>>> THIS WEEK ON "NJ BUSINESS BEAT," INTEREST RATES ON THE RISE AGAIN.

HOW THE FED'S LATEST MOVE TO COOL INFLATION WILL IMPACT YOU.

PLUS, ANOTHER BIG RATE HIKE AND PUBLIC WORKER BENEFITS.

THIS TIME TEACHERS ARE FEELING THE PINCH.

>> FOR RIGHT NOW, THE BALANCE OF POWER IN MANY CASES, ESPECIALLY WITH THE TYPES OF JOBS THAT ARE IN VERY HIGH DEMAND IS DEFINITELY WITH THE WORKERS.

>> AND WE'RE PUTTING THE POST-PANDEMIC WORKPLACE IN WORKPLACE, FROM THE FUTURE OF WORK FROM HOME TO WHAT COMPANIES NEED TO DO TO HIRE WORKERS IN A FIERCE LABOR MARKET.

THAT'S AHEAD ON "NJ BUSINESS BEAT."

♪♪ ♪♪ ♪♪ ♪ >> THIS IS NJ BUSINESS BEAT WITH RHONDA SCHAFFLER.

>> HELLO, I'M RHONDA SCHAFFLER.

THANKS FOR JOINING US THIS WEEK.

IF YOU HAVE A HOME EQUITY LOAN GET READY FOR SOME STICKER SHOCK WHEN YOU LOOK AT YOUR NEXT BILL.

SHOPPING FOR A CAR?

SET ASIDE MORE CASH.

IT'S JUST GOTTEN MORE EXPENSIVE TO FINANCE IT, AND IT'S ALSO GOING TO COST YOU MORE TO HOLD CREDIT CARD DEBT.

THESE ARE ALL THE CONSEQUENCES OF THE FEDERAL RESERVE'S DECISION TO RAISE INTEREST RATES BY .75% THIS PAST WEEK.

THE FED HAS BEEN RAISING RATES AT A FEVER PITCH, SEEING IT AS THE ANTIDOTE TO INFLATION THAT HASN'T BEEN THIS BAD SINCE THE EARLY 1980s AND FED CHAIRMAN JEROME POWELL SAYS EVEN MORE RATE HIKES ARE NEEDED IN THE MONTHS AHEAD TO GET INFLATION UNDER CONTROL.

DURING A NEWS CONFERENCE AFTER THE RATE DECISION WAS ANNOUNCED, POWELL EXPLAINED THAT RATE HIKES WILL END UP BEING GOOD FOR THE ECONOMY AND THE JOB MARKET IN THE LONG RUN, BUT THERE'S GOING TO BE SOME SHORT TERM PAIN.

>> WHAT WE HEAR FROM PEOPLE WHEN WE MEET WITH THEM IS THAT THEY REALLY ARE SUFFERING FROM INFLATION, AND IF WE WANT TO SET OURSELVES UP AND LIKE -- LIGHT THE WAY TO ANOTHER PERIOD TO A STRONG LABOR MARKET, WE HAVE GOT TO GET INFLATION BEHIND US.

I WISH THERE WERE A PAINLESS WAY TO DO THAT.

THERE ISN'T.

SO WHAT WE NEED TO DO IS GET RATES UP TO THE POINT WHERE WE ARE PUTTING MEANINGFUL, DOWNWARD PRESSURE ON INFLATION AND THAT'S WHAT WE'RE DOING.

>> BUT THE FEDERAL RESERVE IS WALKING A TIGHTROPE BY RAISING INTEREST RATES SO AGGRESSIVELY TO FIGHT INFLATION, THERE IS A RISK THAT THE ECONOMY SLIDES INTO A RECESSION IF IT'S NOT THERE ALREADY.

A NEW JERSEY CHAMBER OF COMMERCE SURVEY OF BUSINESS LEADERS FINDS 68% OF THEM BELIEVE THE U.S. ECONOMY IS IN A RECESSION RIGHT NOW, EVEN AMONG EXECUTIVES WHO DO NOT BELIEVE WE ARE CURRENTLY IN A DOWNTURN, A MAJORITY SEE A RECESSION HAPPENING WITHIN THE NEXT TWO YEARS.

THE SURVEY ALSO ASKED ABOUT THE STATE'S RESPONSE TO BUSINESSES SINCE THE BEGINNING OF THE PANDEMIC.

58% SAID THE STATE' EFFORTS TO SUPPORT SMALL BUSINESSES WERE INEFFECTIVE COMPARED TO 31% WHO THOUGHT THE EFFORTS WERE EFFECTIVE.

I SAT DOWN TO DISCUSS THE SURVEY FINDINGS WITH CHAMBER PRESIDENT TOM BREAKEN, A MEMBER OF THE NJ PBS BOARD OF TRUSTEES.

