>>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY NJCU SCHOOL OF BUSINESS, A GAME-CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY, OR BUSINESS ANALYTICS AND DATA SCIENCE.

WE'RE STEPS AWAY FROM THE EXCHANGE PLACE PATH TRAIN IN JERSEY CITY, AND MINUTES FROM WALL STREET.

LEARN MORE AT NJCU.EDU/GAMECHANGER.

>>> THIS WEEK ON "NJ BUSINESS BEAT."

SHORT STAFFED AND STRESSED WITH NO RELIEF IN SIGHT.

NEW JERSEY'S HOSPITALS CARRY THE WEIGHT OF RISING CASES AND HOSPITALIZATIONS FROM COVID.

PLUS, PARTNERING TO BOOST NEW JERSEY'S WORKFORCE THROUGH TRAINING AND EDUCATION.

DETAILS ON THE NEW PROGRAM LINKING BUSINESSES WITH COMMUNITY COLLEGES.

AND WE PUT THE 2022 ECONOMIC OUTLOOK IN FOCUS, TALKING TO BUSINESS COMMUNITY LEADERS ABOUT THE GOALS FOR BUSINESS OWNERS AND THE ISSUES PLAGUING BUSINESSES IN THE NEW YEAR.

THAT'S STRAIGHT AHEAD ON "NJ BUSINESS BEAT."

♪ ♪ >> THIS IS "NJ BUSINESS BEAT."

WITH RHONDA SCHAFFLER.

>> HELLO AND HAPPEN NEAR.

I'M RHONDA SCHAFFLER.

THANKS FOR JOINING US ON "NJ BUSINESS BEAT."

IF YOU ARE WATCHING ON YOUTUBE, MAKE SURE YOU SUBSCRIBE TO OUR NJ SPOTLIGHT NEWS YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

>>> WE BEGIN WITH A CLOSER LOOK AT NEW JERSEY'S HEALTHCARE WORKERS SHORTAGE AT THIS CRITICAL TIME FOR THE STATE'S HOSPITALS.

THE SURGE IN NEW JERSEY'S COVID CASE LOAD HAS SENT THOUSANDS OF PATIENTS TO HOSPITALS.

WE'RE SEEING THE HIGHEST NUMBER OF HOSPITALIZED COVID PATIENTS IN 20 MONTHS.

BUT FRONTLINE WORKERS ALREADY BURNED OUT FROM WORKING THROUGHOUT THIS PANDEMIC ARE NOW FALLING ILL THEMSELVES.

HEALTH COMMISSIONER JUDY KERS KELLY RECENTLY SAID HOSPITALS AND NURSING HOMES ARE PLANNING FOR THE LOSS OF 30% OF STAFF AT MINIMUM.

I ASKED OUR HEALTHCARE REPORTER ABOUT HOW HOSPITAL SYSTEMS ARE RESPONDING TO THE WORKER SHORTAGE.

>> THE STATE'S SORT OF SHORT MIDTERM HAVE STEPPED IN.

THEY HAVE ASKED THE FEDERAL GOVERNMENT AND THE NATIONAL GUARD TO COME IN AND SEND THESE STRIKE FORCE TEAMS THAT WOULD HELP OUT IN HOSPITALS AND NURSING HOMES SPECIFICALLY, BECAUSE THAT IS WHERE YOU ARE SEEING THESE HIGH NUMBERS OF STAFF MEMBERS OUT SICK, BOTH BECAUSE OF COVID CASES BUT ALSO BECAUSE OF THE FLU, BECAUSE OF THE HOLIDAYS, BECAUSE OF ALL THESE THINGS COMPOUNDING AT ONCE.

THESE PRESSURES MEAN THAT EMPLOYERS HAVE TO FIND NEW WAYS TO DO THAT.

LONG-TERM, IT IS MUCH MORE DIFFICULT.

THERE IS A REAL NEED FOR WORKFORCE DEVELOPMENT IN ALL OF THESE FIELDS.

NURSING SHORTAGES HAVE BEEN PROBLEMATIC FOR DECADES.

IF NOT LONGER.

BUT, YOU KNOW, WHEN IT COMES TO LONG-TERM CARE, THAT'S A WHOLE DIFFERENT CHALLENGE.

AND IT REALLY REQUIRES RETHINKING HOW WE INCENTIVIZE PEOPLE TO COME TO WORK IN THAT INDUSTRY, HOW WE PAY THEM.

>> THE START OF THE NEW YEAR BROUGHT A HIGHER MINIMUM WAGE TO THOUSANDS OF NEW JERSEY WORKERS.

AS OF JANUARY 1st, MINIMUM WAGE INCREASED BY A DOLLAR TO $13/HOUR.

