JOHNSON CENTER defines trends for nonprofit sector.
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FEB 22, 2022 VOL. 40, NO. 4
The Business Newspaper of Metro Grand Rapids, Holland, Muskegon & West Michigan
THIS WEEK
COMPASS LEADER PLAYS MANY ROLES
Jay Greer’s background in accounting, medical devices and entrepreneurialism proves beneficial in next endeavor. Page 8
MRLA tallies omicron variant impacts National Restaurant Association survey shows effect of COVID-19 surge on restaurant industry. Rachel Watson
rwatson@grbj.com
M&A on track Despite record valuations and deals in 2021, survey respondents don’t expect slowdown in 2022. PAGE 3
Taking stock Market’s historic gains have some investors jumping too quickly. PAGE 7
The Michigan Restaurant & Lodging Association recently published survey data showing further federal assistance to the restaurant industry could save an additional 50,000 jobs. The MRLA on Jan. 26 published the Michigan results of a National Restaurant Association COVID-19 Restaurant Impact Survey highlighting the devastating impact the omicron variant has had so far and the positive effect the Restaurant Revitalization Fund (RRF) had on the Michigan industry. The first round of RRF funding was disbursed in August to 1 in 3 of the restaurants that applied. The Michigan findings of the impact survey were provided by the National Restaurant Associa-
tion Research Group, which surveyed 4,200 restaurant operators from Jan. 16-18, 2022. According to the National Restaurant Association analysis, the first round of RRF funding
saved more than 35,000 Michigan jobs and helped 94% of recipients of an RRF grant stay in business. In addition, the survey found: •Nearly 43% of restaurant
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Survey shows rise in time off adjustments
SLOWER GROWTH GVSU analysts present views for 2022 from West Michigan business leaders at chamber’s annual meeting. Page 9
Employers amending PTO policies to recruit and retain workers in tight labor market.
THE LISTS
rwatson@grbj.com
The area’s top investment and brokerage firms. Page 4 The area’s top wealth management firms. Page 5
More than 85% of survey respondents say they experienced a decline in customer demand for indoor, on-premises dining in recent weeks because of the omicron variant. Courtesy Essence Restaurant Group
operators who did not receive RRF grants feel it is unlikely they will stay in business beyond the pandemic without a grant. •97% of restaurant operators who applied for an RRF grant but did not receive funding said a future grant would enable them to retain or hire back employees who otherwise would have been temporarily or permanently laid off. “Our survey delivers reliable data to what everyone in Michigan already knows — that omicron is closing restaurants and significantly complicating our recovery,” said Justin Winslow, MRLA president and CEO, adding record levels of inflation in 2021 also hit bottom lines. “Fortunately, we have a solution in the Restaurant Revitalization Fund that we know works, (and) we need Congress to act quickly to supplement its funding.” The restaurant industry was hit hard by the latest surge of COVID-19 cases caused by the omicron variant. Forced to adapt to deteriorating consumer confidence, restaurants reduced
Rachel Watson
A new survey report shows a major increase in time off policy adjustments happened in 2021 amid the changing landscape of the COVID-19 pandemic. Lockton Companies, a global independent insurance brokerage and people solutions consulting group, on Jan. 20 published its 2021 HR Trends Survey Report: A
Spotlight on Competitive Time Off Practices. The survey included nearly 700 U.S. employers from a wide variety of industries and regions, representing nearly 1.5 million employees. The full results of the survey are available to employers who participated. Findings showed key policy adjustments such as better alignment with diversity, equity and inclusion programs; an increase in paid parental leave and other family-friendly approaches; and an increase in policies that provide flexibility for employees, including PTO adjustments. “As the Great Resignation took hold and Americans moved within the workforce at unprecedented
rates, employers are reacting with swift adjustments to time off policies,” said Stacie Engelmann, Lockton vice president and HR consultant. “Organizations who aren’t looking to offer competitive benefits will be left behind in the fight to attract and retain top talent.” Jon Snead, senior vice president, business consultant, and Amy McCulloch, strategic consultant, benefits and human capital, Lockton Companies Grand Rapids, recently spoke to the Business Journal about the results. Snead said he easily could have predicted the theme of changing PTO policies in the survey results. “It pretty much confirms some of the things that Amy and I are seeing out in the market, that time
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Inside Track ....... 8 Guest Columns.. 10 Inflation situation Change-Ups ...... 16
COUPLE opens Wyoming café with a purpose.
Calendar ........... 16 Public Record .... 17 Street Talk ...... 18
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Snead
off … is quickly becoming one of the most important benefits that employers need to offer to be competitive in the market, even more so than the more traditional focus on pay, health insurance (and)
retirement.” McCulloch said she was surprised at the nature of some of the changes to PTO structure, as the use of general PTO programs went down by 4% in favor of a shift to CONTINUED ON PAGE 15
