Foreign Investment Pays Off in Jobs

The Indiana Chamber has touted the advantages of foreign-owned establishments numerous times over the years. A new study looks at jobs generated by the foreign investment in the largest U.S. metro areas over the past 20 years.

In 1991, Indianapolis ranked 36th nationally with 21,190 jobs tied to foreign direct investment. In 2011, those numbers improved to a 22nd-place ranking and 49,910 jobs.

How about industries and locations? Aircraft products and parts topped the 2011 list (thanks largely to Rolls Royce), accounting for 7,600 jobs. Motor vehicle parts followed with 4,800 jobs. In line with those numbers, London and Tokyo, respectively, were the leading global cities serving as home for the Indianapolis-area investment.

The Brookings Institutions and JPMorgan Chase combined efforts on the research.

Interesting Trends Anticipated for This Year’s Back to School Shopping

As the oldest in a family of five children, the end of July always heralded the beginning of the dreaded, chaotic Back to School (BTS) shopping. My mom would gather the lists our teachers provided us with at the end of the previous school year, pile us into the car and search the aisles of local stores boasting discounts.

At the end of the shopping spree, we would come home with bags containing an assortment of pens, notebooks, folders and binders that we would have to go through and separate for each sibling.

It’s that time of the year again, only (thankfully) I no longer have to accompany my mom on those trips, which could last hours. This year, more BTS shoppers have followed in my mom’s tradition of getting a jump start on the action. A survey commissioned by ICSC-Goldman Sachs found that 37% of consumers have already started shopping, compared to 29% who began at this time last year.

Ninety percent have indicated that they will purchase from brick-and-mortar retailers. According to the survey, “many retailers found in regional malls and open-air centers, such as office supply stores, traditional department stores, electronic stores and apparel specialty stores should see increased activity during the BTS season.”

Online shopping is expected to drop from 8.6% last year to 8.1% this year. Seventy-three percent of consumers said they will do research online and then buy their supplies from a physical store.

Average household spending on BTS items is expected to increase this year. Excluding electronics, expenditures are anticipated to be $325 per household, an increase from last year’s average of $285 per household.

This year’s Back to School shopping is still in its early phases. It will be interesting to see if the actual figures match up to the predicted ones.

Time for Some Midweek Soccer and More

The Indy Eleven may be going through a few growing pains on the field (1 win, 6 losses and 4 draws but with a number of close, heartbreaking setbacks) as a first-year team in the North American Soccer League, but the franchise has a perfect mark at the gate — six home games in league play and six sellouts.

All games are played on Saturday evenings with the exception of an upcoming Wednesday contest (August 6) against the Fort Lauderdale Strikers. The team has a special “Happy Hour Night” offer available for businesses and individuals with a game ticket and hospitality package for just $25. Details are available here.

The Indiana Chamber’s BizVoice magazine featured the off-field success of the franchise in its March-April issue this year. Check out the story if you missed it, and check out the state’s newest professional team and the excitement of the soccer experience on August 6.

It’s All About Innovation

Innovation (and workforce and a few other things) is the name of the game when it comes to Indiana business development. It’s featured throughout the Indiana Chamber’s Indiana Vision 2025 plan. And innovation will be the focus of a late August event.

Centric is an Indianapolis-based innovation think tank and networking group, with the goal of making the city (and beyond) a globally recognized center for innovation. The Indiana Innovation Awards strive to recognize innovation and excellence throughout the state. The two come together at Centric’s Day of Innovation on August 28.

To be nominated for the awards, an organization must have launched a product or service in the past three years that has shown success and is considered innovative in its market. Past Indiana Innovation Awards winners include Cultural Trail, TinderBox, Delta Faucet, Yikes, Brackets for Good, Indianapolis Symphony Orchestra and many others.

 

 

Company Perks — and the Employees They’re Meant For

Sometimes I get a little jealous when my husband comes home and tells me of some of the really impressive perks he gets by working at one of Indianapolis’ top technology companies — eight-time Best Places to Work in Indiana honoree Interactive Intelligence. Like the one day he got to end the workday with a cold beer and a cupcake (right?). Or the day he came into work and there was a blanket fort built above their cubicles (I made him send me a picture of that one). Or basically any of the days he goes into work in a t-shirt and shorts (what?).

I found this article from the Wall Street Journal about which employees some of these perks at technology companies are actually meant to entertain and keep around. It’s not the sales or marketing people, or the support staff – it’s the engineers.

A candid interview with the CEO of a Seattle-based realty and tech firm relays that the company knows what it needs to offer to attract the best talent – and extending those perks to the entire company ensures no bad blood forms. The CEO also notes that company-provided lunches are opportunities for the technology teams and the sales teams to get together and talk – which often means the tech people have a good idea of what types of technology products their co-workers need.

An interesting point the CEO brings up is that employees seem to get used to the perks … to the point of entitlement, even.

Each year, we recognize the state’s top employers through the Best Places to Work in Indiana program (attention: nominations are open for the 2015 program, through November 21). And every year we comb through the results of the employer questionnaires to put together profiles and interesting stories for BizVoice® magazine. There have been some really impressive perks noted along the way.