THE INCREASE IS ANOTHER STEP ON THE STATE'S PATH TO A $15 AN HOUR MINIMUM WAGE WHICH IS SCHEDULED TO TAKE EFFECT IN 2024 FOR MOST EMPLOYEES.

BUT THE HARD FOUGHT BATTLE TO RAISE MINIMUM WAGE IS TAKING A BACKSEAT TO THE REALITIES OF THE WORKPLACE.

MANY COMPANIES HAVE HAD TO RAISE WAGES BEYOND THAT TO GET WORKERS IN THE DOOR.

>> IN THE MEANTIME, STATE UNEMPLOYMENT BENEFITS ARE ALSO INCREASING THIS YEAR.

THE STATE DEPARTMENT OF LABOR HAS ANNOUNCED THE MAXIMUM WEEKLY BENEFIT AMOUNT FOR UNEMPLOYMENT IN 2022 IS $804.

UP FROM $731 IN 2021.

OTHER BENEFIT PAYOUTS HAVE ALSO INCREASED.

FOR TEMPORARY DISABILITY AND FAMILY LEAVE, THE MAXIMUM WEEKLY BENEFIT IS NOW $993, A 90 DOLLAR INCREASE.

WORKER'S COMP CLAIMS RISED TO A MAXIMUM OF $1065 A WEEK UP FROM $969.

MAXIMUM BENEFIT RATES ARE RECALCULATED EACH YEAR BASED ON THE STATEWIDE AVERAGE WEEKLY WAGE.

PRIVATE COMPANIES WERE BUSY HIRING LAST MONTH ACCORDING TO THE LATEST EMPLOYMENT REPORT FROM NEW JERSEY-BASED ADP.

THE PAYROLL PROCESSER SAYS 807,000 NEW JOBS WERE ADDED TO THE ECONOMY IN DECEMBER, WHICH WAS WELL AHEAD OF EXPECTATIONS.

IT WAS THE STRONGEST MONTH FOR HIRING SINCE LAST MAY.

HIRING WAS ACROSS THE BOARD IN ALL INDUSTRIES WITH THE LARGEST GAINS IN HOSPITALITY.

BUT IT IS UNCLEAR WHETHER THESE GAINS CAN CONTINUE.

ADP CONDUCTED ITS SURVEY OF BUSINESSES IN MID DECEMBER BEFORE THE BIG SPIKE IN COVID CASES DUE TO OMICRON.

WHILE COMPANIES ARE TRYING TO STAFF UP, MILLIONS OF WORKERS CONTINUE TO WALK AWAY FROM THEIR JOBS.

THE U.S. LABOR DEPARTMENT SAYS A RECORD 4 1/2 MILLION WORKERS QUIT IN NOVEMBER, MEANING THERE IS ABSOLUTELY NO LET UP TO THE GREAT RESIGNATION.

PERHAPS NOT SURPRISINGLY, THERE WAS A HIGH NUMBER OF HEALTHCARE WORKERS QUITTING THEIR JOBS.

AND THERE CONTINUES TO BE MORE OPEN POSITIONS THAN THERE ARE PEOPLE TO FILL THEM.

>> VISITOR WHAT HEALTH HAS MADE A MAJOR DONATION TO ROWAN UNIVERSITY IN ORDER TO ENDOW A OSTEOPATHIC SCHOOL OF MEDICINE AND RESEARCH.

THE NEW SCHOOL WILL INCLUDE AN OSTEOPATHIC MEDICAL SCHOOL, EXPANDED NURSING AND ALLIED HEALTH PROFESSIONAL SCHOOL.

AND NEW SCHOOL OF TRANSLATIONAL BIOMEDICAL ENGINEERING AND SCIENCES, AND SEVERAL RESEARCH INSTITUTES.

THE NEW COLLEGE HOPES TO RECRUIT 50 FACULTY RESEARCHERS OVER THE NEXT DECADE.

UNIVERSITY OFFICIALS EXPECT THE PARTNERSHIP WILL GENERATE MORE THAN $225 MILLION IN NEW RESEARCH GRANTS.

>>> SMALL BUSINESSES HAVE BEEN THROUGH A LOT THIS PAST YEAR AND NOW THERE IS AN OPPORTUNITY TO RECOGNIZE THOSE WHICH HAVE TRULY SHINED.

NOMINATIONS ARE NOW BEING ACCEPTED FOR THE 2022 NATIONAL SMALL BUSINESS WEEK AWARDS.

THE AWARDS RECOGNIZE THE ACHIEVEMENTS OF SBA-ASSISTED SMALL BUSINESSES AND THEIR CONTRIBUTIONS THEY HAVE MADE TO THEIR COMMUNITIES AND THE LOCAL ECONOMY.

