The Growth and Opportunity Imperative for America
Source: U.S. Chamber of Commerce
Today, many Americans do not feel like the economy is working for them. They’re feeling the burden of rising prices, homeownership seems increasingly out of reach, and the government is drifting further down the path of unsustainable debt and deficits with no clear plan to correct course.
To create the future we want, and the next generation deserves, we call on candidates and elected officials to pursue policies that will significantly boost America’s growth.
Economic growth is not just a static number on a chart. It is a snapshot into the lives of everyday people—the value of their efforts, their ability to provide for themselves and their families, the belief that their children’s lives will be better than their own. It is the driving force that powers the American Dream, where individual effort can lead to upward mobility regardless of one’s position on the socioeconomic spectrum. Sustained economic growth enhances the overall quality of life for all, increases incomes, expands opportunities, fosters innovation, and strengthens our nation.
The benefits of growth are clear, but the path to renewed growth is too often overlooked. At the U.S. Chamber of Commerce, we believe America needs a growth and opportunity imperative—a national priority, driven by people through innovation and productivity and fostered through sound public policy.
Synopsis
Many of the tailwinds that helped sustain rapid economic growth from 1950 to 2010 have dissipated. At the very time we need faster sustained growth to help solve problems, we face a future where growth will be dramatically slower. Going forward, public policy will play a decisive role in ensuring America can continue to grow and prosper, creating more and better opportunities for Americans.
The U.S. Chamber of Commerce is calling on all candidates and elected officials to embrace the Growth and Opportunity Imperative, establishing a goal of at least 3% economic growth annually and prioritizing policies that will support faster-sustained economic growth.
To inform policymakers, the Chamber will release a series of memos outlining the policies that can help support the growth the American people deserve.
What We Mean by Growth
This memo discusses economic growth in terms of the increase in real (inflation-adjusted) gross domestic product (GDP). What this economic statistic really represents is the increase in the quantity and quality of the goods and services that a country produces that improve our quality of life and standard of living.
The Slowdown in Economic Growth
From 1950 to 2010, real economic growth in the United States averaged 3.4% a year, even with recessions.
- As a result, the 2010 economy was seven times larger than the 1950 economy.
- The population of the U.S. also grew during this period, but the economy grew faster. Real per capita GDP was more than three times larger in 2010 than in 1950.
Since 2010, growth has averaged just 2.2% a year.
The nonpartisan Congressional Budget Office projects even slower growth, averaging just 1.8% for the next decade.
Much of the slowdown is attributed to the decline in tailwinds, which had supported faster economic growth:
- In the 1950s, in the aftermath of World War II, while the rest of the world was rebuilding, America was able to convert its vast military production into domestic manufacturing production. This burst of economic activity supported rapid growth.
- Since then, our economy has matured into a more service, technology, and innovation-based economy.
- In the 1960s, the baby boomer generation began entering the workforce and continued to do so through the early 1980s, leading to a rapid expansion of the labor pool.
- With the youngest baby boomers now reaching the age of 60, most of this generation has exited the workforce.
- Beginning in the 1960s and continuing through the 1990s, there was a dramatic increase in the number of women in the workforce, with female labor force participation jumping from 38% in 1960 to 60% in 1999.
- Today, female labor force participation is 57%.
Why Growth Matters
Faster Growth Is Essential to the American Dream
A big part of the American Dream is the idea that our children will be better off than we are, and our grandchildren will be even better off than their parents. Our ability to substantially improve our lives depends, in part, on how quickly the overall economy is growing. It is much easier for our slice of the pie to get bigger when the overall pie is also getting bigger.
Sustained economic growth provides a foundation for broad-based prosperity by expanding opportunities, increasing incomes, fostering innovation, and enhancing the overall quality of life for individuals and families. It is a critical driver in reducing poverty and creating a society where everyone has a chance to thrive.
- When our economy is growing at 3%, someone who is born today will see America’s economy double in size by the time they are in their early 20s.
- At 2% growth, it will take until they are in their mid-30s for the economy to double.
Faster Growth Provides Us with More Choices at Lower Prices
Real economic growth not only expands wages and income (enabling us to afford more of the goods and services we need and want) but also boosts production, giving us more choices at lower prices. The result is a higher standard of living. For example:
Shopping for Children’s Shoes
- In 1980, if you wanted to shop from home, say for children’s shoes, that most likely meant the 1,566-page Sears Spring / Summer Catalogue, where you would find about 15 styles of children’s shoes ranging in price from $8.99 to $25.99. At the median weekly earnings of $269 and average hours worked, it would take two hours of work to pay for a $15 pair of shoes.