And while the afore-mentioned CEO brought up the issue of entitlement (which may very well be the case on the West Coast), I’ve spoken with many employees of the Best Places companies throughout the past four years and overall I get the sense of a humble gratitude for their employers providing the benefits and perks that they do. On the flip side, the employers also talk about how they are grateful to be able to provide happy and productive workplaces that are often centered on treating people well and supporting family-friendly environments.

If nothing else, it’s a good reminder not to take for granted any of the perks or benefits your company provides.

Don’t forget to apply for the 2015 Best Places to Work in Indiana program! Visit www.bestplacestoworkin.com for more information.

Congress Can Do It, But You Can’t

An interesting blurb in a recent Kiplinger newsletter on one of the privileges of congressional service:

Congress can do what employers can’t when it comes to health coverage: use tax-advanced funds to reimburse workers who buy individual health care policies on exchanges. Employers face a tax penalty of $100 a day per worker for violations.

Yet the government gives lawmakers and Capitol Hill staffers tax free contributions to help offset insurance premiums, covering about 72% of exchange-bought insurance. The government allowed the payments because of concerns about higher premiums and the loss of the government subsidy for insurance for both lawmakers and staff.

The IRS restated its view that such subsidies aren’t permitted in the private sector after some vendors told employers that the pretax payments would allow them to meet the mandate to provide insurance. The double standards isn’t likely to change.

Managing Millennials

Born in 1993, I’m pretty certain I’m considered a member of the sometimes disreputable and misunderstood Millennial generation. As more Millennials are entering the workforce, some of their workplace habits have been under scrutiny, as coworkers and managers consider Millennials to be different from previous generations. I was surprised to run into an article combating some of these notions, or at least questioning them.

The Harvard Business Review article centered on four common blanket statements made about Millennials:

  1. They’re completely different from “us” at that age.
  2. Millennials want more purpose at work.
  3. They want more work-life balance.
  4. Millennials need special treatment at work.

The basis for the article’s conclusions came mainly from research done by Jean Twenge, a professor of psychology at San Diego State University and the author of “Generation Me,” and her fellow researchers. Peter Cappelli, the George W. Taylor Professor of Management at the Wharton School, also offered his insight based on his studies of research done on Millennials.

All of the abovementioned statements were proven false aside from number three, which was found to be “somewhat true.” The basic conclusion was that Millennials are not drastically different from previous generations and the perceptions that they are derive from the age difference. In other words, Millennials are not that different from Baby Boomers when they were in their 20s and 30s.

However, when managing people, it is still helpful to recognize the differences that age can present, because people’s needs change as they progress through different stages of their life. What’s important to you when you’re 24 is not the same as when you’re 50.

The generational gap does not have to pose issues at work. In fact, Cappelli found in his research that teams composed of different-aged workers perform better, particularly because they don’t view each other as competition and instead collaborate to help each other.

Billionaire Beginnings

Ralph Lauren is worth $7.7 billion. Oprah Winfrey’s empire has skyrocketed to $2.9 billion. They are among the mega-rich and regarded as celebrity royalty.

Their achievements are all the more inspiring when you consider how far they’ve come. Like others featured in a recent Business Insider post – “15 Billionaires Who Were Once Dirt Poor” – both overcame poverty.

Are you familiar with Howard Schultz? I wasn’t. At least that’s what I thought until I discovered that he runs Starbucks (I’m all too acquainted with the company’s lattes). In the piece, he recounts childhood memories residing in a complex for the poor:

Growing up I always felt like I was living on the other side of the tracks. I knew the people on the other side had more resources, more money, happier families. And for some reason, I don’t know why or how, I wanted to climb over that fence and achieve something beyond what people were saying was possible. I may have a suit and tie on now but I know where I’m from and I know what it’s like.

Today, he’s amassed $2 billion. Let me digest that.

Leonardo Del Vecchio’s story is one of the most poignant. As a child, he and four siblings were sent to live in an orphanage after their father died. While working in a factory, Del Vecchio lost part of his finger in an accident. In 1961, he founded Luxottica, the largest producer and retailer of sunglasses and prescription glasses in the world (think Ray-Bans). He’s now worth $15.3 billion.

Fortune may have smiled on these business legends, but their tremendous talent and determination paved the way.

ExactTarget Partnering With Mentoring Women’s Network to Pass the Torch for Women

ExactTarget employees are making the pledge to Pass the Torch for Women.

Mentoring Women’s Network is holding its Pass the Torch for Women event and luncheon on August 14 at Ivy Tech in Indianapolis. You can sign up online, and be sure to use the discount code INCHAMBER to receive $50 off the all-day ticket.

It’s Your Chance to be All-IN

The Indiana Humanities Council has a mission of encouraging Hoosiers to think, read and talk in order to connect people, open minds and enrich lives. It has been a partner of the Indiana Chamber in past programs and initiatives.

The Council has a question for Hoosiers: Are you ALL-IN? Find out by engaging in a series of challenges that will help you learn more about your state. It’s an important way of adding “doing” to the think, read and talk mission.

Companies and other organizations are already signing up for friendly competitions or to simply engage their employees.

Learn more and be ALL-IN.