NOMINATIONS MUST BE RECEIVED BY JANUARY 11th.

JOHN BLACKSTOCK, THE SBA'S DEPUTY DISTRICT DIRECTOR IN NEW JERSEY TELLS SMALL BUSINESS OWNERS, HEY, DON'T BE SHY, FEEL FREE TO NOMINATE YOURSELF.

>> NOW, WE WOULD LIKE TO HIGHLIGHT SOME OF THESE GREAT STORIES OF RESILIENCY AND RECOVERY.

SBA EMPLOYEES CANNOT NOMINATE BUSINESSES FOR AWARDS.

AND MANY BUSINESS OWNERS ARE TOO HUMBLE TO SELF NOMINATE FOR AN AWARD.

THEY ARE ALLOWED TO DO SO.

AND THEY SHOULD.

WE WORK WITH THESE SMALL BUSINESSES AND WE DON'T WANT ANY BIAS.

SO WE HAVE TO BACK OUT AND RELY ON OUR RESOURCE PARTNERS, CHAMBERS OF COMMERCE, TO HAVE THESE SMALL BUSINESSES IT'S SELF NOMINATE OR BE.

NOED.

SO IT IS BEST TO START THE CONVERSATION WITH BUSINESSES YOU WANT TO NOMINATE FOR AWARDS NOW SO YOU CAN GET A PACKAGE BUILT AND SUBMIT IT ON TIME.

>> WITH WORKERS IN SHORT SUPPLY, A NEW WORKPLACE TRAINING INITIATIVE IS GETTING UNDER WAY IN THE STATE TO HELP UPSKILL STUDENTS AND WORKERS FOR JOBS IN AREAS OF HIGH DEMAND.

THE IDEA IS TO GET EVERYONE ON THE SAME PAGE WHEN IT COMES TO WORK.

SO THAT'S FIGURING OUT WHAT KINDS OF SKILLS COMPANIES NEED.

AND THEN MAKING SURE STUDENTS LEARN MARKETABLE SKILLS.

THE NEW JERSEY BUSINESS AND INDUSTRY ASSOCIATION HAS PARTNERED WITH THE NEW JERSEY COUNCIL OF COUNTY COLLEGES ON THIS PROJECT.

IT IS CALLED THE NEW JERSEY PATHWAYS TO CAREER OPPORTUNITIES PROGRAM.

TO LEARN MORE DETAILS ABOUT IT, I SPOKE WITH THE NJBIA AND DR. FICKNER, THE PRESIDENT OF THE COUNTY COLLEGES.

GOOD TO HAVE YOU BOTH ON THE PROGRAM.

WHY DID THE NJBIA FIND A KEY TO PARTNER WITH COMMUNITY COLLEGES IN THE STATE TO LAUNCH THIS NEW PATHWAYS TO CAREER OPPORTUNITIES PROGRAM?

>> THANK YOU, RHONDA.

WE'RE VERY THRILLED TO BE PARTNERING WITH NEW JERSEY'S COMMUNITY COLLEGES SO THAT WE CAN WORK COLLABORATIVELY TO DEVELOP THE BEST WORK FORCE IN THE STATE OF NEW JERSEY AND ALSO IN THE COUNTRY.

THIS PARTNERSHIP IS UNPRECEDENTED.

WE'RE REALLY LOOKING FORWARD TO WORKING WITH OUR COMMUNITY COLLEGES, THE EMPLOYER COMMUNITY, OUR INDUSTRY ASSOCIATIONS, LABOR UNIONS AND OBVIOUSLY ALL OF OUR EDUCATION PARTNERS TO DEVELOP AND TO PROVIDE THOSE CRITICAL SKILLS PATHWAYS NEEDED SO THAT WE CAN HAVE AND CREATE THE WORKFORCE OF THE FUTURE.

SO VERY EXCITING TIMES.

>> AND HOW WILL THE PROGRAM ACTUALLY WORK?

>> SO WE HAVE 18 COMMUNITY COLLEGES, AND WE'RE REALLY PROUD TO BE WORKING WITH THE BUSINESS COMMUNITY AT NJBIA ON THIS EFFORT.

WE ARE ESTABLISHING TEN CENTERS OF WORKFORCE INNOVATION, FOCUSING ON IMPORTANT SUBSECTORS OF THE ECONOMY, EVERYTHING FROM PATIENT CARE AND HEALTHCARE TO DATA SCIENCE, TO LOGISTICS.

FIELDS IN THE ECONOMY THAT WE BELIEVE ARE CHANGING RAPIDLY.

AND WE NEED TO BUILD PATHWAYS FOR MORE STUDENTS OF ALL AGES TO GET THE SKILLS THAT ARE NEEDED BY EMPLOYERS.

