PBN February 3, 2023

EVERYBODY’S

Preppin’ for

Where are businesses in helping city schools?

BY JAMES BESSETTE | Bessette@PBN.com

NOT LONG AFTER THE Providence Public School District was taken over by the state in 2019 to turn around the state’s largest – and extremely beleaguered – public school system, R.I. Education Commissioner

Talk of a coming downturn is taking toll on confidence

BY NANCY LAVIN | Lavin@PBN.com

IFand when the country will slip into a recession depends on who you ask, but the gloom is already settling over Rhode Island companies nonetheless, according to Providence Business News’ 2023 Winter Business Survey.

Only one of every three business owners and executives who responded to the biannual survey expect to see improvements in the state’s economy in the year ahead – the lowest level of optimism in the survey since 2008, at the height of the Great Recession.

And the dark view of the future is seeping into their businesses. Nearly 12% of respondents say they expect their company will perform worse in the year ahead – three times the percentage who felt that way a year ago. And while 46% foresee a brighter 2023 for their business, it’s the least buoyant response to this question in PBN’s biannual survey in 15 years.

Who can blame them for feeling glum?

ROLLING ALONG: Frank Costa, left, a senior machine operator, and Greg Viera, machine operator, work on the manufacturing floor at Trico Specialty Films Inc. in North Kingstown. Unlike other businesses worried about a downturn, Trico has made moves to expand its business.

Angélica Infante-Green made a plea to the business community to help the district rise from decades of despair to prominence. In October, she repeated that call for the business community to help Providence schools.

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FOR STARTERS

5Q: Matthew Santacroce

Chief, R.I. Office of Cannabis Regulation

BY CLAUDIA CHIAPPA | Chiappa@PBN.com

1How much recreational marijuana has been sold since Dec. 1? Did these initial sales numbers meet the office’s expectations?

Through Dec. 31, licensed retailers in Rhode Island collectively reported roughly $3.4 million in adult use marijuana sales. While we expect sales to steadily increase in the future, this total was in line with our office’s expectations for the first month. … Our expectation is that adult use sales will eventually increase to roughly $9 million per month.

2

How have recreational sales affected medical sales so far?

In the first month, statewide medical marijuana sales decreased from $4.5 million in November to roughly $3.9 million in December. There are a variety of reasons existing medical consumers may decide to transition to purchasing recreational products, so this slight decrease did not come as a surprise. … Medical sales will remain steady as recreational sales continue to increase.

3What’s the timeline for the creation of the Cannabis Control Commission? What caused the delay in forming the commission?

The creation of the Cannabis Control Commission falls outside of the purview of the Department of Business Regulation. These appointments will be made by the governor’s office and

confirmed by the state Senate.

4Once the Cannabis Control Commission is formed, how will the licensing process and existing regulations change? Based on what other states across the country have done, I would expect a gradual shift toward standalone adult use licensing. For the first wave of adult use sales in Rhode Island, only preexisting medical marijuana compassion centers were eligible to apply for hybrid licenses. As this sector expands and its rules and regulations evolve, the state will need to focus on making it easier to launch and grow adult use retail businesses.

5What are some of the biggest hurdles the industry will face in its first year? With a mature adult use marketplace already in place in Massachusetts and a new market becoming more established in Connecticut, interstate competition is going to continue to be a factor here in Rhode Island. … Rhode Island’s adult use cannabis sector is well positioned to navigate these challenges due to the high quality of our locally grown product; the size and efficiency of our statewide supply chain; and the maturity and success of our medical marijuana program. n

PBN PHOTO/ELIZABETH GRAHAM

Interstate competition is going to continue to be a factor.

DINING OUT | BRUCE NEWBURY

Many pizza styles in R.I.

ALTHOUGH PIZZA IS OFTEN perceived as an inexpensive meal, it was not offered as a menu item during the recently concluded Providence Restaurant Weeks. But with Providence Pizza Week coming up in April, it was the subject of discussion with Christine Phillips, who handles restaurant relations for the Providence Warwick Convention & Visitors Bureau

Phillips and I reached the conclusion that pizza in Rhode Island could be classified by the style in which it is made.

Pizza takes on many forms these days. Food writers across the country are listing the newest style and the latest craze in the same way that dance steps would have been written about a couple of generations ago.

Once again, there is a long and delicious history in Rhode Island of unique and trendsetting pizza styles that go back decades.

One that is causing somewhat of a buzz these days is the Roman style – the square pizza with a tender crust that is almost focaccia-like in its raised form. It is enjoying a moment these days, being featured by emerging venues such as Neon Marketplace

Across the country, square is the new round, from standalone mom-and-pop places all the way up to the well-known national chain Little Caesar’s, which was once better known and is mounting a comeback by “rolling” out square Romanstyle pies.

Rhode Island pizza chefs have been serving up square pizza for years. Like many of our local foods, there may be some discussion of the terminology. Some will call it Sicilian, while others will call it Roman style. However, one is unlikely to hear local square or oblong pizza referred to as

Detroit style. Comparisons might be made, as both are baked in steel pans and their feature is risen dough. There are some fine examples of this style from Caserta Pizzeria – if you order the large – to Uncle Tony’s Pizza & Pasta

Pizza Napoletana is the “latest and greatest” in terms of the number of pizzerias that describe their style in this way. It requires a brick oven fueled by wood or coal. The other styles are cooked in ovens with a gas flame. There are also electric

pizza ovens.

Napoletana pizza is actually “policed,” and has been since 1984, by the Associazione Verace Pizza Napoletana. The group’s literature and online material states that it is protecting the cultural history of the traditional Napoli pie, and to ensure anyone trying to cash in on it is taking the necessary steps to replicate the true process. Associazione Verace Pizza Napoletana has specific rules about ingredients, procedures, even oven temperature.

Although a number of places in Rhode Island describe their style in this way, including figidini, Frank Pepe Pizzeria Napoletana and Imbriglio’s Pizzeria Napoletana, there are only two listed as members – Pasquale’s Pizzeria Napoletana and Basta. As fans of all these places will attest, the quality is every bit as high as the authenticity, right down to the charred part of the crust.

Want to impress your friends or your pizza chef? First, call the chef the pizzaiolo, or pizzaiola if the chef is a female. Ask how the cornichone is. This means a very specific part of the crust, namely the outer rim. And if you find yourself in a Napoletana-style place, ask if the pizzaiolo would mind if you pinch the crust in the middle, creating what is known as a “libretto” – the Italian word for booklet – or lip, to eat their Napoli pizza.

There is plenty of time to study up before Providence Pizza Week, scheduled for April 16-23. n

“Dining Out With Bruce Newbury” is broadcast locally on WADK 101.1 FM and 1540 AM and on WWRI 105.5 FM and 1450 AM. The show is also broadcast on radio stations in Vermont and Indiana. Contact Bruce at bruce@brucenewbury. com.

Across the country, square is the new round.

ON THE RUN: Providence Pizza Week will make its return from April 16-23. Pictured is Avvio Ristorante food runner Isabella Dibarros.

PBN PHOTO/BRUCE NEWBURY

FOR STARTERS

TURNING THE PAGE: Sisters

Caroline Vericker and Mads Vericker gave up their jobs as librarians and opened Heartleaf Books in Providence in September.

Sisters open new bookstore

BY NANCY LAVIN | Lavin@PBN.com

SISTERS CAROLINE and Mads

Vericker grew up among the dusty stacks of the North Smithfield Public Library, where their grandmother worked as library director.

It’s no wonder both became librarians. But in a pandemicinspired plot twist, both gave up their librarian gigs in favor of starting a cooperative bookstore together. V as in Victor LLC, doing business as Heartleaf Books, opened in Providence’s West End in September, a year after the duo launched the business as a pop-up at weekly flea markets.

Though still library lovers and patrons, the sisters have found benefits in the business side. They get full control over what goes on the shelves, with input from their 166 members and a board of directors. Selections range from local writers to tarot cards and a “big witch section” because there are a lot of customers with interests in that, Caroline Vericker said.

Much like a library, the pair sees the store as a gathering space, with book clubs, community events and even a resident bookstore cat, Penny.

Eventually, they want to open a cafe tied to the bookstore and they are also looking to partner with other businesses and local libraries. n

Sleeper sales running hot

Bed product can adjust temp by the hour

IT HAS BEEN SAID necessity is the mother of invention.

BY CHRISTOPHER ALLEN | Allen@PBN.com

As an engineering contractor working on the NASA spacesuit program, Mark Aramli, founder and CEO of Bedjet LLC, doing business as BedJet, was irked by the fact he spent his workdays helping astronauts be as comfortable as possible in “the most hostile environment in the universe” before returning home to another evening of disrupted sleep.

A self-described “hot sleeper,” Aramli says his discomfort inspired a prototype unit that could control the air temperature under the sheets.

At first, Aramli had no intention toward a commercial enterprise.

“I built it on my kitchen table,” he said. “The product was something I created to solve a problem for myself.”

But his instinct told him he was on to something. In 2015, he began a Kickstarter campaign that raised over $1 million in less than a month.

BedJet was the first company to introduce “biorhythm sleep technology” to the market. Purchasers can preprogram personalized cooling and warming settings that can change by the hour.

Frustrated entrepreneurs could take a lesson from BedJet’s origin by looking up Aramli’s appearance on the reality television show

OWNER: Mark Aramli

TYPE OF BUSINESS: Sleep technology company

“Shark Tank,” in 2015, in which the panel of celebrity venture capitalists each took a pass on his product.

Kevin O’Leary called the idea “dead” and told Aramli point blank, “You will never sell this product.”

Aramli shrugged off the encounter.

“If they had invested with me in 2015, they would have made 17 times their money [on returns],” he said.

Aramli could have headquartered BedJet anywhere in the world. When he settled in Newport, the reactions ranged from confusion to exasperation.

“They asked what the hell are you doing over there,” Aramli said. “I’m willing to make a little less money to balance the quality of life.”

Asked about the biggest challenge he faces today, like many business owners, Aramli pointed to the labor shortage, which is especially difficult as a technically minded

LOCATION: 17 JT Connell Highway, Newport EMPLOYEES: 16

company attempting to draw needed talent such as web developers and product designers to one of the priciest real estate markets in the region.

“There is a very limited labor pool for specialized people,” he said.

Early on, Aramli fielded multiple offers from private equity groups looking to secure a chunk of his startup company. But the company was growing too fast for acceptable terms to be settled.

Looking back, Aramli is glad he didn’t give the sharks a bite.

“I think of every one of those opportunities,” he said. “And I thank God I never followed through on it. Had I done so, I think the company would have failed.”

Though Aramli says he plans to keep BedJet a private company for as long as feasible, he is open to bringing in partners in the future. He has a wife and three young children, and other responsibilities such as the Aramli Foundation, a private charitable foundation he launched in 2020.

Since its inception in 2014, BedJet has seen revenue grow each year, relying on its own cash flow. It has sold more than 175,000 units in 40 countries.

“We were satisfied to build the company slower but off our own earnings,” Aramli said. “In a way, we became too big to kill, which has been a joy.” n

YEAR FOUNDED: 2014

ANNUAL REVENUE: WND

COOLING COMFORT: Bedjet LLC founder and CEO Mark Aramli developed a climate comfort sleep system to help keep him cool at night, then found success with a Kickstarter fundraising campaign and headquartered the business in Newport in 2014 to produce and sell the device.

PBN PHOTO/DAVID HANSEN

PBN PHOTO/TRACY JENKINS

HOT TOPIC

Many ignore R.I.’s Airbnb registry

BY NANCY LAVIN | Lavin@PBN.com

COMPLIANCE PROBLEMS with a state registry of short-term vacation rentals are reigniting debate over the program that went into effect last year despite a veto from Gov. Daniel J. McKee.

A trio of Newport area lawmakers in a Jan. 25 statement lightly admonished the hundreds of Newport property owners still missing from the state list a month after the deadline for them to register their rental properties.

“There are clearly some more issues here,” said Rep. Lauren H. Carson, D-Newport. Carson sponsored the bill requiring property owners who rent their homes through websites such as Airbnb Inc. and VRBO to register with the state.

The law, which was passed in a veto override by the General Assembly in early 2022, comes amid growing noise complaints and safety concerns, including a fatal stabbing at a party held at a Newport short-term rental in 2021. The online registry aims to help neighbors and law enforcement get in touch with rental property owners when problems arise by keeping a public list of names and addresses.

About 3,000 short-term rental owners signed up with the state by the

Dec. 31 deadline. That’s about twothirds of the short-term rental homes in Rhode Island, according to the analytics website AirDNA.

Elizabeth Dwyer, interim director at the R.I. Department of Business Regulation, which oversees the registry, said in an emailed statement that regulators were “encouraged” by the initial “high rates of compliance.”

But in Newport, 33% of the estimated 821 active rentals have registered, which has Carson concerned. She hoped public reminders would spur people to register their properties.

The reminders would be helpful for those who don’t know the registry exists, said Evan Smith, CEO and

president of Discover Newport. Many of the short-term rentals in Newport are owned by people who don’t live in the state and are unaware of the new law, Smith said.

But others are avoiding the registry on purpose – perhaps because they don’t want to pay the $50 application fee or deal with the paperwork, as critics such as McKee warned.

“I think some people are just waiting it out, thinking it might disappear,” Smith said.

DBR hasn’t started fining rental owners who have not signed up, although the law lets regulators charge $250 beginning Jan. 31, escalating to $1,000 a month. Dwyer said the department is working with lawmakers to “determine best practices for ensuring compliance moving forward.”

Even if the agency starts imposing fines, the amount is inconsequential compared with the $500-a-day average daily rate for a Newport rental in 2022, according to Newport Mayor

Xaykham Khamsyvoravong.

“The penalties have to be substantial enough to actually attract the attention of homeowners,” he said.

Confusion over the existence of multiple registries may also be causing problems: Newport maintains a separate list of short-term rentals and charges up to $1,000 a day for anyone with an illegal short-term rental. The city’s registry had more than 550 rentals last year, and about 350 applications were received for 2023, according to Khamsyvoravong.

Smith thought the state needed more than fines to make rental owners comply. Just like any other business owner risks losing their business license if they don’t fill out the proper paperwork, short-term rental property owners should be taken off websites such as Airbnb if they don’t sign up for the state registry, according to Smith.

“There should be no special exceptions; this is a business like any other,” Smith said.

The Rhode Island Hospitality Association is working with lawmakers on legislation aimed at making the registry “easier to access and navigate,” Dale Venturini, association CEO and president, said in an emailed statement. She declined to share more information, saying the bill isn’t fully written. n

BY SARAH FRANCIS | Contributing Writer

the time she was in her teens, Enith Morillo has faced down challenges and reinvented her life.

As a high school junior in Venezuela, she applied to Gran Mariscal de Ayacucho, a national scholarship program that sent students to study abroad.

She came from humble beginnings and didn’t speak a word of English. Her father, a self-taught technician, had a sixth grade education, and she’d never thought she’d leave home. On the other hand, she was studious and loved math.

“When I was a kid, my dad repaired TVs and VCRs. He would give me a board of electrical components and tell me to solder them,” she said. “As a family business, we were allowed to be there all the time. In high school, I did a project on the first MRI machine in my city and it blew my mind. I always wanted to be an engineer.”

Morillo was one of roughly 250 to win the scholarship in 1990, and it changed her life.

She spent the first lonely year in the United States enrolled at a private school outside of Boston, Cambridge School of Weston, where she learned

English and made her way through the college application process. “It was a heart-wrenching experience to be living away from my family and in another country where I couldn’t communicate. However, the promise of a better future always kept me going,” she said.

That determination has been an underpinning to her life story; she was the first person in her family to graduate college. Today, Morillo is the principal consultant of Cadoret Global Inc., a Cumberland company that supports pharmaceutical and biotech companies as they take drugs through clinical trials and on to the commercial market.

