COMMERCE CHENANGO MEMO

Leading Business, Leading Communities™

Weekly Update of Happenings & Business Tips for Chamber Members Week of May 5th~9th, 2008

"Science may have found a cure for most evils; but it has found no remedy for the worst of them all –

the apathy of human beings." -- Helen Keller

Chamber Member Good News

• Thank you to NBT Bank for sponsoring Commerce Chenango’s 49th annual dinner held at the Silo in Greene.  Over 100 Chamber members and local dignitaries attended the event.  Awards were presented to Unison for the 2008 Distinguished Business of the Year, and to P&G Pharmaceuticals for their history of contributions and sponsorships to Chenango County organizations. 
• Kudos to Golden Artist Colors for their participation in the clean-up of 48 miles of the Town of Columbus roads in honor of Earth Day.  Golden employees have celebrated Earth Day by volunteering their time to help clean up the garbage on the roadsides of Columbus since 2005.  Over 60% of the employees were able to participate this year. 
• Good-bye to Alan Pole, BOCES district administrator, as he prepares for his retirement.  Alan has been the Superintendent of BOCES since 1990.
• Your business news could be here! 

Perfect Storm: The Impending Workforce Crisis

IIn the movie The Perfect Storm, a small fishing vessel has the misfortune of encountering the worst Mother Nature has to offer. Just like this boat, today's employers are facing a combination of conditions just as threatening as those on the high seas. With a slumping economy, skyrocketing oil prices and a shrinking workforce, businesses must be prepared for the worst--or they could face a similar misfortune. 

Over the next decade, the leadership talent pool (ages 35-44) will be reduced by 9 percent. That number will shrink by another 10 percent by 2020 according to the U.S. Census Bureau, International Database.  Five issues all employers should be concerned with include:

• Not enough bodies. The growth in the working-age population is screeching to a halt.
• The workforce is getting older. The U.S. population 2000-2010 shows a rapid growth in the over-55 workforce. This means the leadership pool is shrinking.
• Inappropriately skilled workers. Over the next decade only 30 percent of 21-year-olds will obtain a college degree, while over 90 percent of the new jobs created in the U.S. will require a college degree.
• A highly diverse workforce. The emerging workforce contains the diverse values of the following generational groups: Traditionalist, Leading-edge Boomer, Trailing-edge Boomer, Generation X and Generation Y.
• Less desire for a leg up. All groups are showing a decline in their desire for greater responsibility.

Some perspective
With a pattern of declining birthrates, skill shortages and an increasingly older population, we see a common pattern affecting the workforce of the industrialized world. In the U.S. we have the added situation of "boomers" and "echo-boomers," which indicates that changes in the workforce are not going away anytime soon.

Compounding the issue, experts say only 30 percent of 20-year-olds will obtain a college degree during the next decade. The bottom line is HR will have to change the "requirements" of job descriptions to "desires," and employers will need to spend more time educating and training their workforce, Erickson says.

Additionally, organizations face increased ethnic, generational and racial diversity. These diverse values and generational differences place a greater demand on managers and leaders. They need to be managed and led in a different manner. Employers need to be looking at ways to converge HR and training as a standard practice to keep pace in a highly complex labor market. Organizations need to gear up for this now by asking the following questions:

• Are your managers and leaders able to cultivate the diversity, generational differences and shifting talents of today’s workforce?
• Will they be able to lead teams to increase productivity and high performance?
• Have you put plans in place to increase professional development in your organization?

IIf your answer to any of these questions is no, or if you are not sure, you may have reason to be concerned about the future of your company.

A solution
Cultivate the potential of each person. Build greater flexibility in your work hours. Discover what satisfies and dissatisfies each generation. The 35-45 year olds are looking for more family time and are less willing to take on greater responsibility.  You may want to include the following in your plan:

1. Start with a sound hiring strategy for the best talent that meets or exceeds current and future needs.
2. Create a plan for retaining new and identifying existing talent in the organization.
3. Examine workplace dimensions such as leadership, communication, training and recognition.
4. Create a training program for existing managers and up-and-coming leaders in the 25-34 year-old group that focuses on:

• Maintaining and enhancing team member self-esteem.
• Behavior--what team members do rather than their attitudes or personal characteristics?
• Encouraging team member participation in decision-making and problem solving.

Fortunately, there is still time to put your organizational plan in place. Recognize that the world around you is changing. It includes the new millennium workforce that has totally different needs and expectations. It is about adapting. Prepare now and avoid being caught in the storm.

Revolving Loan Fund Available to Chenango County Businesses

Commerce Chenango is accepting loan applications from Chenango County businesses for expansion, relocation, product development, equipment purchases or working capital.

The Agri-Business and Commercial District Small Business Program, funded in part by a grant from the Office for Small Cities, includes a revolving loan fund for agricultural or commercial district businesses with five or less employees. This 50-40-10 program offers an interest rate of 4% for working capital, machinery and equipment, or property purchase, with terms varying from 3-15 years. Funded businesses should create jobs, and these jobs should be made available for low to moderate income residents of Chenango County.

The program also offers feasibility studies, technical assistance, and business planning through program partners. For more information about the revolving loan fund or other services, contact Commerce Chenango at 607-334-5532 or jtavares@chenangony.org.

Save The Date

May 22nd ~ 7th Annual Report to the Membership Luncheon sponsored by Preferred Mutual Insurance Company, Excellus Blue Cross Blue Shield, and Frontier.  As a way of thanking all of our chamber members for helping to advance the mission and strategy of the organization, this program is FREE to our Chamber members.  Watch for your invitation in the mail!

May 24th ~ Grand Opening ~The Chenango Valley Ranch and The New Echo Lake Resort starting at noon.  Entertainment, food and beverages will be provided.  892 Bowbell Road, Greene. 

May 29th ~ Business After Hours at Frontier, Norwich.  5:00 – 7:00 p.m.

Give us your feedback on Chenango County’s

 premier website @ www.chenangony.org.