Springfield Business Journal_2019-02-25

SPRINGFIELD BUSINESS JOURNAL · 53 FEB. 25-MARCH 3, 2019 NEWS N ew statistics from the federal govern- ment note 44 percent of the 5.3 mil- lion new jobs created under President Donald Trump’s administration are generated by our nation’s small busi- nesses. When you add to that the fact studies show small-business optimism continues to be high, the impact of small businesses on our future economy is not only significant but critical to the USA’s econom- ic growth. [Editor’s note: The National Federation of Independent Businesses’ Small Business Optimism Index is at 104 as of December 2018, mirroring the historic high rates recorded in 2004.] During recent interviews, U.S. Small Business Administration Administrator Linda McMahon highlighted the agency’s role in helping to secure small-business success, as well as the president’s State of the Union address. McMahon is particu- larly encouraged by our country’s young people working in technology at work-sharing spaces and incubators, as well as the number of women seek- ing to start their own businesses.  In particular, she noted tech and health care in- dustries are booming. SBA resources can help small-business owners navigate hiring during the historically low unem- ployment rate of less than 4 percent and help them determine how to structure pay plans at a time when wages in our marketplace have risen above 3 percent in the last six consecutive months. More small businesses are being created, too. This is great for our economy but presents chal- lenges if that new business down the street is a competitor of yours. Competition brings with it the need to examine not only business structures but also strategies to determine whether new products and supply lines might be beneficial and increase customer bases. As the USA embarks upon the exciting task of re- building America, the American dream of building a business remains at the heart of our prosperity. Tom Salisbury is the regional administrator of the U.S. Small Business Administration Region VII, which covers Missouri, Kansas, Iowa and Nebraska. He previously worked as the small-business liaison for U.S. Sen. Roy Blunt and in lending for UMB Bank. Salisbury can be reached at thomas.salisbury@sba.gov. OPINION Emerging Workforce Find diverse talent by taking new paths Role of small business rises to highest stage T he Springfield Area Chamber of Com- merce recently held an emerging workforce panel discussion with its P-20 Council of the Ozarks advisory committee. The focus for the advisory committee is to engage the business and education communities. The panel participants were representatives from two high schools, local colleges and universities, and a cou- ple of young professionals who recently entered the work- force. I applaud the chamber for being intentional when they selected the panel members. The panel was a diverse coverage of racial/ethnic, gender, age, rural, urban and ca- reer interests that required certifications and college de- grees. The panel members shared that full health benefits and leadership that valued their work was extremely important to them. The majority of the panel members prefer a team environment, with quiet space when needed. For some of the panel members, they left their job to work for other compa- nies because of better career paths, flexible schedules and increased wages. Companies that were willing to pay for additional educational opportunities also was important rather than traditional tuition reimbursement. Mentors also were important to them. For example, one young professional, Roy Hardy Jr., started his career prep- aration as a member of the Drury University Scholars Program and later became a member of the Bridge Spring- field: Brother to Brother program. Through these mentor- ing programs and networking opportunities, while still in college, Hardy participated in Springfield’s Diversity Tal- ent Hub Job Fair and received a paid internship at City Util- ities of Springfield. Upon col- lege graduation, he was hired by CU to work full time. Listening to the panel reminded me of when I managed a 200-seat call center. I hired individuals who were ener- getic, passionate, creative, analytical and career driven. I realized I hired people who were more like me than what was needed for the position. For future hires, I included in the interview process appropriate individuals who were not like me. This included different ages, gender, race/eth- nicity and skill sets. I also kept in mind that applicants identified for interviews were based on a person meeting the minimum qualifications, which meant that it was OK to give someone a chance who was at the minimum quali- fications. And those were some of my best hires. As our community grows, we should remember that our biggest challenge is underemployment. The three main pathways to address this issue are: 1. Assistance with unfinished credentials. Ask your em- ployees if they have unfinished credentials and help them finish. 2. Short-term training programs. Pay for entry-level employ- ees to attend short-term training programs during work hours or provide on-site short-term training for employ- ees to advance at their current place of employment. 3. Increased apprenticeship programs. Use vacant midlev- el positions to create apprenticeships to increase the skill level for existing employees. We will attract and retain some of the best talent if we look for talent that does not look like us and when we are willing to give someone a chance. Francine Pratt is director of Prosper Springfield, a poverty reduction initiative led by Community Partnership of the Ozarks and United Way of the Ozarks. She can be reached at fpratt@cpozarks.org. Send letters and comments to sbj@sbj.net GUEST COLUMN Tom Salisbury PROSPERITY CHECKPOINTS Francine Pratt We should remember that our biggest challenge is underemployment. Local Resources The SBA has a new Local Assistance Look-Up Tool to research nearby resource partners by typing a ZIP code in the search bar at SBA.gov/local-assistance. IN PERSPECTIVE