The Business Conditions Council convened its quarterly meeting at the Greater Nashville Realtor’s on Tuesday, July 26, 2022. The Business Conditions Council is composed of leaders in different industries representing the local economy in the Middle Tennessee region. The purpose of the group is to discuss the challenges and potential solutions facing the local economy. Below are some of issues and insights that were shared in the discussion.

Workforce, inflation, & transit

· The availability of workforce and talent continues to be a major challenge for all industries, regardless of skill level. Finding and retaining talent is

· In addition to workforce, inflation, especially as it relates to wages, and supply chain issues are continuing to be a source of strain for businesses.

· The future of transit is an important factor moving forward for the sustainable growth of the local economy, and it needs to be carefully studied to maximize its value to the region.

Members of the council also shared some insights and solutions that have been implemented to help solve some of these challenges

· Utilizing public transportation more. One business leader purchased transit cards for her employees to help offset inflation and has started using public transportation more. Critical to the success of the local economy will be improving transit to allow easier access for workforce to travel for employment.

· Allowing some remote work/hybrid model for employees to help with employee retention and flexibility. Different industries have different constraints with their ability to allow employees to work remotely. Even businesses and organizations that typically do not have remote work options, have had to be flexible with their employees in allowing the occasional work from home day. Other solutions discussed included implementing a system where an employee could accumulate remote-work days and use them. Leaders have had to get creative in navigating the post-covid work environment and be more flexible with their workforce. It is critical to be able to measure the effectiveness of implementing innovative solutions. An example mentioned was tracking the metrics of call center employees while allowing them to work from home.

· Maintaining a culture centered on the employees is critical for recruiting and retaining talent and workforce. Several members discussed that they have been more focused on keeping employees satisfied through wage increases, creating events and engagement to keeping their workforce happy. One member shared an incentive program that rewards employees for recruiting coworkers to work for their organization. Other organizations have had to be more proactive in finding talent, especially in the tech sector where the demand for talent is significantly high. The bottom line is employers have had to get creative in finding and retaining talent.