Actively and effectively tracking business development and marketing return on investment (ROI) is vital for showing firm leaders how essential marketing and business development is for firm success and maintaining (or gaining) a “seat at the table.” If tallying the number of dollars won is the only way your firm is measuring ROI, you’re doing you and your marketing department a disservice. Here’s how your firm should breakdown the measurement of ROI for BD and marketing efforts:
Campaign or program ROI
This is where your firm should measure ROI of a specific project or program. In this area, metrics that should be maintained include:
Advertising dollars spent to increase brand awareness
Trade show dollars spent to increase business
Direct mail dollars spent to increase proposal activity
Market or client ROI
This is where your firm should measure ROI for a market sector or client. In this area, metrics that should be maintained include:
Staff dollars spent pursuing projects
Marketing dollars spent on market sector
Dollars spent on client retention vs. new client acquisition
Business development staff ROI
Your firm should have a system in place for measuring the ROI on BD and marketing staff. This should include staff members who are both technical and non-technical, but have budgeted responsibilities in BD. Measuring ROI in this area can be difficult for many firms because they measure ROI for entire business development effort, basing their measurements on “gut feelings” rather than formal calculations.
As a result, the perception (whether correct or not) of a low ROI can lead to termination, while perceived higher ROI leads to promotion, bigger territory, market, ownership, etc. This section alone makes it a priority for your firm to gauge business development success as accurately as possible.
Gauging BD success
To measure BD ROI effectively and accurately, your firm needs to keep various metrics on the process all year long. Be wary of firms that focus on dollar amounts at the end of the year. Make sure that your firm is keeping metrics for the following:
Percentage of RFPs to proposals
Percentage of proposals to shortlist
Percentage of shortlist to wins
Number of leads generated
Percentage of new vs. repeat clients
Maintaining a wider view on marketing and business development investments and ROI will enable your firm to have a greater understanding of how their marketing and BD efforts affect overall success.
Looking for more information on how to better manage your BD efforts…come to PSMJ’s 2011 A/E/C Marketing Bootcamp: THE Program On How To Get And Keep Clients. This spring, PSMJ is providing 5 locations all across North America to give your whole firm the tools and confidence you need to succeed in bringing in more work for the firm. Click here for more information.
Tuesday, March 22, 2011
Tuesday, March 15, 2011
Recent PSMJ Survey Shows Concerns of Fleeing Clients Largely Unfounded
Raising Rates an Underused Strategy for Improved Profitability
Newton, MA — The factors putting downward pressure on earnings in today’s economy are many. Revenues are down with more firms chasing fewer projects and rising costs are putting a tighter and tighter squeeze on many A/E firms. Further, with hungry competition seemingly everywhere, it may appear counterintuitive that raising rates would be a viable strategy for increased profitability in the current economy. But, the results of a recent survey conducted by leading A/E industry research, training, and consulting firm PSMJ Resources, Inc. seem to indicate just that.
In January, PSMJ surveyed 57 A/E firm leaders and asked whether their firms raised fees in 2010 and, if so, how much work they lost as a result. Of the firms surveyed, only 29% raised their rates – an indication of significant apprehension towards the strategy. However, of those firms that did take the leap and raise their rates, an overwhelming 86% reported “no noticeable loss of work” as a result. What’s more, the remaining 14% that raised rates reported that the loss of work was no greater than 10%.
“Of course, the key to long-term growth isn’t as simple as raising rates without delivering the value to back that up” states PSMJ Consultant David Burstein, P.E. “But this survey underscores that, at current levels, demand is less elastic than many may think. Accordingly, firm leaders need to be thinking long and hard about whether holding the line on fees is going to get them to where they need to be.”
Taking a conservative stance and assuming that 10% of revenue is lost with a fee increase, the following table maps out the profitability improvement that comes from a 5% annual fee increase over a three-year period:
Notes:
1. Direct Labor Multiplier of 3.0 and Overhead Rate of 165% are based on industry norms per PSMJ survey data.
To access additional insight and perspectives like this on successful A/E firm management and long-term, sustainable growth, subscribe to Professional Services Management Journal today! Packed with timely advice and information, this monthly newsletter is a must for A/E firm leaders. Click here to learn more!
Monday, March 14, 2011
Don’t Forget About Your Financial Responsibilities!
Being an effective project manager requires much more than proven technical proficiency. Especially during this last recession, your ability to protect the financial health of projects on a day-to-day basis became vital to their overall success. Now, as the economy continues to improve, that responsibility will become even more important.
