Now, moving forward from strategy to the second area under the company's level. During the work that we did along with many other colleagues, all around the world at the World Economic Forum. We did perform a quick survey to try to identify the most transformation area. Of the E and C industry brands according to their importance. The area of people came as number one. Let me refresh your memories quickly about what we covered at the start of the course, especially that is directly linked to people. Our industry is facing a labor shortage problem, as well as talent acquisition and challenge. This is driven by many factors such as demographic shifts in developed countries. Aging in construction workers and more soon to be retirees. Another challenge relate to the increasing sophistication of technology. Which demands a new and broader skill sets at all levels of a company. Another last challenge is the high volatility of the workforce, especially in a market. The staff demands become evident at short notice following a competitive tendering bid. And the execution of contracts typically requires the short term integration of a transient workforce from multiple subcontractors. What to do, let me give you three examples. We started on what we need to think of moving forward when it comes to people. To better understand a company's workforce needs, and the priorities will in advance. There is a need to establish a strategic workforce planning that will keep the business sustainable from a people perspective. Therefore it is needed to take a long-term view of Workforce demand. How? By simulating the future project pipeline for example. Of course, you need to take into consideration many things such as future skills requirements, especially in the digital space. You also need to simulate the workforce supply accordingly. This is based on existing staff rosters that you have to better consider critical elements, such as shifts in age profiles. In addition to the workforce plan, you also need to do what we call the smart hiring, for example, promote the role of technology. And the broader social impacts of construction, especially to the younger people. Also, you can establish customised recruiting channels. By leveraging the use of social media. We start to see this more and more. And of course, start a collaboration and partnerships with universities, colleges, to create a pipeline of suitable candidates. Actually, it is not just the smart hiring, but it is also how to keep your hires and increase your retention rates in the company. This can be achieved by several examples. Such as provide attractive benefits from adequate compensation packages. And retention incentive programs to other benefits like training and recognition. Let me give you an industry example. A US company here called DPR construction has been ranked among Fortune's 100 Best Companies to Work For. They do have unique elements for the company's HR strategy. Let me give you an examples. One, they have a strong mission statement which says, we exist to build the great things. And also they have progressive values such as integrity, enjoyment and uniqueness, just to name a few. Also, they do have the concept of title less business cards. To allow individuals to take on multiple roles and levels of principal responsibility. Also an open office environment and the free use of company on vacation property, interesting. Now, moving forward from the area of workforce planning. Continuous training of the staff in general can help address the various industrial challenges that we touched base on. Especially in topics related to technological trends. The provision of training can make employees feel much more appreciated. And can contribute to a more vibrant company culture. However, it is important to effectively design training systems. With the goal to improve both the performance as well as the engagement of the staff. And when we mention a staff again, that include all staff. So it is important to customize offerings to different target groups, from construction workers to senior management. And taking into account the different needs of diverse generations within the workforce. That I just mentioned a couple of lectures before in this course. Now people development ensures that staff continuously grow and acquire the right skill set. Where it does by leveraging the company's knowledge base. So there must be also a knowledge management plan. And this knowledge management plan need to be a key role on any corporate agenda. Let's take a few examples of what we call best practices in this area. First, you need to implement appropriate processes and functions to knowledge management. So that the capture, consolidation and reuse of a project knowledge become everyday activities. Also, articulate objectives and guiding principles for knowledge sharing, as well as provide appropriate incentives. To foster a culture of proactive knowledge share. Another critical point is leveraging technology. For example, in our industry, BIM, Building Information Modeling. Has the potential to greatly facilitate the management of a project knowledge. And last but not least, create transparency on the internal skills available. To be able to optimize the company's workforce allocation more effectively. Let's take one industry example here. Arup, Arup's approach to knowledge management is one of the most advanced in our industry. Some of their business practices include a system for capturing glistens glare on projects. And accessing key data or key project data. A comprehensive BIM library with more than 25,000 objects. Virtual communities that globally linked employees who work on different projects but face similar problems. And last but not least, various facilitation techniques to encourage knowledge sharing. For example, Arup university lectures, workshops and storytelling events. I actually happened to help and work very closely on many advising and consulting jobs. With several companies here in the US and overseas, and from different sides of corporations in the past few years. In developing the right a framework of their corporate university structure Now, let me move to the last example under people. Many companies at our industry are still characterised as a conservative company. And that will link to the culture and the mindset of the people in that company, the conservative company. So, with all what we explained so far, companies need to drive organizational change in several ways. Such as evaluating the degree in which the company's culture and the working environment are beneficial to the following. Individual and team performance, innovation and improvement, collaboration and knowledge sharing, diversity and inclusion. And last but not least, openness and trust. Also, create an effective organizational design that reinforces a common company culture and supports strategic objectives. For example, reduce cultural differences between different parts of the organization by break down silos in the company. Finally, you need to incentivize desired behaviors by establishing incentive skills. To reinforce engagement and affiliation in the firm, and this will drive behavioral change. So for example, build self esteem, moral and a sense of belonging. Also implement recognition programs that publicly acknowledge and reward employees for innovation. And last but not least, offer unique programs such as management development, as well as targeted mentorship. To help transmit desirable values and embed such practices within the company's culture.
