Month: March 2024

A palpable buzz of anticipation and excitement swept Philadelphia’s Crane Chinatown Community Center — as row by row of students ranging from preschoolers through teenagers filed into the sprawling gymnasium. Pencil and notebook in hand, the students took their seats at the periwinkle-topped tables, their excitement on display through smiles and laughter.

The students were there for a special opportunity: to take part in an animation masterclass, hosted by Xfinity and taught by DreamWorks Animation co-director Stephanie Ma Stine. Highlights from Stephanie’s resume include working as a storyboard artist for DreamWorks’ How to Train Your Dragon: The Hidden World and The Adventures of Puss in Boots — and most recently, co-director of the forthcoming DreamWorks film, Kung Fu Panda 4.

As Stephanie took the stage, the kids were ready to follow along — and over the next half-hour, a sea of sketches of Po, the beloved Kung Fu Master in Kung Fu Panda, came to life in notebooks throughout the room.

For Dustin, an 11th grade student, representation served as inspiration: “Seeing Asian-directed movies makes me feel heard and understood. … Asian American directors bring their own unique experiences to the table and create movies that culturally resonate with me.”

Today was really about expanding horizons. To have a superstar like Stephanie Ma Stine come to Chinatown from Hollywood gives our children an idea that they can be anything.

JOHN CHIN

Executive Director of the Philadelphia Chinatown Development Corporation (PCDC)

“What a wonderful role model for the children,” added Carol Wong, Executive Director and Owner of the Chinatown Learning Center, which calls the Crane Community Center home. “Stephanie’s story is so inspirational — our kids can do it, too, if they try. Nothing should stop them.”

The Crane Community Center is a Comcast Lift Zone, and is the heartbeat for many in Philadelphia’s Chinatown community — providing youth programming, food distribution, health and wellness initiatives, and help navigating housing — within walking distance of Comcast’s headquarters campus.

“Every time we come here, it reminds us … what can happen if we join forces together and work together and create a safe community space for all,” reflected Nina Ahmad, Philadelphia City Councilmember At-Large.

First District Councilmember Mark Squilla added, “We were just here celebrating the Lunar New Year last week, and we had over 500 people here. This community center means so much not only to Chinatown, but also to the city of Philadelphia.”

Access to information and resources provided by the Crane and the PCDC are vital — and increasingly, the community is relying on the Internet to stay connected. As the future of the government’s Affordable Connectivity Program is being decided, Kohposh Kuda, SVP of Xfinity Mobile assured families, “Xfinity is committed to supporting all communities.” Recognizing this need, Comcast’s Xfinity team, with the help of a larger-than-life Po costume character, had a final surprise for each of the students — a laptop of their own.

For John Chin, the laptop giveaway is critical as students navigate their educational journeys: “Today’s world is about connecting, using technology, and some of these students come from families that are low income. … It’s necessary in today’s world if they’re going to succeed.”

Stephanie’s visit to Chinatown was the crescendo of a day-long, Symphony effort across Comcast NBCUniversal, Xfinity, and DreamWorks celebrating Kung Fu Panda, including speaking to employees and Philadelphia community leaders at special screenings of the film and visiting the Comcast Center Campus.

For Stephanie, the visit was an exhilarating moment — especially as The Universal Sphere in the Comcast Technology Center featured a special Kung Fu Panda experience. Through March 8, DreamWorks Po’s Awesome Lunar New Year Adventure at The Universal Sphere is a free, special cinematic experience that invites guests to embark on a magical journey to Panda Village and even virtually launch their own sky lanterns, just as Stephanie did.

“I am really hopeful that my visit and my presence here today can open up a lot of eyes as to, wow, we really can do anything,” Stephanie reflected on her visit to the Crane Community Center. “We can choose any path. We can choose an artistic career, we can be creative, we can tell meaningful stories.”

Stephanie brought the magic of DreamWorks’ Kung Fu Panda 4 to the young — and young at heart — in Comcast’s hometown. And that same magic can be experienced by all, as the film hits theaters nationwide on Friday, March 8.