- On Amazon right now, you can find over 20,000 options with prices as low as $4 and as high as over $200. A $15 pair of shoes today would require less than a half-hour of work at the median wage and average hours worked.
Buying a Cell Phone
- In 1983, the first commercially available handheld cellular phone (the Motorola DynaTAC 8000x) hit the market at $3,995. At a median weekly salary of $316, it would have taken you nearly 13 weeks to buy a cell phone. (Music player, map, address book, calculator, etc., not included.)
- Today, you can buy an iPhone 15 for $799. At today’s median weekly salary, that would require less than a week of work to earn.
Purchasing a New Car
- In 1992, the lowest MSRP for a Toyota Camry was $14,368, and it got 21 miles to the gallon. At the median weekly wage of $443, it would take just over 32 weeks of work to earn enough to pay for the car.
- Today, the lowest MSRP for a 2024 Camry is $26,420, and it gets 32 miles to the gallon. At today’s median wage, it takes just over 23 weeks of work to pay for a new car.
Faster Growth is Essential to Taming Rising Federal Debt
Persistently high deficits and the growing federal debt are rightfully a concern. While fiscal policies are key to stabilizing our growing debt, economic growth will also play a critical role.
Increasing productivity such that we increase economic growth by just a half a percentage point a year, from 2% to 2.5%, would by itself decrease the federal deficit by $1.2 trillion over the next 10 years.
- The opposite is also true: If productivity is less than expected under current economic assumptions and the economy grows at just 1.5% on average, that by itself would increase the deficit by $1.2 trillion.
The Role of Public Policy and a Pro-Growth Goal
When an economy has strong tailwinds, it can grow rapidly despite bad public policy. When those tailwinds disappear, public policy plays a critical role in maximizing opportunities for growth.
To grow America’s economy and create better opportunities for Americans, we need policies that:
- Support a larger and more skilled workforce.
- Support investments in innovation and cutting-edge technology and the private-sector deployment of those innovations to improve productivity.
- Embrace the economy of the future, rather than trying to recreate one of the past, and give the private sector the certainty to plan, invest, and grow.
To properly orient these policies, we need a goal and a test. The U.S. Chamber of Commerce is calling on elected officials and candidates to embrace a goal of at least 3% annual real growth over the next decade—a 50% increase over current projections—and to use that goal as a test against which policies are judged.
2024-25 State Budget Breakdown
Source: Pa Chamber of Business and Industry
Below are key highlights from the FY 2024-25 budget and elements important to the business community.
Total Spend
- Total General Fund spending of $47.6 billion for Fiscal Year 2024-25, representing a six percent increase in state spending over last year.
- Spends $740 million less than what Gov. Shapiro proposed in February.
- Makes a $740 million deposit into the Rainy-Day Fund, bringing the fund to over $7 billion.
Tax Changes
- Maintains the current phase-down schedule of the Corporate Net Income Tax (CNI), from 8.49 percent to 7.99 percent in 2025.
- Makes improvements to Pennsylvania’s treatment of Net Operating Losses moving forward by gradually increasing the amount companies are able to deduct using losses incurred after Jan. 1, 2025. Prospective Net Operating Loss deductions will gradually increase, reaching 80 percent in 2029. Net Operating Losses incurred prior to Jan. 1, 2025, may still be used to offset tax liabilities by up to 40 percent.
- Clarifies that any goodwill filed by banks with the Federal Deposit Insurance Corporation (FDIC) is excluded from the bank shares tax calculation. This resolves an issue where the Department of Revenue has denied goodwill deductions that involve combinations of bank holding companies which result in the combination of subsidiary banks.
- Creates a tax credit for employer contributions to employees’ 529 tuition savings accounts.
- Creates a tax credit for employer contributions toward employees’ child care costs.
Permitting Reform and SITES
- Creates the Streamlining Permits for Economic Expansion and Development (SPEED) Program, providing an option for third-party review of certain air, earth disturbance, and water permit applications, establishing permit review timelines by DEP and conservation districts, as well as a permit tracking system.
- Includes $400 million for the PA Strategic Investments to Enhance Sites (PA SITES) program, which funds site development and infrastructure to create shovel-ready sites.
Energy and Infrastructure
- Establishes a comprehensive regulatory framework for deploying carbon capture technology, which holds great potential to be added to Pennsylvania’s diverse energy portfolio. Establishing a legal and regulatory framework for carbon dioxide capture, utilization, and sequestration is vital to ensuring the deployment of billions of dollars in private capital and potentially leveraging federal infrastructure funding to innovate in low-carbon manufacturing, agricultural, and energy production projects.
