— The head of a consulting service for Wisconsin manufacturers is advocating for a tech-savvy, generational approach to employee recruitment, development and retention.
Chris Baichoo, executive director and CEO of Madison-based WMEP Manufacturing Solutions, spoke during the 2023 Wisconsin Economic Summit. The two-day event was hosted this week in Appleton by the Wisconsin Economic Development Corp.
His presentation highlighted various strategies being used by Wisconsin companies, including connecting with local schools to stoke enthusiasm for the manufacturing industry among students and parents, and paying for technical college degrees in exchange for the student working for them for several years.
But even with these and other initiatives in place, “and a lot of money being spent, we still have a challenge. So there’s more that needs to be done to address the workforce challenge,” he said.
He noted older, more experienced workers are easier to reach through traditional messaging such as newspaper ads, billboards and signs placed outside the business looking to hire. Younger workers, though, are more likely to find work through online job boards and social media.
“So if you’re looking to get the most out of your recruitment efforts, you have to look at the generational needs and be able to have a multi-point approach,” he said. “Through each one of these key steps, you have to take a different approach than you have in the past.”
He urged employers to adopt a “marketing mindset” in the competitive labor market, treating potential hires more like customers.
“You’ve got to give them what they want so they come on board … Your employee value proposition has to be apparent on social media, it has to be apparent on your website,” he said. “You’ve also got to think about using your existing employees to help post positive reviews on Indeed and Glassdoor.”
For companies looking to hire from the local area, he suggested investing in community engagement efforts as a way to build brand awareness among nearby residents.
On the employee development side, Baichoo noted many WMEP customers are establishing “internal universities” with curriculum for on-the-job training that’s catered to their operation. For many small companies in Wisconsin, that specialized expertise is held by a select few employees that have been with them for decades, he said.
He argued these businesses “have to start trapping that knowledge” so that when long-time workers retire, all that experience doesn’t leave with them.
“It can be catastrophic, I’ve actually experienced that in one of my jobs,” he said. “It completely ruined the company, because they weren’t paying attention to what was going to happen three to five years out.”
To avoid that outcome, he said employers can coordinate mentorships between recent or soon-to-be retirees and younger talent, adding that can help improve retention as well.
Other factors driving high retention rates include attractive benefits packages, flexible work schedules, rewards and recognition, as well as inclusive workplace culture “with good values and behaviors,” he said.
Watch the video of his remarks here: https://wiseye.org/2023/10/23/2023-wisconsin-economic-summit-session-4/
— Attorney General Josh Kaul has joined a coalition of attorneys general in suing Meta in federal court, alleging the company knowingly included features in its social media platforms that are addicting to children and teens.
Wisconsin is one of 34 states that joined the federal suit filed in the Northern District of California alleging Meta knew the harmful impact of its platforms, including Facebook and Instagram, on young people and misled the public about them.
Meanwhile, AGs in 10 states and Washington, D.C., filed their own suits in local courts.
The federal suit seeks injunctive and monetary relief to rectify the harms allegedly caused by the platforms.
“We must keep our kids safe—and that includes from dangers online,” Kaul said. “Adequate protections should be in place to protect kids from harms associated with social media, and parents must receive accurate information about potential dangers to their kids.”
See the release:
— Wisconsin hospitals are facing relatively slim operating margins as the cost of supplies, services, salaries and more continue to rise.
That’s according to the Guide to Wisconsin Hospitals for FY2022 report released yesterday by the Wisconsin Hospital Association Information Center. WHAIC Vice President and Chief Privacy Officer Jennifer Mueller says last year was “one of the toughest years financially” in the past decade for health care providers in the state.
“With inflation driving up the costs of goods — not only for individual consumers, but for businesses and organizations as well — hospitals have been challenged with increased costs of medical supplies and overhead costs incurred while providing care,” Mueller said in a statement.
The report compares fiscal year 2022 data with figures from fiscal year 2019, skipping the pandemic years of 2020 and 2021. Over that period, hospitals in the state saw a 37.5% decrease in operating margins.