Jennifer Silveira

T-Mobile’s SVP of South Regional Network Engineering & Operations

Jennifer Silveira has been a key player in T-Mobile’s success for 27 years. Originally working in the oil business, Jennifer says she decided to switch career paths when she saw the potential in wireless technology and knew she wanted to be part of it. Fast forward almost three decades later, and Jennifer stands as one of T-Mobile’s founding females, having helped to create the nation’s largest, fastest and most awarded 5G network. Currently based in Frisco, Texas as the company’s SVP of South Regional Network Engineering and Operations, Jennifer has been instrumental in driving an unprecedented wireless experience for customers.

“It’s incredible to see our growth,” she says. “I always believed in the company, but to change from being the underdog to being the leader is an adjustment, and you have to change your leadership style and your expectations because someone is chasing you now.”

In addition to her leadership role, eight years ago Jennifer was approached by then T-Mobile President of Technology Neville Ray to lead the company’s Women in Technology DE&I group, with the goal of fostering a more inclusive environment. At first, she wasn’t exactly sure how to go about it — until she realized that just speaking up made a real difference.

“I never saw my gender as a limitation,” she says. “I wasn’t raised that way. But I always have authentically believed in the value of building your network. I’ve worked across the organization, and while I don’t have all the answers or consider myself the smartest person in the room, I’m not afraid to ask questions and collaborate. So that has allowed me to mold who I am, who I work with and how I work. When we started Women in Technology in 2016, I thought, ‘Why me?’, but I’ve always taken advantage of the opportunities in front of me and believed in paying it forward or reaching back. And no surprise, what I found was an amazing group of women.”

Jennifer says the 5G journey is just getting started and she can’t wait to see what’s next.

“I’m excited to see what it will bring,” she says. “I think we’re only just on the cusp of it all because the world hasn’t caught on yet. It’s not just that 5G makes things faster. It has the potential to transform our culture for the better and improve people’s lives, and that’s monumental.”

Jennifer Silveira

T-Mobile’s SVP of South Regional Network Engineering & Operations

Jennifer Silveira has been a key player in T-Mobile’s success for 27 years. Originally working in the oil business, Jennifer says she decided to switch career paths when she saw the potential in wireless technology and knew she wanted to be part of it. Fast forward almost three decades later, and Jennifer stands as one of T-Mobile’s founding females, having helped to create the nation’s largest, fastest and most awarded 5G network. Currently based in Frisco, Texas as the company’s SVP of South Regional Network Engineering and Operations, Jennifer has been instrumental in driving an unprecedented wireless experience for customers.

“It’s incredible to see our growth,” she says. “I always believed in the company, but to change from being the underdog to being the leader is an adjustment, and you have to change your leadership style and your expectations because someone is chasing you now.”

In addition to her leadership role, eight years ago Jennifer was approached by then T-Mobile President of Technology Neville Ray to lead the company’s Women in Technology DE&I group, with the goal of fostering a more inclusive environment. At first, she wasn’t exactly sure how to go about it — until she realized that just speaking up made a real difference.

“I never saw my gender as a limitation,” she says. “I wasn’t raised that way. But I always have authentically believed in the value of building your network. I’ve worked across the organization, and while I don’t have all the answers or consider myself the smartest person in the room, I’m not afraid to ask questions and collaborate. So that has allowed me to mold who I am, who I work with and how I work. When we started Women in Technology in 2016, I thought, ‘Why me?’, but I’ve always taken advantage of the opportunities in front of me and believed in paying it forward or reaching back. And no surprise, what I found was an amazing group of women.”

Jennifer says the 5G journey is just getting started and she can’t wait to see what’s next.

“I’m excited to see what it will bring,” she says. “I think we’re only just on the cusp of it all because the world hasn’t caught on yet. It’s not just that 5G makes things faster. It has the potential to transform our culture for the better and improve people’s lives, and that’s monumental.”

