Global FM’s 12% CAGR in 2023 and the War of Retaining Talents among Providers


A new report has projected that the global facilities management industry will register a compound annual growth rate of 12% by 2023 starting from 2019. From 2019, the report says the Internet of Things and other technology advancements would facilitate a demand for smart FM solutions and drive industry growth during the forecast period.
Suppliers who reacted to the report note that apart from the significant influence new technologies would exert on the industry, “the war on talent and the increasingly competitive landscape for recruiting and retaining talented employees will lead to larger investment by businesses to keep their staff engaged at work.”

In Nigeria…

This risk will be in two-folds. The first fold is that key players in the industry are likely to lose their trained staff to the new FM companies that would be established in 2019. Already, prospective entrepreneurs are studying the industry with the intent of tapping from the smart facilities management solutions that would surface ahead of 2020 Lagos Smart City. Existing companies would also lose employees to key players with better strategies for talent attraction.
In the absence of the core FM professionals, who understand the nitty-gritty of FM solutions, many companies will not have option than employing professionals from other built sectors. One main consequence of this action is complexity in coordinating the hired staff towards sustainable solutions delivery. Operations Managers have to devise short term strategies for the integration in order to enhance value delivery and separate the industry from other professions, claiming superiority over the industry. 
Already, analysis has shown that the world’s interest in facility management in the last 5 years is incomparable with asset and property management, indicating that the separation of FM from building management seems untangle. The second fold is that knowledge-workers will play crucial roles in quality and sustainable solutions individuals and businesses will demand in the coming year. Clients will entrust their facilities in the hands of businesses that have knowledge-workers, knowledge-driven process and solutions. The key remedy is an aggressive investment in process, smart devices and training to attain greater operational efficiency and productivity.

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