Once there has been a successful bid, an overseas construction assignment moves at an extremely fast pace, and employees are often already working before regulatory compliance issues even come under discussion. Addressing compliance later in the process may increase overall costs; worse, the ramifications of noncompliance can be severe in terms of penalties and a damaged reputation. E&C companies need a dedicated plan early in the project cycle to ensure full compliance around such matters as tax, social security and immigration.
The engineering and construction sector faces skills shortages in a number of areas. Focusing on those people who consistently bring the most value to an assignment is crucial to long-term growth. Your company needs a program for managing talent, one that provides a framework to recruit and develop key people and includes strategies for appraisal and reward. Given the growing importance of new markets for many companies in the E&C industry, integrating talent management into your existing international assignment policies could provide a vital competitive advantage.
Many E&C companies fail to prioritize the retention of high-performing staff on their return from an international assignment. Yet hanging on to highly skilled, highly talented staff is fundamental to an E&C company's long-term performance and profitability. When companies are facing pressure on the bottom line, it can be tough to justify financial incentives, even for top employers. Understanding the implications of incentive programs (including those of your competitors) and their impact on international mobility is particularly important for the E&C industry.