Mastercard

PURCHASE, N.Y., March 14, 2024 /3BL/ – Mastercard announced Jon Huntsman will join as vice chairman and president, Strategic Growth, effective April 15. The former U.S. ambassador and governor will lead efforts focused on expanding commercial partnerships with governments and public sector institutions along with driving the company’s inclusive growth, philanthropy and sustainability agenda. He will report to Michael Miebach, Mastercard’s chief executive officer, and will be part of the Executive Leadership Team.

“Jon’s unique experience spanning four decades in public and private sectors will be extremely valuable as we build the future of Mastercard,” said Miebach. “He will play a pivotal role in helping advance our approach to commercial sustainability through social impact, consistent with our company’s core value of doing well by doing good.”

Jon has served as U.S. ambassador to Singapore, China, and Russia under both Republican and Democratic administrations. He is the only American to have been Chief of Mission in both China and Russia. In a series of trade policy assignments, including as deputy U.S. trade representative, Jon negotiated dozens of trade and investment agreements throughout Asia and Africa. Jon was also twice elected governor of Utah, where he served as chairman of the Western Governors Association.

Jon earlier served as an executive with Huntsman Corporation and most recently as vice chairman of Ford Motor Company, where he currently serves on the board of directors. He also serves on the board of directors for Chevron. He is a trustee of the Huntsman Foundation which has led the way in establishing the Huntsman Cancer Institute along with the Huntsman Mental Health Institute, both at the University of Utah. Jon is a graduate of the University of Pennsylvania and has 10 honorary doctorate degrees.

“Mastercard has an extraordinary company culture that is driven by a profound commitment to advancing inclusive, sustainable, digital-driven economic growth throughout the world,” said Jon. “I very much look forward to being part of this great team to further scale new business opportunities and partnerships in support of the company’s exciting strategic growth opportunities.”

Mastercard Strategic Growth is comprised of the company’s philanthropic, ESG, localization and public sector partnerships programs. This includes the Center for Inclusive Growth, which is commemorating 10 years. The Center advances equitable and sustainable economic growth and financial inclusion around the world and administers the philanthropic Mastercard Impact Fund to produce independent research, scalable global programs and an empowered community of thinkers, leaders, and doers on the front lines of inclusive growth.

Originally published by Mastercard

Follow along Mastercard’s journey to advance equitable and sustainable economic growth and financial inclusion around the world

Mastercard

PURCHASE, N.Y., March 14, 2024 /3BL/ – Mastercard announced Jon Huntsman will join as vice chairman and president, Strategic Growth, effective April 15. The former U.S. ambassador and governor will lead efforts focused on expanding commercial partnerships with governments and public sector institutions along with driving the company’s inclusive growth, philanthropy and sustainability agenda. He will report to Michael Miebach, Mastercard’s chief executive officer, and will be part of the Executive Leadership Team.

“Jon’s unique experience spanning four decades in public and private sectors will be extremely valuable as we build the future of Mastercard,” said Miebach. “He will play a pivotal role in helping advance our approach to commercial sustainability through social impact, consistent with our company’s core value of doing well by doing good.”

Jon has served as U.S. ambassador to Singapore, China, and Russia under both Republican and Democratic administrations. He is the only American to have been Chief of Mission in both China and Russia. In a series of trade policy assignments, including as deputy U.S. trade representative, Jon negotiated dozens of trade and investment agreements throughout Asia and Africa. Jon was also twice elected governor of Utah, where he served as chairman of the Western Governors Association.

Jon earlier served as an executive with Huntsman Corporation and most recently as vice chairman of Ford Motor Company, where he currently serves on the board of directors. He also serves on the board of directors for Chevron. He is a trustee of the Huntsman Foundation which has led the way in establishing the Huntsman Cancer Institute along with the Huntsman Mental Health Institute, both at the University of Utah. Jon is a graduate of the University of Pennsylvania and has 10 honorary doctorate degrees.

“Mastercard has an extraordinary company culture that is driven by a profound commitment to advancing inclusive, sustainable, digital-driven economic growth throughout the world,” said Jon. “I very much look forward to being part of this great team to further scale new business opportunities and partnerships in support of the company’s exciting strategic growth opportunities.”