Morillo graduated in 1998 from Worcester Polytechnic Institute with bachelor’s and master’s degrees in electrical and biomedical engineering. Soon, however, her life rebooted when a family commitment took her to Syria. Within two weeks of arriving in her new home, she registered for Arabic classes at the University of Damascus, and in the next few years, raised her children, and worked in a pizza restaurant and as a barista.

“I’ve always been fascinated by history, and to learn about people, the language is key,” she said.

Living in that part of the world was great, she says, but moving back to New England and trying to enter the workforce, with a nine-year gap in her engineering career, proved difficult. “I didn’t know where to begin,” Morillo said.

At the time, the Community College of Rhode Island was launching its first biotech program, so she enrolled to update her academic knowledge and put it to work.

It gave her a foot in the door. From there, she landed a job at a local biotech firm, then spent several years in quality assurance at Thermo Fisher Scientific Inc. and PharmaLex, companies that service pharmaceutical and other science-related businesses. Eventually, she realized she was more comfortable in a smaller environment where she could wear many hats.

She pivoted yet again, launching Cadoret in 2019. “I wanted to better serve clients as a quality assurance professional, bringing value, partnership and integrity to our work,” she said.

Cadoret Global supports startup, virtual, early-phase and small-size pharmaceutical companies through the arduous process of drug development and clinical trials while navigating regulatory requirements and ensuring overall product quality. The company’s consultants are spread across the U.S., Europe and Asia. The majority of their clients are domestic startups going through clinical trials for the first time, she says.

TRIAL SUPPORT: Enith Morillo is principal consultant at Cadoret Global Inc., a company she launched in 2019 to provide assistance to small companies going through the process of drug development and clinical trials.

Much of Cadoret’s business is referral based, conducted on-site or virtually via videoconferencing, and the stakes are high. The vast majority of drugs that go through phase 1 tests fail to make it to market. Clients have been known to call as late as 11 p.m. or on weekends because of unexpected problems, and sometimes it means an unexpected trip to a manufacturer’s facility. “We want clients to trust our expertise, that we’ve been through these drug phases and trials before,” she said.

“I love on-site audits,” she added, “getting on a plane, meeting new people, seeing how compliance is approached by other cultures.”

Sandy Tremblay, Cadoret’s executive administrator, met Morillo through the Goldman Sachs 10,000 Small Businesses program two years ago. She was impressed with the example Morillo sets for minority and young women, that if you work hard enough and are determined, you can accomplish things.

“So much of what you see on TV is ‘Shark Tank,’ but you don’t need to have a product to pitch,” Tremblay said. “Enith coming here not knowing English, putting herself through school, finding a way to make it happen. There’s a message that if you want to make it happen, you’ll do it.”

With days that can stretch from 7 a.m. to 7 p.m., Morillo is doing precisely that, at work she says she loves.

“I felt I missed out, that my peers had a head start and I had to make up for lost time,” she said. “Although they were difficult years, they have allowed me to get where I am. They gave me the will to persevere.”

PBN PHOTO/MICHAEL SALERNO

‘I love on-site audits, getting on a plane, meeting new people.’

ENITH MORILLO, Cadoret Global Inc. principal consultant

‘The promise of a better future … kept me going’

FOR

TRENDING

1

Lifespan announces ‘breakthrough’ in brain cancer research

POSTED ONLINE: JAN. 6

Lifespan Cancer Institute researchers said the phase 3 trial of the DCVaxL vaccine showed improved survival rates in patients with newly diagnosed and returning glioblastoma, the most common and most lethal form of brain cancer. bit.ly/3jsschH

2

COURTESY RHODE ISLAND HOSPITAL

Three R.I. hospitals earn ‘A’ grade, 4 others get ‘B’ from Leapfrog Group

POSTED ONLINE: JAN. 6

Landmark Medical Center, South County Hospital and Westerly Hospital all received an “A” from the Leapfrog Group, which analyzes hospitals’ safety systems and uses data on errors, accidents, injuries and infections to issue grades in the spring and fall. Kent County Memorial Hospital, Newport Hospital, Our Lady of Fatima Hospital and The Miriam Hospital each earned a “B.” bit.ly/3jjVbUS

3

Former Citizens Bank employee admits role in bank fraud scheme

POSTED ONLINE: JAN. 20

Savonnah Briggs, a former Citizens Bank employee, pleaded guilty to her role in a bank fraud scheme to create fraudulent personal and business checks. Briggs is scheduled to be sentenced on April 25. bit.ly/3Dvc2Lf

4

Bally’s sells Tiverton property for $635M in lease-back deal

POSTED ONLINE: JAN. 4

Bally’s Corp. has sold the properties and buildings of Bally’s Tiverton Casino & Hotel to Gaming & Leisure Properties Inc. as part of a $635 million lease-back deal in which Gaming & Leisure will take over ownership of the land and buildings while Bally’s will continue to own, control and manage all the gaming operations. bit.ly/40l8ghg

5

Concerns delay panel’s vote on proposed apartment development

POSTED ONLINE: JAN. 24

Developers of a five-story, mixed-use apartment building at 116 Waterman St. in Providence presented their preliminary plans to the City Plan Commission on Jan. 24, but the panel didn’t vote on the project due to ongoing concerns with the building’s height. bit.ly/3WTdwpK

6

Markell named new CFO of Lifespan Corp.

POSTED ONLINE: JAN. 4 bit.ly/3jni2z0

7

Consultant recommends I-195 Commission reject Fane tower’s new design

POSTED ONLINE: JAN. 17 bit.ly/3YaeSNM

8

State names CEO, CMO for new, standalone psychiatric hospital

POSTED ONLINE: JAN. 18 bit.ly/3JzO9pM

9 R.I. launches program for firsttime homebuyers

POSTED ONLINE: JAN. 25 bit.ly/3Yc1Hf9

10

SCHOOL DAZE: RIC searches for identity amid severe enrollment drop

PUBLISHED IN PRINT: JAN. 20 bit.ly/3Dv8gSe

AP FILE PHOTO/J. DAVID AKE

PBN FILE PHOTO/DAVE HANSEN

COURTESY AHARONIAN & ASSOCIATES INC.

CHAMBER CHAT: University of Rhode Island President Marc B. Parlange will be the featured guest speaker at the East Greenwich Chamber of Commerce’s annual meeting on Feb. 16 at the Quidnessett Country Club in North Kingstown. COURTESY UNIVERSITY OF RHODE ISLAND

EDITOR’S CHOICE

URI President Parlange to speak to E.G. Chamber

THE EAST GREENWICH Chamber of Commerce will hold its annual meeting and business expo. Various business owners and entrepreneurs will have an opportunity to showcase their respective operations, as well as build business connections with one another. Marc B. Parlange, University of Rhode Island president, will be the guest speaker.

THURSDAY, FEB. 16, 5:30-8 P.M. $45

Quidnessett Country Club, 950 North Quidnessett Road, North Kingstown.

INFO AND REGISTRATION: bit.ly/3Cj7sPR

Honoring R.I. manufacturers

THE RHODE ISLAND Manufacturers Association will hold its annual awards dinner. The annual program recognizes local companies and leaders for their contributions to the growth and success of manufacturing in Rhode Island.

TUESDAY, FEB. 7, 5:30-9 P.M. $165 Graduate Providence, 11 Dorrance St., Providence.

INFO AND REGISTRATION: bit.ly/3FYFYkV

Youth movement

THE SOUTHERN RHODE ISLAND Chamber of Commerce and its Southern Rhode Island Young Professionals group will hold a networking event, hosted by Chophouse Grille. The event will feature rounds of speed networking. During speed networking, about three to four people sit at a table and each person has a few minutes to tell the rest of the table about themselves and their business. After each round, everyone is rotated to a new table with a new group of people. Casual networking will follow. Light food and a cash bar will be provided.

WEDNESDAY, FEB. 8, 5:30-7:30 P.M. $5

Chophouse Grille, 191 Old Tower Hill Road, South Kingstown.

INFO AND REGISTRATION: bit.ly/3W4WDI7

Going camping

THE RHODE ISLAND RV & Camping Show will feature the very latest in makes and models of recreational vehicles for all the top manufacturers from across the U.S. The three-day weekend event will also provide information on special factory rebates, financing and on-the-spot loan approval.

FRIDAY, FEB. 10, THROUGH SUNDAY, FEB. 12. $12/adults; Free/children ages 16 and younger

R.I. Convention Center, 1 Sabin St., Providence.

INFO AND REGISTRATION: bit.ly/3GCu7rs

Social media marketing

THE CENTRAL RHODE ISLAND Chamber of Commerce will hold a workshop titled “Fundamentals of

Interested in having your business-related event included in What’s Happening? Contact PBN Researcher James Bessette at (401) 680-4838 or Research@PBN.com.

Social Media Marketing,” hosted by the Washington Trust Business Center. Taylor Cacciola, a co-founder of NAMRA Consulting, will answer all the important questions about social media as it pertains to the business community. Registration is required.

FRIDAY, FEB. 10, 9-10 A.M. Free Washington Trust Business Center, 3280 Post Road, Warwick.

INFO AND REGISTRATION: bit.ly/3XjObG0

Going red for women

THE AMERICAN HEART ASSOCIATION will hold its annual Go Red for Women Luncheon. The event will recognize individuals within the health sector and advocate for women suffering from cardiovascular disease. The event will include a Festival of Red, followed by a luncheon and the formal program.

FRIDAY, FEB. 10, 10:30 A.M. TO 1:30

P.M. $150

R.I. Convention Center, 1 Sabin St., Providence.

INFO AND REGISTRATION: bit.ly/3GZCwGR

Legislative luncheon

THE GREATER PROVIDENCE Chamber of Commerce will hold a Legislative Leadership Luncheon, hosted at the R.I. Convention Center. The Chamber will hold a conversation with leaders of the House and Senate, responding to questions regarding critical issues facing the business community today. Registration is due Feb. 10.

WEDNESDAY, FEB. 15, NOON TO 1:30 P.M. $85/person; $950/corporate table of eight R.I. Convention Center, 1 Sabin St., Providence.

INFO AND REGISTRATION: bit.ly/3vXDUU8

Building new relationships

THE TRI-TOWN CHAMBER of Commerce will hold a Business After Hours networking event, hosted by Coastal1 Credit Union. The event will facilitate the development of personal relationships, which enables individuals to stand out among the crowd, exchange ideas and develop connections with one another. There will be food and drink and plenty of relationship building at the event.

WEDNESDAY, FEB. 15, 5-7 P.M. Free/members; $10/nonmembers

Coastal1 Credit Union, 99 Chestnut St., North Attleborough.

INFO AND REGISTRATION: bit.ly/3ZzbTji

Supporting entrepreneurs

THE CENTER FOR WOMEN & Enterprise will hold an in-person support group for women of color who are either starting or growing their business. The discussion will allow attendees to receive feedback and advice from fellow entrepreneurs and CWE staffers and learn about available resources.

THURSDAY, FEB. 16, 11 A.M. TO NOON. Free Center for Women & Enterprise, 132 George M. Cohan Blvd., Providence. INFO AND REGISTRATION: bit.ly/3GZHJi9

Establishing connections

ONE SOUTHCOAST CHAMBER of Commerce will hold a Business After Hours networking session, hosted by My Brother’s Keeper. The event provides an opportunity for members and nonmembers to mingle and build business relationships with individuals from various sectors in an informal, relaxed business setting.

THURSDAY, FEB. 23, 5-7 P.M. Free/members; $25/nonmembers

My Brother’s Keeper, 1015 Reed Road, Dartmouth.

INFO AND REGISTRATION: bit.ly/3X4T3PC

Chamber celebration

THE NORTHERN RHODE ISLAND

Chamber of Commerce will hold its 32nd annual Celebration event, hosted by Bally’s Twin River Lincoln Casino Resort. The event, one of the Chamber’s largest events, will feature food stations, cocktails and networking. Chamber members, including nonprofit and business leaders, and elected officials are expected to attend.

TUESDAY, FEB. 28, 4:45-7:30 P.M. $125/members; $175/nonmembers

Bally’s Twin River Lincoln Casino Resort, 100 Twin River Road, Lincoln.

INFO AND REGISTRATION: bit.ly/3ZnlI41

UPCOMING PBN EVENT: The 2023 Workforce Development Summit will be held on Thursday, Feb. 16, from 9-11 a.m. at the Providence Marriott. For more information, visit PBN.com. For exhibitor and sponsorship opportunities, contact Advertising@PBN.com.

WINTER SURVEY

DOWNTURN

CONTINUED FROM PAGE 1

Stubbornly high inflation and supply chain slowdowns have nearly 9 in 10 companies paying more for materials and supplies, according to the survey – results that remain nearly unchanged since last winter. Workers remain difficult to find and hard to afford, with the salaries of new hires identified in the survey as the biggest increasing expense over the last five years.

All of this has led to thinning profit margins for many, with one-fourth of respondents – 25.5% – reporting net business income lower than a year ago. By comparison, 17.5% reported shrinking profits in the Winter 2022 Business Survey.

Indeed, the confidence of the business community continues to dwindle. But perception, more than reality, might be at the root of the pessimism, according to Edward M. Mazze, a University of Rhode Island distinguished professor of business administration who helped develop the biannual PBN survey.

“Over the last six to eight months, there has been a lot of discussion about a recession,” Mazze said. “That’s going to affect how people view the economy. I think many of these businesses have started preparing as though there is going to be a recession.”

CHANGE OF DIRECTION?

The PBN survey, which has been conducted twice a year since 2008, is not scientific. PBN sent 22 questions to 1,151 businesses in the newspaper’s database. One hundred and eleven responded, representing a span of industries from banking and manufacturing to hospitality and health services. A few employ more than 1,000 people, but most are small and midsize companies.

The latest survey results indicate that recession fears have business owners and executives reassessing strategies for 2023.

After looking to add workers in the economic surge following the worst of the COVID-19 shutdowns, some companies now have grown skittish about hiring. While nearly six of every 10 respondents – 59% – were ready to add workers in the Winter 2022 Business Survey, just 44% are planning to do so as of the latest survey.

Companies are losing interest in expanding their facilities, too. More than 75.5% of those surveyed said an outright no to an expansion in the next quarter, a number that has climbed from

BUCKLING IN

68.4% a year ago, and 70.8% last summer.

At the same time, just over half – 52.7% – said their company has no plans for big-ticket purchases, up from 44.3% in winter 2022 and 46.7% in summer 2022.

It goes back to the drumbeat of headlines and incessant talk about inflation and rising interest rates, according to Mazze.

“Everybody has heard about inflation at this point, and many people are seeing this in terms of what’s happening with interest rates,” Mazze said. “That definitely has an impact on spending.”

It didn’t stop Robert Wheeler from making a bigticket expenditure.

Wheeler, co-owner of Friends of Toto Inc., spent about $400,000 last year to expand his Pawtucket dog day care, doubling the space and adding

Fewer businesses are seeing quarterly gains in business activity than at any time since the Great Recession. Net income remains stable from the summer but is still down from a year ago. Meanwhile, confidence in the Rhode Island economy is at its lowest point since Winter 2008.

SEEKING CLIENTS: Robert Wheeler, coowner of Friends of Toto Inc., a dog day care and grooming business in Pawtucket, spent $400,000 to double his business space to accommodate growing customer demand but now he must find additional customers to cover the construction costs of expansion.

services such as a self-serve dog wash station and retail area.

The work was finished in November, and now Wheeler is waiting to see a return on his investment in the form of more and happier customers.

Wheeler’s business experienced a boom during the pandemic when people working remotely were adopting dogs to keep them company. The day care quickly filled to capacity with new canines, but that came with its own problem: some regular customers weren’t happy that they could no longer drop off their dogs at a minute’s notice.

