Issue link: https://nebusinessmedia.uberflip.com/i/1511216
wbjournal.com | November 13, 2023 | Worcester Business Journal 3 Massachusetts economy for years to come. ere will be ups, and there will be downs; but the business community will constantly need to adjust. – Brad Kane, editor T he coronavirus pandemic im- pacted American and global life in almost every way, ranging from big to small. For the business world, it's safe to say the longest-lasting effect has been on the labor market (with a close second being commercial real estate and in-office work). Aer the initial shock of the pandem- ic hit and businesses sorted out how it would influence them, certain industries almost immediately began to see work- force shortages, particularly in hospitality and tourism. en, the shortages spread to basically every industry. In the nearly four years since the pandemic hit, those problems have lingered, easing at times for some industries but remaining a problem for the economy as a whole. Unemploy- ment rates in Central Massachusetts and statewide are near historic lows. Hiring was made more complex, too, by the other major event of 2020: e Black Lives Matter protests following the killings of unarmed Black Americans by police around the country. As part of the nation- wide reaction, companies became more serious about their diversity, equity, and inclusion initiatives, which includes trying to hire more people from disadvantaged populations. ose efforts have encoun- tered their own fits and starts in the last three years, as some companies' commit- ment to DEI is stronger than others. With all this in mind, WBJ debuted a new Focus on HR & Recruitment for this edition. Staff Writer Isabel Tehan explores both of these issues in her two feature stories: first with a look at ways to improve diversity hiring in her "Diversity in recruitment" story on page 12, followed by a larger look at labor shortages in her "Staffing the system" article on page 14. Elsewhere in this edition, WBJ Staff Writer Eric Casey details the latest issues with banking and finance in the marijuana industry in his "Banking on change" story on page 10 while outgoing Staff Writer Timothy Doyle (see the Briefs section on page 7) in his "Aer the party" article on page 8 provides an update on all the major multifamily developments in Worcester, some of which have fallen by the wayside. It's safe to say the aershocks of COVID will reverberate throughout the Central e ups and downs of the labor market I N T H I S I S S U E Worcester Business Journal (ISSN#1063-6595) is published bi- weekly, 24x per year, including 4 special issues in May, September, October, and December by New England Business Media. 172 Shrewsbury St., Worcester, MA 01604. Periodicals postage paid at Worcester, MA. Copyright 2023. All rights reserved. Postmaster: Please send address changes to: Worcester Business Journal, PO Box 330, Congers, NY 10920-9894. Subscriptions: Annual subscriptions are available for $84.00. For more information, please email circulation@wbjournal.com or contact our circulation department at 845-267-3008. Advertising: For advertising information, please call Mark Murray at 508-755-8004 ext. 227. Fax: 508-755-8860. Worcester Business Journal accepts no responsibility for unsolicited manuscripts or materials and in general does not return them to the sender. Worcester Business Journal 172 Shrewsbury Street, Worcester, MA 01604 508-755-8004 tel. • 508-755-8860 fax www.wbjournal.com Worcester Business Journal WBJ A division of: Editor, Brad Kane, bkane@wbjournal.com Staff Writers Eric Casey, ecasey@wbjournal.com (real estate, manufacturing) Timothy Doyle tdoyle@wbjournal.com (Real estate, higher education) Isabel Tehan, itehan@wbjournal.com (Health care, diversity & inclusion) Contributors Giselle Rivera-Flores, Laura Finaldi, Monica Benevides, Alan Earls, Susan Shalhoub, Livia Gershon Photgraphers Matt Wright, Edd Cote Research Director, Stephanie Meagher, smeagher@nebusinessmedia.com Research Assistant, Heide Martin, hmartin@nebusinessmedia.com Production Director, Kira Beaudoin, kbeaudoin@wbjournal.com Art Director, Mitchell Hayes, mhayes@wbjournal.com Senior Accounts Manager Christine Juetten, cjuetten@wbjournal.com Marketing & Events Manager Kris Prosser, kprosser@wbjournal.com Human Resources Manager, Tracy Rodwill, trodwill@nebusinessmedia.com Director of Finance, Sara Ward, sward@nebusinessmedia.com Accounting Assistant, Rae Rogers, rrogers@nebusinessmedia.com Account Receivable Specialist, Patty Harris, pharris@nebusinessmedia.com Director of Audience Development and Operations, Leah Allen, allen@nebusinessmedia.com Business Office Assistant, Nicole Dunn, ndunn@nebusinessmedia.com Publisher, CEO, Peter Stanton pstanton@nebusinessmedia.com Associate Publisher, Mark Murray mmurray@wbjournal.com President, Tom Curtin tcurtin@hartfordbusinessjournal.com TA B L E O F C O N T E N T S 12 Diversity in recruitment Companies must expand their networks & standardize processes to meet DEI goals. 18 We, as leaders, dictate the culture Advice columnist Bonnie J. Walker in her regular Outside the Box column says company leaders must take ownership of the problems in the businesses' cultures. 4 Central Mass. In Brief 10 Focus on HR & Recruitment 17 List: Temporary staffing firms 19 Know How 20 Movers & Shakers 21 Opinion 22 Shop Talk: Venture X Marlborough $1,198,000 Office Building Auburn, MA Commercial Real Estate Loan $3,200,000 Apartment Complex Worcester, MA Construction to Permanent Loan To learn how we can help your business, contact: Bernard P. Gagnon Senior Vice President – Commercial Loan Officer, MLO #662370 28 Franklin Street, Worcester, MA 508.890.9052 PROUD TO BE YOUR LOCAL LENDER OF CHOICE: EDITOR'S NOTE: In the Oct. 30 print edition of WBJ, the story "Leading the pack" referenced a U.S. Economic Development Administration grant a consortium of life sciences leaders, in- cluding Massachusetts BIomedical Initiatives, the Massachusetts Technology Collaborative, and Worcester Polytechnic Institute, had applied for. The grant would have supported the accelerat- ed build out of the bioindustrial manufacturing industry in Central Massachusetts. After the story went to press, WBJ was notified the group did not receive the grant. W