Job Creation
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Dean Poon of The Ohio State Fisher College of Business presentation on Job Creation. Presentation at GE Capital's Roadshow for Growth in Chicago, IL on May 9, 2013.

Dean Poon of The Ohio State Fisher College of Business presentation on Job Creation. Presentation at GE Capital's Roadshow for Growth in Chicago, IL on May 9, 2013.

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http://www.middlemarketcenter.org 198
https://fisher.osu.edu 11

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  • Update wording (point is they are loyal to their communities NOT “they source locally”)
  • Demonstrates that even during the recession, the middle market added jobs. The middle market is a “pillar” of the national economy.
  • A lot of uncertainty but at least half are considering these kind of options
  • And clearly two-thirds claim they will be impacted
  • Optimistic of ways to resolve the skills gap: GE & NCMM bringing together student, academic, and business resources.

Job Creation Presentation Transcript

  • 1. The Mighty Middle MarketChristine PoonDean of Fisher College of BusinessThe Ohio State University
  • 2. Meet the Mighty Middle197,000 BUSINESSESBETWEEN $10MM—$1B4th LARGESTGLOBAL ECONOMYONE-THIRD PRIVATE SECTORGDP ($3.84 TRILLION)43.3MM JOBS – ONE THIRD OFTOTAL PRIVATE SECTOR JOBSIN THE U.S.US CENSUS DATA
  • 3. Meet the Mighty Middle• Pillars of their communities• 82% survivorship rate during recent financial crisis• 70% in business 20+ years• Grounded in their communities• Majority are privately held• Widely dispersed across all regionsand industries
  • 4. Chicago’s Mighty Middle Market1% FIRMS4,700 BUSINESSES21% REVENUE26% JOBSNote: Estimates based on available data from Dun and Bradstreet andprevious research conducted by the National Center for the Middle Market.
  • 5. Economic OutlookMiddle Market Executive Confidence29%22%36%48%50%59%66%67%70%Global Economy US Economy Local Economy1Q ‘12 1Q ‘1336%59%70%40%58%74%1Q ‘12 1Q ‘13 1Q ‘12 1Q ‘13
  • 6. New EnglandNew England+192KNJ & NY+369KMid Atlantic+330KSoutheast+373KSouthwest+324KMidwest+460KWestern-38KMountain-Plains+162KMiddle Market Companies Net Jobs Contributions: 2007 - 2010MM+2.2MJobsBig Biz-3.7MJobs
  • 7. Outlook of the Middle Market…CAUTIOUSLYOPTIMISTIC
  • 8. Top 5 Business ChallengesCOST OF HEALTHCARECOST OF DOING BUSINESS92%84%89%ABILITY TOMAINTAIN MARGINSUNCERTAINTY OF HOWGOVERNMENT ACTIVITIESWILL IMPACT BUSINESS82%ABILITY TOATTRACT, TRAIN,AND RETAIN TALENT75%1Q 2013: Next 12 Months1Q 2012: 92%1Q 2012: 86%1Q 2012: 88% 1Q 2012: 77%1Q 2012: 81%
  • 9. Healthcare
  • 10. HealthcareNearly half of the firms are considering options:1. Renegotiate with current insurer 25%2. Seek new insurer 12%3. Encourage wellness efforts 20%4. Pay fines and eliminate coverage 7%4Q 2012
  • 11. Impact of Healthcare on Jobs4Q 2012Two-thirds of firms claim that they will be impacted –top three actions:• Less investment 32%• Hiring Freeze 30%• Laying off workers 17%
  • 12. Skills Gap
  • 13. Impact of Skills Gap1Q 2013More than 40% in Midwest report there is a skills gap42%58%37%63%Midwest NationSkills gap presentNo Skills GapSkills gap presentNo Skills Gap
  • 14. Impact of Skills Gap1Q 20131.30%Top three workforce challenges:Most challenging areas to hire:79% 78% 73%82%62%77%0%50%100%Finding sources oftalentLack of workers withrelevant experienceLack of workers withrelevant trainingMMI Midwest22%18% 16%19%28%16%0%10%20%30%Sales Skilled Trade OperationsMMI Midwest
  • 15. Resolving the Skills Gap1Q 20131.30%Programs that would be most effective:41% 39% 37%12% 9%0%10%20%30%40%50%Improvements in thesecondary educationalsystemBusiness/communitycollege partnershipsRegional vocationaltraining programsNational vocationaltraining programsA streamlined hiringprocess for foreignworkers66% Educational Improvements/Partnerships42% Vocational Training
  • 16. Growth Champions1.30%Growth Champion CharacteristicsInvestment in InnovationBroader Geographic VisionCustomer FocusStrong Management CultureOperational ExcellenceNote: Identified in the National Center for the Middle Market’s foundationalresearch “The Market that Moves America”.
  • 17. www.middlemarketcenter.org