- Uses $80.5 million of the current surplus to make a one-time investment in multimodal infrastructure projects through PennDOT.
- Continues the phase-out of State Police funding from the Motor License Fund with a goal to fully phase down by 2026-27.
- Implements a $200 user fee for electric vehicles that will scale up over time to ensure their contributions towards road and bridge infrastructure maintenance.
K-12 Education
- Adds roughly $1 billion in new K-12 public education funding. This includes:
- $285 million to be driven out in the Basic Education Funding Formula.
- A $100 million increase in special education spending.
- $100 million for school facility upgrades.
- A $526 million dollar increase in the Ready-to-Learn Block Grant.
- $493.8 million of which will be driven out in a newly established “adequacy formula.”
- $32.2 million will be granted to district with “high tax effort.”
- Increases the Educational Improvement Tax Credit allocation by $70 million, from $470 million to $540 million. This includes:
- A $50 million increase for scholarship organizations.
- $20 million more for educational improvement organizations.
- Additionally, the Opportunity Scholarship Tax Credit will see a $5 million increase.
Higher Education
- Establishes a Performance-Based Funding Council to create a formula for state subsidies to Pennsylvania’s research universities: Pitt, Penn State, and Temple.
- Creates the Grow Pennsylvania Scholarship Program: $5,000 grants for Pennsylvania students who meet degree requirements and work in an in-demand occupation in the state after graduation.
- Creates the Grow Pennsylvania Merit Scholarship Program: Offers in-state tuition to out-of-state students who commit to working in Pennsylvania in an in-demand occupation after graduation.
- Creates a new State Board of Education with the authority to:
- Mandate broad data collection.
- Develop procedures for an institution of higher education to follow when the institution proposes taking action to discontinue operations.
- Includes new mandatory tuition and fee disclosure requirements for all institutions.
Workforce
- Increases the Commonwealth’s investment in career and technical education by 21%, increases the investment in CTE Equipment grants, and makes it easier for qualified individuals to become a career & technical educator.
- Incentivizes employers to reimburse employees for childcare expenses by creating the Employer Childcare Contribution Tax Credit to ease the burden of child care that strains the PA workforce.
- Expands the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) fund to expand the availability of workforce housing in Pennsylvania.
- Uses $80.5 million of the current surplus to make a one-time investment in transit operations, which is essential for many individuals to get to work.
Alcohol Sales
- Allows private sector establishments to sell Ready to Drink beverages (RTDs), which are growing in popularity but currently may only be sold in state stores, denying local convenience stores and supermarkets the ability to respond to their customers and sell these products.
###
Founded in 1916, the Pennsylvania Chamber of Business and Industry is the state's largest broad-based business association, with its membership comprising businesses of all sizes and across all industry sectors. The PA Chamber is The Statewide Voice of BusinessTM.
Strategies for Improving Employee Retention in Small Businesses
- Offer competitive compensation and benefits to meet or exceed industry standards, ensuring employees feel valued and financially secure.
- Invest in professional development opportunities, such as training and workshops, to show a commitment to employee growth and career advancement.
- Create a positive and inclusive work environment where employees feel respected, valued, and part of the company culture.
- Recognize and reward employee contributions through formal and informal programs to boost morale and loyalty.
- Implement flexible work arrangements to accommodate diverse work-life balance needs, enhancing overall job satisfaction and retention.
646 words / 3 min. read
Keeping your team together is key, especially for small businesses. Think about it: every time someone walks out the door, it's not just a goodbye party you're throwing; it's time, money, and energy spent on finding someone new and getting them up to speed. Not to mention, it can really bring down morale when people are constantly coming and going. So, how do you keep your A-players happy and on board? Let's dive into some smart moves you can make to ensure your team sticks around.
Competitive Compensation and Benefits
Paying competitive salaries and offering good benefits is essential to employee retention. Studies show that low pay is the top reason people leave their jobs. In recent years, inflation has been a significant factor driving workers to look for jobs with higher pay, in addition to the opportunity to significantly boost earnings with a new starting salary, rather than waiting for incremental pay raises in their current position. Regularly review your compensation and benefits to ensure they're in line with industry standards. Be mindful of the potential impact of offering higher wages to new hires compared to long-standing employees who perform the same tasks. Such disparities can be taken personally by your current staff. To enhance workplace satisfaction, consider offering additional benefits like health insurance, retirement plans, and paid time off whenever possible.
Professional Development Opportunities
Investing in employee growth boosts their loyalty to the company. Offering training, workshops, and further education lets employees improve their skills and move up in their careers. A LinkedIn Learning report shows that 94% of employees are more likely to stick with a company that invests in their career development. When it comes to professional development, you don’t have to start something new. Look for opportunities that already exist with nearby schools or your chamber of commerce.
