We launched a new section in our August issue designed to give you insight into what’s going on across a range of sectors by asking three local executives to answer a pertinent business question from the viewpoint of their respective industries. Their replies provide a snapshot of the current business landscape in our area.
Charles J. Caramanna
PE, LEED AP, CPMP, CCP
Unpredictability. At the beginning of the year the construction market was poised for growth. This was welcomed after quite a few years of “fishing the slack tide.” By mid-year, uncertainty had crept into the construction marketplace. Projects that were gestating for years became stalled. Other projects seemed to have appeared out of nowhere. Clients have recently demonstrated a sense of reluctance to move forward, while others seized the opportunity created by low volume to take advantage of lower pricings. Neither of these situations lends themselves to successful construction. Construction projects thrive in a stable and predictable environment and it’s difficult to see right now when that will occur
president and CEO
Cooper University Health Care
The biggest obstacle facing the health care industry is the uncertainty of federal policy and the negative impact on reimbursement for the care and services we provide to our patients and the community. While reimbursement is decreasing, we must continue to stay current with the latest medical devices, pharmaceutical agents and information technology; all sold and supplied by for-profit companies that have minimal restriction on pricing escalation. This requires that health care providers do more with less. Though challenging, it provides an opportunity to design and adopt new models of high-quality and efficient value-based care, creating the best health care experience for our patients and their families.
CPA, PFS, CGMA
The overarching obstacle accounting and advisory firms are facing are related to staffing and generational shift. Baby boomers are retiring or about to retire and it can be challenging to leverage their expertise with a small pool of employees, some of whom have less experience. Likewise, firms are working to appeal to the growing population of millennials in the workforce. Now we’re incorporating perks like flex scheduling, work anytime/ anywhere and casual dress while still keeping up the high standards of servicing our client base. Another struggle is employees retooling their job description to meet their personal needs, including lack of interest in taking the CPA exam because of the time commitment outside of the office.
Published (and copyrighted) in South Jersey Biz, Volume 7, Issue 11 (November, 2017).