Construction and engineering professionals have seen a 10 percent rise in compensation since 2008, according to a recent report from construction and engineering management consulting firm FMI.
At the job level, the FMI Construction Professional and Engineering/Environmental Survey data provides a more granular metric to dissect trends within each industry, in this case spotlighting a shifting focus for construction firms. For example, between 2008 and 2013, pay for business development professionals in construction grew faster than project management—revealing a greater emphasis on new business acquisition according to the report, which included analysis of FMI Compensation survey data in “Post-Recession Transformations."
Construction professionals in estimating/engineering, safety, business information modeling (BIM), and project accounting also saw sharp growth in pay. These trends suggest that, in an era of thin profit margins, the industry is privileging growth and efficiency drivers in three main areas.
First, organizations are fixing a spotlight on a more comprehensive vision of sales, going beyond relationship-building to a more sophisticated understanding.of the sales process, necessitating more highly skilled professionals. Second, organizations are concentrating on tighter cost controls by way of more efficient accounting systems and more accurate bidding, the report states."
Finally, while the industry has lagged when it comes to technology adoption, it is embracing technology to increase efficiency and reduce the likelihood of redo of work. Indeed, contractors are turning IT into a profit center through productivity tools and project tracking software. The significant rise in base pay (almost 30% since 2008) of BIM reflects this trend," the report states.
FMI provides management consulting and research to the engineering and construction industry. Rather than rely on self-reported data, FMI Compensation collects over 75,000 incumbent records direct from large industry employers. Weighted averages are computed by job and level. See the full report here.