Join us for our installment of the Pacesetters Doing Business series featuring Point32Health on August 29, 2024.
08/29/2024
3:00pm - 4:00pm
Virtual
Join us to hear from remarkable Latinas who have overcome unique hurdles to achieve success in their careers.
09/11/2024
4:00pm - 5:30pm
PwC
The Fierce Urgency of Now Festival brings Boston’s diverse young professionals together with business leaders, organizations, and their peers to build connection, advance careers and ignite positive change.
09/14/2024 -
09/17/2024
Suffolk University
Go deeper than basic DEI training to achieve higher productivity, satisfaction, and revenue growth with our new corporate workshop.
Join our Transformational DEI Certificate! Our comprehensive learning & development offerings are designed to connect and grow strong leaders who lead both inside and out of the office.
Our Women’s Leadership Program enables you to take your leadership to the next level by arming you with the most in-demand leadership toolkit.
Our Boston’s Future Leaders (BFL) program provides emerging leaders with a socially conscious and civically engaged leadership toolkit, as well as the opportunity to apply their knowledge through experiential assignments.
City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.
We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).
BIMA (the Boston Interactive Media Association) serves a vibrant community of like-minded professionals from agencies, brands, publishers, and ad-tech companies with business interests in the New England market.
For 30 years, the Chamber’s Women’s Network has connected female professionals of all background and career levels. Today, our Women’s Network is the largest in New England, strengthening the professional networks of women each year.
The Massachusetts Apprentice Network convenes employers, training providers, and talent sources interested in developing and implementing apprenticeship programs in occupations across industries and statewide in fields such as tech, advanced manufacturing, healthcare, financial services, and more.
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Explore our mission and values to better understand how we are leading the business community forward.
Our member directory is your resource to discover, connect, and engage with Boston’s businesses from every industry and sector.
As Summer turns to Fall, many had planned on the pandemic being behind us and starting a more “normal” return to work for the third of Bostonians whose jobs have afforded them the flexibility of remote work. While Massachusetts ranks the most innovative state in America by Bloomberg and has led breakthroughs that have helped the world navigate through the pandemic, we still lost 560k jobs in the pandemic and saw half of small businesses close. This made very clear what we need to do as a state to retain talent and jobs and keep our economy competitive and vibrant. As our business leaders and employees navigate continued uncertainties, the Boston Chamber of Commerce kicked off its “Future of Work” series to help guide businesses and government to act on the innovation, agility, and empathy required to support our vibrant, diverse workforce and communities, bolstering the region’s competitive edge in the global marketplace.
Last month, the state issued a “Preparing for the Future of Work in the Commonwealth of Massachusetts” report to discuss the vision for the Commonwealth and our business community and how pandemic-driven trends will impact the region’s economy and public policy decisions moving forward. On August 30, a panel made up of the following thought leaders gathered virtually to discuss the key takeaways and next steps based around the report and their experiences from government, academia, public health, and industry:
Human capital is what drives our economy, and the retention of talent is more important than ever. In a changing competitive landscape, we have to have a competitive mindset as a state.
As Dr. Paula A. Johnson commented, “Higher education has a major role to play in creating a competitive advantage. The diversity in higher education in the state offers solutions for highly skilled workers and rapidly growing areas like STEM, all the way to retraining. The need to better connect higher ed with industries across the state could never be greater. The Chamber kicked off a Higher Education Leadership Council at the center of the work pipeline into a broad array of STEM fields. It provides an opportunity to improve access for women and minorities and figure out how we change the culture in these growing areas.”
With more employees working remotely, Bostonians now have the option of working outside the city, or the state, to retain their salary and lower their housing and/or commuting costs. We are a vibrant economy with strong healthcare and financial services industries, but with the costs associated with housing and childcare, we are seeing these critical enablers driving job growth outside of Boston. Employees living in smaller spaces or newer to their career are more likely to want to get back to the office and be visible but affording housing downtown can also be a real challenge for young professionals.
As Secretary Mike Kennealy, Housing and Economic Development, Commonwealth of Massachusetts, commented, We have in our economy, particularly in greater Boston, vast numbers of people working in technology, professional services and financial services, in jobs that can be done remotely, and they may choose to make their lives outside of Massachusetts. It’s something that ought to be concerning to all of us.
Looking at the unemployment data and the groups most impacted by the pandemic, we see societal inequities in the 10-15% higher unemployment rate among Black Americans, or the fact that it takes women 18 months or longer to get back to where they were post-pandemic as they bear the largest burden of the childcare challenges associated with the pandemic. Women taking so long to get back to work as well as the inequities in groups impacted by unemployment both affect our economy. We also see deep-seated challenges in different industry sectors. The Latinx community, for example, is highly represented in the hospitality industry– the restaurants, hotels, and other businesses impacted so heavily by the pandemic.
As Jules Seeley emphasized, “In order to bring women back to work, we need to create roles with flexibility. Relatively few companies have adapted off hours. We need to think of the hours employees need to be accessible (not just at the office) and create part-time or flex options. We need to understand what the workforce needs and be adaptable and flexible based on the needs of the organization.”
Automation, eCommerce, digitization and COVID accelerated the significant shift of up to 400k job transitions. These are real transitions in reskilling a new type of work or pay proposition, or even new industries.
Given that the state needs to retain 30-40k workers each year in the next decade for economic growth, we had to look at how we train, upskill, and re-skill workers as quickly as employers need it. Secretary Mike Kennealy calls this a “talent calling card in Massachusetts to ensure successful career pathways regardless of background or zip code.”
Read more about the MBCS here.
The nature of work has shifted to hybrid with many folks now working 1-3 days each week from home. The center of gravity has shifted away from the urban core.
Scott Couto, head of North America for Columbia Threadneedle Investments, said his company had been moving toward a hybrid work model before COVID-19 took hold, starting with thinking about what tasks could be done from outside the office. I thought that it was the definition of insanity to ask a young professional who sits in front of a computer screen and maybe talks on the telephone for a big part of her day to drive an hour to get into the office, to drive an hour home, when the technology exists to facilitate all that engagement remotely, he said.
What does this mean? Prior to the pandemic, there were a quarter of a million people in and out of Boston for work each day. The shift into hybrid work has impacted office buildings and ancillary businesses, hotels, coffee shops, restaurants, or what we would call the “economy of the core.” With the Delta variant impacting the timeline on return to offices and hybrid work arrangements meaning less volume in the city each day, Massachusetts instituted the largest state-sponsored small business relief program in the country in an effort to help curb the impact on small businesses.
As Couto continued, “For some younger professionals, they move out of urban areas and rely on public transit. We need a focus on more housing near public transit, and, as many organizations move to a hybrid work model, we need to invest in a downtown that provides an environment where employees want to come and interact. It is important that we work to make Massachusetts as competitive and equitable as we can.”
While we continue to navigate the changing landscape, and all the associated economic, housing, educational, financial, and other impacts, questions of how to tap local talent and keep company culture strong when remote work is so prevalent are just a few of the many questions on our minds. We hope you will continue to follow the “Future of Work” series, and if you missed or want to rewatch the full kickoff event, you can watch now.
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