Dime Community Bank

Despite challenges, many L.I. employers expect to boost hiring in 2023

terrialessimiceliLeave a comment
Moderator Michael Sabatini, a Partner with Citrin Cooperman, third from left, poses with panelists, from left: Renee Daniel Flager, Executive Director of Girls Inc. of Long Island; former HIA-LI Chair Rich Humann, President and CEO of H2M architects + engineers; MaryAnne Hyland, Dean of the Robert B. Willumstad School of Business at Adelphi University; Kevin O’Connor, CEO of Dime Community Bank; and Dr. Patrick O’Shaughnessy, President and CEO of Catholic Health Services.

While local business leaders grapple with such challenges as inflation, supply chain issues, and employee recruitment and retention, many still plan to increase the size of their workforces this year.

That’s a key finding of “The Long Island Economic Survey 2023,” a new survey of more than 200 Long Island executives. It was commissioned by HIA-LI and conducted by Adelphi University and the Citrin Cooperman accounting firm.

Survey results were discussed by a panel of leading regional executives on February 15 before more than 250 attendees at HIA-LI’s 29th Annual Business Summit held at the Hamlet Golf & Country Club in Commack. We were pleased to have Michael Sabatini, a Partner with Citrin Cooperman, moderate the panel.

Executives were asked to identify up to three of “the most important issues facing Long Island today.” Inflation and taxes were each cited by 22 percent of respondents. One-third identified workforce-related challenges as a top issue.

Yet despite their concerns over hiring and retention, virtually half of respondents (49 percent) expect to increase their employee rolls in 2023. Thirty-one percent of all respondents expects to augment their Long Island-based workforce, four percent will do more hiring outside of Long Island, and 14 percent plan to expand their workforce both on and outside Long Island. Forty-three percent anticipate no increase in staff size. Eight percent were unsure.

Some four out of ten were optimistic about their projected revenue and net profits next year, while half expected level growth. Ten percent expect a decline in revenues this year.

Similarly, more than a third (38 percent) of participants expected to expand their Long Island-based businesses in 2023.  

How concerned were local executives about the effects of inflation on their business? Most (62 percent) were “very concerned.” Thirty-one percent were “somewhat concerned,” and seven percent were “slightly concerned.”      

Sixty-five percent of respondents said they were affected by disruptions to the global supply chain. Most respondents expect supply chain issues to persist for another six months to two years.

Who took part in the survey?

A large majority of respondents represented businesses generating less than $100 million in revenue. More than three-quarters had been in operation 20 years or more. While respondents came from many industries, those with the largest representation were professional services (21 percent) and manufacturing, distribution and retail (17 percent). Most respondents (52 percent) were based in Suffolk County. Ten percent were situated in Nassau County, and 32 percent were based in both counties.

We were grateful for the participation of our panelists at the 29th Annual Business Summit: Kevin O’Connor, CEO of Dime Community Bank; Renee Daniel Flager, Executive Director of Girls Inc. of Long Island; former HIA-LI Chair Rich Humann, President and CEO of H2M architects + engineers; MaryAnne Hyland, Dean of the Robert B. Willumstad School of Business at Adelphi University; and Dr. Patrick O’Shaughnessy, President and CEO of Catholic Health Services.   

Newly elected Rep. Nick LaLota was also present to greet attendees.

How closely does your point of view match up with those reflected in our survey?

I urge you to see for yourself.

“The Long Island Economic Survey 2023” can be found here.

Despite Challenges, the Long Island and National Economies Are Set to Grow

terrialessimiceliLeave a comment

It was wonderful to be back in person at the HIA-LI Economic Summit. On March 25, business leaders, colleagues, and friends joined us at the Radisson in Hauppauge for our 28th Annual Summit, where a panel of experts offered their economic predictions for Long Island and the country.

Dr. Don Levy, Director at Sienna College Research Institute, summarized the results of the PKF O’Connor Davies 2022 Economic Survey. Among the 270 CEOs who participated, 59 percent said that the economy on Long Island was better than it was a year ago, and 61 percent expected improvement during 2022. Within their industries, 50 percent described conditions as more favorable than they were last year, and 56 percent anticipated an upswing in 2022. Normalized against historic data, these four results indicate a confidence rating of 6.8 out of 10, up from 6.5 a year ago.

Challenges include the continuing impact of COVID (cited by 55 percent of CEOs), inflation (53 percent), and rising supplier costs (43 percent). Worker supply is another: “Only one out of five say that they can find the people they need to step in and make a fruitful contribution right away,” remarked Levy.

