B Y F R E D E R I C K H O R N B E R G E R
November, 2005
Each year Hornberger Management Company performs an executive retention
survey to determine the top reasons construction executives leave their jobs. The survey
involves telephone and personal interviews with more than 1,000 construction
executives and CEOs of general, heavy, specialty and design-build contractors and
construction managers operating within the United States. Executives (top managers
who report directly to the CEO and/or president) were asked to prioritize the reasons
they would leave or stay with their current employers, and what changes they would
like made to their employers' retention practices. CEOs were asked for insights on
employment, recruitment and retention practices.
According to the 2005 survey, construction executive retention is at its highest level in
more than a decade with only 29 percent of executives choosing to change jobs in 2004.
The primary reason for the low executive turnover, according to the executives
interviewed, was the economic and political uncertainty of 2004.
Unfortunately, trailing a good year for executive retention may be one of the worst years
of executive turnover. Most construction executives surveyed considered the last few
years a time of career stagnation, and are looking to 2005 and 2006 as years for career
advancement.
Many needed to work harder with less staff and support, while receiving little or no pay
increase or job advancement. Sixty-one percent stated they were dissatisfied with
their internal opportunities for career advancement, and 64 percent were dissatisfied
with their current pay.
Even though three out of four executives believed that their current employer would adjust
their compensation upwardly this year to fall in line with the improving economy, 36 percent
of construction executives said they were planning to change jobs in the near future.
Most of these executives are looking for higher compensation and career advancement
opportunities due to the restrictions brought on during the recent flat and negative growth
years of 2002, 2003 and 2004
Hornberger is president of Hornberger Management Company of Wilmington, Delaware,
an executive search firm specializing in senior management recruitment in construction.
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