>> TOM, A SURVEY FROM THE CHAMBER REVEALED PRETTY UNSETTLING INFORMATION ABOUT WHAT NEW JERSEY'S BUSINESS LEADERS FEEL ABOUT NOT ONLY THEIR OWN BUSINESSES, BUT ALSO THE STATE'S ECONOMY.

WERE YOU SURPRISED BY THE NUMBER OF PEOPLE THAT BELIEVE THE STATE'S ECONOMY IS IN A RECESSION RIGHT NOW?

>> YEAH.

I WAS A LITTLE SURPRISED THAT THE HIGH PERCENTAGE SAID THAT WE WERE THERE ALREADY, IT WOULDN'T HAVE BEEN SURPRISED TO SAY THAT WE ARE HEADING THAT WAY, BUT I WAS A LITTLE SURPRISED AT THE HIGH NUMBER WHO THOUGHT WE WERE ALREADY IN A RECESSION.

>> THINK WHAT'S DISAPPOINTING, IF YOU WILL, IS THE SURVEY FOUND THAT A LOT OF BUSINESS LEADERS BELIEVE THEIR BUSINESSES WERE IN WORST SHAPE BEFORE THE PANDEMIC.

WHAT'S BEHIND SOME OF THESE NEGATIVE ASSESSMENTS?

>> I THINK WHAT'S BEHIND IS WHAT WE'VE BEEN TALKING ABOUT THE LAST TWO AND A HALF YEARS WHICH IS THAT BUSINESSES ARE SHUT DOWN AND BUSINESSES NEEDED A LOT OF HELP.

EARLY ON THEY GOT SOME HELP WITH PPP AND SOME OF THE EDA GRANT MONEY, BUT LAST YEAR AND A HALF, VERY LITTLE HELP HAS BEEN GIVEN TO BUSINESSES.

THEY CONTINUE TO SUFFER ON TOP OF SUFFERING FROM THE COVID, INFLATION HIT AND LABOR SHORTAGES HIT.

A LOT OF THINGS PILED ON IN ADDITION TO THE COVID-RELATED THINGS EARLY ON, AND THERE'S BEEN VERY LITTLE SUPPORT FROM THE STATE OR THE FEDERAL GOVERNMENT TO HELP THEM DURING THAT TIME.

>> WHAT ABOUT ALL OF THE MONEY FROM PPP LOANS AND ALL OF THE EDA PROGRAMS?

WHY HAVE THOSE PROGRAMS NOT BEEN ENOUGH FOR SOME BUSINESS OWNERS TO FEEL THAT THEY WERE IMPACTFUL.

>> BOTH THE PPP AND THE MONEY THAT THE EDA GAVE OUT IN GRANTS WERE VERY HELPFUL IN ALLOWING COMPANIES TO SURVIVE DURING THE VERY DIFFICULT COVID PERIOD.

THE PROBLEM IS SINCE THEN THERE HAS BEEN NO ASSISTANCE, SO THE ECONOMY HASN'T GOTTEN THAT MUCH BETTER.

THE OTHER ISSUES THAT I JUST OUTLINED KEPT PILING ON TO BUSINESSES AND THEY NEEDED HELP.

THEY NEEDED HELP FROM THE STAND POINTS OF MORE WORKING CAPITAL WHICH COULD COME IN THE WAY OF GRANTS, LOWERING TAXES COULD HAVE HELPED AND HELP WITH THE UNEMPLOYMENT TRUST FUND AND WOULD HAVE BEEN VERY HELPFUL BECAUSE IT WOULD REDUCE THE TAX BURDEN THAT THE BUSINESSES HAD, BUT THOSE THINGS NEVER MATERIALIZED.

>> TOM, THE SURVEY DOESN'T SPECIFICALLY GO TO THIS POINT THAT I'M GOING TO BRING UP WITH YOU, BUT ARE YOU CONCERNED THAT BUSINESSES WON'T BE ABLE TO SURVIVE IF WE ARE IN A RECESSION AND THAT WE WILL SEE MORE BUSINESS CLOSURES IN NEW JERSEY?

>> I THINK THERE'S A LIKELIHOOD THAT THAT COULD HAPPEN.

IF CONDITIONS ARE AS THE SURVEY DICTATES AND THERE IS NO ASSISTANCE AND THERE'S NO HELP AND SAY THE UNEMPLOYMENT TRUST FUND AND PAYMENTS THAT ARE REQUIRED FROM THE BUSINESS COMMUNITY IF THERE'S NO ASSISTANCE FROM THE GRANTS, IF THOSE THINGS DON'T START TO BE ADDRESSED AND WE ARE TRULY IN A RECESSION AND INFLATION STAYS WHERE IT IS,.