Positive Work Environment
Creating a positive and inclusive environment is one of the most important ingredients in workplace satisfaction. When employees feel valued and respected, they're happier with their jobs, and studies show that feeling part of the workplace culture makes employees more likely to stay. Bosses and team leaders play an important part of creating a positive work environment, with leadership experts emphasizing the value of fostering open communication, celebrating employee successes, and supporting a healthy work-life balance.
Recognition and Rewards
Regularly recognizing and rewarding employees for their contributions can boost their loyalty to the company. Setting up recognition programs like Employee of the Month awards or performance-based bonuses can encourage employees to do their best. Studies show that this kind of recognition can make employees more satisfied with their jobs and less likely to leave. Small businesses, in particular, should start both formal and informal programs to celebrate their employees' achievements. Need inspiration? Indeed published eight examples of employee recognition programs to create a thriving workplace culture.
Flexible Work Arrangements
It’s no surprise that work flexibility tops the list for employee retention. From four-day work weeks, to hybrid work schedules, to unlimited PTO, there are many ways to give your employees more control over their work life. A Owl Labs study showed that more than 70% of workers agree that the option to work from home would make them happier. Not every small business can provide remote working opportunities, but that shouldn’t mean you ignore the cultural shift toward more flexible work expectations. If you’re looking to make improvements in work flexibility, start first with finding out what your employees want. Great Place to Work, a global organization dedicated to helping companies foster a positive workplace culture and employee experience, offers these strategies to help you think creatively and get started.
The Takeaway
Small businesses can significantly improve employee retention by focusing on competitive compensation, professional development, a positive work environment, recognition and rewards, and flexible work arrangements. By addressing these key areas, business owners can create a workplace that not only attracts top talent but also inspires loyalty and dedication among their team members. Investing in these strategies is not just about preventing turnover; it's about building a thriving and engaged workforce that contributes to the long-term success of the business.
---
The Columbia Montour Chamber of Commerce is a private non-profit organization that aims to support the growth and development of local businesses and our regional economy. We strive to create content that not only educates but also fosters a sense of connection and collaboration among our readers. Join us as we explore topics such as economic development, networking opportunities, upcoming events, and success stories from our vibrant community. Our resources provide insights, advice, and news that are relevant to business owners, entrepreneurs, and community members alike.
New Member Highlight-Brewskis
Brewskis Coffee & Bar is downtown Bloomsburg’s best place to meet with friends and colleagues. They are the only coffee shop bar in the area and established their name by offering coffee, beer, and homemade pierogi. General Manager Norman Mael has been working with the kitchen staff to offer evolving menu offerings for breakfast, lunch, and dinner. Brewskis downstairs entertainment venue is also the ideal location to host private events, company meetings, and holiday parties. Check out their website at www.brewskiscoffeeandbar.com to find out more.
Member News ~ July 15, 2024
Geisinger announces plans for major expansion of Geisinger Medical Center
On July 11th Geisinger officials announced major plans to make better health easier for the central Susquehanna Valley and beyond with a proposed $880 million expansion of Geisinger Medical Center. Learn more.
Central PA Energy Summit Happening July 22
Participate in the Central PA Energy Summit to delve into the topic of energy affordability and accessibility within Central PA. Learn more here.
DCDC's 50th Anniversary Continues July 30 and 31st
Danville Child Development will be hosting Gina’s Scoops Ice Cream Truck at their facilities from 3:00-5:30pm in the parking lot. On July 30 Gina’s Scoops will be at their Wall St location, and on July 31 Gina’s Scoops will be at our Bloom Rd location.
Congratulations to Shelley Gadoury on her retirement!
Shelley Gadoury will retire from the Bucknell University Small Business Development Center (SBDC) on today! Her career at Bucknell is marked by over 22 years of service, especially through her coordination of hundreds of educational workshops and webinars for the business community. Congratulations Shelley!
BOOM Camps happening
Better Orientation Onboarding & Mentoring (BOOM) Camps will be hosted free and online in July. Get dates, and session topics and register by clicking here. Help BOOM Camp by participating in a survey that will gather insights from local employers to develop valuable learning content for HR professionals, business leaders, workforce development experts, and educators in Central PA. A summary will be shared with BOOM Camp participants and available by request. The final report will be ready by summer 2024.
Go Joe stopping at Jackson Manson July 25th
Joe Snedeker, from WNEP, will be stopping at the Jackson Mansion on July 25th at 12 p.m. during his charity bike ride for Saint Joseph’s Center in Scranton. A camera crew will be on site from 11 a.m. until 1 p.m. Learn more about his stop!