The expansion from 10,000 to 19,000 square feet lets Wheeler accommodate customers who want last-minute drop-offs, but the investment ended up being a bit more than Wheeler expected because of rising material and labor costs. He found the process nerve-wracking.

“Like every other small-business owner, you have to learn to be an expert in everything,” Wheeler said. “Now, when you do something like this, you have to know about architecture, HVAC, plumbing, all these things that you used to always take for granted. It definitely added a layer of stress.”

Now he’s got a new reason to stress: he needs more clients and more revenue to cover the construction costs. “The reality is, I’ve got the capacity to take 60 more dogs, so I need to get 60 more dogs in,” he said.

Wheeler also needs to find more workers to supervise those 60 extra dogs. But he can take solace in the indications that the tight labor market may be abating.

nnnnnn Expect the Rhode Island economy to be slightly or significantly improved in the next 12 months

nnnnnn Net income improved versus last year

nnnnnn Current business activity improved compared with previous quarter

Early signs include high-profile companies such as Microsoft Corp., Amazon.com Inc. and Salesforce Inc. announcing layoffs in the opening weeks of the year. Businesses that provide temporary workers have also started cutting jobs, according to the U.S. Department of Labor’s December jobs report, a development that some economists consider a signal of future labor market shifts.

In Rhode Island, layoffs aren’t in the plans yet for most companies – just 2.7% of respondents to the PBN survey say they foresee cutting workers next quarter.

PBN PHOTO/MICHAEL SALERNO

‘Like every other small-business owner, you have to learn to be an expert in everything.’

ROBERT WHEELER, Friends of Toto Inc. co-owner

Kevin Tracy President, Bank of America Rhode Island

62

WINTER SURVEY

CONTINUED FROM PAGE 12

But fewer are lamenting the shortage of qualified workers. Six in 10 say it’s a top problem, compared with three-quarters of those surveyed in the Winter 2022 business survey.

That might be because after months of aggressive recruiting, they’ve finally reached the staffing levels they need.

Not so for SEACORP LLC. Flush with federal naval defense contracts, the Middletown engineering services company remains on a hiring spree. The company set aside money to hire 150 workers this year, after adding 139 people in 2022, according to John Laurent, human resources manager.

That’s nearly double the 80 people who would be hired in a typical year, Laurent says. And it’s been tough to find the computer science engineers who make up most of SEACORP’s 500-person workforce.

They’ve hired a second recruiter and sweetened benefits, such as adding floating holidays.

The biggest change in hiring came with more flexibility in federal contracting rules.

The government waived its rule against remote workers on contract jobs at the height of the COVID-19 pandemic, a change that has remained after the crisis subsided.

Now SEACORP isn’t constrained by geography when looking for candidates at its Rhode Island, Connecticut and Virginia sites. Case in point: the company just hired a subject matter expert in electronic warfare who lives in Washington, D.C. SEACORP didn’t have to persuade him to move or reject his application, Laurent says.

STOCK PROBLEMS

One repercussion still plaguing some businesses is a snarled supply chain and the headaches that come with it.

A growing reluctance to rely on supply chains that stretch around the globe is clear. Only about one quarter of survey respondents said they deal with international enterprises now, down from 36% a year ago. And 8% were planning to decrease their overseas business, compared with 0% in the Winter 2022 Business Survey.

No wonder. Everything costs more, and delivery dates can be unpredictable, if items come at all.

Just ask Harry Adler, president of Adler’s Design Center and Hardware

The hardware store in the Fox Point section of Providence saw wholesale prices skyrocket after COVID-19 hit, and for the most part, they haven’t come back down.

As a local family business and member of the Ace Hardware Corp. cooperative, Adler’s relies mostly on regional suppliers so the store isn’t dealing with overseas shipments. Even so, there have been frenzied phone calls to suppliers when inventory runs low only to find out long-favored brands or size options are discontinued or out of stock.

At one point, paint suppliers stopped selling quart and 5-gallon containers amid resin shortages during the 2021 Texas power crisis. Now, Adler orders the 1-gallon option, then pours 5 gallons into a new container so he can still sell the 5-gallon product that many customers want.

“It’s a lot of tap dancing,” he said. “It adds stress to the day.”

Also, the prices the store is paying for paint are up 20% to 40%, and Adler has had no choice but to pass it on to customers.

He is not alone. Three in 10 survey respondents plan to raise prices in the next quarter, about the same percentage as a year ago.

Adler hasn’t gotten much blowback from charging more, partly because of what he sees as a newfound appreciation for supporting local businesses. That and the home renovation boom that began during the pandemic means paint and hardware are in high demand, no matter what they cost.

“If you eat every price increase, you’re not going to survive,” he said. “The other choice is to not be in business.”

UPS AND DOWNS

A shortage of qualified workers continues to be the biggest challenge to operating a business in Rhode Island, but after rising sharply a year ago this concern has dipped closer to historical levels. The cost of health care, on the other hand, is on the rise again after falling last summer to its lowest level since PBN began conducting the biannual survey in 2008.

PROCEED WITH CAUTION

Ongoing concerns about inflation and the possibility of a looming recession may be affecting short-term hiring and big-ticket purchasing plans. Both are down to levels last seen in 2021.

nnnnnn Expect to hire in the next quarter nnnnnn Plan to purchase big-ticket items, including capital equipment, in next quarter

MOVING ON

In some ways, the effects of the pandemic on businesses have lingered. In other ways, they’ve faded surprisingly quickly.

About 2 in 10 survey respondents say the pandemic will have no long-term impact on their companies, nearly three times the percentage who said the same thing a year ago. At the same time, only 36% say the pandemic has permanently changed the way their business operates, down from 66% a year ago.

Maybe it’s because the new economic headwinds have swept away the pandemic problems. Or they’ve acclimated to the way COVID-19 has changed their business, Mazze says.

“Over the last 20 years, it’s always been about

survival of the fittest,” Mazze said. “That has not changed.”

Trico Specialty Films Inc., the North Kingstown manufacturer, is planning to expand its customer base domestically and abroad, after buying a second factory a year ago.

The purchase of the 40,000-square-foot facility from Toray Plastics (America) Inc. allowed Trico to boost its offerings from two types of plastic films to three, and in turn, expand its customers, according to Paul Conforti, the chief financial officer. The manufacturer caters to a wide array of buyers, from graphics and signage companies to medical packaging businesses and wire and cable companies.

Still, the expansion came with growing pains.

*Government fees/bureaucracy combines answers from most recent survey for state government fees/bureaucracy and town/city government fees/bureaucracy and eliminates duplicate answers.

Most of the 30 workers Trico hired to work in the new plant had no experience in the specialty plastics extrusion and plastic film manufacturing. A few Toray employees stayed on during the transition to help train the new hires on the basics of the machinery, but at some point “the training wheels had to come off,” Conforti said.

Which created some initial quality problems, but “nothing catastrophic” and the company was able to work out the kinks with the customers, Conforti said. Trico’s approach? Take it slow, do it right and learn. Eventually, the company picked up the pace of production, which offsets the higher labor costs from more and better-paid employees, Conforti says.

THE CHALLENGES

While the shortage of qualified workers ranked highest among business challenges faced by survey respondents (61.7%), health care costs continue to bedevil businesses, as they have in most PBN surveys since 2008.

Forty-three percent of survey takers said health care costs are their greatest challenge, ranking it as the second-most frequent response in the survey.

Dr. Andrew Gazerro, a dentist, has his own challenges with health care costs, but they’re not quite what most employers face.

Gazerro, who owns a dental practice in West Warwick, laments the low reimbursement rates of in-state dental insurers. Delta Dental of Rhode Island, the predominant provider, had not increased its reimbursement rates in 13 years until it finally did last year, according to Gazerro.

Even then, the rates that increased were either so minimal – $2 more for a cleaning – or for very

HELP WANTED

Concern over too much governmental red tape dropped sharply last summer but bounced back to historically high levels this winter. Reducing the cost of doing business in the state continues to be the No. 1 area business leaders would like to see state government address, though it has dipped over the last six months to 6 in 10 respondents.

nnnnnn Eliminate the corporate tax

nnnnnn Improve transportation infrastructure

nnnnnn Provide tax incentives/credits

nnnnnn Reduce cost of doing business in the state

nnnnnn Reduce some of the red tape associated with doing business in the state

nnnnnn Support workforce development programs

MUTED OPTIMISM

Looking ahead, less than half of respondents expect their business to be doing better a year from now. That’s holding steady from the summer but is at its lowest level since the Great Recession.

rare procedures that it didn’t help him much. Meanwhile, his practice’s expenses, from gloves to dental hygienists’ salaries, are surging.

And unlike a typical business, he can’t pass it on to customers, at least not those who have insurance.

“It creates this environment where I have to balance this reimbursement,” Gazerro said. “There are only two ways: decrease the time it takes to do a procedure so I can do more procedures in a shorter period of time, or use less-costly materials.”

He’s unwilling to sacrifice quality for quantity, and with inflation, even less-costly materials are expensive.

“At this point, we’re just eating 40%-50% of the cost,” Gazerro said.

He’s tried to take on more elective procedures such as dental implants and other cosmetic work that insurance companies don’t cover. And he’s increased fees for his uninsured patients, who make up about 20% of his 1,200-patient roster.

Gazerro warns that the state is heading toward a crisis if it doesn’t start offering reimbursement rates that can compete with neighboring states.

His beef with insurers also extends, partly, to

state lawmakers for not passing policies that would require better reimbursement rates.

Gripes with the government are historically popular among Rhode Island companies, though it has diminished in recent surveys as other concerns such as worker shortages take precedence. Just over one-third of those surveyed named government fees and bureaucracy as the biggest challenge to doing business in Rhode Island, down from 43% a year ago.

Mazze wasn’t surprised that companies still like to point the finger at government leaders but also said that Gov. Daniel J. McKee’s small-business focus may have softened their criticism.

“He’s very highly regarded in the business community,” Mazze said. “Our elected officials are much more concerned about supporting the smallbusiness community these days.”

Still, it’s apparently doing little to ease the fears about a coming recession. Mazze figures it’s going to take at least a year before those anxieties fade.

A year?

“The next survey [six months from now], I think we will be in the middle of a recession,” he said. n

PAIN POINT: Dr. Andrew Gazerro, a dentist who owns a practice in West Warwick, says the state is headed for a crisis if it doesn’t start offering dental insurance reimbursement rates that can compete with neighboring states.

PBN PHOTO/ELIZABETH GRAHAM

‘If you eat every price increase, you’re not going to survive.’

HARRY ADLER, Adler’s Design Center and Hardware president

An architect with designs on boosting minority firms

1Do you believe racism is keeping minorities from starting businesses in the Ocean State or succeeding when they do?

I was one that came to believe that it was. I was not convinced at first, but I have seen it firsthand. When I pointed out to a school district that minority participation was required in every phase of the project, including the architectural and design phase, I was basically told to go fly a kite. I’m saying, “Oh, this is structural. It’s so rooted.” I know what impact this MBE participation [from the state] has had because without that, we would have no minority participation.

Luis A. Torrado

L. A. Torrado Architects Inc.

BY JAMES BESSETTE | Bessette@PBN.com

(Editor’s note: This is the 30th installment in a monthly series speaking with minority business owners and leaders. Each will be asked their views on minority-business conditions in the state and for ways to improve those businesses’ chances for success.)

LUIS A. TORRADO always had a deep, strong connection with Rhode Island’s Hispanic community, and a clear desire to support it.

That connection started with Torrado’s father, who, after the family moved to Rhode Island from Colombia in 1969, was a doctor in Providence and delivered most Hispanic children in the area between the 1970s and 1980s. Among them: former Providence Mayor Jorge O. Elorza, according to Torrado.

Even today, Torrado still gets asked about his father, Dr. Luis F. Torrado, who died in 1997.

“You would be amazed how many times I meet Hispanics and they say, ‘Wait a minute, Torrado, the doctor, he delivered me.’ To this day, I get messages on Instagram and LinkedIn,” Torrado said.

The younger Torrado took a different career path, becoming an architect. He started the Providence-based firm, L. A. Torrado Architects Inc., in 1996. It now has a staff of 17. Torrado’s yearning to aid the local Hispanic community through his profession burns equally as strong as his father’s.

Torrado serves as chairman of the Rhode Island Hispanic Chamber of Commerce’s board of directors. The Chamber represents, promotes and empowers the state’s growing Hispanic business community. Torrado also is president of the Providence chapter of the National Latino Contractors Association, which aims to establish Hispanic contractors as partners for all industries.

Torrado had an inside view of what has been happening in Rhode Island from a construction perspective. He joined the contractors association to make sure to integrate the Hispanic community in construction projects across the state, he said.

A seminal moment for Torrado was when he was asked by then-Gov. Gina M. Raimondo in 2017 to be part of the state’s Working Group on Diversity and Construction. The group was asked to review all aspects of

construction laws and regulations on how they impact minority enterprises.

The group prompted a change in the state. Torrado said the group and state officials are now “totally focused” on ensuring minority-owned contractors be part of school projects being done in Rhode Island.

“I pointed out to the committee that there were relatively small state projects being done, but there were hundreds of millions of dollars of school projects being done, which were not being accounted for minority participation,” Torrado said.

One example Torrado provided was Pawtucket having approximately 20% to 25% minority business enterprise participation in the city’s school projects, which he describes as a “huge” increase.

“[Minority participation in Pawtucket] was in the low teens,” Torrado said. “Every community now cares about minority participation. That has been a gamechanger.”

Torrado says more work is needed to further involve the Hispanic and Black construction communities. He said women-owned businesses, which are in the same category as minority-owned businesses, are four times more likely to receive state work than the minority community.

The Hispanic community also would like to see legislation that includes prompt payments for state contracting work, Torrado said, noting some businesses cannot afford to go months without payment.

“We want to ensure [equal] Hispanic and Black minority participation [across Rhode Island],” Torrado said. “The key to increasing minority participation is increasing the minority capacity.”

2

How dependent is your business on the support of other minority groups? Is that a sustainable business model?

In my case, it’s the other way around. I give back to the community. I served on the Providence Planning Commission. I was chairman of the East Providence Design Commission. My main purpose is to make sure that integration of the Hispanic community takes place.

3

What one thing could Rhode Island do to boost the odds for minority-owned business success?

I think that focusing on African American and Hispanic MBE consultants and contractors [for projects] would be very beneficial.

4

Have you had to turn somewhere other than a bank for a loan? Do you believe the state’s lending institutions generally treat minorities fairly? When I started out, I had help from my family to get capital. I don’t think a lending institution would have considered me.

5

If another minority entrepreneur asked you where they could tur n for support for their business, where would you direct them?

One great thing we’re doing at the Rhode Island Hispanic Chamber of Commerce is offering microloans that we give through the Papitto [Opportunity Connection]. We get grants from them, and we reward them to minority businesses as loans. So, I would ask them to get in contact with the Hispanic Chamber of Commerce, and we will help you. n

FAMILY MEETING: Andrew Torrado, left, and Luis C. Torrado, second from left, speak with their father, Luis A. Torrado, president of L. A. Torrado Architects Inc. in Providence. Torrado’s sons are project managers at the company.

PBN PHOTO/MICHAEL SALERNO

When I pointed out … that minority participation was required … I was basically told to go fly a kite.

AID

CONTINUED FROM PAGE 1

While progress has been made with business groups aiding Providence schools since the state takeover, both school and business officials say more needs to be done, especially with schools still failing.

In the R.I. Department of Education’s 2022 school accountability and improvement results released in December, 31 of the district’s 40 schools have a two-star rating or lower out of a possible five stars. Chronic absenteeism from teachers and students in the city’s schools was among many problems.

Furthermore, officials say the COVID-19 pandemic made the turnaround more problematic, and there is no clear consensus as to how businesses can help.