>> TOM, ALWAYS GOOD TO TALK TO YOU.

THANK YOU SO MUCH FOR YOUR TIME.

>> THANK YOU, RHONDA, ANY TIME.

>> THE NON-PROFIT BUSINESS ORGANIZATION IS FORECASTING A U.S.

RECESSION BY THE END OF THIS YEAR.

AND THE RECESSION IS A SCARY WORD, BUT THE CONFERENCE BOARD BELIEVES THE DOWNTURN WILL BE BRIEF.

AND I THINK IN THE AFTERMATH OR THE WORST PERIOD OF THE PANDEMIC AND THERE WAS A VARIETY OF GOVERNMENT PROGRAMS THAT INJECTED MONEY INTO U.S.

HOUSEHOLDS.

THEY'RE WALKING INTO THIS STORM, IN A BETTER PLACE THAN THEY HAVE IN PREVIOUS RECESSIONS.

AND SO AS THEY GRAPPLE WITH THE HIGHER INTEREST RATES, WE THINK THAT THEY'RE GOING TO BE ABLE TO PUSH THROUGH AND PROBABLY REVERT TO BETTER SPENDING IN THE SECOND HALF OF NEXT YEAR.

>> HERE'S AN UPSIDE TO INFLATION AND THE NEXT SCHEDULED INCREASE IN NEW JERSEY'S MINIMUM WAGE WILL INCLUDE AN EXTRA BUMP TO FACTOR IN RISING COSTS.

NEW JERSEY'S STATEWIDE MINIMUM WAGE WILL INCREASE BY $1.13 TO $14 TLNT 13 AN HOUR STARTING THIS JANUARY.

STATE LAW MANDATES WAGE INCREASES OF A DOLLAR PER HOUR OR MORE IF THERE IS A SIGNIFICANT INCREASE IN INFLATION.

THAT'S YET EXTRA 13 CENTS WILL BE INCLUDED NEXT YEAR.

NEW JERSEY IS ON A PATH TO A $15 MINIMUM WAGE BY 2024 UNDER THE LAW SIGNED BY GOVERNOR PHIL MURPHY IN 2019.

WE KNOW THAT INFLATION IS SQUEEZING HOUSEHOLD BUDGETS AND NOW THOUSANDS OF NEW JERSEY WORKERS ARE BRACING FOR HIGHER HEALTH INSURANCE PREMIUMS.

TEACHERS AND SCHOOL EMPLOYEES ARE THE LATEST WORKERS IMPACTED.

THE STATE'S SCHOOL EMPLOYEES' HEALTH BENEFITS COMMISSION VOTED TO INCREASE PREMIUM RATES BY 15% FOR NEXT YEAR FOR THOSE ENROLLED IN THE STATE BENEFITS PROGRAM.

THIS COMES JUST DAYS AFTER A SEPARATE COMMISSION APPROVED DOUBLE DIGIT PREMIUM INCREASES FOR OTHER LOCAL PUBLIC WORKERS, AND CHASE SPOTLIGHT'S BUDGET AND FINANCE REPORTER JOHN WRIGHTMEYER TOLD ME SOME SCHOOL OFFICIALS ARE RAISING CONCERNS ABOUT POSSIBLE CUTBACKS DUE TO INCREASES AREN'T JUST GOING TO AFFECT WORKERS.

THEY COULD LEAD TO EVEN HIGHER PROPERTY TAXES.

WHEN YOU THINK ABOUT THE LOCAL GOVERNMENTS THEY RELY HEAVILY ON PROPERTY TAXES TO FUND THEIR BUDGETS.

FOR MANY OF THESE GOVERNMENTS THE BIGGEST COST THEY HAVE IS PERSONNEL WHICH IS SALARIES AND BENEFITS AND SO WHEN SOMETHING GOES UP ON THE BENEFITS SIDE THAT WILL PUT PRESSURE ON THE LOCAL BUDGETS WHICH ARE SUPPORTED HEAVILY BY PROPERTY TAX REVENUE.

SO SCHOOL BOARDS ARE ALREADY TELLING US THAT SINCE THE BUDGETS WERE UP MONTHS AGO, THIS COULD BRING UP SOME SORT OF CUTS AS WE ARE JUST STARTING A NEW SCHOOL YEAR.

GOING FORWARD, WE'RE GOING TO HAVE TO SEE THE WAY THESE COSTS GET BAKED INTO THE NEXT BUDGET AND IT'S JUST GOING TO PUT MORE PRESSURE ON PROPERTY TAXES AT A TIME WHEN WE'RE ALREADY SEEING RECORD HIGH BILLS IN NEW JERSEY AND NO SIGN OF THOSE BILLS LEVELING OFF OR EVEN GOING DOWN AT ANY POINT.