IMC Partnering to Offer Electrical Safety Training
The Innovative Manufacturers’ Center (IMC), Inc. is excited to announce its continued partnership with The Manufacturers' Association to support training in electrical safety in central and southcentral Pennsylvania through December 2024. Open enrollment opportunities scheduled are as August 7 – Altoona, August 21 – Williamsport, September 9 – Lewisburg, and October 8 – State College. Learn more.
Community Strategies Group holds groundbreaking
Community Strategies Group is excited to celebrate officially breaking ground on Dr. Charles Gillespie Memorial Park in Downtown Bloomsburg! Crews will be on site beginning July 15. Partners pictured at the groundbreaking from left: Rich Kisner (CSG), Tim Wagner (Downtown Bloomsburg, Inc., Mayor Justin Hummel (Town of Bloomsburg), Taylor Farr (Journey Bank) Stephen Drosdick & Jessica Lehman (Gillespie Foundation), Duane Greenly (Greenly Family Foundation), Brian Paulhamus, Leslie Temple and Lisa Hart (Fulton Bank), Chris Berleth (Columbia Montour Chamber), Tom Wise (H&P Construction Inc.), and Josh Nespoli (CSG). Partners Not Shown: Alloy5 Architecture, LIVIC Civil, Pennsylvania Department of Community and Economic Development, First Keystone Community Bank, M&T Bank, and PNC.
Bloomsburg Children's Museum Hosting Daddy Daughter Dance
The Friends of the Bloomsburg Children’s Museum (BCM) will host its 3rd annual Daddy Daughter Dance on Sunday, July 28 from 3-6 p.m. at the Museum, 2 West 7th Street, Bloomsburg. Daughters may be escorted by dad, grandpa, Uncle, or any special person who fits this role. Learn More.
Commonwealth University Hosting Fall Management, Supply Chain, Marketing, Technology & Analytics Career Expo
Commonwealth University of Pennsylvania is pleased to announce their Fall 2024 Management, Supply Chain, Marketing, Technology & Analytics Career Expo at the Bloomsburg campus. Meet students and potential hires from Bloomsburg, Lock Haven and Mansfield who are interested in careers in Logistics, Information Technology and Management. For more information reach out to Darwin Kysor at dkysor@commonwealthu.edu or call 570-484-2181.
Pennsylvania College of Technology offers Workforce Development Courses
Check out PCT's full listing of Workforce Development Courses happening all year long! Courses include Excel Training and Fundamentals of GD & T.
Camp Victory hosting Dr. Os Victory Ride August 25th
Camp Victory in Millville, PA is hosting Dr. O’s Ride for Victory on August 25th. The event will feature a scenic ride through the mountains surrounding Camp Victory. Learn more.
Construction and Maintenance Training Programs offered at CMAVTS
This workforce development opportunity is provided by Columbia County Commissioners in partnership with Community Strategies Group and funded by the COVID-19-ARPA, Whole-Home Repairs Program Funds. This program is tuition-free for Residents of Columbia County. Training is provided by Columbia-Montour Area Vocational Technical School. For more information and to register for a course, call 570-784-8040, extension 3320, and check out the course schedule here.
July PPL Newsletter Focused on Tree Trimming Process
Servpro of Columbia, Montour & Sullivan Counties offering CE classes
5 CE classes will be offered by Servpro of Columbia, Montour & Sullivan Counties. Get the full schedule.
There is Still Time - Service 1st’s Annual Charity Duck Derby Tickets Available
The Service 1st Federal Credit Union rubber duckies are getting ready for their Annual Charity Duck Derby. The event is scheduled for Saturday, August 3, 2024 at 12:00 noon on the Danville/Riverside Bridge in Danville. Don’t miss your chance to sponsor a duckie in the big race! Tickets are on sale now through July 31, 2024. Learn More.
Agapepalooza Happing July 20th
Agapepalooza happening July 20th, 2024. This is a day of free fun for the whole family with activities, local vendors, and food. Learn more.
Central Susquehanna Opportunities opens Mobile Food Pantry
Central Susquehanna Opportunities opens Mobile Food PantryCSO celebrated the Launch of their mobile food pantry on July 9th. The pantry is ready to serve individuals and families facing food insecurity in Pennsylvania’s Central Susquehanna Valley. Find the locations for the mobile food pantry here.
LCBC hosting annual Global Leadership Summit
For over 30 years, the Global Leadership Summit has been empowering leaders worldwide. LCBC will be hosting this virtual summit at their Columbia - Montour Campus on August 8-9. Learn more.