Neil D. Steinberg, Rhode Island Foundation CEO and president, says businesses should do more “championing and validating” the importance of the Providence schools’ turnaround in lieu of just “writing a check.” Meanwhile, Christopher D. Graham, partner with law firm Locke Lord LLP who chairs the Greater Providence Chamber of Commerce’s education council, says the district already has “a lot of money,” between the regular fiscal school budget and the federal American Rescue Plan Act funds the state received from the pandemic.

John J. Igliozzi, former Providence City Council president, says businesses need to see a plan with identified metrics – which PPSD did release in 2020 – but with an “assigned value” to it. In other words, have a plan where if PPSD meets certain metrics, the business community will contribute financially.

“If businesses write a check without any true conditions that [show] improvement … you’re just giving money to say you gave versus achieving a goal,” Igliozzi said.

Infante-Green, however, feels businesses should provide funding to support initiatives within PPSD that are grounded in student advancement and achievement. She says the ARPA money is only good for two years and has limited use.

She is hoping the business community can financially assist PPSD in areas where ARPA money cannot. Regarding Igliozzi’s suggestion, Infante-Green said: “Unfortunately, that is not how education works.”

Infante-Green also feels businesses can help lend expertise in the classroom through career and technical education programs and internships. Edward Lambert, executive director of the Massachusetts Business Alliance for Education, agrees.

“Business leaders, if brought into the right kind of partnership, can be very helpful in terms of helping design the curriculum and educators need to let them do that,” Lambert said.

Graham, however, does not see local businesses going into the classroom.

“Businesses from time to time adopted schools and had an impact there. There are different people in the business community who participate in all sorts of programs that include teaching in a classroom through [nonprofit] Junior Achievement or reading to kids,” he said. “In terms of will the leaders of our business groups come to a conclusion that business should do this, that or something else, I doubt it.”

To date, some businesses have provided support toward Providence schools, Infante-Green

says. The Gilbane family, of Providence-based construction firm Gilbane Inc., helped establish a dual language program at Roger Williams Middle School. And Delta Dental of Rhode Island has given the district about $300,000 to support science, technology, engineering and mathematics programs, according to the commissioner.

Graham says a subcommittee, via the Chamber’s education council, is working with Brown University’s Annenberg Institute and local colleges to find ways to get more urban teachers hired out of college and into Providence.

“There is a disconnect between the [colleges] and PPSD where they are not working in partnership effectively,” Graham said. “I don’t think it is malintent. It’s just not effectively working together.”

Two Rhode Island Foundation-supported funds have provided PPSD support. Forty-seven teachers of color have been hired by PPSD to date as part of the foundation’s $3.1 million initiative introduced

in 2021 to recruit minority teachers. The program looks to hire 125 teachers in total.

The foundation’s Fund for Rhode Island Public Education, established in 2020 for businesses to contribute money to specific schools, has distributed $5.1 million statewide, of which $3.8 million was focused on Providence.

Advocacy supporting Providence schools is the one element both school and business officials agree on. Steinberg says he invited between 15-20 business groups to develop four to five recommendations on improving education around the state. Those recommendations are slated to be presented to elected state officials in a few weeks. Infante-Green, though, is asking the business community to be on the same page with RIDE and PPSD on creating a “first-class education” in Rhode Island’s capital city.

“We are seeing that there is hope for this to turn around,” Infante-Green said, “and we want the [business] community to come forward and say, ‘We want this to happen.’ ” n

‘Business leaders, if brought into the right kind of partnership, can be very helpful.’

EDWARD LAMBERT, Massachusetts Business Alliance for Education executive director

HELP WANTED: R.I. Education Commissioner Angélica Infante-Green, pictured speaking at a Rhode Island Kids Count event in January, has asked for assistance from the business community to improve Providence’s struggling schools.

PBN PHOTO/MICHAEL SALERNO

For those who are looking to make risk their business

BY CHRISTOPHER ALLEN | Allen@PBN.com

FORGET WHAT YOU MIGHT THINK

of people who work as actuaries – overworked number crunchers who toil away in windowless offices, dully calculating risks and premiums for insurance companies.

Yes, the field of actuarial science does involve numbers, data, formulas and computer-generated algorithms, but industry leaders say it has rapidly evolved over the last three decades, spreading across new business frontiers as data collection and analysis become a massive part of the economy.

That development has created a demand for trained actuaries and a wealth of personally and financially rewarding job opportunities.

“There is absolutely a need,” said Brian Mackintosh, chief actuary at Blue Cross & Blue Shield of Rhode Island. “It’s a demanding and rewarding field.”

In response, Bryant University is launching a master’s degree program in actuarial science, the first of its kind that’s online and asynchronous, allowing enrollees from anywhere in the world to learn on their own schedule.

Bryant has started taking applications for the program, which is scheduled to start in the fall. Courses will be offered in 10-week formats and the degrees can be completed in as little as one year, although students can enroll part time.

Those in the industry say the new program comes at a good time. As the availability of data and its use in the business world grows, actuarial skills are needed in sectors such as health care, technology and financial services. The U.S. Bureau of Labor Statistics has projected a 21% growth in actuary occupations by 2030, along with significant growth in related fields in money management.

Mackintosh says an actuary career is an attractive choice for people with an inclination toward data science but who wish to work in the private sector rather than at a university or research lab. “It is an intersection between data science and business all rolled into one,” Mackintosh said. “It’s for people who like solving problems.”

It’s clear the profession continues to evolve. Mackintosh has hired employees who studied life sciences in college before they changed career tracks. Recent job postings for actuaries at companies such as electric vehicle maker Tesla Inc. show that modern companies are working in “the new frontiers of risk that go well beyond the traditional boundaries,” he said.

And as technology advances, complex questions such as where to invest capital and how to formulate long-term business strategies will require answers.

“It’s really an art and a science,” Mackintosh said. “You are really trying to address the needs of both owners and consumers.”

Bryant already has an established bachelor’s program in actuarial science. Students in the mas-

ter’s program will work with faculty experienced in the private sector. This includes Rick Gorvett, chair of Bryant’s mathematics department. He is also an award-winning risk analytics expert and fellow with the Casualty Actuarial Society, a leading accreditation organization.

The outlook for future actuaries is favorable, says Gorvett, who has witnessed the evolution of the actuarial industry from one concentrated mostly in the insurance sector to an ecosystem that touches on every major commercial enterprise.

“It’s about using math to identify opportunities in the business world,” he said.

And as the interconnectivity of the modern world continues, the increase of profit-making opportunities increases, too. And so do the risks that companies must navigate.

“You are not necessarily changing the risk. You are changing the financial and economic impact on the risk and the ultimate effect of that risk,” Gorvett said. “You are not lowering the chance of a hurricane. It’s more about qualitatively and quantitatively assessing the risk so that you can react most effectively.”

While prospective master’s students may have undergraduate degrees in actuarial science, the program is open to others considering a second area of study or a career change.

The curriculum will cover math, statistics,

probability theory, economics, data science and communication. The university anticipates accepting about a dozen students for the first term.

The industry has embraced a more interdisciplinary approach. One emerging element of actuarial work is integration with “soft sciences,” such as behavioral science, says Gorvett, who noted that mathematical models must also consider predictions for human behavior.

“That is an important and up-and-coming area,” he said.

Prospective actuaries will end up taking up to 10 exams before final accreditation – a process “not for the faint of heart,” Mackintosh said. Still, graduates from the bachelor’s program in actuarial science who become associates in the region often have starting salaries of between $70,000 and $100,000, according to Gao Niu, assistant professor of mathematics at Bryant.

Graduates of the master’s program may have even greater prospects.

Niu says actuaries provide vital functions, which can range from risk management, pricing and the deployment of long-term fiscal reserves. They often act as a data-based check on the more bullish instincts of other departments, which can lead to greater job security as they become an indispensable part of their organization.

“It’s a great career. You can really provide a lot for your company,” he said.

Niu says the premium on actuaries within a company is logical given their job descriptions. For example, after final accreditation, they alone have the power to create and sign off on the annual reports that will determine tax liability that in turn will influence market strategy.

“That’s why this job is so important,” Niu said. “You basically help decide much of a company’s outlook.” n

VERY CALCULATED: Rick Gorvett, chair of Bryant University’s mathematics department, says the creation of a master’s degree program in actuarial science comes at a time when the need for more actuaries is greater than ever.

PBN PHOTO/MICHAEL SALERNO

‘It’s about using math to identify opportunities.’

RICK GORVETT, Bryant University mathematics department chair

FOCUS

FOCUS | COLLEGE TECHNOLOGY PROGRAMS

| COLLEGE TECHNOLOGY PROGRAMS

(ranked by number of undergraduate technology students)

(ranked by number of undergraduate technology students)

CLOSER LOOK

Computer science, data science, engineering, civil engineering, ocean engineering, mechanical engineering, computer engineering, biomedical engineering

Advanced manufacturing and design, chemical technology, cloud computing, computer studies and information processing, computer programming, computer support specialist, web technologies, cybersecurity, engineering systems technology, electrical

Architectural building engineering, mechanical engineering, electrical engineering, software engineering, cybersecurity and network engineering, video game design and development, web design, digital media production

Data science, civil engineering, mechanical engineering, computer and information science, electrical engineering, computer engineering, bioengineering

Business information system, computer networking, computer science transfer, game development and game creation, cybersecurity and digital forensics, advanced biomedical manufacturing

administration, information systems, data science, applied math and statistics, digital marketing, digital communication, health

engineering, electronics engineering, computer science, cyberthreat intelligence and defense, biomedical engineering, computer engineering, digital marketing and social media, graphic design, product design

Ranked by total undergrads:

1

University of Rhode Island

Total undergrads: 12,931

2

Community College of Rhode Island

Total undergrads: 12,000

3

Rhode Island College

Total undergrads: 4,719

LIST RESEARCHED BY James Bessette

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April 14, 2023

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FOCUS |

| HEALTH CARE EDUCATORS (ranked by number of health care students enrolled)

(ranked by number of

students enrolled)

PERFORMANCE PHYSICAL THERAPY | performanceptri.com

BORN AND RAISED on a sheep farm in New Zealand, Dr. Michelle Collie was drawn to physical therapy after her life-changing experience as a 15-year-old basketball player with a devastating injury. Her experience as a patient of an inspirational physical therapist became the catalyst to a career in physical therapy. As owner and CEO, she has led Performance Physical Therapy with passion, courage, and authenticity for more than 20 years.

Her passion for helping people is matched only by her drive for igniting industry-wide changes. As President of the American Physical Therapy Association (APTA), Rhode Island chapter, Dr. Collie regularly advocates for alternative payment models focused on clinical outcomes and higher standards of care.

Owner & CEO

Performance Physical Therapy

401.726.7100

mcollie@performanceptri.com performanceptri.com

YEARS IN CURRENT INDUSTRY 27

YEARS WITH CURRENT ORGANIZATION 22

EDUCATION

MGH Institute of Health Professions, Master of Science (specializing in orthopedics) and Doctor of Physical Therapy; Ionta Award for clinical excellence University of Otago, Bachelor of Physiotherapy

After decades of leading her team to continually raise the standard of care, be innovative, and question the status quo in the field, she’s now evolving the company name to reflect that high standard. Dr. Collie’s team is revolutionizing the physical therapy industry and changing people’s lives, challenging themselves and their patients to reach new goals. That is the basis for the company’s evolved name, which will be announced in the coming months.

“I believe that change is a constant in life and in healthcare, so we need to embrace it if we want to provide the best care for our patients. During the pandemic, we integrated new telehealth services so our patients didn’t have to lose the progress they worked so hard for. My goal for Performance is to grow forward and find ways to improve the patient experience while investing in the incredible clinicians who work hard to empower our patients to feel better, move freely, and live fully,” said Dr. Collie.

GLORIA GEMMA FOUNDATION | gloriagemma.org

MARIA GEMMACORCELLI

Executive Director Gloria Gemma Foundation 401.861.4376 Maria@gloriagemma.org

YEARS IN CURRENT INDUSTRY 15

YEARS WITH CURRENT ORGANIZATION 15

EDUCATION

Providence College, Bachelor of Arts in Liberal Arts with a minor in Psychology

MARIA LEADS a dedicated team committed to helping people affected by cancer throughout Rhode Island, southeastern Massachusetts and northeast Connecticut. The Foundation was named for Maria’s mother, a devout woman and mother of nine who lost her battle to breast cancer in 2002.

“My mother loved helping people. That’s what the Foundation does, it helps people when they are most vulnerable, most afraid, and often feeling isolated. We also stay connected to the cancer community and to the people the Foundation serves to ensure they get the help and support they need,” Maria said.

Cancer can be a difficult and confusing time, and Maria wants people to know that the Foundation offers services to help heal mind, body, and spirit. “All of our programs are free. We don’t want there to be any barriers to people receiving the support they need.”

DR. MICHELLE COLLIE, DPT, MS, OCS

BRYANT UNIVERSITY | bryant.edu

KIRSTEN HOKENESS, PH.D. serves as Director of Bryant University’s School of Health and Behavioral Sciences and is a Professor in the Department of Biological and Biomedical Sciences.

As an immunologist and virologist, she has published in peer-reviewed journals like Journal of Virology, The Journal of Immunology, Health Communication and Oncology Reports. She is a go-to source for her science-based expertise on COVID-19 and other medical issues in top tier media including NBCNews.com, Huffington Post, Forbes, NY Daily News, Insider.com, Shape.com and Nature World News

Beyond scholarly publications and media placements, Hokeness measures her success by the impact she makes on Bryant’s students, particularly women who are often discouraged from entering the science and medical fields. “In just the past month, I heard from several alums who achieved incredible success, many of whom are also athletes,” she says. “Our programs in the School of Health and Behavioral Sciences are dominated by impressive young women.”

KIRSTEN HOKENESS, PH.D.

Director, School of Health and Behavioral Sciences

Professor, Department of Biological and Biomedical Sciences Bryant University 401.232.6574

khokeness@bryant.edu bryant.edu

YEARS IN CURRENT INDUSTRY 17

YEARS WITH CURRENT ORGANIZATION 16

EDUCATION

B.S. in General Biology, University of New Hampshire

Ph.D. in Medical Sciences, Brown University

The stats bear witness: Sixty three percent of Bryant’s biology majors are women, with 70% majoring in health sciences and over 85% in psychology. “Getting these students excited about healthcare, and giving them the skills to succeed, can help close the talent gap we’re seeing locally.”

She left her position at Brown University to join Bryant because she saw “an opportunity to make a difference. What I am most proud of in my career as a woman in science is creating programs and ultimately a school at Bryant University that truly supports women who want to pursue careers in science and healthcare.”

The mom of twins, Professor Hokeness juggles the demands of her job with raising her kids. “I created a place for women who, like me, want to do it all: Study in the sciences, have a career, maybe a family,” she explains. “And I want to show them they can do it, too.”

ASHLEY HUGHES, MSPAS, PA-C is the Physician Assistant Program Director at Bryant University.

A first-generation college graduate from the University of New Haven, the native Rhode Islander completed degrees in Forensic Science, Biology- Pre-med, Chemistry and Law Enforcement Science. Her passion for forensics and love of clinical medicine led her to the Physician Assistant (PA) profession. She graduated from the Northeastern University PA program in 2010. Hughes’ clinical experience is in emergency medicine. She joined the emergency department at Brigham and Women’s Hospital in Boston, blending her forensic science background with medicine. She took a leading role in the care of victims of assault; providing compassionate, empathetic, and comprehensive care while carefully collecting valuable physical evidence needed for prosecution.

During the tenure of Hughes’ clinical work, she began training other PAs in caring for assaulted individuals, working on educating clinicians on spotting signs of human trafficking and taking a more active role in clinical precepting.

