Finding and retaining qualified workers will be one of the major economic challenges facing Northeast Florida business leaders in 2023, and a continuing concern in 2022 and beyond.
Uncertainty, including the issue of recession, underlies the challenge.
Northeast Florida leaders offer insight into how they plan to meet the challenges of the next 12 months.
staffing
Amy Glazer
General Manager of Adecco Group Business Headquarters
A major economic problem facing the staffing industry is the gap between what workers want and expect and what employers can provide.
Amy Glazer
The staffing industry is not just about filling vacant roles.
Our work is not transactional, but instead focuses on how to holistically support people’s employability while helping organizations future-proof their talent pipeline.
This is a particularly important role in today’s uncertain economy and rapidly changing world of work.
We want to make a meaningful and lasting impact on people’s career journeys and ensure that our clients are well prepared to stand the test of time.
downtown development
Elias Hyonides
Vice President, Petra
Rising capital costs and renovation costs for historic buildings are the main economic problems facing downtown development.
Elias Hyonides
Downtown Jacksonville has a long runway and the current runway should last as long as the climb rate continues.
Interest rate buybacks and continued reductions in construction material and labor costs will be the strategies and drivers going forward.
The number of residential units currently under construction will contribute to further development of retail, entertainment and hospitality over the next five years.
In my opinion, downtown (and Jacksonville as a whole) has enough momentum to sustain high levels of growth despite changing macroeconomic conditions.
financial operations
John Hirabayashi
Community First Credit Union, President and CEO
A major challenge facing the financial, credit union and banking industry is staff recruitment and retention.
John Hirabayashi
In today’s tight labor market, entire industries are grappling with this challenge and Community First Credit Union is no exception.
Historically, vacant positions accounted for less than 5% of total budget positions. In 2022, this has risen to his 8%.
In terms of employee retention, we have retained 85% of our employees so far. By 2022 he has dropped to 74%.
To meet these challenges, we have devoted more resources to recruiting efforts, hiring for cultural fit, and alignment with credit union objectives.
We invest more time upfront in new hires to learn their role and build leadership and peer relationships.
To ensure competitive salaries and pay equity, we have evaluated all positions and made adjustments to be competitive in the market.
A uniform 5% COLA was implemented in May.
Most importantly, it educates managers on the critical role they play in retaining their direct reports.
The number one reason employees leave is because they trust their boss or feel like they are looking out for their best interests.
entertainment
Thea Jeffers
Owner of Breezy Jazz House
A major economic problem facing the entertainment industry is retaining quality staff and maintaining consistent repeat customers.
Thea Jeffers
As the world moves into the social media and online age, Breezy Jazz House has diligently sought new ways to keep guests and staff engaged.
We’ve shortened our operating days to improve work-life balance for our staff and provide a better experience for our guests.
We’re offering more specials than ever before, running new and unique weekly events, and showcasing artists from around the world.
We also hold networking events twice a month to provide better service than usual and support our customers’ business life growth and entertainment enjoyment.
This industry has taught me to be very flexible, surround yourself with experts, embrace change and move forward.
Our goal is to continue to provide our guests and staff with the ultimate jazz experience.
commercial real estate
Katie Kirchner
Partner, Strategic Site; 2023 NAIOP President
The key economic issues facing commercial real estate vary by sector and region.
Katie Kirchner
But by and large, all deals are affected by rising costs, supply chain issues, and “ESG” (Environmental, Social, Governance) unknowns.
Transaction costs such as goods, services and interest rates are rising.
Negotiating a deal with these uncertainties is difficult for both sides of the deal.
We have to be more creative in structuring our deals.
Supply chain delays are delaying building deliveries, resulting in delays in closing and move-in.
Setting realistic expectations regarding timing is critical to successful trading.
Changing ESG regulations are forcing the industry to be flexible, fluid and creative in developing, buying and leasing commercial real estate.
Changes in environmental regulations, societal changes resulting from the COVID-19 pandemic, and changes in government regulations impacting tax, legal and business requirements are impacting trade.
The CRE industry has proven its resilience time and time again. Our current situation is no exception, and we are confident that CRE will continue to grow, prosper and be a cornerstone of our economy.
community development
Mari Kuraishi
Jesse Ball DuPont Fund President
The main economic problems facing community development are inflation and the impact of nonprofits and charities on the people they serve, and the cost of nonprofits to provide services and value to those people. an increase in cost.
Mari Kuraishi
Our industry is meeting challenges through increased collaboration. This can sometimes (but not always) allow for economies of scale and allows us to work harder to address upstream issues.
For example, many consumers are affected by rising energy costs reflected in their utility bills.
Funders and nonprofits are looking for energy efficiency improvements that could lower utility costs.