Keep this list as a daily reminder of your key financial responsibilities as a project manager:
1. Budgeting. For every project, create a project business plan that balances your firm’s ability to provide professional, quality work with your client’s expectations and ability and willingness to pay.
2. Profit-making. It is the PM’s responsibility to deliver the project to the client and a profit to the firm. Ensure success by keeping a close eye on schedule, budgeting, and any additional costs (i.e. change requests) that could impact your profit.
3. Billing. Regardless of project status, clients should receive invoices regularly, without delay. Keep the billing cycle short.
4. Collecting. Firms need cash to operate, not completed projects. As PM, you have the closest relationship to the client, and are in the ideal position to “assist” the client in the payment process. The best expression of confidence in the quality of one’s work is to insist on prompt payment for it.
5. Reviewing charges. Ensure that all charges to the project are appropriate, and that all appropriate charges are billed. This includes ensuring that subconsultants submit their invoices promptly; you want to pay no late fees. A good financial history on projects is critical for future budgeting.
6. Using resources effectively. Clients will pay professional fees that yield profits to the firm—as long as they’re not paying for inefficiency or waste. You must control the effective use of people, materials, information technology, and all project resources.
7. Utilizing time. Salaries are the biggest expense for any professional firm. Direct salary costs produce revenue; indirect salary costs drain profits. It is your responsibility to make sure that your own time and that of your team meets utilization goals.
Find out what else you need to diligently keep tabs on in order to do your job well. Come to one of PSMJ’s upcoming Project Management Bootcamps! PSMJ’s Project Management Bootcamp is a revolutionary training seminar like no other-- through interactive case-studies, real-world examples, and proven solutions, you will foster innovation, elevate communications, increase productivity, and improve your firm's bottom line. Click here to register or call PSMJ Education Department at (800) 537-7765.
Keep this list as a daily reminder of your key financial responsibilities as a project manager:
1. Budgeting. For every project, create a project business plan that balances your firm’s ability to provide professional, quality work with your client’s expectations and ability and willingness to pay.
2. Profit-making. It is the PM’s responsibility to deliver the project to the client and a profit to the firm. Ensure success by keeping a close eye on schedule, budgeting, and any additional costs (i.e. change requests) that could impact your profit.
3. Billing. Regardless of project status, clients should receive invoices regularly, without delay. Keep the billing cycle short.
4. Collecting. Firms need cash to operate, not completed projects. As PM, you have the closest relationship to the client, and are in the ideal position to “assist” the client in the payment process. The best expression of confidence in the quality of one’s work is to insist on prompt payment for it.
5. Reviewing charges. Ensure that all charges to the project are appropriate, and that all appropriate charges are billed. This includes ensuring that subconsultants submit their invoices promptly; you want to pay no late fees. A good financial history on projects is critical for future budgeting.
6. Using resources effectively. Clients will pay professional fees that yield profits to the firm—as long as they’re not paying for inefficiency or waste. You must control the effective use of people, materials, information technology, and all project resources.
7. Utilizing time. Salaries are the biggest expense for any professional firm. Direct salary costs produce revenue; indirect salary costs drain profits. It is your responsibility to make sure that your own time and that of your team meets utilization goals.
Find out what else you need to diligently keep tabs on in order to do your job well. Come to one of PSMJ’s upcoming Project Management Bootcamps! PSMJ’s Project Management Bootcamp is a revolutionary training seminar like no other-- through interactive case-studies, real-world examples, and proven solutions, you will foster innovation, elevate communications, increase productivity, and improve your firm's bottom line. Click here to register or call PSMJ Education Department at (800) 537-7765.
Thursday, March 10, 2011
Billings at Architecture Firms Hold Steady in January
The American Institute of Architects’ Architecture Billings Index remained fairly neutral in January, as the average billings matched levels in December. Although the growth has slowed compared to the months prior, the trend remains a sign of recovery.
The Architecture Billings Index (ABI) serves as the leading economic indicator of construction activity, and reflects the approximate 9-to-12 month lag time between architecture billings, and actual construction spending. The monthly ABI scores are centered around 50, with scores above 50 indicating an aggregate increase in billings, and scores below 50 indicating a decline.
The ABI recorded a score of 50.0 for the month of January, meaning billings level matched that of December. Because this is the third month in a row the ABI registered a score of 50 or higher, it offers hope that we are on the way to sustainable recovery in the architecture industry. Firms in three of the four major U.S. Census regions reported gains in January, while firms with major facility type specialties all reported at least modest revenue gains for the month.