Bloomsburg Rotary Hosting 30th Annual Jeffrey H. Lewis Memorial "Kids Klassic"
Wednesday, August 14th will see the 30th Annual Jeffrey H. Lewis Memorial "Kids Klassic" at Frosty Valley Resort. Learn more.
3rd Annual Photo contest hosted by Journey Bank
Community Giving Foundation partnering on a regional nonprofit Conference in October
Community Giving Foundation and First Community Foundation Partnership of Pennsylvania (FCFP) are thrilled to partner together to create Elevate2, a new regional nonprofit conference. The inaugural conference will be held on October 14-15, 2024, at Bucknell University in Lewisburg. More information is available online at elevate2.org
Women's Center to Celebrate Anniversary
Save the Date for the 50th Anniversary Celebration of the Women's Center of Columbia and Montour Counties happening November 16, 2024.
July Business Matters Hits Newsstands
Thanks again to our partner The Press Enterprise, the newest edition of Business Matters has officially hit newsstands (today)! Inside the edition, you'll see a recap of the last quarter's member news highlights, ribbon cuttings, events, and more. You'll also learn about upcoming programs and events, and business news that will impact your business in the coming months. Special thanks to Special Editions Editor Shawn Stair for another wonderful publication.
Mathematics for Decision-making: The 37% Rule
Have you ever been stuck between multiple options and simply unable to make a decision? Of course, you have — you're a human being. While the human brain is the most complex computing system known to man, people are still prone to finding big life decisions difficult. Nobody likes being paralyzed by a decision, yet it happens to all of us. What if we told you there was a magic number, a decision statistic, that could help you out of those difficult moments?
Mathematicians have discovered a number that they believe we can use to make any type of difficult decision. Whether you're deciding figure which of your 10 dates are the best pick, which house you should buy or which job to choose, this rule can help.
The 37% Rule
The underlying tenet is that if you have to choose among 100 possibilities, you should sample the first 37 and ignore (or postpone) the rest. The 37% rule is not some automated, unthinking process. It's a phase of calibration where you figure out what works and what doesn't. We select the finest from the rejected 37% and preserve that knowledge in our thoughts going ahead. If any future possibilities outperform that benchmark standard, you should choose them in order to get the greatest possible result.
The mathematically-minded may check out a more in-depth explanation of this weirdly specific advice. Mathematicians maintain that following this rule will increase your chances of selecting the best decision.
Exploit Versus Explore
The "explore/exploit" trade-off in psychology and economics. This questions if you should choose a surefire win (exploit) or take a chance choosing a different route with an unknowable result (explore). Certain variables, like how curious or risk-averse you are, influence how much you will investigate or exploit.
The extremes of being very exploratory or overly exploitative put us at a disadvantage. A person who investigates excessively runs the danger of becoming a "jack of all trades, master of none," whereas a person who exploits excessively may develop habits. So, how does it work in real life?
How to Apply the 37% Rule
Mathematicians think that we can use this rule in every area of life. To come to a statistically optimal decision on anything, you can apply it and know you're in the hands of science. Here are a few real-life examples of how to use this rule.
Dating
This rule says that if you're planning to go on 10 dates, you should enjoy the first three (3.7) but don't make any commitments. Then, the very next person you date who is better than any of those three should be the one you choose to settle with. According to the research, this is the perfect statistical balance between being exploratory and exploitative.
Job Hunting
If you plan on doing 100 job interviews, this rule says that you do 37 noncommittally, without having the intention to take any of them. Then, when you find the first thing that beats any of those first 37 options, take that one.
Humans are naturally analytical, but we can't always do the right thing. There's always an optimal decision to be made, but our tendencies to be risk aversion or overly exploratory might sometimes steal it from us. You can apply this to your personal and business decisions to avoid missing out on the optimal choice.
If you benefit from topics like this, consider joining the 2025 Class of Leadership Central Penn. For more information about LCP talk with Tonya Smith, Director of the Foundation of the Columbia Montour Chamber at foundation@columbiamontourchamber.com or at 570-784-2522 ext. 407.
Last week in Legislature
Source: PA Chamber of Business and Industry
With negotiations still ongoing, the state House of Representatives and Senate returned to Harrisburg last week to continue working on the 2024-25 state budget, accompanying code bills, and other legislative initiatives tangentially related to the annual spending plan.
Despite missing the June 30 budget deadline, reports indicate that talks continue between the Shapiro administration, Democrat-controlled House, and Republican-controlled Senate. Legislative leaders have expressed optimism in their quest to reach an agreement.
Additionally, lawmakers are also taking action on a range of bills, unrelated to the state budget, relevant to the employer community. These include proposals related to antitrust, health care, education, and more.
