Tonight, President Joe Biden will promote the American Jobs Plan, a massive $2 trillion spending plan to rebuild infrastructure and reshape the economy, in his speech to Congress. As currently proposed, it would be the largest jobs investment since World War II, allocating billions of dollars to job training, research and development, and manufacturing. Whether business owners are in favor of the plan or not, it may indeed have a massive impact on their company and employees moving forward.
MillenGroup has reviewed the plan to offer advice and expertise on what could be some major changes to businesses and our economy as a whole. John Millen, – co-founder and managing partner of MillenGroup, the healthcare advisory firm founded in Richmond – says business should focus on four main points that will help attract and retain the talent necessary to be successful in the year ahead.
The American Jobs Plan consists of four major spending categories: Research and Development ($400 billion), The Care Economy ($650 billion), At-Home Infrastructure ($580 billion) and Infrastructure ($621 billion). Businesses need to prepare for this spending by:
1. Attracting Skilled Labor: If a business in one of the industries set to gain new funding (or if a business supports these industries in any way) they need to determine how they are going to attract skilled labor?
2. Communicating Values to Employees: How does manufacturing integrate into the jobs plan? It integrates in the basic sense that companies will need tools, supplies, and materials to rebuild the roads, bridges, highways, airports, transit systems, water systems, piping systems, and so on. The manufacturing sector is likely to experience an increase in demand if it supplies these types of projects. How well a business communicates the values it holds to employees over the course of the next year will determine how well it can compete for these projects.
3. Improving Women’s Labor Force Participation: Improving the women’s labor force participation is an area of focus explicitly mentioned in the overview of the American Jobs Plan and this is a good thing. If a business is woman-owned, its leadership might consider how it will be affected by this increased focus on women labor force participation going forward. For example, getting SWaM Certification might be worthwhile.
4. Maximizing Employee Benefits: Finally, it’s also noted that 40% of the American Jobs Plan spending will be going to the disadvantaged communities of our nation. Is your company ready to attract and retain these workers? Hint, benefits attract and retain workers (sometimes more than salary!)
As businesses continue to learn more about the American Jobs Plan and the ways in which it may impact their organization and employees, now is the time to begin incorporating new ideas into their approach. The economy and the world are quickly changing around us all the time. Meeting these new challenges often requires embracing a new strategy or technique.
Read an expanded version of John Millen’s perspective for businesses here.
To reach John Millen to speak about how the Jobs Plan will affect businesses, see the contact information below.
To reach John for an interview:
P: 804-459-8102
E: john@millengroup.com
John Millen’s credentials include:
- Independent advisor with a focus on reducing healthcare expenses
- Virtual care specialist and Continuing Education trainer
- Chief architect of “The $0 Deductible Solution”
- Certified Identity Theft Risk Management Specialist (CITRMS)
- Licenses: Life, Health, Annuities, Legal, Long-Term Care
For more information contact:
Barbara Esteves-Moore, Public Relations
C: 615-631-4383
E: bem@tworoadscommunications.com