>> A MAJOR INVESTMENT IN HEALTH CARE IN SOUTH JERSEY.

COOPER UNIVERSITY HEALTH CARE AND MD ANDERSON CANCER CENTER UNVEILED PLANSES FOR A $2 BILLION EXPANSION IN CAMDEN.

THE PROJECT WILL INCLUDE THREE NEW STATE-OF-THE-ART FACILITIES WITH MORE THAN 100 NEW BEDS.

THE EXPANSION WILL TAKE ABOUT TEN YEARS.

GOVERNOR MURPHY ALONG WITH FORMER GOVERNOR CHRIS CHRISTIE WAS AMONG THOSE IN ATTENDANCE FOR THE BIG ANNOUNCEMENT.

>> THIS HISTORIC $2 BILLION INVESTMENT WILL SIMILARLY TOUCH ALL FACETS OF THIS COMMUNITY.

AS THE COOPER CAMPUS SHOWS A HOSPITAL AND MEDICAL SCHOOL ARE NOT MONOLITHIC BUILDINGS IN THE LANDSCAPE.

THEY ARE TRUE ENGINES FOR CAMDEN'S GROWTH.

THEY PROVIDE JOB FOR CITY RESIDENTS AND THEY ATTRACT INVESTMENT TO THE CITY, BEYOND THAT WHICH COOPER MAKES.

THEY ARE A MARK OF EXCELLENCE ON THE CITY'S FABRIC.

>> MEANTIME IN NORTH JERSEY, A GROUND BREAKING WAS HELD THIS PAST WEEK FOR A NEW CANCER CARE CENTER IN LIVINGSTON.

THE BARNABUS FACILITY WAS BY 2025.

THE TREATMENT CENTER WILL SERVE AS THE NORTHERN HUB FOR ONCOLOGY SERVICES OFFERED BY R.W.J.

BARNABUS HEALTH AND RUTGERS CANCER INSTITUTE OF NEW JERSEY.

THIS WEEK ON N.J. BUSINESS BEAT WE ARE PUTTING POST-PANDEMIC WORKPLACE TRENDS IN FOCUS AND EXAMINING THE TREND OF QUIET QUITTING AND LOOKING AT WHY HYBRID WORK IS HERE TO STAY.

PLUS WE'LL FIND OUT WHY COMPANIES CAN GIVE THEMSELVES AN EDGE IN THIS BATTLE FOR CHALLENGE.

ARE YOU STILL HOLDING TEAMS MEETINGS WHILE WEARING YOUR SWEAT PANTS AND FLIP-FLOPS?

HAVE YOU SWAPPED YOUR COMMUTING TIME FOR ANOTHER PRODUCTIVE HOUR OR TWO OF WORK?

IF YOU ANSWERED YES TO THOSE QUESTIONS YOU ARE LIKELY AMONG THE NEW JERSEYIANS STILL WORKING FROM HOME AT LEAST FOR SOME PART OF THE WEEK.

NEW CENSUS BUREAU DATA SHOWS 22% OF NEW JERSEYIANS WORKED FROM HOME IN 2021, A MORE THAN FOURFOLD INCREASE OVER 2019 AND NEW JERSEY APPEARS TO HAVE A GREATER SHARE OF PEOPLE WORKING FROM HOME THAN MOST OTHER STATES.

I TALKED WITH RUTGERS UNIVERSITY PROFESSOR CARL VAN HORN, DIRECTOR OF THE CENTER FOR WORKFORCE DEVELOPMENT WHO DOESN'T SEE MUCH CHANGING ANY TIME SOON.

PROFESSOR, THANKS FOR JOINING ME TODAY.

>> THANKS FOR HAVING ME.

>> WE SEE SOME OF THE LATEST DATA FROM THE CENSUS BUREAU THAT JUST PUT SOME NUMBERS AROUND WORK FROM HOME.

NOT SURPRISING, WE'VE SEEN THIS INCREASE.

THE BIG QUESTION REALLY IS DO WE CONTINUE TO SEE WORK FROM HOME AT THE LEVELS WE HAVE SEEN?

>> I THINK FOR THE FORESEEABLE FUTURE IT WILL REMAIN WHERE IT IS.

>> ONE IMPORTANT DATA POINT, IF YOU THINK ABOUT SURVEYS THAT WERE DONE BEFORE THE PANDEMIC, ABOUT 4% OF MANAGERS SAID THEY WERE OKAY WITH PEOPLE WORKING IN A HYBRID ENVIRONMENT AND NOW IT'S 80%.