Below is a rundown of legislative action that was taken by House and Senate lawmakers last week:
Anti-Trust Expansion (H.B. 2012)
The House of Representatives voted 112-89 to pass House Bill 2012 last Tuesday.
This legislation would create a Pennsylvania anti-trust statute that would expand anti-trust provisions and require pre-merger notifications to the Attorney General’s Office for health care facilities. The language of what constitutes a violation is sweeping and ambiguous, subjecting the Commonwealth’s employer community to severe criminal penalties and costly civil liability based upon undefined standards.
The bill expands anti-trust powers for the Attorney General and creates private causes of action that will allow for private anti-trust lawsuits in state courts across the Commonwealth. Additionally, the pre-merger notification requirement will subject health care mergers to additional scrutiny well below the current thresholds for reporting to the FTC and the DOJ.
Along with a coalition of leading employer groups, we opposed this legislation (CLICK HERE for our letter to lawmakers), which now heads to the Senate for committee consideration.
Health Care Transactions (H.B. 2344)
The House Rules Committee voted 18-15 to advance House Bill 2344 last Monday.
This legislation would empower the Pennsylvania Attorney General to unilaterally determine the fate of every health care industry transaction in Pennsylvania and decide whether the transaction is “against the public interest.”
The bill creates a new, duplicative, and bureaucratic review process while placing the sole financial cost for the process back onto our health care systems, with no limits. This legislation is duplicative of existing state and federal processes and adds power to a single government agency to subjectively determine if health care transactions are “against the public interest.”
We opposed this legislation (CLICK HERE for our memo). House Bill 2344 is now pending before the full House.
Ready-to-Drink Products (S.B. 688)
The House of Representatives voted 163-38 to pass Senate Bill 688 last Tuesday.
This legislation would authorize the private sector to sell “Ready to Drink” adult beverages.
“Ready to Drink” cocktails are a popular alcoholic beverage product that currently can only be purchased through state stores. It is simply unfair to deny local convenience stores and supermarkets the ability to respond to their customers and sell these products.
We supported this legislation (CLICK HERE for our memo), which has been referred to the Senate Rules and Executive Nominations Committee.
Allowing Highly Qualified Individuals to Receive CTC Certificates (S.B. 700)
The House Education Committee voted unanimously (25-0) to pass Senate Bill 700 last Monday.
This legislation would amend the requirements to receive a CTC teaching certificate to more readily allow highly qualified individuals to transition from the private sector to the classroom.
The bill will help ease the Commonwealth’s workforce shortage, particularly in technical and trades jobs, by ensuring Pennsylvania’s career and technical centers are equipped with the brightest educators.
We supported this legislation (CLICK HERE for PA Chamber of Business and Industry memo), which is now pending before the full House.
###
The Columbia Montour Chamber of Commerce closely monitors proposed legislation and its potential impact on the local business community. Businesses are encouraged to offer feedback to Chamber President Chris Berleth, at cberleth@columbiamontourchamber.com.
Founded in 1916, the Pennsylvania Chamber of Business and Industry is the state's largest broad-based business association, with its membership comprising businesses of all sizes and across all industry sectors. The PA Chamber is The Statewide Voice of BusinessTM.
Enhancing Workplace Satisfaction Through Employee Recognition Programs
- Employee recognition programs are essential for boosting morale, productivity, and job satisfaction through awards, bonuses, and public acknowledgment.
- Such programs create a motivational environment, fostering a sense of accomplishment and belonging among employees.
- Effective recognition reduces turnover rates, with studies showing over 40% higher engagement and less likelihood of employees quitting when recognized.
- Implementing an effective recognition system involves setting clear goals, ensuring fairness, and using platforms that fit the company's culture.
- Regular acknowledgment, even through simple gestures like saying "thank you," plays a crucial role in creating a positive workplace culture and encouraging high performance.
607 ~ 3 min. read
Employee satisfaction directly correlates with productivity, morale, and overall workplace harmony. Recognizing and appreciating employees' efforts can significantly boost their job satisfaction. Read on to learn more about increasing workplace satisfaction through effective employee recognition programs and practical tips on implementing them.
What Are Employee Recognition Programs?
Employee recognition programs are formal or informal initiatives designed to acknowledge and reward employees for their hard work and dedication. These programs can include a variety of components such as awards, bonuses, thank you notes, and public recognition. The primary aim is to create a motivational environment that fosters a sense of accomplishment and belonging.
