How can I help?”” If you are struggling with a similar situation in your family business and need counsel, please contact Gary Plaster, the “Family Business Strategist” at the Baker Tilly Center for Family Business Strategy.

In this series of articles, Gary A. Plaster, the “Family Business Strategist” provides important insights and commentary on current issues facing family businesses.

Family Business

Food & Beverage

Agribusiness

Cooperatives

Automotive & Mobility

Craft Beverage

Should you fire your child from the family business?

Authored by Sharon Klumpp and Chuck Rohre Competing for top executive talent in the public sector space takes industry knowledge, familiarity with the general applicant pool and experience navigating recruitments. Search consultants draw upon their understanding of organizational management and human resources to serve as a successful agent for government entities. In turn, public sector organizations can adopt a foundational understanding about search firms to ensure optimal collaboration on hiring opportunities. In part one of Baker Tilly’s three-part series on executive recruitment for challenging public sector positions, we explore the five common myths about utilizing a search firm. 1. Search firms are too expensive. Public sector-focused search firms are relatively inexpensive compared to the cost of a poor hiring decision. The consequences of a poor hiring decision can include both direct and indirect costs like time spent interviewing, onboarding, lost productivity, potentially damaged client relationships, decreased revenue, lowered employee morale, training and other costs. 2. We have engaged a search firm, so we can sit back and wait for a slate of candidates to be provided. The search firm will rely on the hiring agency – your public sector organization – for access to key decision makers, frank discussions about the expectations and demands of the job, and input on advertising and marketing materials. Later in the process, the recruiter will present a working group of candidates with detailed information about the candidates and the hiring authority will have input and final decision-making authority on the interview group. The decision makers must take the time to engage with the recruiter. Although hiring a search firm will minimize elected official and staff time, it cannot be completely eliminated. 3. Recruiters are “king makers.” Nothing could be further from the truth. While the search firm will do everything to make the process successful, the ultimate decision-making authority rests with the hiring agency. 4. The recruiter will dust off a pile of resumes and send us a ready-made group of finalists. We wish it were that easy. Quality public sector search firms approach each recruitment as a unique engagement. An individual who would work well in one environment may be a poor fit in another based on the issues, challenges and organizational culture of each. 5. Hiring a search firm guarantees confidentiality. Recruiters can and do have confidential discussions with potential candidates but open meetings and open record statutes in many states require disclosure of resumes and candidate lists upon public request. In some states, identities of candidates do not have to be revealed until a final interview group is identified. In others, notably Texas and Florida, any resume submitted to the recruiter is synonymous to submission to the client. In cases where there is a strong possibility of disclosure, the recruiters will indicate such in its advertisements and marketing efforts. Avoid these misconceptions when evaluating and working with executive search firms, and you’ll enter the relationship with your search firm ready to collaborate on recruiting and hiring the best candidates for your organization. Check out the full public sector executive recruitment series:  Read part 2: Recruiting for difficult positions > Read part 3: Hiring recommendations for government entities > For more information on this topic, or to learn how Baker Tilly executive recruitment specialists can help, contact our team.

In part one of Baker Tilly’s three-part series on executive recruitment  for challenging public sector positions, explore the five common myths  about utilizing a search firm.

Public sector executive recruitment: five myths about search firms

Artificial intelligence is altering the way we query and interface with applications, and how we receive and digest the information that allows us to make the best decisions. The question now is how are information technology leaders helping their organizations move successfully into this new world of AI and machine learning? Implementing AI technology will bring about many changes. When looking at the human side of AI, think of it as being a new type of co-worker, one that will be working side by side with almost every worker in your organization. How do you prepare to ‘onboard’ this new type of employee and prepare employees to work with “it” going forward? Read the full article for ideas to consider as your organization addresses the "human" side of AI and strives for successful adoption.

Artificial intelligence is altering the way we query and interface with applications, and how we receive and digest the information that allows us to make the best decisions. Read this article for ideas to consider as your organization addresses the "human" side of AI and strives for successful adoption.