AND SO WE'RE FOCUSING ON FOUR BIG INDUSTRIES THAT UNDERGIRD THE STATE'S ECONOMY AND TEN CENTERS OF WORKFORCE INNOVATION THAT WILL DEVELOP NEW CURRICULUM AND NEW PARAMROGRAMS TO BUILD T PATHWAYS TO NEW CAREER OPPORTUNITIES.

>> AND WHAT ARE THOSE FOUR KEY INDUSTRIES?

>> WE'RE FOCUSING ON HEALTHCARE, MANUFACTURING, SUPPLY CHAIN MANAGEMENT, INNOVATION TECHNOLOGY AND ENERGY AND INFRASTRUCTURE.

AND WE BELIEVE THOSE FOUR INDUSTRIES ARE REALLY THE BACKBONE OF THE STATE'S ECONOMY AND THAT THEY ARE INDUSTRIES THAT HAVE GONE THROUGH A LOT OF CHANGE IN THIS PANDEMIC.

AND BENEED TO MAKE SURE THAT WE ARE KEEPING PACE WITH ALL OF THOSE CHANGES.

>> CHRISTY, YOU HAVE SAID TIMING FOR THIS IS REALLY RIGHT.

WHAT IS GOING ON BIGGER PICTURE IN THE ECONOMY AND AMONG BUSINESSES THAT MAKES THIS SUCH AN OPPORTUNE MOMENT TO LAUNCH THIS?

>> WELL NEW JERSEY AND MANY OTHER STATES HAVE A WORKFORCE CRISIS ON THEIR HANDS RIGHT NOW.

WE HAVE EMPLOYERS THAT ARE ACTIVELY LOOKING FOR EMPLOYEES THAT HAVE THE RIGHT SKILL SET TO MOVE THE STATE'S ECONOMY FORWARD.

AND NOW MORE THAN EVER IT IS GOING TO BE SO CRITICAL TO HAVE OUR WORKFORCE, YOU KNOW, HAVE THE SKILLS FOR THE FUTURE ECONOMY AND WHAT LIES AHEAD.

A LOT OF THAT IS UNKNOWN.

BUT WHAT IS CRITICAL TO THIS PARTNERSHIP THAT THE BUSINESS COMMUNITY, AS WELL AS OUR EDUCATION PARTNERS WILL BE JOINED TOGETHER SO THAT WE CAN HAVE THAT CURRICULUM DISCUSSION ABOUT WHAT IS NEEDED FOR THE FUTURE THAT NEW JERSEY IS SETTING ITSELF APART IN BEING A LEADER AND CREATING THESE CAREER PATHWAYS.

>> AARON, WHAT'S THE NEXT STEP?

WHAT HAPPENS THIS MONTH TO GET THE PROGRAM OFF THE GROUND.

>> WE'RE LAUNCHING WITH A PUBLIC CONVENING A VIRTUAL CONVENING ON JANUARY 19th, AND WE WOULD ENCOURAGE EVERYONE GO GO TO NJPATHWAYS.ORG TO GET INVOLVED IN THIS EFFORT.

WE NEED TO HEAR FROM EMPLOYERS AT ALL LEVELS TO REALLY UNDERSTAND THEIR NEEDS, WHICH IS WHY THE PARTNERSHIP WITH NJBIA IS SO IMPORTANT.

WE ALSO NEED HIGH SCHOOLS AND FOUR-YEAR COLLEGES AND UNIVERSITIES, COMMUNICATE-BASED ORGANIZATIONS TO JOIN IN THIS EFFORT.

BECAUSE WE NEED TO DO THIS WORK TOGETHER.

AND I THINK THAT'S WHAT'S UNPRECEDENTED.

THIS IS A BBROAD AND INCLUSIVE PARTNERSHIP TO ALIGN EDUCATION WITH THE NEEDS OF ECONOMY AND WE'RE EXCITED TO WORK WITH A WIDE VARIETY OF PARTNERS AND INVITE TEAM TO GO TO NJ PATHWAYS.ORG AND LEARN MORE ABOUT THIS EFFORT.

>> THANK YOU SO MUCH FOR YOUR TIME.

>> THANK YOU.

>> THANK YOU, RHONDA.

>> IT IS A BRAND NEW YEAR MORE NEW JERSEY'S BUSINESS COMMUNITY AND THERE IS BOTH GOOD NEWS AND NOT SO GOOD NEWS TOE SHARE.

THIS WEEK OUR FIRST WEEK BACK IN THE NEW YEAR, WUR PUTTING THE 2022 ECONOMIC OUTLOOK IN FOCUS.

