Reusing compiled libraries or binaries in build system

In our organization we use perforce as SVC. In day to day activity developers sync entire workspace to particular label(this label is generated once a day), make necessary changes in some files and compile whole source(using gnu make and gcc) and generates an image.

This process takes at least ~2hrs for each person. Each person is repeating the same job. For example. If source code is divided into say 4 directories A,B,C and D. If a person wants to change a file named a.cpp in folder A, he has to sync to required label, make required changes in a.cpp and compile whole src to generate a binary. Here even though he is not changing any file in B,C or D directories he has to compile them.

Is there any tool/technique like "entire source is built and kept in common place which can be accessible by multiple users, each users sync only necessary part,compiles and link them with pre compiled source to produce a final image"

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