Firms in the Northeast continue to see an increase in work, as billings have increased each month since August. The same goes for companies in the Midwest since September, and those in the South since November. Firm in the west, however, have seen yet another month of decreased workload.
Conditions for the major construction sectors are improving across the board. Commercial/industrial firms have reported steady growth in billings since last summer, with accelerating levels in recent months. Residential firms have also seen substantial gains in recent months, while institutional firms have reported slight gains. If these trends continue, it could mean a sustainable recovery in the building industry, in both residential and nonresidential sectors.
On a national front, the GDP increased 2.6% in the third quarter, and 3.2% in the fourth on an inflation- and seasonally-adjusted basis. The employment rate, however, remains down, and payrolls only increased by 36,000 positions in January after adding 248,000 through the second half of 2010. A healthy economy should generate between 2.0 and 2.5 million net new payroll positions a year, and generally needs to create between 1.5 million and 1.8 million a year just to keep the unemployment rate from increasing.
With domestic growth expected to be modest, some firms are exploring international design opportunities. Because most international economies are growing faster than the U.S. economy at present, a growing share of construction companies are pursuing work offshore, often in developing countries. Many U.S.-based architecture firms are looking to take advantage of these international opportunities. While international work is expected to be an important segment of firm workloads, it most likely will not be a dominant one, with foreign billings expected to approximately match the 2010 levels.
Statistics
By region, the ABI breaks down as follows from December to January: Northeast is down 50.4 from 55.3, West is down 47.3 from 48.4, South is down 51.5 from 54.8, and Midwest is up 56.4 from 52.9.
By market sector: Residential is down 53.7 from 60.1, Institutional is up 51.3 from 50.6, Commercial/Industrial is up 54.6 from 52.7, and mixed is up 48.7 from 47.8.
This month, Work-on-the-Boards participants are saying:
• Home addition/remodeling projects are very hard to get because homeowners are cutting their costs by not using an architect or by being able to select from numerous unemployed architects.—1-person firm in the Midwest, residential specialization
• Healthcare projects placed on hold last year continue without concrete dates of when they will be initiated. Probably see major projects start with phases as opposed to the entire project being initiated at once.—156-person firm in the South, institutional specialization
• Private sector commercial projects that are not driven by bank financing are very strong, especially on a region wide basis.—9-person firm in the Northeast, commercial/industrial specialization
• Tech clients are getting busy again and investing in new office space.—36-person firm in the West, commercial/industrial specialization
The Architecture Billings Index (ABI) serves as the leading economic indicator of construction activity, and reflects the approximate 9-to-12 month lag time between architecture billings, and actual construction spending. The monthly ABI scores are centered around 50, with scores above 50 indicating an aggregate increase in billings, and scores below 50 indicating a decline.
The ABI recorded a score of 50.0 for the month of January, meaning billings level matched that of December. Because this is the third month in a row the ABI registered a score of 50 or higher, it offers hope that we are on the way to sustainable recovery in the architecture industry. Firms in three of the four major U.S. Census regions reported gains in January, while firms with major facility type specialties all reported at least modest revenue gains for the month.
Firms in the Northeast continue to see an increase in work, as billings have increased each month since August. The same goes for companies in the Midwest since September, and those in the South since November. Firm in the west, however, have seen yet another month of decreased workload.
Conditions for the major construction sectors are improving across the board. Commercial/industrial firms have reported steady growth in billings since last summer, with accelerating levels in recent months. Residential firms have also seen substantial gains in recent months, while institutional firms have reported slight gains. If these trends continue, it could mean a sustainable recovery in the building industry, in both residential and nonresidential sectors.
On a national front, the GDP increased 2.6% in the third quarter, and 3.2% in the fourth on an inflation- and seasonally-adjusted basis. The employment rate, however, remains down, and payrolls only increased by 36,000 positions in January after adding 248,000 through the second half of 2010. A healthy economy should generate between 2.0 and 2.5 million net new payroll positions a year, and generally needs to create between 1.5 million and 1.8 million a year just to keep the unemployment rate from increasing.
With domestic growth expected to be modest, some firms are exploring international design opportunities. Because most international economies are growing faster than the U.S. economy at present, a growing share of construction companies are pursuing work offshore, often in developing countries. Many U.S.-based architecture firms are looking to take advantage of these international opportunities. While international work is expected to be an important segment of firm workloads, it most likely will not be a dominant one, with foreign billings expected to approximately match the 2010 levels.