ASHLEY HUGHES, MSPAS, PA-C

Physician Assistant Program Director

Bryant University

401.232.6217

ahughes4@bryant.edu

bryant.edu

YEARS IN CURRENT INDUSTRY 13

YEARS WITH CURRENT ORGANIZATION 1 EDUCATION

B.S. in Forensic Science; B.S. in Biology-Pre-med;

A.S. in Chemistry; Certificate in Law Enforcement Science, University of New Haven

M.S. in PA Studies, Northeastern University

DMSc in Medical Science in Emergency Management and Global Health (expected June 2023)

In 2017 Hughes joined the Johnson & Wales PA program as a faculty member, rising to Interim Program Director. She joined the Bryant Bulldog community in April 2022.

In addition to medical education, Hughes is involved in global health care, including direct medical care, research, and education. She worked at a year-round clinic in Belize where she cared for patients in Punta Gorda and distant villages, precepted PA students and delivered public health education to Belizean elementary and middle school students.

She has published work on the effects of “hallway medicine” in healthcare and is currently involved in several research projects in Rwanda focused on educating medical residents and students on trauma care as well as providing Stop the Bleed (STB) training. She served as CME course moderator and lecturer for the Department of State.

Hughes is completing her Doctor of Medical Science degree in global health and emergency management.

out of bed in the morning,” Ash said. “Sometimes [having an easy number to call] makes the difference between reaching out or not.”

Since July, BH Link has been steadily expanding, doubling the number of call stations available and hiring counselors, clinical supervisors and administrative staff.

Sydney Muraoka is one of the new staff members that joined BH Link to meet that rising demand. With years of experience answering crisis calls and navigating crisis situations, Muraoka joined BH Link’s staff as a clinical supervisor. In this role, she supports the center’s counselors by providing training and assistance as they navigate their calls. And sometimes, she picks up the phone herself.

“Some days can be very busy,” Muraoka said. “Even though we are moving towards having more people, there are times where there are more calls coming in than counselors available.”

New number brings more calls to R.I. crisis lifeline

BY CLAUDIA CHIAPPA | Chiappa@PBN.com

Alittle over six months since the national suicide and crisis lifeline trimmed down its number to an easy-to-remember 988, calls have been pouring into the line faster than ever. In Rhode Island alone, where calls are routed to local call center BH Link, the volume of calls received jumped 40% between June and July 2022, when the new number was implemented.

It’s a flood of calls, but the state is ready to tackle this increasing demand and continue expanding its services.

“Nobody was really sure to what extent the volume of calls was going to increase,” said Joseph Ash, co-director of BH Link, a 24-hour call center in East Providence for Rhode Islanders experiencing behavioral health crises. “I’m very excited to see the line’s growth.”

BH Link was created in 2018 by thenGov. Gina M. Raimondo in partnership with nonprofits Community Care Alliance and Horizon Healthcare Partners, and the R.I. Department of Behavioral Healthcare, Developmental Disabilities and Hospitals

The center started responding to lifeline calls in 2019, becoming one of the 200 crisis centers across the U.S.

And in July 2022, when the national suicide and crisis lifeline shortened its 10-digit number to a three-digit number, 988, BH Link continued to pick up its calls. The change was brought on by a bipartisan bill introduced by several lawmakers, including U.S. Sen. Jack Reed, D-R.I., to

expand access to mental health resources.

Between December 2021 and December 2022, the number of answered calls nationwide increased by 48%, from 142,807 to 210,880. In Rhode Island, the number of received calls skyrocketed 53% year over year in December, jumping from 313 in December 2021 to 480 in December 2022.

“A lot of people were aware that there was a hotline, but if they were in a crisis … they probably didn’t have that number handy,” said Beth Lamarre, executive director of the National Alliance on Mental Illness Rhode Island. “I think having a three-digit number is much more memorable and it makes it easy for people to access it.”

Lamarre said NAMI-RI, which offers support groups for individuals experiencing a mental health condition and their families, also experienced an uptick in demand. She thinks it comes down to an increased awareness of available resources and to the destigmatization of mental health.

The media attention and advertising brought to the lifeline, paired with the simplicity of the number – two digits away from the well-known 911 – have largely contributed to this increase in volume. Vibrant Emotional Health, the nonprofit administrator of the 988 line, is projecting even more calls over the next year.

“Put yourselves in the shoes of someone who might barely have the energy to get

SUDDEN

BOOST: After the national suicide and crisis lifeline changed its number to a three-digit 988, monthly calls in Rhode Island increased 53% from 313 in December 2021 to 480 in December 2022.

Pictured is Matthew Latondresse, 988 clinical supervisor at the BH Link call center in East Providence.

When that happens, calls are routed to the national call center. But it’s a rare occurrence in Rhode Island. So far, the Ocean State has repeatedly outperformed other states with the number of calls it manages to answer in state, which ranges from 95%-99%.

And as the number of calls is expected to continue to grow, so will BH Link’s staff. Over the next year, Ash said the plan is to double the size of the staff, hiring more than 10 counselors.

The 988 program in Rhode Island is funded through federal grants and money from the American Rescue Plan Act funds, said Corinna Roy, head of planning and program implementation for the R.I. Division of Behavioral Health. Many states are starting to implement surcharges to provide financial support for the line, following the model in place for 911.

So far, only five states have implemented a 988 fee but measures are in the works in other states, according to the National Alliance on Mental Illness.

It’s not just the number that changed last year. As the previous number turned to 988, the scope of the lifeline also broadened from a line created specifically for people suffering from thoughts of suicide to one dealing with a wide range of behavioral health concerns.

It’s not a perfect system. Currently, calls are routed to call centers nationwide based on the area code of cellphone calling, meaning callers aren’t always connected to a center in the state where they’re located. It’s something that Ash and Muraoka hope to see change.

The 988 program is only the “first leg” in a three-tiered crisis vision, said Christine Ure, 988 project director in Rhode Island. The state’s focus is on continuing to meet the rising demand, while also focusing on the next steps of investing in mobile crisis teams and in stabilization facilities.

“The need is out there,” Ash said. “We have community members that are struggling and for them to know they’re three numbers away from help adds nothing but good to what our dynamics are as a community.” n

PBN PHOTO/MICHAEL SALERNO

‘A three-digit number is much more memorable.’

BETH LAMARRE, National Alliance on Mental Illness Rhode Island executive director

Study: Pharmacy access increases buprenorphine use

BY JACQUELYN VOGHEL | Voghel@PBN.com

ANDREW TERRANOVA, a pharmacist and general manager at Genoa Healthcare in Providence, was optimistic when his pharmacy signed onto a study intended to create new pathways for opioid use disorder treatment.

Instead of starting at a doctor’s office or clinic, the study, led by researchers at Brown University and the University of Rhode Island, allowed patients to start and continue buprenorphine treatment through a “one-stop shop” approach at their local pharmacies.

The results, published last month in the New England Journal of Medicine, went far beyond Terranova’s expectations.

“I hoped [patients] would find our treatment and our time with them to be valuable,” Terranova said, “and the study blew my expectations away. I think we had much better outcomes than I could have imagined.”

The study started with 100 patients, and then divided the 58 who stayed with treatment for 30 days into two groups: one that started and continued buprenorphine treatment through the pharmacy, and another through the typical care setup.

Usually, patients seeking buprenorphine, a medication that helps to mitigate opioid withdrawal symptoms, must go through a doctor’s office or clinic to obtain a prescription. While buprenorphine can sometimes be dispensed on-site in these situations, a patient often must make another trip to their pharmacy.

Of the patients who accessed buprenorphine through a doctor or clinic, five patients, or 17% of the group, continued with the treatment. In the pharmacy group, those numbers soared to 25 patients, or 89%, who continued the course of buprenorphine.

Prior to the Brown/URI study, the pharmacy-based treatment plan “had not existed in the U.S., let alone in most parts of the world,” said lead study author

Traci Green, co-director of Rhode Island Hospital’s Center of Biomedical Research Excellence on Opioids and Overdose and an adjunct professor at Brown’s Warren Alpert Medical School.

But the study’s findings suggest that there could be a significantly more effective way to dispense the medication, which helps to mitigate opioid withdrawal symptoms and poses less risks than other common opioid use disorder treatments, such as methadone.

While the study took place entirely in Genoa

IMPROVED RESULTS: Genoa Healthcare General Manager Andrew

Healthcare locations in Rhode Island, Ocean State pharmacists didn’t always have the ability to start patients on buprenorphine treatment.

On a national basis, most states still need to overcome regulatory barriers to make the pharmacy-based model possible, Green said. The researchers identified 10 states that have the capability to set up similar programs in the short term, while others would likely need to update their laws.

A regulatory hurdle came down in late 2022, when President Joe Biden signed an omnibus bill that struck a strict waiver requirement on who can dispense buprenorphine, allowing Rhode Island to loosen its own restrictions.

But within pharmacies, compensation is a major issue. While a $2.2 million grant from the National Institutes of Health’s National Institute on Drug Abuse funded the pharmacists’ pay in the pilot program, pharmacies won’t have this financial support moving forward.

“The real limit, even to Rhode Island, is how do people get paid,” said Jeffrey Bratberg, a study coauthor and clinical professor of pharmacy practice at URI’s College of Pharmacy. “The pharmacists get paid for dispensing the drugs, but all the other

counseling, monitoring and testing were paid for by the grant. To do this in an ongoing way, everyone needs to get paid for their time and work.”

In a doctor’s office, where the provider is paid per visit, this process is less complicated.

Regulatory measures that recognize pharmacists as providers, such as nurse practitioners and physician’s assistants, would simplify this process, Bratberg said.

Green said that states can also look to fund the model through opioid settlement funds, which states have been directed to use toward community investment.

And while Rhode Island leads many states in the availability of opioid use disorder treatment, many roadblocks remain in place, Bratberg said, such as transportation barriers, a lack of trust in the health care system and social stigma.

For patients, making buprenorphine accessible through local pharmacies creates additional, closer options for obtaining the medication, Green said, in turn mitigating some transportation barriers. And, she noted, the regularity of a pharmacy setting can help to lessen anxieties stemming from social stigma.

“The geography is important for people, and that kind of trust that we were able to establish in training our study pharmacists,” Green said. “They were able to listen to the patients.”

And while the model is still in its early phases, Terranova said the study marks a major step forward in expanding treatment options.

“You come in, you meet with a pharmacist and come back for follow-up care at that same space,” Terranova said. “I think it really does speak to the ability to improve outcomes for substance use disorder.” n

Terranova says providing buprenorphine treatment for patients at pharmacies can improve substance use disorder outcomes.

PBN PHOTO/MICHAEL SALERNO

‘We had much better outcomes than I could have imagined.’

ANDREW TERRANOVA, Genoa Healthcare general manager and pharmacist

FOCUS | PHYSICIAN GROUP PRACTICES (ranked by number of local physicians)

FOCUS | PHYSICIAN GROUP PRACTICES (ranked by number of local physicians)

CLOSER LOOK

Ranked by number of locations: 1

Lifespan Physician Group Inc.

No. of locations: 98

2

Southcoast Physicians Group No. of Locations: 51

3

Care New England Medical Group No. of Locations: 35

LIST RESEARCHED BY James Bessette

NEED A COPY?

To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

UPCOMING LISTS

Feb. 17: Public Companies in Rhode Island, Rhode Island Property Tax Rates; March

3: Mortgage Bankers and Brokers, Residential Real Estate Agencies

WANT TO JOIN?

For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 6804838 or write to Research@ PBN.com.

NL = Not listed last year.

FOOTNOTES

j The count comprises physicians working for Brown Dermatology, Brown Emergency Medicine, Brown Medicine, Brown Neurology, Brown Surgical Associates and Brown Urology.

Also known as Ortho Rhode Island.

With recession looming, R.I. economy faces big test

BY CHRISTOPHER ALLEN | Allen@PBN.com

predicted downturn in 2023 will test Rhode Island’s business owners in a state that has yet to adequately prepare its labor force with the professional and technical skills needed for a modern economy.

In addition, the state needs better infrastructure, more housing and more effort to foster emerging industries.

These were the takeaways from the discussion by panelists at Providence Business News’ Economic Trends Summit held on Jan. 26, some of whom argued that even with a mild recession sometime in 2023, there must be better cooperation between business and government to recruit and match the labor force with new and growing sectors.

Panelist Peter Phillips, chief investment officer at Washington Trust Wealth Management, said that while Rhode Island has made some progress toward cooperation, more is needed. Local companies continue to struggle with the lack of retraining initiatives available in both the public and private sector.

“These are huge issues,” he said. “If you look at job growth pre-COVID until now, one of the few areas where we have more jobs is in those professional [and] technical jobs. But we still lag [behind] the rest of the country.”

Julietta Georgakis, chief of staff for the R.I. Executive Office of Commerce, highlighted some of the elements of Gov. Daniel J. McKee’s $13.8 billion state budget proposal that she says can help the private sector, citing tax cuts and increased investments in

education and job training.

“States ... can certainly do things so that their citizens are fortified against the severe shocks of recession,” she said. “Technology is making some positions very redundant. It’s very important that state and federal governments understand this mismatch.”

However, Thomas Tzitzouris, head of fixed income research at New York City-based Strategas Research Partners and the summit’s keynote speaker, said that he has observed a lack of urgency from Rhode Island officials to help get needed housing and commercial development projects off the ground, such as the hotly debated Fane tower proposal in Providence.

“Good luck if you can’t build 30-story towers,” said Tzitzouris, who is based in Rhode Island. “That tells me the state had not made progress in managing developers’ and businesses’ time.”

This lack of uncertainty hampers business, said Karl Wadensten, CEO and president of Richmond-based VIBCO Inc. The supply chain issues leftover from the pandemic have yet to subside and could worsen this year.

Before the pandemic, Wadensten said, his company could move products “like nobody’s business.”

But now, “[it] takes me half a year and I can’t get to the right people,” he said. “And I have a clock ticking. That’s costing me a lot more.”

CONTINUES ON PAGE 30

MORE EFFORT NEEDED: Rhode Island needs better infrastructure, more housing and more effort to foster emerging industries, according to panelists at Providence Business News’ Economic Trends Summit on Jan. 26, which included from left: keynote speaker Thomas Tzitzouris, head of fixed income research at New York City-based Strategas Research Partners; Karl Wadensten, CEO and president of VIBCO Inc.; Peter Phillips, chief investment officer at Washington Trust Wealth Management; Julietta Georgakis, chief of staff for the R.I. Executive Office of Commerce; and Kevin Casey, vice president of sales at Sweeney Real Estate & Appraisal.

PBN PHOTO/MIKE SKORSKI

The job market remains crucial question mark

BY CHRISTOPHER ALLEN | Allen@PBN.com

THOMAS TZITZOURIS SEES jobs as the big economic “wild card” in 2023.

A labor market characterized by low unemployment can have a downside for businesses in the form of higher wage growth, which can sap profits and investment returns and make inflationary pressure “sticky,” according to Tzitzouris, head of fixed income research for Strategas Research Partners and the keynote speaker at Providence Business News’ Economic Trends Summit on Jan. 26.

The problem right now: “The wild card this year is how ... the labor market behaves. That is a very difficult thing to predict,” Tzitzouris told the summit attendees.

Will employees continue to have more options and make greater demands? Will the younger generation step in to fill the voids? The answer to these questions will have an effect on how long or how painful a recession will be.

But Tzitzouris said the answers are difficult to decipher because of an economic shift that has occurred.

“We have entered a world of structural rigidity in the labor market, structural supply chain bottlenecks, energy shortages and political instability,” he said, referring to the concept that certain aspects of the economy have reached an inflexibility to change and operate freely. “The regime has changed.”

Other aspects of the 2023 economic picture have been easier to forecast.

Inflation should come down as the Federal Reserve tops out on increases to its benchmark interest rate, which

Strategas predicts will hit a ceiling at 5.25%. The institutional research and advisory brokerage based in New York City predicts a recession in the second half of 2023.

Aggregate wages grew by 4.5% in 2022.

