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W W W. M A I N E B I Z . B I Z 7 J U N E 1 , 2 0 2 6 Fidelity Trust building on Portland's Monument Square into a 101-room luxury hotel, set to open in sum- mer 2027. Freeport-based Zachau Construction is the contractor on the project. In addition to a guest reception in the grand lobby, Brady plans a full-service restaurant and bar. e lower level will be renovated into a wellness center for guests, with a sauna, steam room, cold plunge and experiential shower. e historic basement vault will be repurposed into a salt relaxation room. Biddeford project nets 75 housing units PM Construction Co. has just wrapped up two Biddeford projects that will add 75 affordable apart- ments to the York County town this spring. e 43,900-square-foot Adams Point complex, which broke ground in 2024 at 69 Adams St., adds 39 downtown units. Amenities in the five-story building include a laundry area, common room and resident storage. A manage- ment office will also be on site. e $13.4 million project was funded by MaineHousing through the low- income housing tax credit program. Insurance Built on Partnership, Not Just Policies. Business • Employee Benefits • Bonding • Financial Services • Home • Auto Across Maine's farms, fisheries, and forward‑thinking industries, trust matters. That's why local businesses turn to United Insurance for experience and knowledge rooted in our communities we serve. Discover the United Insurance difference. UnitedInsurance.net A S K AC E A n s w e r e d b y E m i l y G o s p o d a r e k , P e r f o r m a n c e C o n s u l t i n g S e r v i c e s The Association for Consulting Expertise (ACE) is a nonprofit association of independent consultants who value "success through collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Q: Is leadership development training worthwhile? ACE advises: Leadership shapes culture, but it also has a very real impact on a company's financial performance. When leadership development gets pushed aside, the costs show up quickly — in productivity, retention, morale and overall business growth. Poor leadership is estimated to cost the U.S. economy nearly $2 trillion a year in lost productivity. That number may sound huge, but most organizations see the effects firsthand through disengaged employees, high turnover and teams that struggle to perform consistently. Research continues to show that managers have an out- sized influence on employee experience. In fact, manager quality accounts for roughly 70% of the difference in team engagement levels — more than compensation, perks, or even company culture initiatives. Despite that, nearly 60% of first-time managers receive no formal leadership train- ing when they move into management roles, according to High5Test's 2025 findings. Many companies promote strong individual contributors into leadership positions and simply expect them to figure it out as they go. The impact on retention is significant. About 70% of U.S. employees say they would consider leaving a job because of a bad manager. Replacing employees is expensive, often costing up to twice the employee's annual salar y once recruiting, onboarding, and lost productivity are fac- tored in. Gallup estimates that as much as 32% of voluntary turnover could be prevented with stronger leadership and better management practices. There is also a clear dis- connect between what companies say they value and what they actually invest in. While most organizations agree leader- ship development is important, very few have implemented meaningful leadership training across all levels of the busi- ness. According to Apollo Technical, fewer than 5% of com- panies have done so consistently. The message for employers is simple: leadership develop- ment is not a "nice to have" initiative. Promoting employees into management without giving them the tools to lead effectively carries measurable financial consequences. Organizations that invest in leadership skills are not just improving workplace cul- ture — they are protecting productivity, strengthening retention, and improving long-term business performance. Emily Gosporodek, a member of the Association for Consulting Expertise and an ACE Speaks panelist, is with Performance Consulting Service LLC. She can be reached at emily@performanceconsultingservicesllc.com

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