On June 25th 2019 Deltek started their webinar series for the 10th annual Deltek Clarity Government Contracting Industry Study. The results are based on a survey of more than 700 respondent in government contracting and designed to identify federal contracting trends and analyze market outlook, top trends in business development, human capital management, project management, information technology, manufacturing, procurement, contract management, finance, and compliance. The main takeaways from the study include…
- Attracting qualified talent and retaining top performers continues to be a major factor for success—and a high priority among the most successful companies.
- High-performing talent is increasingly hard to find, hire, and retain in this economy. Firms are challenged by the ability to both match qualified candidates to open positions and retain top performers.
- Accordingly, employee retention has emerged as a competitive response. Businesses are now increasingly focused on improving the entire employee experience with new Human Capital Management (HCM) technology, continuous performance management and robust career development programs.
- Cost of compliance for Contracting Purchasing System Review (CPSR) audits are on the rise.
- CPSR audits were indicated as a significant cost for firms in 2018, with 83% of respondents indicating it as a “moderately” or “more costly” compliance to meet. This is a relatively significant increase of 17 points from respondents last year.
- Growth and competition increase for most businesses.
- The overall market for government contractors remains healthy as government spending has continued to increase. Businesses are seeking to make the most of the bullish spending environment by pursuing growth and profit-maximizing strategies. Competition is up as contractors are expanding into new government agencies and looking to grow their customer base.