Worcester Business Journal

wbjournal.com | January 8, 2024 | Worcester Business Journal 7 We've Doubled In Size The Past 5 Years. Come Find Out Why. Commercial real estate has changed in the past 5 years. But not the parts that matter. Strong relationships. Broad networks. Solid trust. Hard work. Today we can offer more top brokers than ever. Better knowledge of properties and players. Client service we'd put up against anyone's. And yes, we're twice the size we used to be. What matters is we're just as hungry as ever. 120 Front Street, Suite 210, Worcester, MA 01608 | Phone 508.755.0707 | Fax 508.755.0808 | kellehersadowsky.com Employee recruitment and retention is biggest concern The new CEO of the business advocacy organization Associated Industries of Massachusetts told WBJ in December the main concerns for businesses in the commonwealth heading into an uncertain year are workforce shortages, inflation/ increased expenses, and supply chain problems. When polled online, the plurality of WBJ readers said employee recruitment and retention was their top concern. What will be the biggest challenge for your business in 2024? F L A S H P O L L Brought to you by: Employee recruitment and retention 46% Inflation and other increased expenses 44% Other 10% Supply chain delays 0% is increasingly prohibitive to both businesses and individuals. "We have a lot to do to not lose our competitive edge," said Thomson. Talent is leaving the state to go to more affordable parts of the country, along with other factors, like transportation limitations and the cost of childcare, which in Massachusetts is higher than nearly every other state, according to the U.S. News & World Report. "We have to get a hold of those quality of life issues if we're going to keep the talent here," said Thomson. "We've got some work to do to convince this generation to stay." Despite the state's drawbacks, the education pipeline in the state and in Central Massachusetts specifically is very promising, said Greis. A diverse group of potential candidates come from different educational backgrounds, and a competitive economy is able to to support them. Developing a science, technology, engineering, and math (STEM) needs to be an infrastructure priority, she said. Kinefac's location in Worcester is an asset to the company because of this education pipeline, Greis said. Still, improvements are needed to produce qualified graduates, and more work is necessary on a policy level to prevent Massachusetts from repelling young workers. "Manufacturing can be tough in Massachusetts because of the aggregate cost of doing business here compared to other states," said Greis. Some employers across industries have been waiting on more workers to become available, but that won't work in the long term, said Dubay. Employers need to shift to a new strategy of accepting the wide gap between jobs and workers, he said. Going forward, the U.S. will need to rely on the immigrant workforce more to fill vacant roles, as the U.S. born population is not on pace to fill on a population level any time in the foreseeable future, said Dubay. Thomson had an additional suggestion to businesses struggling to fill roles that she said has already begun to help employers in the financial services industry. "Can we change some of the qualifications, the narrative, to attract different folks to this industry?" Thomson said. State House News Service contributed reporting to this article. Leslie Greis, co- owner of Kinefac W

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