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Business News Roundup, July 20, 2021

A brief recession, last call for SBA nominations, the potential for longer employee hours in exchange for remote work, an update of Connecticut operations affecting small and minority-owned businesses, the opening of an offshore wind headquarters in Bridgeport, and increasing…

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A Succession Plan Helps Keep Your Business Going Beyond Your Departure

  • A succession plan helps determine how your company will continue operations after you leave, either in a planned or unplanned way
  • Companies can transfer to family members, employees, other owners, or outside buyers
  • Plans should be developed in advance and regularly updated
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Pursuing Worker Autonomy and Sustainability in Post-COVID Remote Work

  • “Results-only work program” offers guidance on how companies can adopt to remote and hybrid work schedules after the COVID-19 pandemic
  • Program adopted well before the pandemic allows employees full autonomy as long as they complete their tasks
  • Regular training to encourage the new mindset and avoid pitfalls are a key part of the model
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“Great Resignation” Affecting Some Business Sectors Harder Than Others

  • Employees are quitting at an accelerated rate as the economy improves following the COVID-19 pandemic
  • Departures are often brought on by stress, burnout, or dissatisfaction with compensation or company policies
  • Retail and hospitality, technology, manufacturing, and health care are among the sectors most affected by worker resignations
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Study Finds Significant Share of Those With “Long COVID” Face Work Disruptions

  • Research looks at the complications caused by “long COVID”
  • Some people infected with COVID-19 suffer persistent symptoms, which often require them to work a modified schedule or prevent them from working at all
  • It is unclear how common long COVID is or how long symptoms will last
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Business News Roundup, July 19, 2021

Blame for a spring cyberattack, uncertain data on the effect of ending unemployment supplements early, employment concerns driven by the Delta variant of COVID-19, federal funding for Connecticut for workforce training, and improving ridership on a key Connecticut commuter rail…

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Connecticut Campaign Looks to Draw Young Professionals to the State

  • Connecticut’s “CTForMe” campaign looks to attract and retain young professionals to the state
  • Effort promotes Connecticut amenities and has been extended to the state’s businesses, universities, and others
  • Recently announced efforts had a soft launch in January, with nearly 30 percent of visitors looking to learn more about Connecticut job opportunities
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U.S. Chamber Poll Finds Two-Thirds of Companies Are Holding Off on Hiring New Workers

  • U.S. Chamber of Commerce and Metlife poll of small business owners finds that only one-third are actively working to hire employees
  • Less than half of respondents who are recruiting workers have been able to find candidates in their area or with the necessary skills and experience
  • Small business owners have taken on more roles, worked longer hours, or asked their staff to work longer hours in response to labor shortages
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CBIA Criticizes Lamont Decision Not to Veto Connecticut Worker Recall Mandate

  • Connecticut Business & Industry Association issues critique of S.B. 658 after Governor Ned Lamont approves the measure over calls to veto it
  • S.B. 658 requires that employers prioritize the rehiring of certain employees who lost their jobs as a result of the COVID-19 pandemic
  • CBIA says the measure has inconsistent definitions and forces non-unionized private sector employers to adopt union workforce rules
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Poll Suggests Expiring Unemployment Supplements Could Add Nearly 2 Million Jobs This Fall

  • Morning Consult survey estimates that at least 1.84 million jobs will be added to the workforce after a federal unemployment supplement ends in September
  • 45 percent of respondents who turned down a job offer while on unemployment said more generous benefits contributed their decision, but only 13 percent said it was the direct reason for doing so
  • Few respondents said unemployment benefits have been more reliable than previous job wages in covering their basic expenses
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