Statistics
By region, the ABI breaks down as follows from December to January: Northeast is down 50.4 from 55.3, West is down 47.3 from 48.4, South is down 51.5 from 54.8, and Midwest is up 56.4 from 52.9.
By market sector: Residential is down 53.7 from 60.1, Institutional is up 51.3 from 50.6, Commercial/Industrial is up 54.6 from 52.7, and mixed is up 48.7 from 47.8.
This month, Work-on-the-Boards participants are saying:
• Home addition/remodeling projects are very hard to get because homeowners are cutting their costs by not using an architect or by being able to select from numerous unemployed architects.—1-person firm in the Midwest, residential specialization
• Healthcare projects placed on hold last year continue without concrete dates of when they will be initiated. Probably see major projects start with phases as opposed to the entire project being initiated at once.—156-person firm in the South, institutional specialization
• Private sector commercial projects that are not driven by bank financing are very strong, especially on a region wide basis.—9-person firm in the Northeast, commercial/industrial specialization
• Tech clients are getting busy again and investing in new office space.—36-person firm in the West, commercial/industrial specialization
Tuesday, March 8, 2011
Expand Your Business Development Team with the Talents of Every Generation!
Business development professionals constantly beat the drum: ‘Everyone is a marketer!’ hoping that each staff member will then magically step up and contribute to the firm’s overall sales and growth.
One surefire way to increase results from your ‘expanded marketing team’ is to measure everyone formally— during performance reviews— on their business development contributions. In addition, it’s up to business development leaders to help the others find their way in terms of contributing to the bigger picture of firm growth.
Consider the generational preferences of each individual
There’s something to be said for stereotypes of the three generations that are currently in the workforce: Baby Boomers (1946-64); Generation X (1965-76); Generation Y, aka Millennial (1977-present). Without clarity on generational tendencies, you may try to force a square peg into a round hole. In this lean economy, there’s no room for that sort of mistake.
Generational frameworks play a role in determining highest and best use of staff talent from business development and marketing perspectives. Remember, it’s not that some generations work harder than others. Instead, it’s that our needs, priorities and preferences differ greatly.
Xers specifically need:
- Recognition in response to their individual personal preferences
- Collaboration, teamwork, dialogue.
Yers specifically need:
- Change and challenge. They will have an average of five careers (not just jobs) in their lifetime, and may stay only as long as 2-3 years unless you are able to allow them movement within the organization (or with partner firms).
- Ability to voice issues without fear. (It’s unpleasant for some of us to digest the venting of others, but it does help them to get it out in the open. The good news is that these same people are willing to make/execute/plan for change…not just sit around and complain.)
Common needs for both Gen X and Gen Y:
- Explanations as to the ‘why’ behind a project or a direction.
- Inclusion on the company’s bigger picture, regardless of whether it affects them directly.
- Aura of ‘fun’, not ‘grind’, when it comes to both the work environment and the work itself.
- Flexibility (where and when the work gets done) to accommodate family needs, extra curricular activities, wellness, etc, in order to accommodate their very full, robust, well-rounded lives.
Finally, less of a mystery to most, the boomers specifically need:
- Position, power and prestige. Respect, with titles that reflect authority and responsibility.
- Ability to stay connected with peer groups; enjoy working on projects with others whom they can relate.
- Longer-term commitment, with security in terms of salary, perks/benefits.
Looking for more tips on how to give ALL your firm members the skills they need to bring in new work and persuade current clients to give you more…send them to PSMJ’s 2011 A/E/C Marketing Bootcamp: THE Program On How To Get And Keep Clients. This spring, PSMJ is providing 5 locations all across North America to give your whole firm the tools and confidence you need to succeed in bringing in more work for the firm. Click here for more information.
One surefire way to increase results from your ‘expanded marketing team’ is to measure everyone formally— during performance reviews— on their business development contributions. In addition, it’s up to business development leaders to help the others find their way in terms of contributing to the bigger picture of firm growth.
Consider the generational preferences of each individual
There’s something to be said for stereotypes of the three generations that are currently in the workforce: Baby Boomers (1946-64); Generation X (1965-76); Generation Y, aka Millennial (1977-present). Without clarity on generational tendencies, you may try to force a square peg into a round hole. In this lean economy, there’s no room for that sort of mistake.
Generational frameworks play a role in determining highest and best use of staff talent from business development and marketing perspectives. Remember, it’s not that some generations work harder than others. Instead, it’s that our needs, priorities and preferences differ greatly.
