The Bipartisan Infrastructure Deal and its impact on Executive Search
On July 28, the Biden Administration announced the Bipartisan Infrastructure Deal.
Working alongside a bipartisan group of 10 senators, President Biden agreed on the deal, which promises investment seen only once-in-a-lifetime in the United States’ infrastructure, including:
- $550bn in new federal infrastructure investment.
- Giving every American access to reliable, high-speed internet.
- Deploying a modern, clean energy grid, with the highest investment in EV infrastructure to date.
The historical deal is worth over $1tn, and further bolsters President Biden’s belief that bipartisanship can deliver. With so much investment promised in major projects, power, and environmental remediation, I expect the deal to have a similar impact on Executive Search in the coming months.
The Bipartisan Infrastructure Deal: In numbers
Nearly every sector and industry in America is set to benefit in some way from the Bipartisan Infrastructure Deal. The numbers don’t lie, either. In addition to the $550bn in new federal infrastructure investment, the agreement also promises:
- $110bn for roads and bridges
- $73bn to regenerate the electric grid
- $66bn for railways
- $65bn for broadband network upgrades
- $39bn for public transport
In addition to a host of new funding for the waterworks, electric buses, dedicated EV charging stations, and a lot more. After some back-and-forth negotiations, it was also agreed that the deal would be facilitated with several revenue-raising measures – including more vigorous cryptocurrency tax enforcement.
Good news for executive search
The Senate passed the initial $1tn deal earlier this month. In the coming months, the chamber is expected to approve a budget resolution to allow the rest of the agreement to pass into law without Republican votes. In total, the deal will contribute a jaw-dropping $3.5tn in spending.
Passing the deal into law could take months, but these initial successes have prompted some tentative shoots of recovery for many projects impacted by the pandemic. We’re expecting to see a rise in demand for executives with the right skillset to expedite these schemes.
With greener construction and infrastructure solutions also making waves across the United States, it will be vital for candidates to understand how these plans stand to benefit their organization and the wider impact on the environment.
What can candidates learn from the Bipartisan Infrastructure Deal?
President Biden’s success with the Bipartisan Infrastructure Deal comes as a result of a lifelong career in politics. The deal has been backed almost universally, across both political parties and US business groups alike (many of whom had lobbied vigorously in support of the deal). With this in mind, it’s worth considering what candidates can take away from this historical moment.
The deal has proven that success will (more often than not) follow when parties have a shared interest. For organizations across the US, who have a vested interest in the success of the Bipartisan Infrastructure Deal, future executives will need the soft skills necessary to offer compromises and recommendations based on their experiences in previous roles.
For those entering the C-Suite in the coming months, projects will likely hit bumps in the road that will need tactful resolutions from all parties involved. For young executives, dealing with these issues maturely will be critical, to help their organizations thrive.
Looking to the future
The passing of the Bipartisan Infrastructure Deal should spell good news for the ongoing US labor shortage. The deal has renewed confidence in the jobs market, giving organizations ample opportunity to bring new and underrepresented talent into the workplace.
At Imperium Global, our candidate database is ever-growing. As federal infrastructure funding across the country increases over the course of the next decade, our under-the-radar candidates are expected to enter businesses across the United States and bring about positive, meaningful change within their organizations.