OKAY, I PROMISED YOU GOOD NEWS FIRST.

MANY OF NEW JERSEY'S INDUSTRIES ARE INTERESTING THIS YEAR WITH A TAIL WIND.

MANY OF OUR TOP INDUSTRIES ARE GROWING AND ARE MAKING MAJOR CONTRIBUTIONS TO THE STATE'S ECONOMY.

THOSE INDUSTRIES INCLUDE LIFE SCIENCES, TECHNOLOGY, CLEAN ENERGY, FILM AND MEDIA, AND ADVANCED MANUFACTURING.

A FEW COMPANIES ARE PLANNING TO EXPAND OPERATIONS IN THE GARDEN STATE THIS YEAR.

INCLUDING FIE SERVE, WHICH IS INVESTING MILLIONS OF DOLLARS IN A NEW OFFICE IN BERKELEY HEIGHTS AND ADDING THOUSANDS OF JOBS.

AND HACKS IS BUILDING A U.S. HEADQUARTERS IN NEWARK.

HACKS IS A SEED COMPANY THAT HELPS TECHNOLOGY START-UPS GET OFF THE GROUND.

NOW, ONTO THE NOT SO GOOD NEWS.

BUSINESSES ARE STILL FACING HUGE HURDLES THIS YEAR.

THE NEW JERSEY BUSINESS AND INDUSTRY ASSOCIATION'S 2022 OUTLOOK SURVEY, RELEASED IN LATE NOVEMBER, REVEALED THE TOP CHALLENGES FACING BUSINESS OWNERS.

28% OF THE RESPONDENTS SAID IT IS THE COST OF DOING BUSINESS IN NEW JERSEY.

16% CITED FINDING SKILLED LABOR, AND 14% NAMED PROPERTY TAXES.

JUST 22% OF THE BUSINESS OWNERS THINK THE ECONOMY WILL IMPROVE IN THE FIRST SIX MONTHS OF THIS YEAR.

AND NOW WE HAVE A SPIKE IN COVID CASES WHICH IS FURTHER COMPLICATING THE BUSINESS LANDSCAPE.

I TALKED ABOUT THE OUTLOOK FOR THIS YEAR WITH THE HEAD OF THE NEW JERSEY CHAMBER OF COMMERCE TOM BRACKEN.

TOM, A NEW YEAR IS UPON US, BUT I'M THINKING THAT A LOT IT HAVE PROBLEMS THAT PLAGUED BUSINESSES IN 2021 ARE CONTINUING ON AND THEN SOME.

>> YOU ARE ABSOLUTELY CORRECT, RHONDA.

THE BUSINESSES STILL ARE SUFFERING, STILL NEED TO GET INTO SOME MODE OF ADVANCED RECOVERY.

THE LATTER PART OF 2021 OBVIOUSLY THROUGH A NEW CURVE BALL INTO THE MIX WITH OMICRON, WHICH IS A VERY SIGNIFICANT HURDLE TO OVERCOME, BECAUSE IT'S KEEPING A LOT OF PEOPLE AWAY FROM WORK.

AND THAT'S ON TOP OF THE LABOR SHORTAGES THAT WERE ALREADY IN PLACE AND THE MANY HURDLES AND SUPPLY CHAIN ISSUES THAT WERE OUT THERE, THE WORKING CAPITAL NEED THAT WAS OUT THERE.

SO YES, MOST OF THE ISSUES THAT WERE INVOLVED WITH BUSINESSES IN 2021 ARE STILL IN PLACE, IF NOT ALL.

>> AND IN TERMS OF THAT NEW VARIANT, OBVIOUSLY BUSINESSES ARE KIND OF NAVLGTING THIS ON THEIR OWNIGATING THIS ON THEIR OWN.

HOW DIFFICULT HAS IT BEEN?

WOULD IT BE EASIER FOR BUSINESSES IF THERE WERE SOME MANDATES IN PLACE SO THE DECISION-MAKING PROCESS IS OUT OF THEIR HANDS?

>> YOU KNOW, I'M NOT A FAN OF MANDATES.

I'M A FAN OF STRONG ENCOURAGEMENT.

I THINK PEOPLE SHOULD BE MAKING THEIR OWN CHOICES AND I THINK IF BUSINESS OWNERS AND INDIVIDUALS LOOK AT THE FACTS AND REALIZE THAT CONTROLLING THIS OMICRON COVID VARIANT IS WITHIN OUR OWN HANDS, THEY COULD COME TO THE LOGICAL CONCLUSION AND THE RIGHT CONCLUSION THAT GETTING VACCINATED, GETTING BOOSTED, WEA WEARING MASKS, WE CAN SOLVE THIS PROBLEM.