Mastercard Strategic Growth is comprised of the company’s philanthropic, ESG, localization and public sector partnerships programs. This includes the Center for Inclusive Growth, which is commemorating 10 years. The Center advances equitable and sustainable economic growth and financial inclusion around the world and administers the philanthropic Mastercard Impact Fund to produce independent research, scalable global programs and an empowered community of thinkers, leaders, and doers on the front lines of inclusive growth.

Originally published by Mastercard

Follow along Mastercard’s journey to advance equitable and sustainable economic growth and financial inclusion around the world

ROCHESTER, N.Y., March 14, 2024 /3BL/ – According to the Paychex Small Business Employment Watch, year-over-year hourly earnings growth for U.S. workers moderated to 3.42% in February, continuing a trend that began mid-2022. Small business job growth held steady from last month, with the national Small Business Jobs Index closing February at 100.67.

Read the full news release on the Small Business Employment Watch site.

About Paychex

Paychex, Inc. (Nasdaq:PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex serves more than 730,000 payroll clients as of May 31, 2022 in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting www.paychex.com and stay connected on Twitter and LinkedIn.

View original content here.

ROCHESTER, N.Y., March 14, 2024 /3BL/ – According to the Paychex Small Business Employment Watch, year-over-year hourly earnings growth for U.S. workers moderated to 3.42% in February, continuing a trend that began mid-2022. Small business job growth held steady from last month, with the national Small Business Jobs Index closing February at 100.67.

Read the full news release on the Small Business Employment Watch site.

About Paychex

Paychex, Inc. (Nasdaq:PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex serves more than 730,000 payroll clients as of May 31, 2022 in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting www.paychex.com and stay connected on Twitter and LinkedIn.

View original content here.

Eastman

The recycling industry is evolving. Emerging technologies are creating new opportunities to recover and reuse existing materials like hard-to-recycle plastics. These approaches to recycling vary from mechanical recycling that is familiar to the public and are a promising foundation for a circular economy.

Mechanical recycling

Modern mechanical recycling has been around for more than 50 years. With mechanical recycling, materials such as milk jugs and aluminum cans are placed in the recycling system to be ground or shredded. The shredded materials are then washed and dried before being reprocessed.

It’s a relatively energy-efficient process, but there are shortcomings to mechanical recycling. It accepts limited materials and can only prolong their inevitable end of life because the process downgrades the material — ultimately, creating materials that can no longer be recycled and are destined for the landfill.

Despite these shortcomings, mechanical recycling is an important tool for returning certain materials to the value chain. The system is effective. But to move toward a more circular economy, mechanical recycling should be supplemented with other technologies.

Advanced recycling

Advanced recycling, often referred to as chemical recycling, is designed to address those shortcomings and is promising great progress for the material industry and, in some cases, true circularity. As the industry defines itself, the terms “advanced” and “chemical” are often used interchangeably, but there are various processes and outputs that fall under the category of “advanced recycling.” The most promising for a circular future, however, is molecular recycling — a type of advanced recycling we are exclusively committed to.

Molecular recycling

Molecular recycling, a term first coined by Eastman, is a material-to-material recycling method that breaks waste down into its molecular building blocks, which are then used to create virgin-quality material. Molecular recycling provides near infinite recyclability, and when certain parameters are met, it’s a powerful solution for enabling a truly circular future for the material industry.

Our six principles for the circular economy outline these parameters and can serve as a guide for the industry and policymakers to help propel closed-loop recycling and reduce environmental and social consequences of the material industry.

These principles can be easily summed up like this: “Reduce, reuse and recycle” is only the beginning. Material-to-material recycling improves quality of life, is a complement to mechanical recycling and should be economically viable and transparent.

Imagine the positive impact if policymakers support this approach and the industry adopts these principles. We believe it will greatly improve the state of the material and recycling industry and, ultimately, the state of the planet.

