Construction Industry Challenges Part 3 of 3: Succession Planning & Developing Leaders

Aug 8 - Construction Chall Part 3 of 3Every industry faces its own set of unique struggles, and despite the recent economic improvement, the construction industry still has its challenges. In our previous parts of the three-part blog series, we discussed the challenges of attracting and retaining talent.

Another issue we face is succession planning and developing future leaders. The greatest value an organization can provide is to share with others the knowledge, experience, and wisdom of their leaders. Here are some tips to evolve your employees into future leaders in the workplace:

  • Share your success and failures as a leader
  • Determine talent needs
    • Who will climb the ladder to being major leaders in the company?
    • Think about whom will be the successors to others in the future.
  • Design and execute a recruiting strategy
    • Who will be the targets?
    • Who would be a good recruiter and representation of your company?
    • Follow-up with possible hires.
  • Design and execute a retention strategy
    • Recognize and reward your employees.
    • Provide challenges.
    • Mentor and coach your employees toward success.
  • Design and execute a succession strategy
    • Train and coach toward success by becoming a strategic partner.
    • Recognize and promote your employees if possible.

These are just a few steps you can take to develop future leaders. To learn more about AssuredPartners NL’s construction team and services that will help you protect and grow your company, visit AssuredPartners NL Construction.

Source: Construction Financial Managers Association

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