Xers specifically need:
- Recognition in response to their individual personal preferences
- Collaboration, teamwork, dialogue.
Yers specifically need:
- Change and challenge. They will have an average of five careers (not just jobs) in their lifetime, and may stay only as long as 2-3 years unless you are able to allow them movement within the organization (or with partner firms).
- Ability to voice issues without fear. (It’s unpleasant for some of us to digest the venting of others, but it does help them to get it out in the open. The good news is that these same people are willing to make/execute/plan for change…not just sit around and complain.)
Common needs for both Gen X and Gen Y:
- Explanations as to the ‘why’ behind a project or a direction.
- Inclusion on the company’s bigger picture, regardless of whether it affects them directly.
- Aura of ‘fun’, not ‘grind’, when it comes to both the work environment and the work itself.
- Flexibility (where and when the work gets done) to accommodate family needs, extra curricular activities, wellness, etc, in order to accommodate their very full, robust, well-rounded lives.
Finally, less of a mystery to most, the boomers specifically need:
- Position, power and prestige. Respect, with titles that reflect authority and responsibility.
- Ability to stay connected with peer groups; enjoy working on projects with others whom they can relate.
- Longer-term commitment, with security in terms of salary, perks/benefits.
Looking for more tips on how to give ALL your firm members the skills they need to bring in new work and persuade current clients to give you more…send them to PSMJ’s 2011 A/E/C Marketing Bootcamp: THE Program On How To Get And Keep Clients. This spring, PSMJ is providing 5 locations all across North America to give your whole firm the tools and confidence you need to succeed in bringing in more work for the firm. Click here for more information.
Monday, February 28, 2011
Keep on Engaging
In the doldrums of winter, many of your employees may feel a little blue. These winter blues have been shown to spill into the workplace, taking a toll on employee motivation, engagement, and productivity. The good news is that there are low-cost effective ways for employers to get employees back into the swing of work and keep them motivated and engaged until Spring finally arrives:
Office get-togethers shouldn’t be viewed as one-time events: In December, most firms celebrated the holidays with their employees with a big party. But these firms should remember to thank their employees throughout the year, as these small but critically important gestures go a long way toward building the culture in many organizations.
Pledge to improve your communication process, with a commitment to having frequent and transparent communication going forward: Consider establishing a “Communication Promise,” a detailed communication protocol in which you and your leadership team commit to communicating to all employees. This protocol should outline a schedule of communications over the next year that will be cascaded down from the CEO to the first-line manager.
Focus your efforts on building a learning culture: Although many training and development budgets have been cut and not returned, a key engagement driver is staff development. There is much that can be done to build cultures of learning without spending lots of money. Stretch assignments, mentorship opportunities, cross-sectional task teams, luncheon brown bags, etc, are all learning opportunities that have great impact and marginal direct dollar costs.
Determine and communicate your employment brand: Assemble a cross-sectional group of top-performing employees to determine why people work for your firm. Consider conducting a culture audit as a first place to start. (Many firms have a hiring issue, not an engagement issue—they’re hiring the wrong type of people to succeed in their cultures.)
Host a YouTube video contest linked to a business imperative: For little money (but huge engagement benefit), send out Flip cameras to every location and or department with a request for employees to pick a firms value and show “what that means to me.” Establish prizes (they don’t have to be extravagant, as employees will be motivated to participate just because the contest will be fun and they will want their departments to win!). Post your "winners” on the firms intranet, as well as on YouTube.
To keep the social interaction levels high throughout the year in single-site firms or in standalone offices or businesses, have theme nights monthly: For example, January will be "Mexican Night Sponsored by Accounting—All Are Welcomed!" February will be "Italian Night sponsored by Procurement—All Are Welcomed!" etc.
While these ideas may seem silly, they go a long way to bringing spirits up and making your employees happy…after all, employees who want to come to work are usually your most productive and motivated employees!
Want to learn more HR trends and tips? Register for PSMJ’s upcoming A/E/C Industry Human Resources Summit. The HR Summit is a senior level HR event specifically designed to address the increasing needs and demands of senior leaders of HR, as well as other key executives who deal with the critical employee and firm issues on a daily basis. Through panel discussions and best practices presentations, you learn through examining successful real-life case studies, receive A/E/C survey results, while networking and asking your peers for their proven solutions to problems just like yours.
For more information, click here to download the program brochure or contact our Education Department at education@psmj.com or 617-965-0055.