Digital Transformation

Employee Management

Intelligent Automation

Talent Management

Don't forget the human side of the artificial intelligence equation

video Client need Brakebush Brothers, a leading poultry processing corporation, faced significant customer demand which required additional capacity and ultimately expansion. To meet the increased demand, Brakebush needed to open a new manufacturing line, which would require an initial investment of $50 million and additional capital to expand in Westfield, Wisconsin. Brakebush Brothers was built in 1925 Westfield and the company wanted to create jobs in their home community. Baker Tilly solution Baker Tilly’s incentives advisory team analyzed the obstacles faced by an expansion and Brakebush’s desire to create high quality-jobs in their home county. Baker Tilly partnered with the Wisconsin Economic Development Corporation (WEDC) to assess an incentive package that would assist in the growth of Brakebush and ensure the creation of high-quality jobs.  Results The WEDC authorized up to $6.5 million in state income tax credits over five years contingent upon the number of jobs that the corporation would create, the amount of capital investment and the amount spent on employee training over that period. With this incentives package, Brakebush added 50,000 square feet to the existing facility to operate the new “Line 9” assembly line. The expansion project is expected to create 74 new production jobs and an additional 20 corporate jobs by 2021 in Westfield. The now 600,000-square-foot processing facility will serve all five U.S. military service academies, University of Wisconsin and several large national restaurant chains. Products will also be shipped to all 50 states, Canada and parts of the Caribbean. For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

Brakebush Brothers, a leading poultry processing firm, seeks expansion to satisfy customer demand. This resulted in high employment growth as the contingency of a five year plan made in state income tax credit to make the expansion possible.

Transactions

Incentives Advisory 

Investment Banking for Food and Beverage

Brakebush Brothers’ hometown expansion creates over 70 jobs in Wisconsin

Key components to a successful cloud implementation – what does it take? In any major people, process, and technology transformation, strong project management and end to end change management are critical for success. With a reputation for resistance to change, a culture of decision making by committee, and a legacy of on-premises software, Boise State serves as the ultimate case study in how best to launch a digital transformation within human resources.  Any organization can realize tremendous gains from the efficiencies inherent in more modern technology, but the real return is when the technology implementation is viewed as a true catalyst for change, providing an opportunity to rethink, reengineer and continuously improve the way HR supports the organization. Learn how they leveraged leading practices to successfully initiate their major HR/HCM modernization effort.

Learn how Boise State leveraged leading practices to successfully initiate their major HR/HCM modernization effort.

Higher Education

Change Management 

Oracle

Program & Project Management

Transformative innovation: first it was blue turf, now it’s human capital management

In the midst of a construction boom, the industry is facing increasing difficulties of a workforce shortage. Senior Manager Laura Cataldo talks with Bisnow about the necessary changes she recommends contractors initiate to overcome this hurdle.  Read the article.

Solving construction’s workforce shortage requires changes at the top

Authored by Laura Cataldo The topic of succession planning typically triggers a discussion about transfer of ownership. There are many ownership options that can be considered to meet the needs of the exiting owner and ensure the company’s financial sustainability in the future. Ideally, ownership succession aligns the desired exit plan with the business value and cash flow while minimizing taxes. Personal assets and the definition of financial security are unique to each exiting owner, so an ownership succession plan should be built to meet both the current and future needs of the individual and the business. The business perspective in this process is critical because an effective succession plan needs to provide the appropriate structure and resources to reward and retain the leadership team. Regardless of how the sale, merger, or acquisition allows the owner to exit, management succession must also be addressed. Employees are a company’s greatest asset. They are responsible for business results and competitive advantage. An effective succession plan focuses both on the financial transaction of ownership and the personnel issues of management succession in which you define the competencies and capabilities necessary for success, assess leadership potential, and focus on developing and retaining key personnel. This article explains why effective management succession does not begin when an owner plans to exit the business but when he or she proactively focuses on developing and retaining key personnel that demonstrate the competencies, capabilities, and potential necessary for future success. Read the full article This article was originally published in Construction Accounting and Taxation (March/April 2019) For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

Effective management succession begins when an owner proactively focuses on developing and retaining key personnel that demonstrate the competencies, capabilities, and potential necessary for future success.