>> WHAT ABOUT THE ISSUE WITH LABOR SHORTAGES.

WHAT'S THE FIX HERE AT THIS POINT?

>> GOOD QUESTION.

I THINK ONE OF THE FIXES IS THAT WE HAVE HEARD A NATIONWIDE IS UP FRONT BONUSES THAT ARE BEING PAID I THINK NEED TO BE INCREASED.

WE HAVE A $500 RETURN AND EARN BONUS PAID THROUGH THE GOVERNMENT THAT THE GOVERNMENT PUT IN PLACE A FEW MONTHS AGO.

THAT DOESN'T SEEM TO BE GETTING A LOT OF TRACTION.

BUT AROUND THE COUNTRY, $1,000 SEEMS TO BE THE KEY.

SO I WOULD ENCOURAGE FIRST OF ALL A RETURN AND EARN BOOST TO $1,000 AS ONE WAY OF DOING IT.

SECONDLY, I HONESTLY THEY THIS SAFETY IS A BIG ISSUE IN GETTING PEOPLE BACK TO WORK.

THE OMICRON VARIANT HAS PAT NEW TWIST IN THAT BECAUSE ITS INTERJECTED A BRAND NEW VARIANT WHICH IS HIGHLY CONTAGIOUS.

SO IF WE GET THAT UNDER CONTROL, I THINK THAT WILL BE A BIG BOOST TO GETTING PEOPLE BACK TO WORK.

EVERY BUSINESS RIGHT NOW IS SUFFERING FROM LACK OF REVENUE.

SOME HAVE HAD TO CUT HOURS, DAYS OF OPERATION BECAUSE THEY COULDN'T GET PEOPLE TO WORK SO REVENUE IS DOWN FOR MOST COMPANIES.

AND THEREFORE PROFITS AND WORKING CAPITAL IS DOWN.

SO ANY ASSISTANCE THAT CAN BE GIVEN TO FILL THAT REVENUE VOID AND THAT WORKING CAPITAL VOID WOULD BE VERY HELPFUL TO THE BUSINESS COMMUNITY, IN ADDITION TO, YOU KNOW, GETTING THE OMICRON VARIANTS UNDER CONTROL.

SO YES, I THINK ANY ASSISTANCE WOULD BE WELCOMED AND WOULD HELP MOVE THE RECOVERY ALONG FASTER.

>> TOM, GOOD TO TALK TO YOU AGAIN.

THANK YOU.

>> THANK YOU RHONDA.

>> BARACKRACKEN IS A MEMBER OF NJPBS BOARD OF TRUSTEES.

>>> WHILE THE PANDEMIC'S CREATED MANY PROBLEMS FOR BUSINESSES, IT'S ALSO CREATED POCKETS OF OPPORTUNITY FOR SOME.

THAT IS THE CASE IN NEWARK.

TO FIND OUT HOW BUSINESSES ARE FARING IN THE STATE'S LARGEST CITY WE TALKED WITH BARBARA KELPMAN, EXECUTIVE VICE PRESIDENT AND COO OF THE NEWARK BUSINESS REGIONAL PARTNERSHIP.

A NEW YEAR IS HERE.

ARE BUSINESSES FEELING OPTIMISTIC ABOUT 2022?

ARE WE STILL SEEING OLD CONCERNS FROM LAST YEAR CONTINUE INTO THIS?

>> THERE IS A LOT OF OPTIMISM DESPITE MANY, MANY CHALLENGES.

WE DID A "AROUND THE ROOM" WITH OUR BOARD IN DECEMBER, OUR END OF THE YEAR MEETING.

AND EVERYONE POINTS TO WORKFORCE AS BEING THE PARAMOUNT ISSUE.

OBVIOUSLY GREATER CONCERNS NOW EVEN THAN IN DECEMBER FOR PEOPLE OUT WITH COVID.

AND QUESTION ABOUT RETURNING TO THE OFFICE, WHEN WOULD BE THE TIME WE COULD GET PEOPLE TO START TO RETURN TO THE OFFICE.

THE BIGGEST CONCERN THERE BEING THAT THE LOSS OF INTERACTIVITY BETWEEN TEAM MEMBERS, THAT WAS THE HARDEST THING TO OVERCOME WITH CONTINUING TO WORK REMOTELY.

>> HOW ARE BUSINESS LEADERS FEELING ABOUT THE WORKFORCE ISSUE WHEN IT COMES TO FINDING ENOUGH STAFF, FINDING THE RIGHT STAFF?

>> THERE IS GREAT CONCERN.

THAT WAS THE NUMBER ONE THAT PEOPLE CITED AS WE WENT AROUND THE ROOM.

THAT THERE REALLY WASN'T A SOLUTION THAT ANYONE WAS FINDING TO THAT.

