Finding and keeping qualified workers remains among the primary economic issues facing Northeast Florida business leaders in 2023, continuing their concerns from 2022.
Uncertainty, including the question of a recession, underlies the challenges.
Northeast Florida leaders offer their insight into how they plan to take on the challenges of the next 12 months.
LAW
Shareholder, Coker Law; President, Jacksonville Bar Association
The primary economic issue facing the legal profession is continuing to adapt to the post-COVID work culture and the influence of the changing economic landscape.
Over the last several years, all law firms, no matter the practice area, have had to adapt to remote working.
It was a monumental shift in the nature of our practices.
It naturally focused our attention to look at more cost-effective ways at managing our firms.
Now, as we face record-setting inflation, rising interest rates and speculation of a recession, those who invested and continue to invest in technological infrastructure are better equipped to withstand the impacts of the current economic climate.
In addition, the market has become more competitive in recruiting and retaining talent.
To address this challenge, law firms continue to shift gears in terms of permitting remote work and improving the office atmosphere and culture.
HIGHER EDUCATION
Founding Dean, Jacksonville University College of Law
Paradoxically the only constant in higher education, including especially legal education, is continuously accelerating change.
Florida’s bench, Bar and law schools are adapting to new technology, competitive and consumer-centric markets, our interconnected world and converging economic shocks such as disasters, pandemics and conflicts.
These megatrends undermine the conventional business model of legal education. Consequently, there are profound changes underway to admissions, scholarships, rankings and Bar exams.
We are heeding the Florida courts’ and Bar associations’ call for greater professionalism and ethics.
We offer training for leadership, teamwork, business literacy to promote economic growth and entrepreneurship and how to deal with imperfect information.
Our goal is to equip our students with lifelong learning skills and values needed to solve novel problems, expand access to affordable quality legal services and uphold the rule of law.
BANKING
President, Bank of America Jacksonville Southeast Region Executive
The primary economic issue facing the banking industry in Jacksonville is balancing the benefits and challenges that come with continued economic growth in our region.
We do that by helping people, companies and institutions achieve their financial goals as they navigate accelerated risk from the impacts of inflation, labor constraints, increased energy costs and supply chain disruption.
We focus on connecting with our customers and clients to thoroughly understand their needs, which have significantly become more digitally driven due to increased mobility.
Accelerating digitally and aligning our capabilities, tools and support to help families manage financial health and help neighborhoods leverage responsible home lending and economic development programs is critical.
Our industry must provide access to financial and intellectual capital to help businesses large and small thrive throughout this economic cycle, with unique support opportunities for women and minority-owned businesses.
Finally, we partner with Jacksonville’s organizations, nonprofits and companies to understand and help address the issues and challenges most prevalent in local communities by providing $8.1 million in grant funding since 2017.
HOSPITALITY
President and CEO, Visit Jacksonville
The primary economic issue facing conventions and tourism is continued inflation, which includes labor costs.
One of the ways the hospitality industry companies are tackling inflation and labor costs is by shifting the way they interact with guests and cross-training staff.
There are simple things that can be done through technology, such as ordering food or using a mobile app to check in at a hotel or chat with a front desk associate. Many hotels have also moved to a model of room cleaning on demand rather than providing it each day of a stay.
Across the industry, staff are being cross-trained in multiple roles to be able to assist where needed, such as front desk duties and room service.
Overall, the hospitality industry continues to persevere with the constantly changing demand for travel and travelers’ expectations.
RESIDENTIAL REAL ESTATE
Broker-Associate at The Impact Team, Watson Realty Corp. 2023 President, Northeast Florida Association of Realtors
The primary economic issue facing the residential real estate industry is housing affordability.
Owning a home builds wealth, provides a sense of community and impacts the local economy positively. Through the collaboration with private and public sectors, our industry is actively engaged and committed to finding solutions to housing affordability. We support tax incentives and down payment assistance programs, such as the Hometown Heroes Program, the State Housing Initiatives Partnership program and the State Apartment Incentive Loan program. Together with continued partnerships we hope more people will reach the goal of homeownership.
NONPROFITS
President and CEO, Beaches Habitat For Humanity
The primary economic issue facing the nonprofit sector is recruiting and retaining a qualified workforce in a competitive job market.
With many career opportunities available in the for-profit space and the challenge of offering competitive salaries and benefits while keeping overhead low, it can be difficult for nonprofits to hire and keep the best people to meet the mission.
Our industry is taking on this challenge by creating a workspace that offers more than just financial benefits. We prioritize creating a positive office environment and a community culture through collaboration, flexibility and opportunities for learning and growth.
We hope that our current employees’ word-of-mouth referrals and our collaborative philosophy will continue to attract smart, dedicated and passionate individuals interested in making a positive difference in our community.