The role of consumers

According to our 2023 Consumer Insights Report, millennials and Gen Z care deeply about the waste crisis. In fact, 83% say they’re very concerned about the increasing amount of plastic waste headed to landfills or being incinerated. And 79% are concerned about single-use plastics. But a similarly high amount (70%) aren’t convinced that the items they place in the recycling bin are actually getting recycled, and 65% express confusion about what can be recycled.

That’s not great news. Even though the desire to recycle is strong, it’s clear that the recycling system itself is instilling doubt and confusion, impacting recycling behaviors and, ultimately, the amount of waste we’re capturing to create a circular economy.

But to improve the system, we need everyone to keep recycling. According to Rubicon, 75% of our waste is recyclable, but Americans are only recycling 30%. And roughly 80% of the items buried in landfills could be recycled. Those are staggering statistics.

Although there are challenges with our current processes, 69.1 million tons of material waste was recycled in 2018. And the industry is moving quickly to improve and evolve the system to make it more effective. By continuing to recycle, consumers are diverting valuable “waste” from the landfill and helping these materials enter back into the circular economy. Because, with the capabilities of molecular recycling, it’s only waste if you waste it.

The role of companies

Brands and companies also have a critical role to play. As companies continue to set, strive for and reach their recycled content goals in packaging and products, the demand for recycled content will continue to grow. But alongside that, we need consumers to trust that the system works so that they continue to recycle.

As demand and trust grow, the recycling system becomes more and more robust. To help achieve this, companies should create products and packaging made with recycled content, design for recyclability and clearly communicate how to recycle packaging and products after use.

The role of policy

Not all advanced recycling is created equal. And many approaches — like Eastman’s molecular recycling technologies — have been lumped in with other chemical recycling methods, some of which are far less sustainable and may be more energy intensive or not circular, such as technologies that burn materials for fuel.

Because of this misunderstanding of these emerging technologies, current policy proposals tend to be cautious and restrictive. This hinders progress in the industry. However, if legislation adopted these six principles as a guide for policy, it would enable innovation in advanced recycling and allow sustainable technologies to thrive.

With molecular recycling, waste becomes infinitely valuable. We only risk not having enough material input if people don’t return the plastic waste back to the system. So there needs to be a shift in thinking. We have to start seeing what was previously known as “waste” as inherently valuable and design infrastructure and policy to aid in the collection of these materials. This will benefit communities and brands alike and create a more sustainable material infrastructure. Consumers have a role to play, but brands and policymakers hold the keys to set the circular economy in motion.

Keep reading to learn more about each of the six principles for the circular economy.

Eastman

The recycling industry is evolving. Emerging technologies are creating new opportunities to recover and reuse existing materials like hard-to-recycle plastics. These approaches to recycling vary from mechanical recycling that is familiar to the public and are a promising foundation for a circular economy.

Mechanical recycling

Modern mechanical recycling has been around for more than 50 years. With mechanical recycling, materials such as milk jugs and aluminum cans are placed in the recycling system to be ground or shredded. The shredded materials are then washed and dried before being reprocessed.

It’s a relatively energy-efficient process, but there are shortcomings to mechanical recycling. It accepts limited materials and can only prolong their inevitable end of life because the process downgrades the material — ultimately, creating materials that can no longer be recycled and are destined for the landfill.

Despite these shortcomings, mechanical recycling is an important tool for returning certain materials to the value chain. The system is effective. But to move toward a more circular economy, mechanical recycling should be supplemented with other technologies.

Advanced recycling

Advanced recycling, often referred to as chemical recycling, is designed to address those shortcomings and is promising great progress for the material industry and, in some cases, true circularity. As the industry defines itself, the terms “advanced” and “chemical” are often used interchangeably, but there are various processes and outputs that fall under the category of “advanced recycling.” The most promising for a circular future, however, is molecular recycling — a type of advanced recycling we are exclusively committed to.

Molecular recycling

Molecular recycling, a term first coined by Eastman, is a material-to-material recycling method that breaks waste down into its molecular building blocks, which are then used to create virgin-quality material. Molecular recycling provides near infinite recyclability, and when certain parameters are met, it’s a powerful solution for enabling a truly circular future for the material industry.

