Peer Group Program 2017-18 Frequently Asked Questions
Why is CFMA offering a Peer Group Program?
In response to member demand, CFMA is facilitating the establishment of Peer Groups for members seeking to improve their companies through information sharing and feedback with their fellow construction financial managers in non-competing regions and markets.
After a successful pilot program in 2015-16, CFMA has made program improvements and is pleased to offer participation in our Peer Group Program to all General members. As a participant, you agree to make an on-going commitment as a Peer Group member.
Peer Groups are professionally facilitated for the first year, and will meet every other month, as well as one in-person meeting.
Peer Groups will discuss, among other topics, the following: industry best practices, labor trends, staffing/recruiting, competition, market dynamics, economic trends, technology and more.
Ideally member companies will work together transparently to help each other achieve new business success and to learn from one another. Where one company may struggle, another may thrive. Individuals will walk away from these meetings with action items to help resolve issues affecting their particular business, and they will report progress of change in future meetings.
How are the Peer Groups formed?
All potential Peer Group participants are required to complete the online application by February 15, 2017 in order to be considered for inclusion in a Peer Group. Submitting an application does not guarantee placement into a Peer Group. You will be notified on or about March 15, 2017 if you have been appropriately matched/placed in a Peer Group.
The data collected via this application will be used by CFMA staff and/or its contracted facilitator solely to aid in the establishment of effective Peer Groups, will be kept confidential, and will not be shared without the consent of the information provider.
What is the general structure of a Peer Group?
- Members: 10 individuals from geographically diverse, non-competing companies.
- In-Person Meeting: at least once per year (1.5 days).
- Tele Conferences: at least every other month (may be more/less frequently at the groups' discretion).
- Facilitation/Agenda: all groups will receive an introductory agenda and be assigned a facilitator for the first year for all teleconferences and in-person meeting(s) with the goal of moving to a self-managed, self-facilitated group after year one.
- Administrative Support: all groups will have CFMA-provided administrative support (scheduling, conference calls, communications, in-person meeting logistics support, agreement tracking, etc.).
What are the individual participant requirements?
All Peer Group members are required to sign and adhere to a confidentiality/non-disclosure/anti-trust agreement in order to ensure that proprietary company information remains strictly confidential and exclusive to group activity.
In addition, all Peer Group participants must be members of CFMA in good standing.
So that we can ensure a positive, consistent experience and manage the expectations of the Peer Groups accordingly, Peer Group participants agree to complete brief, periodic feedback surveys.
What are the group requirements?
Each group should have a volunteer Administrative Leader(s) which shall be responsible for coordinating the following with support of CFMA HQ staff and/or the facilitator:
- Managing logistics of the in-person 1½ day meeting
- Scheduling the teleconferences
- Communicating with facilitators
When are Peer Group meetings held?
All teleconference and in-person meetings will be professionally facilitated by a representative from the National Construction & Real Estate Group of BKD, LLP in the first year. There are 5 teleconference meetings in the first year (every other month), plus one in-person meeting.
The dates/location of the teleconferences and in-person meetings will be determined by consensus of participants. We understand that every group will have its own dynamic, so how many meetings you have, what type of meeting, and the location of each meeting will be determined collaboratively by each individual group.
What kind of support does CFMA provide?
Dedicated CFMA staff support is able to assist the Peer Groups with calendaring, scheduling, recording of calls, tracking agreements, payments, and in-person meeting logistics.
Please contact Mike Elek, CFMA Peer Group administrative support staff, at firstname.lastname@example.org or 609-945-2412 with any questions.
What do the fees cover?
Payment in full is due no later than April 15, 2017. A non-refundable $675 fee is assessed per Peer Group member for the first year of the program (4-1-17 through 3-31-18) and includes:
- Agenda development
- Teleconference meeting facilitation
- In-person meeting facilitation and facilitator-related expenses
- Administrative support of the Peer Groups
- Program monitoring and feedback
The ongoing fee, billed annually after the first year, is $500 per Peer Group member. The fee in year 2 (and beyond) is reduced since the intent is for each group to become self-managed/self-facilitated after the first year; CFMA will continue to provide administrative support to groups.
I’m interested. How do I apply for a Peer Group?
An online application for Peer Group participation is a mandatory part of the matching process and should take approximately 10-15 minutes to complete. The application must be completed online no later than February 15, 2017. Participants will be notified of Peer Group placement/matches on or about March 15, 2017.
Who do I contact if I still have questions?
Please contact Mike Elek at email@example.com or 609-945-2412 with any additional questions.