A total of 53 hospitals had a negative operating margin while 65 had a negative total margin. Both of those numbers are the highest they’ve been in the last 10 years, according to the report.
Plus, health system operating margins fell to -0.1% in fiscal year 2022, compared to 3.9% in fiscal year 2019. That’s the lowest that figure has been for a decade.
These trends are being driven in part by rising costs, report authors wrote. The largest expenses, supplies and services, have increased 26.73% since 2019. At the same time, salary and fringe costs — which are related to things like vacation and sick leave — have risen 13.51%. Meanwhile, capital costs have increased 6%.
Along with these trends, the report also includes overall dollar figures for the latest fiscal year. Wisconsin hospitals generated about $28.3 billion in total revenue and had about $26.8 billion in expenses, resulting in net income of $941.7 million.
See the full report: https://www.whainfocenter.com/WHAInfoCenter/media/DataProducts/GuidePDFs/2022/Narrative.pdf
<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i>
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— A Milwaukee tech startup called 7Rivers has acquired PerformanceG2, a business consultancy also based in Milwaukee.
Working with customers in manufacturing, insurance and banking, 7Rivers uses AI technology to provide business insights. Acquiring the consultancy “significantly advances its data modernization capabilities,” according to yesterday’s release.
“Joining forces with 7Rivers is an excellent opportunity for our team to be part of a visionary startup that’s already on a rapid trajectory of growth and impact,” Performance G2 COO Mark Schultze said in a statement.
Paul Stillmank, founder and CEO of 7Rivers, announced the startup’s launch just last month. The business is backed by $3.5 million in funding, and projects profitability within about a year and a half.
See yesterday’s release: https://www.wisbusiness.com/2023/7rivers-announces-acquisition-of-performanceg2-2/
See the launch release from September: https://www.prnewswire.com/news-releases/7rivers-launches-in-milwaukee-with-snowflake-partnership-301931253.html
#TOP STORIES#
# Milwaukee childcare pilot program supports construction trade workers
# Girls’ interest in computing declines after middle school. This Milwaukee partnership aims to instill a love of STEM.
# Despite opposition from utilities, Wisconsin lawmakers say community solar bill could help farmers
#TOPICS#
# AGRIBUSINESS
– Wisconsin Senate advances GOP bill requiring statewide wolf population goal
http://wisconsinagconnection.com/story-state.php?Id=946&yr=2023
– Wisconsin potato crop looks large, growers face challenge
http://wisconsinagconnection.com/story-state.php?Id=948&yr=2023
# CONSTRUCTION
– Green Bay affordable housing progresses, market-rate plans struggle
# FOOD AND BEVERAGE
– Culver’s to donate $1 million for custard shop exhibit at future Milwaukee Public Museum
# HEALTH CARE
– Wisconsin organizations urge lawmakers to embrace local approach to reducing childhood obesity
# LEGAL
– Vehicle thefts down in Milwaukee but carjackings ticking up
– States sue Meta claiming its social platforms are addictive and harm children’s mental health
– A Wauwatosa homeowner got an unsolicited cash offer to buy their home. Here’s why it’s likely too good to be true
# MANUFACTURING
– Fathom Manufacturing CEO stepping down, successor named
– 4 things to know about the Appleton winner of Wisconsin’s ‘Coolest Thing’ contest
# REAL ESTATE
– Mayfair owner could invest up to $50 million to upgrade mall through deal with Wauwatosa
– Displaced Community Within the Corridor tenants reach settlement with developers
# REGULATION
– City to decide on encroachment of future building above transit transfer center
# TECHNOLOGY
– Former GE HealthCare manager to lead Wisconsin biohealth tech hub
– 7Rivers acquires Texas-based performance management consultancy
# TOURISM
– Rain and cooler temperatures could have saved fall foliage season in Wisconsin
# PRESS RELEASES
<i>See these and other press releases:
https://www.wisbusiness.com/press-releases/ </i>
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