Our six principles for the circular economy outline these parameters and can serve as a guide for the industry and policymakers to help propel closed-loop recycling and reduce environmental and social consequences of the material industry.

These principles can be easily summed up like this: “Reduce, reuse and recycle” is only the beginning. Material-to-material recycling improves quality of life, is a complement to mechanical recycling and should be economically viable and transparent.

Imagine the positive impact if policymakers support this approach and the industry adopts these principles. We believe it will greatly improve the state of the material and recycling industry and, ultimately, the state of the planet.

The role of consumers

According to our 2023 Consumer Insights Report, millennials and Gen Z care deeply about the waste crisis. In fact, 83% say they’re very concerned about the increasing amount of plastic waste headed to landfills or being incinerated. And 79% are concerned about single-use plastics. But a similarly high amount (70%) aren’t convinced that the items they place in the recycling bin are actually getting recycled, and 65% express confusion about what can be recycled.

That’s not great news. Even though the desire to recycle is strong, it’s clear that the recycling system itself is instilling doubt and confusion, impacting recycling behaviors and, ultimately, the amount of waste we’re capturing to create a circular economy.

But to improve the system, we need everyone to keep recycling. According to Rubicon, 75% of our waste is recyclable, but Americans are only recycling 30%. And roughly 80% of the items buried in landfills could be recycled. Those are staggering statistics.

Although there are challenges with our current processes, 69.1 million tons of material waste was recycled in 2018. And the industry is moving quickly to improve and evolve the system to make it more effective. By continuing to recycle, consumers are diverting valuable “waste” from the landfill and helping these materials enter back into the circular economy. Because, with the capabilities of molecular recycling, it’s only waste if you waste it.

The role of companies

Brands and companies also have a critical role to play. As companies continue to set, strive for and reach their recycled content goals in packaging and products, the demand for recycled content will continue to grow. But alongside that, we need consumers to trust that the system works so that they continue to recycle.

As demand and trust grow, the recycling system becomes more and more robust. To help achieve this, companies should create products and packaging made with recycled content, design for recyclability and clearly communicate how to recycle packaging and products after use.

The role of policy

Not all advanced recycling is created equal. And many approaches — like Eastman’s molecular recycling technologies — have been lumped in with other chemical recycling methods, some of which are far less sustainable and may be more energy intensive or not circular, such as technologies that burn materials for fuel.

Because of this misunderstanding of these emerging technologies, current policy proposals tend to be cautious and restrictive. This hinders progress in the industry. However, if legislation adopted these six principles as a guide for policy, it would enable innovation in advanced recycling and allow sustainable technologies to thrive.

With molecular recycling, waste becomes infinitely valuable. We only risk not having enough material input if people don’t return the plastic waste back to the system. So there needs to be a shift in thinking. We have to start seeing what was previously known as “waste” as inherently valuable and design infrastructure and policy to aid in the collection of these materials. This will benefit communities and brands alike and create a more sustainable material infrastructure. Consumers have a role to play, but brands and policymakers hold the keys to set the circular economy in motion.

Keep reading to learn more about each of the six principles for the circular economy.

Authored by Jennifer Schwalm, Mark Ross

The boards of directors for senior living organizations play a crucial role in ensuring financial integrity and operational efficiency. It is imperative for boards to remain attentive to emerging industry trends to proactively address potential challenges and capitalize on opportunities. Being aware of trends enables boards to adapt financial strategies, expansion and repositioning strategies, risk management protocols and compliance measures accordingly. In the rapidly evolving landscape of senior living, factors such as demographic trends, technological advancements and changing healthcare reimbursement and regulatory policies can significantly impact financial health.

By proactively keeping up with industry trends on the horizon, boards of directors can make well informed decisions, enhance long-term financial sustainability, and ensure that senior living organizations are positioned to accomplish their primary objective, which is to provide high quality care to residents while maintaining fiscal responsibility.