Bob Quarte, a Partner at PKF O’Connor Davies who is also HIA-LI Board Treasurer, moderated the panel discussion. Noting the challenges that have arisen since the completion of the survey in early January — the war in Ukraine, a stock market correction, rising interest rates, and spiraling gas prices — he asked the panelists to describe their confidence in the economy and in their business sectors.

“As businesses get busier, healthcare gets busier,” stated Dr. Patrick O’Shaughnessy, President and CEO of Catholic Health Services. “I don’t just mean sick care. I mean well care, and that includes important screenings, keeping you healthy, getting ahead of you having a problem that causes more of an impact. I believe we’re moving forward in the right direction. That doesn’t mean we’re not going to have blips along the way, but I’m optimistic.”

Rich Humann, President and CEO of H2M Architects + Engineers and HIA-LI Board Chair, said that despite the national energy strategy that “continues to tip on a scale,” he is also optimistic. “As we recover, the commitment to infrastructure, the commitment to dollars, is coming from the federal government. Although there’s clearly an inflationary effect of that, nothing moves us in a strong economic direction more than a really robust investment in infrastructure.”

The national economy will do well in the long term, predicted Kevin O’Connor, CEO of Dime Community Bank and HIA-LI Board Secretary, but it will experience blips in the short term. “The Fed’s ability to navigate a soft landing does not have a lot of historical success. We may feel some pain that might be necessary to end some of the inflationary pressures.”

Dr. Edward Bonahue, President of Suffolk County Community College and an HIA-LI Board Member, declared that he’s “remarkably optimistic” despite the difficulties created by the pandemic. “We know that our ability to engage students, to provide hands-on workforce training that replicates the conditions that students are going to find when they’re on the job, is going to be supported by the continuing economic recovery, and the continuing recovery from COVID.”

“Things go in cycles,” added Quarte, summing up the panelists’ perspectives. “We might be in a difficult cycle right now, but we’ve proved we’ve always pulled through it.”

Download a copy of the survey here.

Cusack to be Special Guest at February 8 Fireside Chat

terrialessimiceliLeave a comment
Clare Cusack, President and CEO of the New York Bankers Association, will be featured at HIA-LI’s February 8 “Executive Insight – Fireside Chat” at the Hilton Long Island in Melville.

It’s time for the women of Long Island to fulfill our untapped potential as business leaders – and we have an event coming up on February 8 that will provide insights into how women can get ahead in business.

HIA-LI is committed to the advancement of female executives in Long Island. We launched a Women’s Initiative in 2010 to help us focus our energies on this goal.

The numbers are encouraging. The census bureau had calculated that the number of women-owned businesses nationwide increased 21 percent between 2014 and 2019, while the number of all businesses overall increased by only nine percent.

And it can’t be denied that women in business are a major economic engine. According to a  2019 report from American Express, more than ten million women-owned firms in America were generating $1.9 trillion in sales, while employing 13 million people.

But females often confront hurdles in striking the right work-life balance. We often need to look harder to obtain the right kind of mentoring. And the pandemic further complicated women’s pathways to business success.

OK, so what’s coming up on February 8?

That’s the day we’ll have a chance to hear from one of New York State’s most influential woman business leaders, Clare Cusack.

On Tuesday, February 8 at 3 pm, we’ll be hosting Clare Cusack, President and CEO of the New York Bankers Association (NYBA), as our featured guest at an “Executive Insight – Fireside Chat” event at the Hilton Long Island at 598 Broadhollow Road in Melville.

Ms. Cusack’s presentation will be moderated by Kevin O’Connor, CEO of Dime Community Bank and a member of HIA-LI’s board of directors.

Clare Cusack is the first female to lead the NYBA, the premier trade association for the banking industry in New York.   

Clare Cusack and Kevin O’Connor will discuss one of the most challenging and transformative periods in the banking industry. We expect them to tackle such topics as the interest rate outlook, fintech, the remote workplace, and the economic development impact of the financial services sector.

But in addition to banking topics, we’ll be asking Ms. Cusack about her status as one the Empire State’s most prominent female business executives. Did she face challenges because of her gender? Can she offer advice to up-and-coming businesswomen?

Founded in 1894, the NYBA is the state’s preeminent provider of legislative and regulatory services to a unified banking industry. It also provides educational programs, public relations, political action, and member services geared to enhance the profitability and stature of New York’s banking industry. NYBA members together employ nearly 200,000 New Yorkers, hold $2 trillion in deposits, and extend nearly $70 billion in home and small business loans.

HIA-LI members and non-members may click here to register for the event. Companies wishing to sponsor the event can contact Anthony Forgione at aforgione@hia-li.org or call 631-543-5355.

Come and hear a true business luminary – and one of our state’s most accomplished female executives!