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TRANSACTIONS ATWELL ACQUIRES MIAMI-BASED BISCAYNE ENGINEERING, EXPANDING SURVEYING AND ENGINEERING SERVICES IN SOUTH FLORIDA Atwell, a national consulting, engineering, and construction services firm, has acquired Biscayne Engineering, an engineering and surveying company with offices in Miami and Boca Raton, Florida. This acquisition expands Atwell’s already robust presence in Florida, adding more than 50 employees, and will be the company’s first office in Miami.
Founded in 1898, Biscayne Engineering has been at the forefront of South Florida’s growth and development for more than 125 years. What began as a partnership between two surveyors has expanded to include additional services such as engineering and GIS mapping. Atwell has expanded through organic growth and strategic acquisitions across the United States over the past several years. This is Atwell’s third acquisition of 2024 and second in Florida.
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SARA PARKMAN, from page 1
■ Determining salary raises. Firms employ various methods to determine salary increases. The most common approach is a formal salary/wage review process, used by 70 percent of firms. Other methods include management’s discretion (66 percent) and annual across-the-board increases (32 percent). Among firms using a formal review process, 95 percent conduct these reviews annually, with 78 percent adhering to a pre-set calendar date. This structured approach helps ensure that salary reviews are conducted systematically and fairly. ■ Criteria for evaluating salaries. Firms use multiple criteria to evaluate salaries, with job performance being the most common (92 percent). Other important factors include salary surveys (87 percent), firm growth or profit (74 percent), inflation (63 percent), attitude (43 percent), and the growth or profit of the employee’s office (38 percent). This multifaceted approach allows firms to make well-rounded salary decisions that reflect both individual and organizational performance. ■ Retirement plans and contributions. Retirement benefits are a crucial component of total compensation. A substantial majority of AEC firms (91 percent) offer a 401(k) plan, with a median waiting period of three months before new employees can participate. A median of 90 percent of eligible employees participate in their employer’s 401(k) plan. Most firms (85 percent) make fixed or matching contributions based on a formula, while 31 percent offer discretionary contributions as management sees fit. The median matching rate for employee contributions is 75 percent, with a maximum match of 5 percent of an employee’s salary. The median contribution to employees’ 401(k) plans in the last fiscal year was $2,500 per full- time equivalent, or 1.7 percent of net service revenue. The greatest single expense for AEC firms is their payroll. In many firms, direct labor alone accounts for 30 percent or more of the firm’s net service revenue. The amount of compensation a firm can afford is limited by factors such as the amount of work it sells and the fees it produces. The challenge for design firms is to strike a balance between profits and payroll to ensure both employee satisfaction and the firm’s financial well-being. By benchmarking salaries, implementing formal compensation programs, conducting regular salary reviews, and engaging in meaningful conversations with employees, AEC firm leaders can address dissatisfaction and improve retention rates. As the industry navigates ongoing recruiting and retention challenges, ensuring that compensation aligns with employee expectations will be vital for long-term success. Sara Parkman is a content manager at Zweig Group and senior editor and designer of The Zweig Letter . Contact her at sparkman@zweiggroup.com.
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2024 POLICIES, PROCEDURES & BENEFITS REPORT The key to growing your firm and reaching your strategic goals often rests with the quality of your employees, and the quality of your firm’s policies, procedures, and benefits is critical to hiring and retaining a top-notch workforce. This report empowers you to support your policy decisions with hard data. Click here to learn more!
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THE ZWEIG LETTER OCTOBER 7, 2024, ISSUE 1556
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