We were happy to have Todd Kikol and Mike Mullen from the Beneco team attend this year’s CFMA Annual Conference for the first in-person event after a two-year hiatus due to the pandemic. This event is designed for CFOs, controllers, and financial managers in the construction industry, making it a must-attend for Beneco. Plus, it provides a unique opportunity to network with construction professionals from around the country.

 

This year’s CFMA theme was “Coming Together;” focusing on our ability to unite together, whether in person, on the worksite, or through technology. And everyone in attendance was able to come together on site; through in-depth educational sessions in the conference program, walking the exhibit hall floor, and through networking opportunities. Here are some of the key topics of discussion we gathered from this year’s event:

 

Construction and technology 

Technology was a major topic of discussion. It was evident throughout the conference; from apps to construction-specific software. So much software — software developed for HR and project management, software that uses data to help find key performance indicators, cybersecurity, and even new technology in construction site equipment. Technology is being embraced by all areas of the construction industry; with many companies understanding that innovative technology solutions are vital to safeguarding the workforce, lowering risk, and achieving better business results. 

 

Challenges and uncertainties in the industry 

The construction industry is still dealing with issues brought about by the pandemic. But other issues of concern include the effect of the conflict in the Ukraine on supplies and cost of materials, labor shortages, increasing wages, cash flow, price and fuel increases, current construction taxation issues, and profitability in an unstable market, just to name a few. There were even sessions centered on Davis-Bacon and dealing with challenges in regards to the Infrastructure Investment and Jobs Act.

 

Workforce concerns and development 

There was a lot of discussion about the construction workforce, but not just on how to hire and retain employees. There is a growing and genuine concern about employees in the industry — from the physical health of an aging workforce to an increase in opioid use, mental health issues including stress and anxiety, and employee burnout. But because of these concerns, there seems to be a real drive to find solutions to prevent these problems as well as finding ways to keep the workforce safe and happy through education and diversity and inclusion programs.

 

The CFMA Conference was an invaluable experience for our team. The education sessions and networking from this event showed us that the construction community continues to learn and work together to make positive changes for the industry even with a challenging future ahead.

 

Thank you to the CFMA for a great event. We’re definitely looking forward to next year in Colorado – see you there!

 

We also would like to congratulate Nicolas Waldenmayer from Eide Bailly out of California on winning our Yeti Cooler drawing. Thanks to everyone for dropping by the Beneco booth to learn more about our prevailing wage benefit plans!