Benefits of Employee Recognition Programs
Implementing a well-thought-out recognition program can have profound benefits. Firstly, it boosts employee morale by making individuals feel valued and appreciated. Enhanced job satisfaction naturally follows, as employees are more likely to take pride in their work. Recognition also plays a critical role in reducing turnover rates, as employees who feel acknowledged are less likely to seek opportunities elsewhere. Recent studies reveal that employees feel over 40% more engaged when their managers are good at giving recognition compared to those with less skilled managers. Also, these employees show higher confidence, better memory retention, more willingness to commit, and are less likely to quit their jobs. Additionally, a positive recognition culture can improve overall productivity and performance, as motivated employees tend to be more focused and committed to their tasks.
Implementing a Robust Recognition System
Developing an effective recognition program involves several key steps. Organizations should begin by defining the goals of the program and determining the types of recognition that will be most impactful. Essential elements to include are awards, bonuses, and thank you notes, tailored to fit the company's culture. Ensuring consistency and fairness is crucial; all employees should have equal opportunities to be recognized, and the criteria for recognition should be transparent. Some companies specialize in all-in-one recognition platforms. People Managing People, a human resources firm, shared these 30 platforms to celebrate employee accomplishments and foster a culture of acknowledgement in the workplace.
Examples of Effective Recognition Programs
Several companies stand out for their exceptional recognition programs. For instance, Google’s peer-to-peer recognition system allows employees to thank each other publicly for exceptional work, fostering a culture of mutual appreciation and an opportunity for cash bonuses. Smaller businesses can also implement effective programs; for example, a small tech startup might use monthly awards and team outings to recognize and reward outstanding efforts.
Regular Acknowledgment and Its Impact
Never underestimate the impact of expressing gratitude with a simple "thank you." This small gesture can have a powerful effect, fostering a positive atmosphere, strengthening relationships, and acknowledging the efforts and contributions of others. Regular acknowledgment, even through informal channels, creates a culture of appreciation that permeates the workplace. This culture not only boosts morale but also encourages employees to maintain high performance levels, knowing their efforts will not go unnoticed.
Challenges and Solutions
Implementing recognition programs is not without challenges. Common pitfalls include a lack of consistency, perceived unfairness, and insufficient funding. To overcome these challenges, organizations should set clear guidelines, maintain transparent communication, and seek cost-effective solutions such as non-monetary recognition. It's important to reward more than just performance. Recognize efforts, process improvements, value demonstrations, and innovations, not just outcomes.
The Takeaway
Recognizing employees is key to improving workplace happiness. Investing in a system that boosts morale, makes jobs more satisfying, and creates a better work atmosphere changes the company culture for the better. When companies acknowledge their employees' hard work, they often see not just more productivity but also greater success overall.
---
The Columbia Montour Chamber of Commerce is a private non-profit organization that aims to support the growth and development of local businesses and our regional economy. We strive to create content that not only educates but also fosters a sense of connection and collaboration among our readers. Join us as we explore topics such as economic development, networking opportunities, upcoming events, and success stories from our vibrant community. Our resources provide insights, advice, and news that are relevant to business owners, entrepreneurs, and community members alike.
50+ Local Chambers of Commerce Across PA Urge State Investments inChild Care Teacher Recruitment and Retention
Local chambers of commerce from across Pennsylvania, including the Columbia Montour Chamber of Commerce submitted a letter to state lawmakers urging them to address Pennsylvania’s continuous child care crisis. The letter, signed by more than 50 local chambers of commerce and economic development agencies, calls for a state investment that directly helps child care providers to recruit and retain their teachers. The letter explains, alleviating the child care workforce shortage, means classrooms can remain open or reopen, increasing the availability of child care for the tens of thousands of families that need it to remain in the workforce and contribute to Pennsylvania’s overall economy.
A new report from the nonprofit ReadyNation surveyed more than 300 PA working mothers and estimated an annual economic cost of $2.4 billion in lost earnings, productivity, and tax revenue due to gaps in Pennsylvania’s child care system.
According to the report, the vast majority of child care responsibility still falls on mothers – therefore, work disruptions, career barriers and financial burdens caused by inadequate child care are greater for working moms as a percentage of earnings than all working parents. The annual economic cost of both working mothers and fathers dealing with gaps in PA’s child care system is estimated at $6.65 billion annually.
As part of the letter, local chamber leaders point to numerous states that are navigating the child care teacher shortage crisis that is closing programs and driving up waitlists for working families in need of care. At least 18 states are directly investing in recruitment and retention strategies to solve the child care teacher shortage and ensure that child care supply can meet the demand from working families.
Click here to learn more about the child care in Pennsylvania.
###
Businesses are encouraged to offer feedback to Chamber President Chris Berleth, at cberleth@columbiamontourchamber.com on this topic or others that impacting your business.