>> IS THERE A SENSE THAT MORE ASSISTANCE IS NEEDED TO BE GIVEN TO COMPANIES AT THIS POINT?

OBVIOUSLY LAST YEAR THERE WERE A LOT OF GRANT PROGRAMS.

THERE WERE AT LOFR LOAN PROGRAMS ON BOTH THE STATE AND FEDERAL LEVEL.

DO BUSINESSES FEEL LIKE THEY ARE FINANCIALLY IN BETTER SHAPE?

OR IS THERE A DESIRE FOR SOME ADDED ASSISTANCE.

>> IT DEPENDS.

I THINK THERE IS A LOT OF ENTHUSIASM FOR THE BUILD BACK BETTER BILL AND HOPES THAT WILL PASS BECAUSE THAT WOULD INJECT A LOT OF SUPPORT INTO THE ECONOMY IN A NUMBER OF WAYS.

AND ALSO PROVIDE MUCH, MUCH NEEDED INFRASTRUCTURE INVESTMENT IN NOT ONLY THE CITY OF NEWARK BUT THE ENTIRE STATE OF NEW JERSEY.

AND I THINK THAT THERE IS STILL ONGOING CONCERN.

THERE ARE A LOT OF OPPORTUNITIES THOUGH WITH THE PEOPLE WANTING TO BE CLOSER TO HOME.

OPPORTUNITIES FOR BIG COMPANIES THAT ARE LOCATED IN NEWARK, THE WORKING SPACES, SHARED SPACE LIKE THIRD SPACE, THEY ARE SEEING IN GREAT UP TICK IN THE NUMBER OF COMPANIES THAT WANT TO LOCATE THERE TO HAVE A SATELLITE TO BE ABLE TO HAVE THEIR EMPLOYEES NOT NECESSARILY HAVE TO GO INTO A NEW YORK OFFICE.

AND I THINK ALSO THERE IS A LOT OF OPPORTUNITY BECAUSE OF THE REALLY DRAMATIC TRANSFORMATION THAT'S HAPPENED IN THE LAST TWO YEARS IN THE WAY OF WORK.

AND WHAT WE'RE SEEING IS THE TECHNOLOGY COMPANIES, NEWARK HAS REALLY BEEN A PLACE WHERE TECHNOLOGY COMPANIES ARE GROWING, THAT THEY HAVE HAD AN OPPORTUNITY TO CREATE NEW PLATFORMS THAT MEET THE NEEDS OF THE COMPANIES THAT ARE NOW WORKING EITHER HYBRID OR ENTIRELY REMOTELY.

>> IT'S GREAT TO HEAR OPPORTUNITIES COME OUT OF A SOMEWHAT CHALLENGING PERIOD.

BARBARA, THANK YOU SO MUCH FOR YOUR TIME TODAY.

ITS BEEN GREAT SPEAKING WITH YOU.

>> OKAY.

THANK YOU SO MUCH.

I APPRECIATE IT.

>>> FOR BUSINESSES OWNED BY PEOPLE OF COLOR, MANY ARE HOPING THAT 2022 WILL BE A YEAR OF POSITIVE CHANGE.

I SPOKE ABOUT THAT WITH A NATIONAL NON PROFIT ADVOCATING FOR DIVERSITY AND INCLUSION.

AS WE START THE NEW YEAR BUSINESSES TEND TO SET GOALS AS A WHOLE.

FOR BUSINESSES RUN BY PEOPLE OF COLOR, ARE THE GOALS DIFFERENT?

>> I THINK THAT THE GOALS ARE PROBABLY THE SAME.

ALTHOUGH TRYING TO ACHIEVE THOSE GOALS WILL TAKE A LOT MORE PIVOTING.

WE'VE EXPERIENCED WHAT THAT'S BEEN LIKE IN THE -- SINCE, YOU KNOW, THE BEGINNING OF 2020.

AND I THINK AT THIS POINT WE HAVE THE PSYCHOLOGY THAT IF WE WANT TO BE SUCCESSFUL WITH OUR BUSINESSES, WE HAVE TO CONTINUE TO PIVOT AND REALLY BE MALLEABLE WITH THE CURRENT COVID SITUATION.

>> WHAT ARE THE CHALLENGES THAT SEPARATE BUSINESSES OF COLOR FROM OTHER BUSINESSES AS WE LOOK INTO 2022?

WE HAVE REPORTED A LOT IN THE PAST ON PROBLEMS, FOR INSTANCE, ACCESSING CAPITAL.

DO YOU SEE ANY OF THOSE BIG-PICTURE ISSUES IMPROVING?