“That is at a level that is typically very bad for operating margins and bad for long-run inflation,” said Tzitzouris, who is based in Rhode Island. “This sticky component ... is really a big concern for the Fed. And that is what they are going to target.”

Tzitzouris expects the central bank will have an extraordinarily difficult challenge ahead this year, trying to balance inflation while managing wage growth, which is one of the main components of a company’s overhead.

“[The Federal Reserve] is going to have to destroy demand,” he said. “And the only way it can do that is by destroying jobs.”

One example of this delicate interplay is how continued inflation and higher prices are leading to increases in household debt, which

CONTINUES ON PAGE 30

JOB MARKET SHIFTS: The ratio of job openings to unemployed people stood at nearly 2 to 1 near the end of 2022, a big difference from the ratio two years earlier at the start of the COVID-19 pandemic.

COURTESY STRATEGAS RESEARCH PARTNERS

Kevin Casey, vice president of sales at Sweeney Real Estate & Appraisal, said most residential and commercial projects in Rhode Island take up to three years to be planned and constructed.

“We do see a slowdown of timing in getting things built,” he said.

As for the recession on the horizon, Tzitzouris said those hoping for a “soft landing” will likely be disappointed. Equity markets will plunge as the economy undergoes its correction. And costs for energy and inventory may continue to rise until the Federal Reserve makes its final rate hike sometime in the second half of the new year.

Nationally, politics will also play a larger role, as progressives argue for wider social safety nets and taxes on the highest earners, Tzitzouris said.

“There is going to be political pressure for more tax increases at the federal level to pay for this growing deficit,” he said.

And the consumer spending that has shored up the economy is set for a reversal, leading to a drag on

consumption.

“We are going to shift from an influencer economy to one that is going to have to produce goods here and redirect consumption to areas that we need and areas that we want,” Tzitzouris said.

Asked what institutional shifts must be made by producers searching for a way to recruit the available talent and keep them, Wadensten said that traditional management paradigms may need to shift with the times.

And more “lean thinking” is required.

“If you don’t do that … [employees] can go anywhere they want,” Wadensten said. “Do more with less. Get your people thinking, and let those people tell you what’s getting in the way of revenue.”

As a business owner, if you build an attractive work-life culture, you will have buy-in from workers, he said.

“Employees have tons of choices. They have really reconsidered what their lives are going to look like,” Wadensten said. “If we are not smart as developers and trying to figure out what people want and value, you are going to be left in the dust.” n

CONTINUED FROM PAGE 29

is “essentially at an all-time high,” Tzitzouris said.

The typical American household making between $60,000 and $70,000 is now spending between 10% and 20% of their after-tax disposable income on debt interest alone.

“This is unsustainable,” Tzitzouris said. “The labor market is fragile. If you see a small increase in unemployment, that could quickly become a large increase in unemployment because of issues like this.”

And businesses are feeling the heat. Tzitzouris said that less than half of business owners polled do not expect conditions to improve within one year. Data shows that many younger workers are unwilling to sacrifice time or convenience for changing careers that offer better opportunities and help stave off unemployment spikes.

“We joke about it, but this has serious implications for the labor market,” Tzitzouris said.

Rising unemployment can be tempered if millennials and their Gen X predecessors are willing to take on career training or move to regions of the country where industries that have the most growth potential are centered.

But Tzitzouris said smart money is betting this will not happen in any large measure.

“We are in a game of chicken with an irrational player,” he said.

The coming recession may not be as bad as previous economic downturns, Tzitzouris said, but a certain amount of pain is on the horizon.

“Recession just seems inevitable this year,” he said. “It’s just a matter of time.” n

SARAH BIERMAN

CHRIS CASSARADAN BURGOYNEALLIE FLEETBRIAN REILLYLOREN SUTTONDAVID DISEGNA

AMY OAKLEYJIM HAHNDAVID GILDENGENE BERNARDOJAY PEABODYLAWRENCE SHEHALEX PEZZELLO

‘We still lag [behind] the rest of the country.’

PETER PHILLIPS, Washington Trust Wealth Management chief investment officer

TZITZOURIS

Dan Burgoyne, David DiSegna, Partridge Snow & Hahn, with Scott O’Malley, RI Health and Education Building Corporation.

David Widmann, Jackson Caffrey, Thomas Sweeney, and panelist Kevin Casey, Sweeney Real Estate & Appraisal.

Panelist Julietta Georgakis, Chief of Staff for the RI Executive Office of Commerce.

Panelist Peter Phillips, Washington Trust, with keynote speaker and panelist Tom Tzitzouris, Strategas.

PRESIDENTS’ 2023 FORECAST

In conjunction with the PBN Economic Summit and recap in today’s issue, we invited local CEO’s, business owners and other leaders to share their outlook for 2023, commenting on the region’s economy, their industries, or their companies in the coming year. It is clear that local leaders are working to meet the demands of an ever changing employment landscape and adapting to inflation challenges, while focused on community outreach to effect positive differences in the communities we all serve.

EDMUND (TED) SHALLCROSS III President and Chief Executive Officer Amica Insurance

Amica has been part of Rhode Island since our founding in Providence in 1907. We’ve stood strong through natural disasters, financial crises and a global pandemic. While we expect 2023 will present new challenges, we’re confident we’ll come through them stronger than ever.

We’ve found that stability can be achieved when you stick to foundational principles. Amica’s focus is providing security to our customers, employees and communities.

We partner with customers to protect the valuable parts of their lives, and form lasting relationships with them. If the unexpected happens, they’ll be met with empathy from our caring representatives.

We also know the employees who provide that service need to be supported. As an employer of thousands across the country, we’re proud to offer an inclusive workplace, competitive pay/benefits and growth opportunities.

Active involvement in the communities where we live and work – both through charitable giving and volunteerism – is another important piece of Amica’s culture. We’re excited to continue supporting the work of hundreds of nonprofits in 2023.

Amica will adapt to inflation, supply chain challenges and volatile financial markets in the year ahead. And we’ll do so while embracing the values that have served us so well for so long.

AMICA.COM

JACK MURPHY President and Chief Executive Officer BankNewport

BankNewportis a strong, well-capitalized and profitable mutual bank that has seen continued success over its 203-year history. Our multi-year strategy is focused on expansion, a continued investment in digital technology, and on deepening relationships with our customers and our communities. BankNewport will continue its expansion and open new locations in 2023 to better serve all Rhode Islanders, no matter which corner of the state they call home.

Rhode Island has so much to offer, and despite inflation and current economic headwinds, we are confident in the future. We stand ready to help consumers and businesses manage their finances, protect their hard earned money, and achieve their goals.

Creating a positive impact in the communities in which we serve is at the core of BankNewport. We truly believe that by helping individuals and businesses succeed financially, local communities and our state will thrive. We’re All In!

BRIAN AZAR President and Chief Executive Officer Coastal1 Credit Union

I’mpleased to report that 2022 was a successful year for Coastal1 Credit Union. We remain strong, well-capitalized, and profitable with assets now exceeding $3 billion.

We’ve taken strides to make banking easier, more efficient, and convenient for our members to conduct business where, when, and how they prefer. In the past twelve months, we’ve expanded communication channels in our new contact center; streamlined our account opening process; and launched Zelle, the leading person-to-person payment app all of which make Coastal1 the smarter way to bank.

We just opened our first branch in Massachusetts, at 99 Chestnut Street in North Attleboro. As we expand, we’ll continue to focus on providing the same high quality, personalized service members have come to expect, from the dedicated staff you’ve come to know and trust.

As a credit union, we believe in the adage of “people helping people.” Our community outreach efforts strive to make positive differences in the communities we serve by focusing on partnerships that provide food and shelter for those in need, education and financial literacy, and positive development of children, youth and teens.

Service, convenience, and commitment to community are pillars of the smarter way to bank

COREY MCCARTY Senior Vice President and General Manager CCA Health Rhode Island

Basedin downtown Providence in the heart of the Innovation & Design District, CCA Health Rhode Island is proud to enter our third year of operations here in the Ocean State. As we continue to grow our local, community-based team, we remain as committed as ever to investing in innovative care delivery models and forging meaningful care partnerships in the state’s vibrant and diverse healthcare sector.

From growing racial and socioeconomic disparities in social determinants of health to an escalating mental and behavioral health crisis on a national level, it is clear we as a healthcare community at large are entering 2023 with a long list of challenges. To address them, it is critical that we focus on increasing collaboration across every level of our care delivery system in a way that ensures Rhode Islanders’ needs are met in a more integrated, seamless manner.

Working together, we are confident we can create a stronger, more resilient and more effective system of delivering care to Rhode Islanders. Our team at CCA Health Rhode Island is looking forward to playing our part in executing this statewide effort in 2023 and beyond.

BETTY ROBSON, JD, LCB, MCS, CGBP President and CEO

JF Moran

JFMoran has been at the forefront of helping clients navigate the logistical challenges of the past several years. The COVID-19 pandemic had a profound impact on the logistics industry; it’s clear we will never return to pre-pandemic practices and expectations. Clients learned the importance of supplier diversification and risk management. Reliance on single suppliers or small groups of suppliers can be detrimental during a crisis, leading to product shortages and higher prices. As a result, there’s a greater focus on building diverse supply chains and implementing risk management strategies to mitigate the impact of potential disruptions.

In times of uncertainty, it’s essential to partner with professionals with proven track records of reliability and transparency. Carefully selecting partners who prioritize the needs of their clients and have the resources and expertise minimizes disruptions and maintains the efficiency of their supply chain.

The good news is that the pandemic brought logistics to the forefront of people’s minds; there is a growing interest in Supply Chain Management programs. An influx of new talent brings fresh perspectives and ideas to the table. As the industry adapts to the new normal, this will be critical in driving innovation and shaping the future of logistics.

Anotherseason – another economic cycle. And an abrupt one, at that. With the Great Resignation, the Great Regret and now the Great Rebalancing – everything is up for grabs.

Talent recruitment is at the core of the seismic shift, and it reaches far beyond salary and benefits. Even in the face of a choppy labor market workers are asking pointed questions about company culture and values.

“Well, do I actually want to work for you? Please tell me about your commitment to ESG? If I join your team, will I be able to bring my authentic self to work? Will I have opportunities to develop new skills and be more marketable?”

Work-life balance and scheduling flexibility are, without doubt, table stakes in fostering a positive employee experience. One interesting trend we’re seeing is people wanting to go back to their former companies, otherwise known as “boomeranging.” Similarly, people are looking for ways to grow within their current organizations – adding value in places where there is a pronounced need.

As you power through the first quarter of 2023, now is the perfect time to ask yourself if your HR policies are consistent with today’s norms. Hold everything up for scrutiny. And I mean everything. Be super intentional in your efforts to be known as an employer of choice.

LAURIE WHITE President Greater Providence Chamber of Commerce PROVCHAMBER.COM

MIM

L. RUNEY, LP. D.

Chancellor Johnson & Wales University

Asa business school founded by two women over 108 years ago, being strategic, forward thinking and focused on the future is in Johnson & Wales’ DNA. That leadership and vision continue today as we enter 2023 and strive to meet the demands of an evolving employment landscape.

Johnson & Wales University has always been closely tied to industry—whether through internships, industry-experienced faculty, community engagement, or the creation of academic programming to address emerging industry needs. Today, as industry demands well trained healthcare, business, hospitality, culinary, and cybersecurity professionals, Johnson & Wales is answering the call.

Johnson & Wales is positioning itself as an innovative and comprehensive university that prepares students for careers and leadership in a wide range of industries. We continue to advance our reputation of academic excellence through successful accreditations and the creation of new offerings, including the launch of an Accelerated Second Degree Bachelor of Science in Nursing program.

This year, we will continue to see demand for more flexible educational modalities. JWU’s College of Professional Studies allows students at all career stages to pursue professional development, continued education, or a career shift via online and hybrid programming.

CCAHEALTHRI.ORG

KATHLEEN OROVITZ President and Chief Executive Officer Navigant Credit Union

AtNavigant Credit Union, we are as committed as ever to advancing our mission of improving the financial well-being of the families, businesses, and communities we proudly serve. To accomplish that goal and to stay relevant and competitive in today’s rapidly changing landscape, we need to take a step back and listen.

We are preparing for a year unlike any other we’ve seen in a long time. High inflation has impacted families and led to the unprecedented fed rate increase, putting pressure on margins in the banking industry and increasing competition for deposits. We are operating from a position of strength with sufficient earnings and capital to support our growth objectives and meet the needs of Rhode Islanders.

Looking ahead to 2023, our top focus is member engagement. We remain committed to continually enhancing our systems and finding ways to remove any barriers or friction from our members’ experiences. Our goal is to be Rhode Island’s largest and most trusted financial institution, and the only way to get there is to ensure we continue to put our employees and members first.

Thank you to our members, friends, and colleagues across Rhode Island’s vibrant business community for making this state a great place to live and work. We look forward to a successful 2023.

NAVIGANTCU.ORG

KATHRYN SKOUTERIS Vice President, Rhode Island Commercial Market Point32Health

AtPoint32Health, we couldn’t be more excited for the year ahead. Not only does it offer a renewed opportunity to positively impact our local communities but there are also some key initiatives we’re working on that will ensure we are wellpositioned to continue to offer valued, accessible health care coverage to all our Rhode Island members for years to come.

Driven by our purpose to guide and empower healthier lives, we are committed to offering benefit solutions to our customers that improve the health care experience, and are easier to use, understand, and afford. And as a member of the Point32Health family, we’re focused on evolving our Tufts Health Plan options over the coming year to provide greater flexibility and accessibility to care because our business is about bringing value to yours.

We know you have options when it comes to your health benefits, and we look forward to having you explore the options from Tufts Health Plan and Point32Health. Here’s to making 2023 the year we all find our way to better health.

POINT32HEALTH.ORG

Since 1975, PensionmarkMeridien has provided wealth management, retirement plan, insurance, and executive benefit services to individuals and corporations across industries and demographics. We’ve remained steadfast in our resolve to guide clients through recent economic obstacles such as COVID-19, rising interest rates, inflation, and staffing difficulties.

As 2023 begins, corporate clients continue to face the challenge of attracting and retaining talent. Workforce competition will remain, despite our anticipation of an uptick in unemployment. Reviewing how benefits programs can be customized to attract and retain top team members should be at the top of employers’ strategies. Legislatively, the SECURE Act 2.0 provides a host of issues for corporations, employees, and individual investors to maneuver.

While inflation has been at the forefront of economic news, leading indicators show it’s expected to decline. Additionally, we’re nearing the end of aggressive interest rate increases, leading to potentially more attractive investment opportunities for Southern New England business capital expenditures, M&A activity, and personal investments. PensionmarkMeridien is here to help navigate 2023 and beyond. Pensionmark® Financial Group, LLC (“Pensionmark”) is an investment adviser registered under the Investment Advisers Act of 1940. Pensionmark® is affiliated through common ownership with Pensionmark Securities, LLC (member SIPC).

MIKKO J. PASSANANTI President and Chief Executive Officer PensionmarkMeridien PENSIONMARKMERIDIEN.COM

CHRISTIAN COWAN Executive Director URI Research Foundation

Aswe enter 2023, the URI Research Foundation is focused on supporting statewide economic development and having a bigger impact on Rhode Island communities through our business units which include Polaris MEP, 401 Tech Bridge and URI Ventures. Our organization is now better structured to accelerate innovation and entrepreneurialism at URI and Rhode Island’s manufacturing and technology ecosystems. Opportunities for economic growth in the life sciences, blue economy, and high-growth start-up ecosystems, will need thorough analysis, strategic planning, and rapid effective implementation of State and Federal programs in 2023. Rhode Island’s high tech employers represent over 10% of the labor force and contribute over $5 billion in economic output. Our focus on workforce training, community-building programs, and the implementation of true ecosystem partnerships were all parts of our impact in the past, but they will be much more up front in our new framework and realized with seamless execution in 2023.

