Uh oh! This week we’re taking up that taboo subject: MONEY! The two universal constraints in business life are time and money. We talk about time (the lack of it) freely and all the time. We talk about money nervously and in whispers… Why is that? You cannot attract top talent without money being a part of the conversation, and seeking top talent begins where? At the top!
Tune in this week as Wayne shares some survey data from the Chief Executive daily newsletter and shares Performance Construction Advisor’s industry-specific data in comparison. What do you think? Is the data approximately in line with your experience? Too high? Too low? Please share with us in the comments.
Seats are almost full for our upcoming class of The Contractor Business Boot Camp. Act now and enroll your rising high-potential leaders to this one-of-a-kind leadership development program today. This is the best investment you will make towards their leadership future. The class starts on August 8 in Denver. Contact Charlotte today at ckopp3@performanceconstruction.com to find out more.
Please come back later for transcript
Chip Greene says:
Wayne, I’d be curious to break this down a little further between CM/GC’s vs. Speciality contractors since specialty contractors really have the heavy lift in risk.
Wayne Rivers says:
I might be able to break it down for you some, Chip. Let me look…
Jon Deeny says:
As you rightly point out, you need to consider the industries, geographic locations, and sizes of companies when comparing median/mean CEO pay. There is such a range of categories here and many subsets inside of those categories to make this data very limited in its usefulness. I do think construction CEOs deserve more but I may be a bit biased!
Chip Harper says:
Please let me know how much is going to Boot Camp in Denver is
In August
Wayne Rivers says:
Chip – Boot Camp is $15,000 per attendee over the two year period of the course delivery. All classes would be in Denver. Thanks.
Mario Smith says:
Thank you for addressing this subject. For the Northeast I think the $300K base salary is probably in line. It increases as you get closer to NYC and Boston. I think the bonus can and should vary significantly with the performance of the company. Given the current favorable market conditions, I suspect that the bonuses should be higher than the $183K that you mentioned. Nevertheless, you have many more data points than I do (Travelers has a lot of data points). Also, I would be very curious to know if there is a significant difference between building GC/CM and Heavy Civil contractors. Is there a premium for managing all the self-perform work done in the Heavy Civil market?
Wayne Rivers says:
I’ll have to look, Mario. Will get back to you…