Why Your Construction Company Might Want to Assume More Risk
The construction industry has changed dramatically in the last decade. However, it hasn't advanced as quickly as other sectors that rely more heavily on high-tech equipment. According to a recent report by McKinsey & Company, productivity growth in the construction field has averaged 1% over the past two decades, compared with 2.8% for the world economy.
Avoidance of risk is often cited as a key factor in this disparity between the construction industry and the overall economy. Risk-averse contractors are notoriously slow to adapt to emerging challenges and opportunities. But to achieve greater productivity, they may need to change their attitudes and their work cultures.