Ownership Transition & Exit Strategies

The personnel perspectives of succession planning

Competition is fierce in the search for top talent. Unemployment currently hovers around 3%, and the most desirable candidates control the supply/demand equation. The pressure is on employers to leverage any advantage they can to land these high quality, finite resources. Two strategies that we at Baker Tilly are seeing employers seriously consider are, “changing the way we work” and “candidate-centric recruiting.” Changing the way we work Artificial Intelligence (AI) has dramatically altered consumers’ expectations and standards for connecting with an organization. For example, Netflix collects user data to provide recommendations and a personalized viewer experience for each accountholder, and Amazon does the same to market products relevant to its users’ interests. AI offers recruiters analogous opportunities to “change the way we work” with candidates and create personalized offerings.   A recent Baker Tilly poll found that only 33% of HR professionals feel their career sites provide applicants (both internal and external) an effective consumer-grade experience. Technology in HR has caught up to our consumer-grade expectations, and it’s up to us as HR professionals to embrace it. In most cases, that means “changing the way we work” by rethinking how we add value to the organization, and by shifting our talent acquisition strategy from “managing requisitions” to “creating value.” AI is revolutionizing the way all professions work. AI can manage – more efficiently than humans – the tedious and task-oriented work that tends to bog us down, such as information gathering, answering routine questions, logging and reporting, etc.  This enables us to maximize our valuable human skill set, attributes like creative and critical thinking, relationship building and cognitive flexibility. Specific to talent acquisition, this translates into more value to the organization from the recruiting team as they spend less time on screening, scheduling, ranking and reporting, and more time on gauging culture fit, understanding candidates’ needs, negotiating and getting high quality candidates to accept offers.   Candidate-centric recruiting A poor candidate experience can be detrimental to your organization’s brand, culture and reputation, and therefore its success.  Quality candidates who know their value will quickly move on from a clunky experience to prospective employers that provide an engaging consumer-based experience, leaving only more desperate, lower-quality candidates to slog through the inferior experience. Focusing on a “candidate-centric” journey creates the opportunity to drastically increase the quality of the pool of candidates. Historically, organizations have taken a job-centric hiring pipeline approach: when a position is open, candidates apply and the one who fits the role best is offered the job. In fact, 77% of respondents Baker Tilly polled reported their organizations take a job-centric hiring pipeline approach. This antiquated approach is not nearly as sophisticated nor functional as the candidate-centric approach. Modern levels of automation like AI, specifically machine learning and chatbot technologies, are the driving forces behind candidate-centric recruiting, which allows for a more consumer-friendly candidate journey. Candidates can easily receive personalized updates, stay engaged in a community, receive guidance, as well as get answers to their questions in real-time. Conclusion Leveraging modern technology is a must when it comes to improving the effectiveness of an organization’s talent acquisition function. AI drives a candidate-centric experience and allows humans to pursue a more essential line of work. With AI technology, HR professionals can now build and deliver more personal experiences, gain insights, make decisions and add value to their organizations like never before. According to our Baker Tilly poll, only 14% of organizations are fully utilizing candidate experience and AI to maximize their talent acquisition process – it’s time to “changing the way we work” and build your “candidate-centric recruiting” approach.  Now is the time to take action! “Go BEGIN!” For more information on this topic, or to learn how Baker Tilly human resources specialists can help, contact our team.

Leveraging modern technology is a must when it comes to improving the effectiveness of an organization’s talent acquisition function. Here are two strategies companies should consider when attempting to maximize their talent acquisition efforts.

Consulting

Talent Acquisition

Two high impact strategies for smart recruiters

Multiple generations within a family business can work well together;  however there are times when a family member isn’t the best fit for the  role…. Many family businesses face the reality of a child working in  the business who performs poorly and they may want to fire. The  situation might arise because the business did not have the proper  guidelines in place regarding hiring and performance evaluation of  family members. In other cases, the child may have no interest in  running the business. The consequences of firing a family member often  reach beyond the business and continue to be part of the family dynamic  forever. This on-demand webinar will offer strategies for  preserving the family legacy and relationship. Participants will hear a firsthand account of how one family business faced multi-generational  family issues and navigated through to success. Join     Gary Plaster, Family Business Strategist Leader from Baker Tilly;    Greg Monday, Corporate Law and Trusts and Estates practice, Reinhart Boerner Van Deuren;    Pete Vogel,  CEO and fourth-generation owner of Vogel Bros. Building Co.; along with  moderator     Barbara Spector, Editor-in-Chief and Associate Publisher,  Family Business Magazine, as they share practical ways to avoid and/or  resolve the complexities of working with your children.
For more information on this topic, or to learn how Baker Tilly specialists can help,      contact our team. 

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What organizations can do now to find, keep and develop their workforces

Baker Tilly’s human capital consulting teams help organizations leverage the most updated approaches and latest technologies to reshape the employer/employee relationship, driving success and business returns. 

Baker Tilly’s human capital consulting teams help organizations leverage the latest technologies to reshape the employer/employee relationship.

Skilled professionals and innovative leaders are hard to find. At Baker Tilly, our staffing, recruiting and executive search services help clients hire top talent every day.

Baker Tilly provides numerous outsourcing and managed services in order to help our clients focus on what they do best so they can win now and be prepared for tomorrow.

Baker Tilly provides short- and long-term outsourcing and managed services to help our clients focus on what they do best and succeed.

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Two high impact strategies for smart recruiters

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Baker Tilly specialists have the experience to guide employers in building better talent pipelines, exploring retention strategies, expanding benefits and creating succession plans.

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