Business owners can make the American Jobs Plan work if they are prepared
Now is the time for businesses to begin preparing for the impact
By: Millen Group
MillenGroup has reviewed the plan to offer advice and expertise on what could be some major changes to businesses and our economy as a whole. John Millen, – co-founder and managing partner of MillenGroup, the healthcare advisory firm founded in Richmond – says business should focus on four main points that will help attract and retain the talent necessary to be successful in the year ahead.
The American Jobs Plan consists of four major spending categories: Research and Development ($400 billion), The Care Economy ($650 billion), At-Home Infrastructure ($580 billion) and Infrastructure ($621 billion). Businesses need to prepare for this spending by:
1. Attracting Skilled Labor: If a business in one of the industries set to gain new funding (or if a business supports these industries in any way) they need to determine how they are going to attract skilled labor?
2. Communicating Values to Employees: How well a business communicates the values it holds to employees over the course of the next year will determine how well it can compete for these projects.
3. Improving Women's Labor Force Participation:
4. Maximizing Employee Benefits: Finally, it's also noted that 40% of the American Jobs Plan spending will be going to the disadvantaged communities of our nation. Is your company ready to attract and retain these workers? Hint, benefits attract and retain workers (sometimes more than salary!)
As businesses continue to learn more about the American Jobs Plan and the ways in which it may impact their organization and employees, now is the time to begin incorporating new ideas into their approach. The economy and the world are quickly changing around us all the time. Meeting these new challenges often requires embracing a new strategy or technique.
Read an expanded version of John Millen's perspective for businesses here. (https://millengroup.com/
Barbara Esteves-Moore, Two Roads Communications