New State and Federal funding for programs are just starting to be released and leaders need to make sure to implement these efficiently and effectively to have positive impacts on each community across Rhode Island. I am humbled to work with our fantastic team and partners and I am excited about 2023!

POLARISMEP.ORG

Providence Children’s Museum (PCM) inspires lifelong learning for all through play, creativity, and exploration. As the first step on a child’s learning pathway, PCM has provided 45 years of engaging, immersive, hands-on experiences for children under 10 and their caregivers. No other organization reaches as many children in Rhode Island – nearly 200,000 in pre-COVID admissions.

In 2023, PCM is focused on bringing back children and families to our well-loved institution with new exhibits, programs, and events. We’re also building on the lessons learned during the pandemic – launching a Mental Health Initiative to bring supports to our youngest residents, providing lesson plans to educators nationwide through our Verizon Innovation Learning HQ participation, and expanding our RIDE enrichment classes. PCM has long dedicated funding to ensure that its visitors attend with free or reduced admission, with rare accessibility rates of 40% compared to regional averages of 25%. PCM relies on individuals, corporations, and foundations to continue to offer this access to families who could not otherwise afford to attend.

At the Providence Children’s Museum, play, creativity, and exploration are what we do. We are the Champions of Play!

CAROLINE PAYSON Executive Director Providence Children’s Museum PROVIDENCECHILDRENSMUSEUM.ORG

OSCAR MEJIAS

Founder & CEO

RI Hispanic Chamber of Commerce

Rhode Island’s Latino businesses are remarkably resilient and continue to break down barriers across multiple sectors in our state. While fallout from the pandemic has taken a toll on small businesses, Latinos remain confident in our state’s long-term economic prospects and continue to add value through entrepreneurial innovation, investments in business development, and a growing workforce.

Founded in 2016, the Rhode Island Hispanic Chamber of Commerce (RIHCC) has played a pivotal role in this process, meeting entrepreneurs where they are and supporting small business development through direct technical support and advocacy. We are working to build a supportive and inclusive statewide economy by promoting diversity, equity and inclusion at every level - from Main Street to the corporate boardroom. We are also working collaboratively with other small business support organizations to increase resources and access to information. And we’ve implemented programs that are creating opportunities for economic prosperity.

These efforts have already begun to pay dividends for all Rhode Islanders. The state’s Latino business growth is leading the region, and the RIHCC has been there at every step to provide the resources, information, and support necessary for these entrepreneurs. We will keep doing our best for a productive 2023!

It’san opportune time for life sciences in Rhode Island. With the state’s proposed $45 million investment in a life sciences hub, transformation of 62,000 square feet at Wexford’s Point 225 building in Providence into highly sought-after wet lab-ready research space and construction of a new state health lab, Rhode Island’s biotech sector is on the move.

There’s monumental work ahead – but RI Bio is ready to take it on. As Rhode Island’s trade organization and industry voice for the life sciences, we connect life sciences companies, hospitals, universities, sources of capital and government partners to fuel innovations that change the world and improve lives.

With the promise of our state’s life sciences infrastructure developments on the near horizon, one of our major aims this year is to focus on recruiting and supporting early-stage life sciences researchers and entrepreneurs interested in growing their enterprises in RI. It’s exciting that our state has paved the way for breakthrough ideas to be born, funded and developed here by small and emerging biotech, diagnostic and medical device companies.

We have lofty goals for 2023 – but with RI Bio’s leadership and our life sciences community support, we know we will make incredible progress in our quest to advance science, develop cures and promote economic growth.

CAROL MALYSZ Executive Director RI Bio RI-BIO.ORG

JOHANNA CORCORAN Executive Director We Share Hope

WeShare Hope’s mission is to rescue food, providing relief to those who need it and reviving our communities. This year marks our fifteenth anniversary of helping Rhode Islanders struggling with food insecurity. What started as a project to rescue surplus food from local bakeries in 2008 has grown to meet increased rates of hunger across the state. Today, We Share Hope partners with the region’s top food retailers to rescue and redistribute their surplus food to Rhode Islanders in need. As a small, but mighty nonprofit, our strength lies in our ability to keep an ear to ground to uncover hidden pockets of need so we can quickly launch new programs. The Feed the Future School Food Pantry Program is an example of this. In response to high rates of student hunger, we opened four school-based food pantries in 2022 and will open eight more in 2023. Our goal is to make an impact beyond just a dinner or a lunch, but for a lifetime. This spring We Share Hope will release our first strategic plan, Hope Forward: 2025. We look forward to bringing the community together to relieve the burden of food insecurity in Rhode Island.

SPRING HEALTH CARE SUMMIT & HEALTH CARE HEROES AWARDS

April 6, 2023 ❤ Providence Marriott ❤ 9-11:30am

This hybrid event will begin with a panel discussion about the latest trends in health care. It will be followed by an awards ceremony recognizing people in the health care field who are making a difference. A buffet breakfast will be served.

The summit will feature a panel of health care experts and business leaders who will bring attendees up to date on the latest news and expectations in this vital and ever-changing piece of the region’s economy and arm the region’s business community with the best insights available to handle the future of health care. Visit PBN.com for panelists and topic information.

PBN is proud to introduce this inaugural awards program, honoring heath care individuals and organizations who are heroes to our families and communities and making positive impacts on the quality of health care in Rhode Island and Southeastern MA. We are now accepting nominations for physicians, nurses, specialists and organizations who embody the word “hero” and have proven their excellence in helping others, promoting innovation and/or improving access to care.

THIS YEAR’S AWARD CATEGORIES INCLUDE:

❤ Physician

❤ Nurse

❤ Nurse Practitioner/Physician Assistant

❤ Mental Health Provider/Advocate

❤ Health Care Administrator

❤ Advancement in Health Care Prevention

❤ Health Care Educator

Take a few moments to thank a hero in your life. Nominations will be accepted until Wednesday, March 1. Honorees will be celebrated at the Spring Health Care Summit on April 6 following the panel discussion.

PARTNER SPONSORS

To nominate a hero or register for the event, go to PBN.com or hover over the QR code with your phone camera.

VISIT PBN.COM FOR DETAILS

For sponsorship, advertising and exhibitor opportunities, contact 680.4800 or Advertising@PBN.COM

ARCHITECTURE

DBVW Architects is pleased to announce the promotion of Miranda Rados to Job Captain. With a great respect for history, Miranda has played an important role as part of DBVW’s historic preservation team, working on building assessments like the campus at Canterbury Shaker Village in Canterbury, NH, and preservation projects such as Trumbull College and Connecticut Hall for Yale University, the Newport Tennis Hall of Fame, and recently the Rough Point Museum in Newport, RI.

PEOPLE ON THE MOVE

ARCHITECTURE

DBVW Architects is pleased to announce the promotion of Moises Valcarcel Gonzalez to Job Captain. With his love for adaptive re-use and historic preservation, Moises has served as a key member of project teams for the Eagle Mill Redevelopment project and the historic North Kingstown Town Hall renovation. In the office, his passion for advancing diversity, equity, and inclusion has made him an invaluable member of the DBVW team for advancing the firm’s commitment to DEI.

ARCHITECTURE

n|e|m|d architects, inc. welcomes Nathan Fehrs

We are excited to have Nathan join n|e|m|d full time as part of our junior design staff after interning with us this past summer 2022. Nathan received his undergraduate degree in Art, Architecture and Historic Preservation from Roger Williams University. Before joining us, Nathan spent two years on National AIAS committees and sat on the AIAri Board of Directors for two terms. As part of his role with us he will be working alongside other junior staff, principals, and project managers in completion of ongoing projects throughout New England.

EDUCATION

New England Institute of Technology (NEIT)

welcomes Amy Grzybowski as its new Vice President of Community Relations. Amy will lead NEIT’s efforts in establishing the university as the market leader in career education. She will serve as the chief officer to promote the strategic direction and objectives of NEIT’s College of Health Sciences. Amy earned a Bachelor of Science and Master of Science degree in Administration of Justice from Salve Regina University. She is a Ph.D. candidate for a Doctorate in Education degree from the University of Rhode Island and Rhode Island College’s joint program.

ARCHITECTURE

n|e|m|d is excited to announce a new addition to our team, Maggie Connolly, who just recently joined as Marketing Coordinator. In this role she will be preparing and navigating RFP and proposal submissions, social media content, and business development. Maggie graduated from Roger Williams University in May 2022 with a bachelor’s degree in Marketing and a minor in Graphic Design.

ARCHITECTURE

n|e|m|d architects, inc. is pleased to have Sunny Hwang join our team for the position of Project Manager. Sunny earned his first bachelor’s degree in civil engineering from Feng Chia University in Taiwan in 1988. After four years with the Taiwan Railroad Bureau of Administration, he moved to the United States where he earned a degree in architectural engineering from Wentworth Institute of Technology. Three years later, he received his master’s in architecture from SCI-ARC in Los Angeles. He recently ventured back to New England and is a registered architect in RI and MA.

ARCHITECTURE

n|e|m|d architects, inc. welcomes Adam Grimes

We are pleased to have Adam joining us at n|e|m|d as an Accountant. Adam received his undergraduate degree in Finance from Umass Dartmouth in 2020. In his role as Account Coordinator, he will be maintaining all aspects of accounts receivable and payables and assisting our project managers by compiling all necessary accounting information for projects to ensure timely information.

ARCHITECTURE

n|e|m|d architects, inc. welcomes Lesya Toftul as Architectural Designer. Lesya was inspired by art at a young age which led her down a creative path in her career. She attended The National Academy of Visual Arts and Architecture in Kiev, Ukraine to pursue her dreams of Architecture. After graduation, she began her career in her hometown, first designing houses for Chernobyl refugees. She later moved to the U.S. and worked for several architectural firms across New England. Since joining us she has been working on ongoing projects assisting with preparation of construction documents.

REAL ESTATE

Your Home Sold Guaranteed Realty, The Nathan Clark Team – the number 1 team in Rhode Island and home of the Guaranteed Sales Program announces the promotion of Keri Downing from Director of Client Success to Chief Operations Officer. Keri has been on the Nathan Clark Team for 3 years where she has demonstrated great leadership and aptitude to learn in all aspects. Keri’s new role will have her focusing on creating and adapting the most efficient systems and procedures to best serve the people around her. “The whole team is excited for Keri’s new position.” – Nathan Clark, CEO.

BankNewport

BANKING

is pleased to announce that Narragansett, RI resident Jeannine Paliotti has been named vice president, digital banking product manager, responsible for all aspects of digital banking product management, risk management, and fraud monitoring. Prior to her new role, she was assistant vice president, digital banking product manager at BankNewport. Jeannine dedicates her free time to supporting the special needs community of Rhode Island and is a dedicated advocate for adults and children with disabilities within our community.

BANKING

BankNewport is pleased to announce that Cranston resident Leiyina Taverez has been named vice president, regional manager, responsible for the development and management of the retail branch teams in Rhode Island, including the Narragansett, East Greenwich, Warwick, Coventry, Cranston, Providence, Johnston and North Kingstown branches. Tavarez will oversee the customer experience delivery and sales performance of the branch network in alignment with the bank’s objectives and retail sales and service standards. Prior to joining BankNewport, Tavarez worked at Webster Bank as service coach in Rhode Island and Southeastern Massachusetts, and recently as a small business relationship manager.

BANKING

BankNewport is pleased to announce that Carmela MacKnight has been named vice president, IT project manager. In her new position, MacKnight will lead cross-disciplinary teams to deliver new systems, ensuring proper management of project risks, scope, schedule, and budget. Prior to her new role, she was assistant vice president, IT project manager at BankNewport. Prior to joining BankNewport, MacKnight was vice president, digital solutions at (add)ventures and also worked as a Senior Project Manager in the Systems Integration department at GTECH. MacKnight holds a Bachelor of Science from Rhode Island College. She currently resides in Jamestown, Rhode Island.

Perrotti lauded for recovery work

LOUIS PERROTTI, Roger Williams Park Zoo’s director of conservation, was celebrated recently in recognition of receiving the 2020 Recovery Champion Award from the U.S. Fish and Wildlife Service. Perrotti was recognized for his work to advance recovery of the federally protected American burying beetle, a large invertebrate known for burying the carcasses of dead animals to provide food for its young.

What does receiving this honor mean to you?

To be recognized by the Fish and Wildlife Service and presented with one of the highest honors you can receive for endangered species recovery is truly an honor! But we do not do this work to win awards; we do it to keep our planet as good as it was left to us and hopefully a bit better for the next generation. There are many of my colleagues dedicated to saving species and habitats that are worthy of this award. I am humbled to be the recipient, but what is exciting is that it was for the recovery of a non-charismatic invertebrate species.

What attracted you to wanting to advance recovery in the American burying beetle?

I have always been a champion for lesser-known and non-charismatic species. When we started working with this species in 1994, there weren’t a lot of invertebrate conservation programs outside of butterflies. I saw the value this project had not only for the recovery of the American burying beetle but for it being the flagship species to help bring awareness and develop conservation programs for other at-risk invertebrate species as well, and it has.

Describe the captive-rearing program you established at the zoo for the beetle. The recovery plan includes monitoring the

populations, maintaining captive populations, conducting a pilot reintroduction effort on Penikese Island [off the coast of Massachusetts], prioritizing areas and conducting surveys for additional wild populations, and conducting further reintroductions and managing new in and ex situ populations. Given the success of the pilot reintroduction on Penikese Island in the early 1990s, in 1994, the Fish and Wildlife Service started a second reintroduction program on the nearby island of Nantucket, Mass. Recognizing the need for an additional source of captive-raised beetles, the Roger Williams Park Zoo was asked to participate. This was seen as a great opportunity to participate in a local endangered species conservation initiative, and the zoo was honored to become involved.

Are there new conservation efforts you plan to do in the near future?

I will be continuing to design, implement and manage working partnerships with state and federal agencies, involving Roger Williams Park Zoo in the recovery efforts of the federally threatened American burying beetle and state-listed species such as the New England cottontail rabbit, wood turtle, eastern box turtle, eastern spadefoot toad and timber rattlesnake. I will also work with partners on our current international

RICHARD PETTY, the stock-car racing legend, finished second in his first race. He was so excited that he sped home to tell his mother.

“You lost!” was her candid response.

Petty objected and thought he did a great job to finish second among 35 cars in his first race.

But his mom said, “Richard, you don’t have to run second to anybody!”

Petty never forgot that message, and for the next 20-plus years, he dominated stock-car racing.

The importance of finishing first or winning was always stressed as I was growing up. As a competitive person, I thought that second place was the same as last.

Americans have a fixation on being No. 1. The most valuable player, the Oscar winner, the CEO.

My good friend Nido Qubein says: “Winners compare their achievements with their goals and with their own potential. The rest compare themselves with others.”

There’s certainly nothing wrong with striving to be the best. That’s what makes America.

What is the best way to get to No. 1? It’s competition. Competition has

Competition is healthy

made me a better businessman, a better golfer and a better person. And when there isn’t another company or business to compete with, I try to outdo myself. I always want to be at my best.

Competition makes us better and stronger. We should not only welcome stiff competition; we should actively seek it. We’ll never realize our full potential in business or athletics unless we are challenged. Competition is healthy. It keeps us sharp. It improves quality.

But a problem I see all too frequently is that people are afraid of competition. Perhaps it’s because they fear losing, but I suspect a better reason is that they know they are not as prepared as the competition. They are not willing to put in the hard work, training and sacrifice that is required. They think things will be easier for them than for others, possibly because others have made things

look easy.

You’ll profit a lot more by trying to learn from your competition than by trying to destroy it.

Competition drives performance. It impels people to work harder and dig down deeper to deliver more than they ever thought they could.