Future trends 

Staying informed on emerging industry trends allows boards of directors to adapt to changes, anticipate challenges and exploit opportunities. Senior living boards need to be well positioned to address trends and assist organizations as they develop action plans and strategies in response.

Financial stability of the business model 

It is essential for boards of directors to assess the financial stability and sustainability of their senior living organizations. Boards should be paying close attention to key financial ratios, occupancy trends, the number of healthcare beds and related utilization, service offerings, workforce matters, consumer preferences, and real estate and economic trends, as these directly impact the organization’s revenue streams and operational viability. Establishing a comprehensive understanding of these components increases the likelihood that the financial statements of the organization, which are periodically analyzed by boards, will accurately reflect the financial position, operating results and cash flows of the organization. The accuracy of financial information produced by any organization is paramount to allowing residents and other stakeholders to make informed conclusions about the organization’s overall fiscal health and strategic direction.

Workforce challenges 

Workforce challenges impact overall operational efficiency and quality of care for senior living organizations. The aging population’s increasing demand for senior care services increases the strain on the workforce. Additionally, a typical day for direct caregivers in a senior care environment often involves physically and emotionally demanding tasks, contributing to high turnover rates. Workforce shortages and the need for specialized training in geriatric care exacerbate these challenges. Further, the new normal of permanently higher wage rates for certain employees can also create financial hardships for the organization. To address these issues, boards of directors should encourage management to focus on innovative workforce solutions, such as the deployment of robust and engaging training programs; adaptable recruitment and retention initiatives; and strategic workforce planning and scheduling. These actions help to mitigate employee turnover, minimize nurse agency usage, and ensure a sustainable and high-quality care environment. Ultimately, senior living organizations should strive to achieve “employer of choice” status in their market.

Growth strategy 

Successfully growing your organization requires thorough planning, risk assessment and financial considerations, all of which demand careful scrutiny by senior living boards of directors. Boards must ensure strategic growth goals align with organizational goals, financial sustainability and compliance standards. Market dynamics may drive the need for certain organizations to focus on diversifying service offerings in response to evolving consumer needs and preferences. Market dynamics may also drive an organization to expand its geographical reach to tap into emerging markets, while elevating the organization’s brand to a broader audience. For other organizations, focusing on core service line competencies in a specific geography may be an appropriate strategy. There is no one size fits all growth strategy for senior living organizations. Developing a growth strategy appropriate for your organization can be a time consuming, significant investment, however, it is an investment that every organization needs to make to ensure its long-term financial viability and relevance for upcoming generations.

Strategic partnerships and affiliations 

As senior living organizations increasingly engage in strategic partnerships, boards of directors should ensure that management teams effectively evaluate financial implications, regulatory compliance and overall risks associated with such alliances; this includes assessing the financial health and integrity of potential partners. Additionally, boards of directors can help to ensure management teams establish robust integration plans and reporting mechanisms to effectively monitor the progress and outcomes of strategic partnerships, protecting the interests of senior living organizations and their stakeholders. By examining these activities through an intense financial and risk management lens, senior living boards of directors contribute to the success and sustainability of strategic partnerships, ensuring these collaborations align with organizational goals.

Transforming audit and consulting engagements into strategic insights with Baker Tilly 

Baker Tilly’s senior services consulting team strives to help senior services organizations address their most pressing problems now, while anticipating tomorrow by providing custom solutions to clients to establish organizational and financial resiliency. The firm’s consulting services include strategic planning, development advisory services, financial planning and feasibility studies, market research, operational assessments, transaction advisory services, and more.

Further, Baker Tilly’s audit teams use a risk-based model relying on a comprehensive understanding of the senior living industry, client-specific business models and internal controls, and industry-wide best practices when executing audit engagements. Baker Tilly teams use the latest in technology which facilitates a specific focus on certain audit areas, and the execution of audit procedures that produce valuable insights for clients. These insights result in real business conversations as a by-product of the audit process, rather than just compliance related dialogue.

For more insights, visit Baker Tilly’s senior services page.