Mitigate Risks on Your Next Construction Project
How the Right Flooring Contractor Can Help
By Bill Imhoff
A colleague once told me, “I don’t need to go to Vegas to gamble. I’m a construction project manager – I gamble every day!”
As a commercial project or facilities manager, have you ever felt that way? While that may be a bit overstated, his perspective is one that many construction project managers and facilities managers have felt at some point in their careers.
Construction Can Be Risky
The fact is that construction is an inherently risky business. One that requires exceptional understanding of the business; understanding that comes not just from book learning, but also from years of experience facing – and successfully handling – an array of potential challenges.
“Construction projects are inherently complex and dynamic, and involve multiple feedback processes,” noted researchers in a recent study. “A lot of participants – individuals and organizations — are actively involved in the construction project, and their interests may be positively or negatively affected as a result of the project execution or project completion. Different participants with different experience and skills usually have different expectations and interests. This naturally creates problems and confusion for even the most experienced project managers and contractors.”
The Construction Industry Institute identified about 107 construction risks that a project manager must consider when managing a project. They generally fall into three primary types of risks: financial, timing, and design:
- How do I keep my project on budget?
- How do I ensure my project stays on schedule?
- How do I avoid unforeseen design issues that can potentially impact the first two risks?
The Workforce is Changing
An aging, retiring workforce and a hot real estate market are creating a perfect storm for construction management and facilities management firms seeking talent and experience.
The US Bureau of Labor Statistics projects construction manager jobs to grow 8 percent from 2019 to 2029, much faster than the average for all occupations. And at least one-fifth of current construction managers expect to retire soon, according to FieldLens.
“Construction project managers are in short supply as a result of a rebounding economy, an aging workforce, and a dwindling supply of new talent. The construction industry is facing a labor shortage, and project managers are among the top three hardest to find of skilled workers,” says FieldLens.
Its research shows that more than 20 percent of project managers are approaching retirement age and will need replacing. And, four out of five organizations report that they are struggling to find qualified PMs.
“While there may be plenty of junior talent available, mid-level and senior talent is hard to find,” it notes. “These are the workers who have experience and knowledge in the field—things that cannot be taught.”
Mitigating Risks through Knowledge Management
So how can the next generation of construction project managers and facilities managers gain that critical base of knowledge? Many industry leaders point to what’s known as “knowledge management.”
In a study published in Science Direct for the IPMA World Congress, researchers said knowledge management is a key factor in mitigating risk in the construction industry. The study noted that construction is a knowledge-based industry. As such, managing and sharing knowledge from more experienced to less experienced project team members is an important contributor in developing strong skills that enhance decision making, and deliver positive project outcomes.
Say the researchers, “Most of the knowledge of a construction company is obtained through their projects. In each of these projects situations that generate new knowledge take place, a reason why it is desirable that the lessons learned from them could be captured to be used again.
Unfortunately, “ The knowledge generated within each project is usually stored on reports that few people read, or is lost because parties involved are moved to a new project or resign, taking with them not only tacit knowledge but also a potential source of competitive advantage. This is problematic because it is only with the benefit of hindsight that it is really possible to reflect on the true consequences of an action within a project.”
Why the Right Flooring Partner Matters
Here’s where hiring the right flooring contractor really makes a difference. The savvy up-and-coming construction project manager recognizes the power of knowledge in ensuring their success. Especially in the absence of a more seasoned internal mentor, an experienced flooring partner can be a formidable source of knowledge.
Intertech’s team of project managers, project assistants and design consultants have decades of combined project management experience. In our 30-plus years in the business, we’ve seen and resolved just about every situation imaginable, including:
- Failing subfloors, and concrete solutions
- Water penetration and the challenge of installations in high-moisture areas
- Products that were specified but are not available to meet the project’s deadlines
- Installations in buildings with intense security clearances and privacy restrictions
- Moving furniture and installing floors overnight between work shifts to avoid disrupting operations
- Specifying flooring to help buildings meet the highest LEED certifications in the world
We’ve seen a thing or two in our 30-plus years, and sharing that knowledge is an integral part of our company’s DNA. We are not just about giving unbiased advice and installing extraordinary floors. We are about letting our experience be your advantage …making you look great and building amazing spaces for your clients.
Our passion is eliminating headaches for our clients’ project managers and facilities managers – and making them shine. We thrive on sharing our experience and knowledge to help project managers mitigate the risks. While there are many options when it comes to flooring products and installation, there are few contractors who truly want to share knowledge that helps every project and facility manager shine.
Looking for amazing floors without headaches or surprises? Want a flooring partner whose priority is making you successful?
Experience the Intertech advantage. Contact us.