Strong outlook for Ohio business except, of course, in this key area
It doesn't matter if the economy is burning up the charts or floating on a cold and desolate ice floe, workforce is always among the top challenges for employers.
February 2018 is no different for Ohio businesses.
Indeed, #2 on list of Top 5 Concerns of Ohio Business Leaders is "attracting quality talent" according to the business leader's survey recently released by the Ohio Chamber of Commerce Research Foundation. It doesn't have to be this way, of course. Rather than being your chief source of anxiety, your workforce can be--and should be--your company's competitive advantage.
The Quarter 4 findings and 2017 wrap up from the business leader's survey reveal the following:
The statewide Prosperity Pulse jumped from 5.0 in Q3 to 5.4 in Q4 and is projected to keep moving upward.
The cause of the upward movement can be attributed to the federal tax reform – the Tax Cuts and Jobs Act that was finalized right before our survey was distributed.
The cost of healthcare and attracting quality talent remain the top concerns of business leaders.
74% of leaders are optimistic about the immediate future of their business.
There is a heightened concern with federal regulations in the transportation industry – this is no surprise given the recent federal electronic logging device (ELD) mandate.
Leaders were asked what incentives they offer employees for retention: 45% give cash bonuses, 19% offer flexible scheduling, 16% plan special events and 12% award extra days off.
The Prosperity Pulse is presented on a 1 to 10 scale and measures profits, workforce, capital investments and expenses to aggregate an index. Survey was conducted between 12/30/2017 and 1/19/2018 and over 400 responses were received.
Read the full press release from the Ohio Chamber of Commerce Research Foundation.