SO IN OTHER WORDS, THE MANAGERS AND WORKERS, THEY DON'T HAVE A GOOD CONSENSUS, BUT THEY REALIZE THAT THIS IS THE WAY IT'S GOING TO BE FOR A WHILE AND THAT'S FOR OFFICE WORKERS.

OBVIOUSLY, WE'RE LEAVING OUT PEOPLE WHO HAVE TO SHOW UP, YOUR PLUMBER, YOUR ELECTRICIAN.

>> AND THIS HYBRID WORK ENVIRONMENT ISN'T REALLY ABOUT HEALTH CONCERNS SO MUCH AS IT WAS IN THE PAST, RIGHT?

WE'VE REALLY SEEN A CHANGE TO EMPLOYEES AND EMPLOYERS UNDERSTANDING THAT THE WORKPLACE HAS CHANGED.

THERE'S A DIFFERENT DYNAMIC.

WORKERS WANT DIFFERENT THINGS.

>> THAT'S RIGHT.

>> AND ALSO REMEMBER, RIGHT NOW WE'RE TALKING ABOUT WHAT IS STILL, WHAT WE REFER TO AS A TIGHT LABOR MARKET.

SO THERE ARE STILL MORE OPENINGS THAN THERE ARE APPLICANTS, SO IT CAN CHANGE IF WE GO INTO A RECESSION AND IT'S THE OTHER WAY AROUND WHERE WE HAVE MORE APPLICANTS THAN JOBS, BUT FOR RIGHT NOW THE BALANCE OF POWER IN MANY CASES ESPECIALLY WITH THE TYPES OF JOBS THAT ARE IN VERY HIGH DEMAND IS DEFINITELY WITH THE WORKERS.

SO THEY WOULD PREFER TO DO THAT, ESPECIALLY IF YOU'RE NEW JERSEY AND YOU'D LIKE TO SKIP THAT COMMUTE AND IT WOULD TAKE A LOT OF TIME AND RIGHT NOW, THEY LIKE IT THIS WAY AND EMPLOYERS ARE FORCED TO ACCEPT THAT.

>> FROM THE EMPLOYER PERSPECTIVE, HAS HYBRID WORK LED TO MORE PRODUCTIVITY AND THOSE EXTRA HOURS IN SOME CASES GO TO THEIR JOB.

>> THERE'S BEEN A DRAMATIC CHANGE.

>> IF YOU ASKED EMPLOYERS BEFOREHAND WHAT THEY THOUGHT ABOUT THIS AND YEARS AGO, I EVEN STUDIED TELEWORK BEFORE WE HAD COMPUTERS, AND MANAGERS BY AND LARGE, THEY WANTED TO SEE THEIR WORKERS.

THEY WANT TO SEE THEM.

THEY DIDN'T THINK THEY COULD MANAGE THEM.

NOW AFTER A FORCED EXPERIMENT OF THE PANDEMIC, MOST MANAGERS SAY WE PREFER THEM TO BE HERE AT LEAST PART OF THE TIME, BUT WE KNOW HOW TO MANAGE THEM AND WE CAN GET PRODUCTIVITY OUT OF OUR WORKFORCE.

>> HOW DO YOU SEE THIS EVOLVING IN THE MONTHS AHEAD IF THE LABOR MARKET DOES START TO FALTER A LITTLE BIT DUE TO THE ECONOMY.

WILL COMPANIES REVERSE POLICIES AGAIN?

IS THAT EVEN A PRODUCTIVE WAY TO GO ABOUT IN TERMS OF GOING FROM THIS POINT TO THIS POINT.

I KNOW IT'S BEEN A CHALLENGE FOR COMPANIES TO MOVE THROUGH THIS.

>> EVEN IF WE GET THROUGH A RECESSION WHERE THERE ARE MORE APPLICANTS THAN THERE ARE JOBS AND I DON'T THINK THERE WILL BE A FLIPBACK TO THE PRE-PANDEMIC ERA.

IT'S NOT AS BAD AS THE MANAGERS WOULD BE AND IT'S REALLY A LOT BETTER FROM THE PERSPECTIVE OF MOST WORKERS THAN THEY EVEN IMAGINED.

>> PROFESSOR, THANK YOU FOR YOUR TIME.

>> THANK YOU.

GOOD TO SEE YOU.

>> COMPANIES HAVE BEEN OFFERING FLEXIBLE HOURS, HIGHER PAY AND OTHER ENTICEMENTS TO TRY TO GET WORKERS BACK IN THE DOOR.

NEW JERSEY BUSINESSES SAY FINDING EMPLOYEES TO FIND OPEN POSITIONS REMAINS A CHALLENGE THIS FALL.

