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Connecticut Unveils Initiatives to Strengthen State’s Small and Minority-Owned Businesses, Manufacturers

  • Governor Ned Lamont announces update to Connecticut’s small and minority-owned business program
  • Change aims to better align state and federal definitions of small business enterprises and open up federal procurement opportunities for Connecticut businesses
  • Lamont also announces the release of $8.3 million for initiatives to support Connecticut manufacturers
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Savings, Social Security Helping Workers Endure Jobless Stretches During “Great Resignation”

  • Washington Post columnist looks at how workers have been covering expenses while out of work during the “Great Resignation”
  • Some have opted to resign early, while others are reassessing their priorities and getting by on savings
  • Financial pressures will compel some workers to return to the labor force, but are likely to impact what kind of jobs they’ll seek
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Despite Elevated Unemployment Rate, Connecticut Job Openings Outnumber Jobless

  • Approximately 52,000 people in Connecticut were filing for unemployment at the end of September
  • The jobs site Indeed shows about 80,000 jobs postings in Connecticut
  • The trend mirrors a national one where the number of available jobs exceeds the number of unemployed, with several factors contributing to difficulties in filling open positions
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Businesses That Received Extension on Taxes Must File by Oct. 15

  • Filers who received an extension on their 2020 tax returns must file them by Oct. 15
  • Missing the deadline could result in penalties or a loss of refund
  • Ensuring that forms are error-free will avoid delays in processing
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Average Cyberattack Costs Companies More Than Two Working Days, Report Finds

  • AI cybersecurity platform Deep Instinct finds that the average company spends 20.9 hours responding to a cyberattack
  • Majority of survey respondents express concerns about employees’ ability to avoid errors that could compromise cybersecurity
  • White House is convening a national security event on ransomware this week
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Preparing Employees for Work From Home Expenses

  • Employees have been more likely to seek remote and hybrid work opportunities
  • While employees expect the arrangement to reduce their expenses due to a decrease in commuting costs, other expenses will increase
  • Employers can help prepare workers for such costs, and may offer to offset some expenses
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As More Employees Resign, Employers Can Use “Stay Conversations” to Encourage Retention

  • Nearly half of employees are actively looking for a new job or monitoring job opportunities
  • Gallup recommends that employers have “stay conversations” with employees to assess their needs and frustrations
  • Conversations can help make business leaders more aware of their employees’ needs and aspirations and reduce the likelihood of turnover
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Food Service Quits Rate Climbs in August

  • Labor Department’s job openings and labor turnover report for August finds 6.8 percent quits rate in accommodation and food services, well above the national rate of 2.9 percent
  • The sector also saw a significant decline in job postings and hires as well as an increase in separations
  • Job openings fell to 10.4 million, but continued to outnumber the tally of unemployed in the United States
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Business News Roundup, Oct. 13, 2021

A lower economic growth forecast, ongoing inflation, legislative approval of a short-term debt ceiling deal, conflicting COVID-19 vaccine directives in Texas, higher inflation expectations, the potential for bioscience growth in New Haven, and skilled ex-inmates finding work at Connecticut manufacturers…

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