Two hikers discovered that a mountain lion was stalking them. One stopped to change into running shoes, and his buddy asked, “What good are those shoes going to do you? You can’t outrun a mountain lion!” He responded, “I don’t have to outrun the lion. I just need to stay ahead of you.”

There’s nothing like a little competition to boost productivity. Look at industry studies and you will consistently see that competition helped improve results.

I understand that some people don’t like competition, but you must accept that competition is unavoidable in life. That’s the way our society

works.

Some parents have legitimate concerns about engaging their young children in competition. I understand their reluctance in situations where unrealistic expectations are set. But friendly competition is positive. Age-appropriate competition helps kids understand the importance of learning and improving. It is critical to prepare children and teenagers to compete in the real world.

A University of Florida study found that participating in sports is a healthy way to teach kids about the positive aspects of competition. Playing sports helps kids understand how competition works in a friendly environment and that if they try their hardest, they have a better chance at succeeding, not to mention improving their health and self-esteem.

Mackay’s Moral: If you can’t win, make the person ahead of you break the record. n

Harvey Mackay is the author of the New York Times bestseller “Swim With the Sharks Without Being Eaten Alive.” He can be reached through his website, www.harveymackay.com.

The best way to help?

EFFECTIVE ALTRUISM is an intellectual and charitable movement that aspires to find the best ways to help others. People dedicated to it rely on evidence and rational arguments to identify what they can do to make the most progress toward solving the world’s most pressing problems, such as reducing malnutrition and malaria while increasing access to health care.

A group of intellectuals, including the Oxford University philosophers William MacAskill and Toby Ord, coined the term in 2011. The movement was inspired in part by the philosopher Peter Singer, who has argued for an obligation to help those in extreme poverty since the 1970s.

Numerous effective altruist nonprofits have sprung up over the past 12 years. They research and implement ways to help others that they think will make a big difference, such as by providing people in low-income countries with malariafighting bed nets, safe water dispensers and low-cost cataract surgeries to restore eyesight

Why does effective altruism matter?

It has gained traction and mobi-

lized tens of billions of dollars, in part because of its popularity among some extremely wealthy donors.

Perhaps the most affluent proponent is Dustin Moskovitz, who co-founded Facebook and the Asana digital work management platform. Moskovitz makes charitable-giving decisions with his wife, Cari Tuna

Before the collapse of the FTX cryptocurrency exchange that former billionaire Sam Bankman-Fried founded, he reportedly committed more than $160 million to charities that are popular with effective altruists.

Elon Musk hasn’t been clear about his charitable-giving preferences since he started to pour billions of dollars into his own foundation. But he has praised MacAskill’s most recent book, “What We Owe the Future,” sparking conjecture about the Twitter, Tesla and SpaceX CEO’s possible support for these giving practices.

The effective altruism movement also includes many donors without billions to give away

Regardless of their wealth, all donors with this mindset can dedicate their own money or time to support

their favorite causes.

One way they can try to do both at once is through what effective altruists call “earning to give”; they make as much money as they can and then donate most of it to charities they believe will do the most good per dollar spent.

Some effective altruist groups embrace a secular version of the religious tradition called tithing – and give 10% of their income to highimpact charities

Others may devote their time to these causes by personally working, volunteering or advocating for organizations they believe will do a great deal of good.

Effective altruists need to reach their own conclusions about a question they all must grapple with: Which causes do the most good?

When deciding whether to focus on an issue, they first consider three other questions. First, how big is the problem? Second, how much funding is currently devoted to addressing it? Third, are there any known solutions or systems that can or do make a difference?

Effective altruists also tend to land

in two different camps.

“Neartermists” focus on problems facing the people and animals who are alive today. These effective altruists typically see problems related to extreme poverty as among the most significant issues that can be solved.

They are likely to support charities that have shown they can take just $7 and protect a child from malaria, $1 to deliver essential vitamin A supplements or $25 to cure someone of preventable blindness. Another main priority for neartermists is improving the conditions of livestock and the vast numbers of animals suffering in factory farms

Longtermists emphasize problems that people who will be alive in the future might face.

Effective altruists in this camp often highlight the importance of trying to reduce the probability of artificial intelligence killing everyone on Earth, nuclear war, pandemics, climate change and other existential risks n

Jacob Bauer is a lecturer of philosophy at the University of Dayton. Distributed by The Associated Press.

We’ll never realize our full potential … unless we are challenged.

GUEST COLUMN | JACOB BAUER

It’s not if but when on recession, so get ready Rental registry needs teeth

Inflation and a looming recession have weighed heavily on local business owners and state leaders for months. And with good reason, as this week’s cover story and related PBN Economic Trends Summit report.

Inflation has steadily eaten away profit margins and curbed business activity, while prospects for an economic downturn continue to sap many pandemic-weary entrepreneurs of their trademark optimism.

According to panelists at the Jan. 26 summit, however, the only thing uncertain about a recession is when, not if, it will be coming.

So rather than waste time hoping it doesn’t happen, business owners and state leaders should prepare now for the inevitable.

Keynote speaker Thomas Tzitzouris, head of fixed-income research at Strategas Research Partners, says the state may already be in a recession. And if not, it likely will be – along with the rest of the country – by the summer.

The good news is it will not be as bad as the Great Recession, he says, in part because a population increase in the state should lessen the effects of an anticipated reduction in consumer spending.

For business owners, curbing unnecessary spending won’t be enough. Focus on boosting employee engagement and buy-in to meet the downturn head on.

For state leaders, record budget surpluses will soon be a memory. Plan for reduced revenue next year while continuing to invest wisely in promising growth areas, such as the blue economy, and Rhode Island may finally shed its stubborn first in, last out of recession reputation. n

The state’s attempt to manage the proliferation of vacation rental properties has gotten off to a rocky start.

A state registry for short-term rentals created last year doesn’t include about one-third of the estimated rental properties in the state.

While some property owners may simply be unaware of it, the state isn’t helping itself by so far not enforcing fines for noncompliance.

Lawmakers should be applauded for not including excessive escalating fines in the new law passed last year, but there needs to be some threat of enforcement for the registry to work.

Property owners have a right to know if there are rentals in their neighborhoods.

Excessively fining hosts who may have simply missed notices to register isn’t the answer. But as Discover Newport CEO and President Evan Smith suggests, working with Airbnb Inc. and others to keep unregistered properties off their websites would surely get the attention – and cooperation – of active hosts. n

POLL CENTRAL New and improved?

EXECUTIVE POLL

Is your company planning to introduce new and/or improved products to the market in 2023?

Yes: 75%

No: 25%

When does your company hope to introduce these new and/or improved products?

How much in revenue do you hope your new products can generate?

About 1%-4% additional revenue: 50%

5%-10% additional revenue: 25%

None because our company is not introducing new and/or improved products this year: 25%

More than 10% additional revenue: 0%

PBN.COM POLL

Are you satisfied with the tax cuts and economic initiatives in Gov. Daniel J. McKee’s new budget plan? JAN. 20-26

No, he did not go far enough in either area

Yes, but the tax cuts don’t go far enough

Yes, they will provide a significant boost to the local economy 12%

I’m not sure 6%

No, businesses need more direct help 4%

Our company is not introducing new and/ or improved products this year: 25%

Within the next three months: 75% No: 75%

In the springtime: 0%

In the summertime: 0%

Is your company expanding operations to create your new and/ or improved products?

Yes: 25%

Close to the holiday season: 0% No because our company is not introducing new and/or improved products this year: 0%

THIS WEEK’S POLL: Should the General Assembly ban assault-style weapons in Rhode Island this year?

• Yes, that is long overdue

• Yes, as long as those who have them are grandfathered in

• No, that’s a violation of Second Amendment rights

• No, most states do not ban them

• I’m not sure

To vote, go to PBN.com and follow the link on the home page

of Friends of Toto Inc. in Pawtucket, spent $400,000 to double his

Invest in R.I.’s long-term care workforce

ROBERT B. HACKEY GUEST COLUMN

The General Assembly and Gov. Daniel J. McKee’s administration face key questions about the state’s budgetary priorities. What will Rhode Island do with its projected $610 million budget surplus? In an environment dominated by higher inflation and a possible recession, it’s important to invest the surplus in ways that stimulate economic growth and generate long-term returns for taxpayers. In his state of the state address, McKee declared that “the best way to lessen the impact of an economic downturn is to invest in J-O-B-S.”

Rhode Island can do just that by increasing the supply of essential caregivers to support the state’s long-term care providers. The shortage of certified nurse assistants is not confined to the Ocean State. David Cutler, a health economist at Harvard University, observed that “there are simply not enough workers for all of the jobs that health care employers want to fill.” As a recent report from the Rockefeller Institute noted, “it will be important for state policymakers to be ready to implement additional strategies to alleviate workforce shortages.”

The General Assembly’s passage of the Nursing Home Staffing and Quality Care Act in 2021 established the nation’s strictest minimum staffing ratios for long-term care facilities, but it also created a Catch-22 for

nursing homes. While failure to meet the new staffing requirements would result in significant financial penalties, a shortage of CNAs has left facilities unable to hire the workers needed to meet these new minimum ratios. In February 2022, McKee issued an executive order suspending the financial penalties for noncompliance, but unions and other supporters of the law continue to defend the new staffing rules. New York’s experience, however, offers a cautionary tale for Rhode Island policymakers. In the wake of the state’s new staffing requirements, more than 6,000 nursing home beds in New York are now unfilled due to staffing shortages, forcing some facilities to turn away new residents. In short, minimum staffing ratios cannot address the underlying problems with the state’s long-term care workforce. Without enough workers, the industry faces an impossible choice between paying millions of dollars in fines or limiting admissions to remain in compliance.

Rather than punishing facilities for failing to hire enough workers, policymakers have an opportunity to invest in a model health workforce development program. Nursing homes are competing for workers with Amazon.com, Target, Walmart and other service sector providers that often pay as much as, if not more than, caregiving po-

sitions that require individuals to complete a specialized training program. Minnesota offers a blueprint for legislators to create a program to strengthen the state’s health care workforce. Beginning in December 2021, Minnesota dedicated $3.4 million of its American Recovery Act funds to recruit and train 1,000 new CNAs. The program paid for free CNA training classes – as well as books, uniforms and the cost of the certification exam. The program exceeded even the most optimistic expectations, training more than 1,370 new CNAs in the span of nine months.

In September 2022, Minnesota Gov. Tim Waltz announced an additional $2.4 million investment in the program so that “families can continue to rely on talented, highly qualified nursing assistants to provide critical care for their loved ones.”

Rhode Island has an opportunity to invest in a new generation of caregivers in 2023.

Writing in the Journal of the American Medical Association, Victor Fuchs – a health economist at Stanford University – argued that “to simply return to the pre-pandemic health care system … would be a mistake. This is a time to think more boldly about the future of the US health care system.” Investing in health care workforce development is an opportunity for Rhode Island policymakers to think boldly. Training more CNAs would alleviate critical staffing shortages, create jobs and protect the health of vulnerable patients. The need is acute, and the time is right. n

Robert B. Hackey is a professor of health sciences at Providence College.

The pain of Uncle Sam’s higher interest payments

GERALD P. DWYER GUEST COLUMN

Consumers and businesses aren’t the only ones feeling the pain of higher borrowing costs because of Federal Reserve rate hikes.

Uncle Sam is too.

The U.S. government spent a record $213 billion on interest payments on its debt in the fourth quarter, up $63 billion from a year earlier. Indeed, a jump of almost $30 billion from the previous quarter represents the biggest quarterly jump on record. That comes as the Fed lifted interest rates a whopping 4.25 percentage points from March through December.

I am concerned that the effect of higher interest payments on the government’s budget is being ignored. Higher interest payments mean the federal government will either have to lower spending, raise taxes or issue more debt to service its obligations. And financing interest payments by issuing more debt could be a particularly poor choice.

The national debt increases when spending is greater than revenue and accumulates over time. As a general rule, it increases over time because of increases in spending, revenue and the deficit. Inflation tends to increase government spending, as well as revenue and deficits. As a result, the dollar value of government debt increases in times of inflation. Debt also tends to grow as the economy gets bigger – although this is not inevitable.

Total government debt has climbed over

the years – by the end of 2022 it was 10 times larger than it was in 1990. It currently stands at over $31 trillion and represents more than 120% of the nation’s gross domestic product.

Since 1990, government debt has more than doubled relative to the size of the economy. But how concerning are these numbers?

Government borrowing has some similarities to a person paying for an expensive item with a credit card, with the actual amount due to be paid off over an extended period.

In terms of interest payments, the U.S. has been fortunate in recent years. Historically low interest rates since the 2008 financial crisis have held down interest payments. Those rates have also made it much more attractive for the federal government to borrow money to pay for whatever Congress and the administration want to finance.

But then came 2022. Soaring inflation meant an end to the days of near-zero interest rates. To restrain inflation, the Fed raised rates seven times in 2022, taking the base rate from near zero to a range of 4.25% to 4.5% at the end of 2022. Projections made by Federal Board members indicate that, with future increases, rates will average 5% or more in 2023.

Not all government debt, however, carries these higher interest rates. Just as with typical mortgages, much of the government debt bears the interest rate applied when it was

taken on. The difference is, unlike homeowners, the government does not pay off its debt. Instead, it rolls over old debt into new debt –and when it does so, it takes on whatever the interest rate is when the debt is rolled over. Then, in this case, the cost of servicing the overall debt goes up.

The federal government’s interest expense has only begun to reflect the higher interest rates. The average rate the U.S. paid in 2022 was just over 2%, which is up from the 1.61% average in 2021 but still lower than it’s been over much of the past decade. But even so, the effect is being felt. Since the Fed began hiking rates, the U.S. government’s exposure to debt interest has climbed sharply.

It may all sound a little worrying, especially amid talk of a recession. But there are some reassuring economic projections as well. Inflation declined substantially in the second half of 2022. And there is good reason to think that interest rates of 4% – or even less – are in the future, as well as in the Federal Reserve projections.

Either way, the days of borrowing trillions of dollars at near-zero interest rates to finance extravagant spending are over for the foreseeable future. n

Gerald P. Dwyer is a professor emeritus of economics and BB&T Scholar at Clemson University. Distributed by The Associated Press.

Rhode Island has an opportunity to invest in a new generation of caregivers.

ONE LAST THING

WHENinterviewing a potential new employee, one of the questions I always ask is, “What do you think makes you successful?” Most interviewees highlight their ambition, perfectionism or their love of learning. But the answer I’m looking for is: “my family, my friends, my mentors and colleagues who supported me and provided me the space and resources to succeed.” More than perfectionism or ambition, I’m looking for humility and receptiveness.

The truth is that none of us can succeed fully on our own. Anyone who shows me that they believe they alone are responsible for their success in life, or their career, is not someone I want as a member of my team.

At Chisholm Chisholm & Kilpatrick, we win and lose [but mostly win] cases as a team. We don’t file a single brief without multiple levels of review and collaboration. Although there’s always a lead representative on a case, the names that matter most are the name of our client and the name of the firm. By emphasizing teamwork over individual success, you can encourage diversity of thought and creativity. Whether an employee joined last month or last decade, help them feel comfortable sharing new ideas and asking questions and to see each other as collaborators rather than competitors. Having everyone working toward the common goal is how we’ve maintained our position as the nation’s leading veterans’ public interest law firm. n

Teamwork delivers results

Jenna Zellmer

Chisholm Chisholm & Kilpatrick Ltd. partner

Jenna Zellmer joined Providencebased law firm Chisholm Chisholm & Kilpatrick Ltd. in 2014 and today is the youngest, and only woman, partner.

PBN PHOTO/MICHAEL SALERNO

• How have employers and educators been coming together to address the state’s current workforce issues?

TOPICS

• What do employees want from their employer and how are employers reacting?

• Is the workforce climate out of balance? What is the best way to educate hiring managers about this everchanging dynamic?