I TALK ABOUT STRUGGLES WITH CRISTYNE NICHOLAS, A SPRING LAKE BASED COMPANY THAT FOCUSES ON TALENT ACQUISITION.

SHE TOLD ME COMPANIES SHOULD JUST POST A JOB, CROSS THEIR FINGERS AND HOPE FOR THE BEST.

THEY NEED TO TAKE A MORE PROACTIVE APPROACH.

>> CHRISTINE, THANKS FOR JOINING ME ON "NJ BUSINESS BEAT."

>> THANK YOU FOR HAVING ME.

YOU ARE QUITE BUSY THESE DAYS AS COMPANIES ARE STRUGGLING TO FIND WORKERS.

HOW DIFFICULT IS IT IN TERMS OF DEALING WITH THIS LABOR SHORTAGE.

HAVE YOU EVER SEEN ANYTHING LIKE THIS BEFORE?

>> NO, FRANKLY, I HAVEN'T AND TODAY, IN FACT, IT'S 25 YEARS SINCE WE'VE BEEN IN BUSINESS THIS EXACT DAY.

I HAVE TO SAY THAT THIS IS NOT A SURPRISE, WELL BEFORE COVID WE'VE HAD EMPLOYERS AND EMPLOYEES ON THE TALENT GAP AND IT'S BEEN EXASPERATED BY THE COVID SITUATION AND I WOULD SAY WHAT WE'VE SEEN IS A SPEEDUP IN THAT TRAJECTORY OF GAPS AND JOBS.

WHAT IS THE FIRST PIECE OF ADVICE THAT YOU GIVE TO COMPANIES THAT ARE DESPERATE TO FIND WORKERS?

HOW SHOULD THEY SHIFT THEIR THINKING IN THIS KIND OF ENVIRONMENT?

>> I THINK TO REALLY COME OUT OF THE BOX AND YOU KNOW, IF YOU'RE A FOUNDER OR CEO OF A COMPANY, PARTICULARLY SMALLER COMPANIES, MAYBE YOU HAVEN'T GIVEN THIS MUCH THOUGHT TO HOW TO ACQUIRE TALENT AS YOU HAVE YOUR MASTERY, RIGHT?

IF YOU OWN A RESTAURANT OR YOU'RE IN RETAIL OR WHATEVER YOUR PROFESSION IS, COWAN ACQUISITION, THE WAY YOU RECRUIT NEEDS TO BE A PRIORITY JUST LIKE YOUR REPARATIONS ARE.

>> A LOT OF COMPANIES WILL PUT A JOB AD OUT THERE AND GET RESUMES AND THEY GO THROUGH THEM AND IT'S A TRADITIONAL WAY OF DOING THAT, NOT WORKING AS IT SHOULD.

>> THE EMPLOYERS THAT ARE MOST SUCCESSFUL AND THE ONES THAT WE'VE WORKED WITH THAT HAVE DONE QUITE WELL UNDERSTAND FIRST OFF, THAT THIS IS THEIR ACCOUNTABILITY AND IT'S IMPORTANT TO UNDERSTAND WHO THEY ARE, WHAT IS YOUR COMPANY ABOUT?

IF YOU LOOK AT THE EDELMAN TRUST BAROMETER, 60% OF EMPLOYEES CHOOSE WHERE THEY'RE GOING TO WORK BASED ON THE COMMONALITIES THAT THEY FEEL THEY HAVE WITH THE COMPANY AS FAR AS SOCIAL INTEGRITY, WHERE THEY SEE THE ORGANIZATION GOING, AND IF THEY FEEL LIKE IT'S A GOOD FIT.

I THINK THE MISSED OPPORTUNITY FOR EMPLOYERS IS THEY DON'T UNDERSTAND THAT THAT'S HOW THEY'RE BEING VIEWED.

ONCE YOU UNDERSTAND THAT AND YOU'RE ABLE TO BECOME PROACTIVE AS COMPARED TO REACTIVE MEANING WHO'S COMING IN TO APPLY AS COMPARED TO WHO DO I WANT TO HIRE, THEN THINGS SPEED UP NICELY AND THAT IS THE WAY THAT WE CLOSE THE GAP, REALLY UNDERSTANDING WHO WE ARE AS EMPLOYERS AND WHO IS A FIT FOR US.

>> WHAT DO YOU THINK WILL BE THE BIGGEST CHALLENGE, DO YOU THINK, GOING FORWARD FOR EMPLOYERS IN TERMS OF ADJUSTING AND SHIFTING KIND OF THEIR OWN INTERNAL PRIORITIES ON THE TALENT ACQUISITION FRONT?

