8 TZL: Does your firm work closely with any higher edu- cation institutions to gain access to the latest technolo- gy, experience, and innovation and/or recruiting to find qualified resources? DY: We have and will continue to work with universities, lo- cally and nationally. Unfortunately, the number of higher education institutions that focus on airport planning and engineering is limited. DY has promoted the advancement of this topic in some of the engineering schools in our re- gion. For example, our planners have coordinated through the ASCE to hold brown bag lunches at the NYU Tandon School of Engineering to introduce students to airport planning. Another example of collaboration with the uni- versities includes our use and coordination with Virginia Tech on the use of aviation software used for reducing de- lays at airports. TZL: Is change management a topic regularly addressed by the leadership at your firm? If so, elaborate. DY: We recognize that change is essential to company growth, especially when it comes to providing professional services to airports. We ourselves are going through an in- teresting time in our corporate history, and, for us to move into the next stage of our development, we need to make adjustments. We’ve established a committee of core indi- viduals to convene quarterly to discuss the “New Direction” we look to instill as we move forward. This includes engag- ing outside ideas from management firms experienced in this field to developing an advisory board that may include a network of industry leaders. TZL: What financial metrics do you monitor to gauge the health of your firm? DY: I look for reports to confirm that we are invoicing more than we’re spending with an acceptable level of profit built in. I review four reports each month: 1) P/L statements (accrual and cash) – Review of revenues vs. expenses 2) Utilization reports – Ensuring staff is productive 3) Individual project financial reports – Ensuring we’re staying on schedule and within budget 4) Monthly projections – Upcoming months’ anticipated finan- cial projections TZL: They say failure is a great teacher. What’s the big- gest lesson you’ve had to learn the hard way? DY: To make decisions as quickly as possible. I recognize that even a wrong decision is better than no decision. I’ve been in situations where I’ve let circumstances continue, which has impacted us financially and operationally. When the problem is left alone it’s been detrimental to company growth. TZL: Research shows that PMs are overworked, under- staffed, and that many firms do not have formal training programs for PMs. What is your firm doing to support its PMs? DY: We are particularly sensitive to this issue – for every- one. I’m a hard worker and need to pay particular attention EXCELLENT QUALITY, from page 7
DY staff enjoying social time. Photo credit: Gabriella Toth Photo
to the fact that our staff is extremely motivated and driven. I know the concept of providing rewards to those who work hard helps, but I also know that overworking for an extend- ed period of time is not sustainable. The leadership train- ing we provide our managers addresses issues such as time management, handling work-life balance, and providing them as much support as possible with available resources. TZL: How many years of experience – or large enough book of business – is enough to become a principal in your firm? Are you naming principals in their 20s or 30s? DY: My barometer is based on the amount of contribution they’ve made to the company, their commitment to main- taining our excellent reputation and taking it to the next level such that all individuals within the firm will benefit and our clients will get a level of service that is more than expected. A person in their 20s or 30s is certainly capable of being a principal at DY. TZL: In one word or phrase, what do you describe as your number one job responsibility as CEO? DY: Create an environment of self-sufficiency and sustain- ability. TZL: Diversity and inclusion is lacking. What steps are you taking to address the issue? DY: As a Minority Business Enterprise, we take diversity se- riously and appreciate the benefits that come along with it. The majority of DY’s staff is made up of international pro- fessionals from around the world with a large percentage of them being minorities and women. Although a sensitive topic these days, I find it irresponsible not to include talent that will make a positive contribution to our team, regard- less of their ethnicity or gender. TZL: A firm’s longevity is valuable. What are you doing to encourage your staff to stick around? DY: Our group is a family and we work hard to create an at- mosphere and environment that is conducive to providing a great product to our client, but more importantly bene- fiting our staff with experiences they cannot get anywhere else. It’s not unusual to walk in the doors of DY and see a celebration for a personal birthday or major success. I be- lieve our team recognizes that each individual plays an im- portant role in our firm and they are able to advance their careers faster at DY than anywhere else.
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THE ZWEIG LETTER September 9, 2019, ISSUE 1311
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