>> I DEFINITELY SEE THAT THOSE BIG PICTURE ISSUES CONTINUE.

I THINK THAT THERE ARE A LOT OF PREPARATIONS.

AND I THINK THERE ARE -- YOU KNOW, THERE'S GOVERNMENT PROGRAMS THAT ARE REALLY LOOKING TO SUPPORT MINORITY WOMEN-OWNED BUSINESSES, MINOR-OWNED BUSINESSES.

BUT THERE IS STILL SUCH A HUGE GAP IN SUPPLIER DIVERSITY AND ENSURING THAT THAT ONBOARDING PROCESS REALLY HAPPENS.

AND EVEN AT THE GOVERNMENT LEVEL, WHILE THERE ARE A LOT OF DIFFERENT PROGRAMS OUT THERE AT THE FEDERAL LEVEL IT I, THE STA LEVEL T MUNICIPAL MUNICIPAL LEV.

REALLY THERE NEEDS TO BE MORE PRIORITY CONNECTING MINORITY OWNED BUSINESS TO THE ACTUAL CONTRACTS.

>> HOW IS IT TRYING TO HELP DO THAT?

>> WE TALK A LOT ABOUT THE ISSUES THAT WOMEN, MINORITY WOMEN HAVE TO NAVIGATE AND HELP THEM BETTER PREPARE FOR SOME OF THOSE CHALLENGES.

FOR INSTANCE, IF THEY WANT TO DO BUSINESS WITH A CORPORATION, HOW DO THEY GET IN THE DOOR?

WE'RE REALLY TRYING TO HELP WOMEN REALIZE WHAT'S OUT THERE TO SUPPORT THEM.

AND ULTIMATELY, THEIR PARTICIPATION, THEIR ACCESS AND WEALTH GENERATION.

>> LOOKING BACK OVER 2020 AND 2021 WHERE THERE WAS SUCH AN EMPHASIS IN THE CORPORATE WORLD ABOUT INCLUSION AND DIVERSITY, HAS THAT TALK MADE A DIFFERENCE?

SO WE'RE THINKING ABOUT MINORITY-OWNED BUSINESSES.

BUT MORE MINORITIES, WOMEN WHO ARE IN THE CORPORATE WORLD AND TRYING TO ADVANCE, LISTEN, WAS ALL THAT TALK TURNED INTO ACTION?

>> I THINK THERE IS A LOT MORE ACTION.

I THINK THE GAPS STILL EXIST.

YOU ASK ANY WOMAN BUSINESS OWNER WHETHER SHE'S REPRESENTING THE COMMUNITY OR NOT, IT IS STILL VERY CHALLENGING.

I REALLY BELIEVE THAT THE MODEL NEEDS TO BE LOOKED AT WITH SCRUTINY BECAUSE WE'RE JUST FOLLOWING THE SAME PATTERNS.

AND WHILE THERE IS A LOT OF MARKETING, THERE IS A LOT OF TALK, I'D LOVE TO SEE THE DATA.

I'D REALLY LOVE TO SEE LIKE, WHAT THE PERFORMANCE IS.

>> IF THERE WAS ONE GOAL YOU WOULD LIKE TO SEE ACHIEVED THIS YEAR, WHAT WOULD IT BE?

>> THERE REALLY NEEDS TO BE CONTRACTS HAPPENING.

WHETHER IT IS WITH GOVERNMENT OR WITH CORPORATIONS.

AND THAT IS AT THE END OF THE DAY THOSE CONTRACTS SHOULD ALSO BE REFLECTIVE OF A STANDARD OF YOU KNOW WHAT MEN TYPICALLY ACHIEVE VERSUS, LIKE, WHAT WOMEN -- THERE SHOULD NOT BE ANY DIFFERENTIAL IN WHAT THOSE CONTRACT AMOUNTS ARE.

FOR SAME SERVICES, SAME PRODUCTS.

>> LET'S SEE IF THAT GOAL CAN BE MET THIS YEAR.

ITS BEEN GREAT CHATTING WITH YOU ONCE AGAIN.

>> THANK YOU SO MUCH.

>>> AND THAT WRAPS UP OUR SHOW FOR THIS WEEK.

THANK YOU FOR WATCHING "NJ BUSINESS BEAT."

I'M RHONDA SCHAFFLER.

WE'LL SEE YOU NEXT WEEK.

>>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY NJCU SCHOOL OF BUSINESS, A GAME-CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY, OR BUSINESS ANALYTICS AND DATA SCIENCE.

WE'RE STEPS AWAY FROM THE EXCHANGE PLACE PATH TRAIN IN JERSEY CITY, AND MINUTES FROM WALL STREET.

LEARN MORE AT NJCU.EDU/GAMECHANGER.

♪