>> YOU NEED TO PUT THE DOLLARS TOWARDS IT, AND I'M NOT SAYING IT HAS TO BE A TREMENDOUS AMOUNT OF MONEY, BUT PUTTING MONEY TOWARDS THIS EFFORT JUST LIKE YOU WOULD IN AN OPERATIONS SITUATION OR ANY OTHER DEPARTMENT.

YOU KNOW, IT'S AMAZING TO ME AND WE WORK WITH FORTUNE 50s ALL OF THE WAY DOWN TO COMPANIES AND TALENT ACQUISITION AND RECRUITING IS LOW ON THE TOTEM POLL WHEN IT COMES TO FOCUS AND BUDGET AND THE INTERNAL TALENT THAT'S ALIGNED TO IT.

>> CHRISTINE, SO GOOD TO TALK TO YOU, THANKS FOR HELPING BUSINESSES NAVIGATE THIS TRICKY PERIOD THAT WE'RE IN.

THANK YOU.

>> YOU'RE WELCOME.

>> FINDING WORKERS IS DIFFICULT.

RETAINING WORKERS IS IMPORTANT.

KEEPING THEM ENGAGED AND EXCITED, WELL, THAT'S YET ANOTHER ISSUE THAT'S TOP OF MIND FOR BUSINESS LEADERS.

APPARENTLY, MORE WORKERS ARE JUST PHONING IT IN BASED ON A RECENT GALLUP POLL.

IT FOUND THAT HALF OF THE COUNTRY'S ADULT WORKFORCE IDENTIFY AS QUIET QUITTERS.

THEY DO THE BEAR MINIMUM OF WORK.

THEY'RE NOT INTERESTED IN TAKING ON ADDED PROJECTS.

THEY DON'T WANT TO LOSE THEIR JOBS AND THEY WANT A BETTER WORK/LIFE BALANCE TO FOCUS ENERGY ON LIFE OUTSIDE OF WORK.

32% OF EMPLOYEES SAY THEY ARE ENGAGED AT WORK, BUT 18% SAID THEY ARE ACTIVELY DISENGAGED AT WORK.

THAT IS THE HIGHEST NUMBER IN NEARLY A DECADE.

TO FIND OUT WHY SO MANY ARE SETTING ASIDE THEIR WORKPLACE AMBITIONS, WE TURN TO SCOTT DYESSEN, A MANAGER AT DICKINSON UNIVERSITY AND AUTHOR OF "THE WHOLE PERSON WORKPLACE."

>> THE PHRASE CIRCULATING AROUND ABOUT QUIET QUITTING.

I'VE HEARD ARTICLES THAT IT'S NOT.

IN YOUR VIEW, IS IT A TREND?

>> I DON'T LIKE THE TERM.

I DON'T LIKE THE SUPPOSED TRENDS.

I THINK THAT IF YOU HAVE EMPLOYEES WHO ARE DOING WHAT IS NECESSARY FOR THE JOB, BUT NOT DOING MUCH MORE THAN THAT, THAT'S PROBABLY MORE OF A MANAGEMENT PROBLEM OR EMPLOYER PROBLEM THAN EMPLOYEES ARE BEING LAZY OR WE HATE GEN Z OR THE THINGS THAT WE'RE HEARING ABOUT QUITTING.

I HEAR THAT, YES.

I MEAN, I THINK SOME EMPLOYEES PUT THEIR HEART AND SOUL INTO EVERYTHING AND DO EXTRA.

OTHER EMPLOYEES DO WHAT IS NECESSARY, BUT NO MORE.

A LOT OF THAT IS DICTATED BY WHAT KIND OF RELATIONSHIP HAVE YOU SET UP WITH YOUR WORKPLACE?

DO YOU CARE ABOUT THEM MORE THAN YOU HAVE TO AS AN EMPLOYER.

IF YOU DO, YOU PROBABLY GET MORE OF THEM AS AN EMPLOYEE.

>> IT'S AN INTERESTING POINT TO TURN IT AROUND AND SAY WHAT IS THE EMPLOYER DOING FOR THEIR WORKERS.

WHAT DO EMPLOYERS DO WRONG THAT MAKES WORKERS PULL BACK ON THEIR ENGAGEMENT?

