Every Friday, we select a few articles from the week that we think are worth your time as a construction financial manager (CFM). We look for compelling articles not only about financial topics, but about business, technology, and life, that challenges you to think about your role as a CFM in different ways. We’d love to hear from you about how we’re doing, and to have you join our community by subscribing to receive this weekly post by email. Follow #CFMReview.
A $2 Million Dispute at a $145 Million Soccer Stadium
We’ve been busy at work preparing loads of prompt payment resources for you, so an article published at thestar.com last week caught my eye.
The story, regarding the building of a soccer stadium in Hamilton, Ontario, has all the ingredients of a construction payment story: delays, disputes, liens, a payment bond, relationship issues, fairness issues, and finally, conversations about prompt payment.
The $2 million dispute, which led four subcontractors fi file liens against the $145-million project, has led Ontario’s Infrastructure Minister to consider enacting prompt payment laws.
> Want to be notified when Levelset publishes prompt payment resources? Click here
Tips for Getting Employees to Buy Into New Technology
Most humans don’t like change. It can be especially difficult to convince employees to adopt new technology, as some view it as a disruption to their routine, and others are afraid of being replaced by the technology.
“The job of a manager is to help people cross the bridge — to get them comfortable with the technology, to get them using it, and to help them understand how it makes their lives better” (emphasis added). That’s Didier Bonnet, who co-authored a study on digital transformation for MIT Sloan Management Review.
I wholeheartedly agree with Bonnet. If you’ve chosen technology wisely, then it should benefit your employees and make their jobs easier (despite an initial learning curve).
Read the article from HBR.org to learn tips for getting your employees to buy into new technology.