Worcester Business Journal

wbjournal.com | September 26, 2016 | Worcester Business Journal 29 Preparing for the ups and downs The Worcester Business Journal welcomes letters to the editor and commentary submissions. Please send submissions to Brad Kane, editor, at bkane@wbjournal.com. Supporting aging parents, caring for a spouse or sig- nificant other, or celebrating the arrival of a new child are milestone moments that often require large amounts of time and energy – two things that working profession- als need but don't always have. As someone who has worked through many of these same life events – some as recent as this past year – I am intimately familiar with and under- stand the need for workplace flexi- bility. It can be exhausting and even discouraging to return to the office quickly after a major family event. The changing landscape of care- giving, family dynamics and, ulti- mately, the emerging needs of pro- fessionals and their families is precisely why Deloitte's U.S. offices recently updated and improved its family leave program. In the United States – including the 2,000 in Massachusetts – most Deloitte professionals, both men and women, are now eligible for up to 16 weeks of fully paid family leave to support a wide range of life events that can have a prolonged impact on them and their families. This means that mothers who give birth to a child are now eligible for up to six months of paid time off when factoring in short-term disability. This program now reflects a more thoughtful approach, one that we think empowers our professionals to manage work and family lives through inclusive leave. We understand that momentous occasions require equally significant amounts of understanding, flexibility and support. By giving people time they need, they can be their best self at home and at work. In fact, Deloitte's recent external marketplace pulse survey found less than half of the people surveyed felt their organization helps men feel comfortable taking parental leave and more than one-third of men and woman surveyed thought that taking parental leave would put their job in jeopardy. In addition, that same survey found 88 percent of respondents value a broader paid leave policy to include family care beyond parental leave, including eldercare support and spousal care. Consider this staggering statistic, one I think speaks to the need for leaders and corporations to consider adopting new paid family leave programs recognizing a variety of family and life events: Gallup research report- ed workers miss an average of 6.6 days of work per year tending to caregiving demands, costing the U.S. econo- my approximately $25 billion in productivity annually. When workers are forced to exit the labor force to address caregiving needs, they lose an average of $234,000 in lifetime wages. As a result, the economy suffers as household spending and purchasing power are reduced, and businesses often face exorbitant costs to recruit and retain lost talent. Business leaders in Massachusetts and New England frequently discuss how the business community can be more innovative, increase employee retention and better support the development and well-being of its employ- ees. I urge my fellow members of the business communi- ty to consider developing leading-edge programs that help employees achieve the support they so desperately need. It is time for us to work together to build a busi- ness culture that encourages and promotes conversations surrounding well-being, caregiving and family support. After all, our greatest assets are our people. Bill Bacic is the managing partner of the New England office for business consulting firm Deloitte, where he oversees more than 2,000 employees across Massachusetts. Taking care of our caregivers So Crowley decided to spend $2 million on a new energy-efficient, automated snowmaking machine that could double Wachusett Mountain's snowmaking capabilities. While that's a big ticket expense for what used to be considered a supple- mental piece of equipment, today, it is a downpay- ment on the future the business. Delivering snow-covered trails, regardless of the more radical ups and downs of New England weather, is mis- sion critical. Crowley followed through on the basic principle of "hoping for the best while pre- paring for the worst" – investing in his business and reducing his downside risk. Cliche concepts are often good pieces of advice but are rarely followed. This maxim is often ignored by business in favor of imprudent spend- ing in the good times only to be followed by pain- ful cuts when they go away. There are other exam- ples of forward looking leaders who have made the same kind of investments. Spencer manufac- turer FLEXcon prides itself on the claim of never having laid off an employee in its 60-year history. How has that been possible? President & CEO Neil McDonough attributes it to the company achieving all of its growth by never taking on debt. Having that steady hand and ability to invest strategically in up and down cycles enables you to run a more stable enterprise, serve your customers better, and keep your employees engaged and focused on the future. Having some dry powder can be critical when unforeseen business conditions or unique oppor- tunities arise. One of the reasons cited for the lackluster economic growth of the last seven years has been a lack of business investment. Despite record low interest rates, corporate balance sheets continue to reflect a conservative approach to pro- tecting the cash on hand. While this trend may have produced a drag on growth, it could well be a boon should economic uncertainty rear its ugly head anytime soon. The good news with Wachusett Mountain is they have the capacity to invest in new, transformative equipment that will reduce uncertainty and costs in their business. While our weather may be getting undeniably warmer, our economy still runs in cycles. The Massachusetts economy is going strong, and unemployment is down to a stunning 3.9 percent; but all businesses that want to thrive long term need to invest in the future. V I E W P O I N T E D I T O R I A L W O R D F R O M T H E W E B BY BILL BACIC Special to the Worcester Business Journal BILL BACIC W J eff Crowley just invested $2 million in his business because he's anticipating the future. No, Crowley isn't a fortune teller. He is the president of Wachusett Mountain Associates, which runs the popular ski area in Princeton. You don't need to be a weather wonk to recognize that in the last several years the weather has become increasingly erratic. As a result, ski conditions have become a lot less predictable, leaving businesses like Wachusett Mountain Ski Area with a large unknown on its balance sheet related to the cost of making and maintaining snow on the trails. Throw on top of that this year's extreme drought conditions and a 50-percent increase in the moun- tain's price of water coming from the town of Fitchburg, and you've got too many variables leaning in the wrong direction. Comment of the issue "No matter your political affiliation, we could all learn a lesson from Hillary Clinton. By not being upfront about the issues, silence always results in speculation. When you get in front of the issues, you can drive the conversation. People crave honesty and answers." - Anonymous poll commenter, Sept. 13, on responding to a crisis Facebook feedback "Congrats Brian!!! Well deserved and welcome to the club!" - Jen Glowik, Aug 30, on the announcement of Dr. Brian Sullivan was one of this year's WBJ 40 under Forty winners "Well done and congratulations" - John Brissette, Sept. 16, on the Worcester Business Development Corp. announcing a new 500,000-square-foot biomanufacturing facility to be built in the city W WBJ

• Cover