>> WELL, IT COULD BE A NUMBER OF THINGS, BUT I THINK MOST EMPLOYEES WHO FEEL THAT THEIR EMPLOYER CARES ABOUT THEIR DEVELOPMENT OR CARES ABOUT THEIR CAREER OR CARES THAT THEY HAVE ENOUGH TIME FOR LIFE AND TO BE ABLE TO HANDLE MIB SOME OF OTHER LIFE RESPONSIBILITIES AND CARE TAKING, WHETHER IT'S PARENTING OR EVEN TIME FOR VOLUNTEERING OR COMMUNITY SERVICE OR JUST FOR FUN AND JUST HAVE A LIFE, A SOCIAL LIFE, THESE THINGS ARE IMPORTANT AND I THINK SOMETIMES IF AN EMPLOYER, IF YOU MAKE IT JUST A TRANSACTION, WORK FOR MONEY, THAT'S ALL YOU'RE GOING TO GET, AND EMPLOYERS CAN SUPPORT EMPLOYEES AT WORK-RELATED THINGS, OR CAN SUPPORT THEM WITH, AGAIN, SUPPORTING THEM WITH SOME OF THEIR LIFE RESPONSIBLETS AND OTHER PRIORITIES IN THEIR LIVES, AS WELL.

>> IS IT OKAY FOR WORKERS TO MAKE THE CHOICE?

TO MAKE THE CHOICE THAT I WANT TO BE SUPER ENGAGED AND I WANT A VOLUNTEER FOR EVERY PROJECT OR I'M GOING TO DO THE JOB THAT I WAS HIRED TO DO AND I'M SATISFIED WITH THAT, AND MY EMPLOYER SHOULD BE, TOO?

>> RIGHT.

SO IT'S BEST FOR EVERYONE IF IT'S A MORE INVOLVED RELATIONSHIP, RIGHT?

WHEN BOTH SIDES ARE STEPPING UP FOR EACH OTHER AND DO THE EXTRA FOR EACH OTHER.

IT'S GOOD FOR SOMEONE'S CAREER TO BE KNOWN AS THE PERSON WHO WILL STEP UP OR THE PERSON WHO WILL VOLUNTEER FOR THE EXTRA ASSIGNMENT AND WILL GO THE EXTRA STEP TO TAKE CARE OF THE CUSTOMER OR THE CLIENT OR THE NEW EMPLOYEE OR WHATEVER ELSE AND THESE EXTRA ROLE BEHAVIORS ARE REALLY, REALLY IMPORTANT FOR BUILDING A REPUTATION IN THE WORKPLACE, BUT YOU KNOW, IF SOMEONE HAS A JOB DESCRIPTION AND YOU CAN SAY LEGITIMATELY, THEY ARE DOING ALL OF THE THINGS IN THEIR JOB DESCRIPTION WELL, THAT'S AT LEAST GOOD, RIGHT?

SO I THINK WHAT WE'D LIKE TO HAVE IS GREAT WHERE BOTH SIDES STEP UP WITH EACH OTHER, BUT I DON'T KNOW, GOOD IS GOOD, RIGHT?

I DON'T THINK WE SHOULD CALL THAT A CATASTROPHE IF THAT'S WHAT HAPPENS.

I'D RATHER HAVE AN ORGANIZATION WHERE, AGAIN, BOTH SIDES FEEL A LITTLE MORE INVESTED IN EACH OTHER THAN IN QUOTE, UNQUOTE, QUIET QUITTING.

>> SCOTT, IT'S BEEN SO GOOD TO CATCH UP WITH YOU ONCE AGAIN.

THANK YOU FOR YOUR TIME.

>> OH, YOU'RE VERY WELCOME.

THANKS.

>> FINALLY, ONE NEW JERSEY TOWN IS IN THE RUNNING TO BE SELECTED AS HAVING ONE OF THE BEST MAIN STREETS IN AMERICA.

McTOUCHEN IS ONE OF THE SEMIFINALISTS FOR THE 2023 MAIN STREET AMERICAN AWARD AND THE MAYOR JAMES BUSH SAYS IN THE NOT SO DISTANT PAST, THE DOWNTOWN FELT DESOLATE AND STRUGGLES WITH VICKANCYS AND IT'S A VIBRANT, ACTIVE PLACE TO BE IN CENTRAL JERSEY.

THE WINNER FOR THE AWARD WILL BE SELECTED NEXT SPRING, WESTFIELD AND MONTCLAIR WON THE HONOR IN PREVIOUS YEARS.

>> AND THAT'S OUR SHOW FOR THIS WEEK.

THANKS FOR WATCHING "NJ BUSINESS BEAT," REMEMBER TO SUBSCRIBE TO THE YOUTUBE CHANNEL TO GET ALERTED WHEN THEY POST NEW EPISODES AND CLIPS.

COMING UP NEXT WEEK, WE FOCUS ON WOMEN IN BUSINESS FROM A TECH CEO WHO IS ON THE FRONT LINE TO SOCIAL CHANGE TO WOMEN LAUNCHING AND GROWING THEIR SMALL BUSINESSES.

I'M RHONDA SCHAFFLER.

ENJOY THE WEST OF YOUR ♪♪ ♪♪