Office get-togethers shouldn’t be viewed as one-time events: In December, most firms celebrated the holidays with their employees with a big party. But these firms should remember to thank their employees throughout the year, as these small but critically important gestures go a long way toward building the culture in many organizations.
Pledge to improve your communication process, with a commitment to having frequent and transparent communication going forward: Consider establishing a “Communication Promise,” a detailed communication protocol in which you and your leadership team commit to communicating to all employees. This protocol should outline a schedule of communications over the next year that will be cascaded down from the CEO to the first-line manager.
Focus your efforts on building a learning culture: Although many training and development budgets have been cut and not returned, a key engagement driver is staff development. There is much that can be done to build cultures of learning without spending lots of money. Stretch assignments, mentorship opportunities, cross-sectional task teams, luncheon brown bags, etc, are all learning opportunities that have great impact and marginal direct dollar costs.
Determine and communicate your employment brand: Assemble a cross-sectional group of top-performing employees to determine why people work for your firm. Consider conducting a culture audit as a first place to start. (Many firms have a hiring issue, not an engagement issue—they’re hiring the wrong type of people to succeed in their cultures.)
Host a YouTube video contest linked to a business imperative: For little money (but huge engagement benefit), send out Flip cameras to every location and or department with a request for employees to pick a firms value and show “what that means to me.” Establish prizes (they don’t have to be extravagant, as employees will be motivated to participate just because the contest will be fun and they will want their departments to win!). Post your "winners” on the firms intranet, as well as on YouTube.
To keep the social interaction levels high throughout the year in single-site firms or in standalone offices or businesses, have theme nights monthly: For example, January will be "Mexican Night Sponsored by Accounting—All Are Welcomed!" February will be "Italian Night sponsored by Procurement—All Are Welcomed!" etc.
While these ideas may seem silly, they go a long way to bringing spirits up and making your employees happy…after all, employees who want to come to work are usually your most productive and motivated employees!
Want to learn more HR trends and tips? Register for PSMJ’s upcoming A/E/C Industry Human Resources Summit. The HR Summit is a senior level HR event specifically designed to address the increasing needs and demands of senior leaders of HR, as well as other key executives who deal with the critical employee and firm issues on a daily basis. Through panel discussions and best practices presentations, you learn through examining successful real-life case studies, receive A/E/C survey results, while networking and asking your peers for their proven solutions to problems just like yours.
For more information, click here to download the program brochure or contact our Education Department at education@psmj.com or 617-965-0055.
Friday, February 25, 2011
PSMJ Reports That More Than Half of A/E Industry Firms Are Without an Ownership Transition Plan
PSMJ’s Brand New 2011 A/E Bonus & Benefits survey reveals only 40% have plans
Newton, MA – With competing day-to-day priorities and economic conditions that aren’t conducive to much long-term visibility, one would expect that a number of ownership plans are getting delayed or stretched out over long periods than originally anticipated. However, it seems that many A/E firm leaders are simply operating without this plan that is critical for long-term business health. The 2011 A/E Bonus & Benefits Survey from PSMJ Resources, Inc. shows that only 40% of surveyed firms have an internal ownership plan in-place.
“The demographics of the A/E industry, and the economy as a whole, point to a number of firms facing significant share redemption obligations in coming years.” states Frank Stasiowski, FAIA President and CEO of PSMJ. “If firm leaders aren’t planning for these redemptions, they are going to be reacting to them. That sort of strategy can leave the firm exposed to undesirable consequences such as a distressed sale or firm closure.”
PSMJ’s survey revealed that the smallest firms (those with up to 20 employees) are the least likely to have an internal ownership transition plan. Only 21% of the respondents surveyed in this subset indicated that their firm has an internal ownership transition plan.
The 2011 A/E Bonus & Benefits Survey from PSMJ is a comprehensive look at incentive compensation and other perquisites in the A/E industry. Readers can learn which benefits are "must haves" in today's turbulent economic climate, and which ones do little more than drain profits. Specific areas of data and analysis include:
• Varieties of cash and non-cash bonus programs
• Factors to consider when you determine incentive payments
• Bonus payments as a percentage of salaries and gross revenues
• Vacation leave, sick leave, retirement plans, group insurance and all-NEW data on firm relocation programs
• Staff turnover data, including turnover rates and reasons why employees leave
The 2011 A/E Bonus & Benefits Survey will be available for delivery on March 14, 2011 and can be ordered by visiting www.psmj.com.
Subscribe to:
Posts (Atom)
Posts
