Issue link: http://palletcentral.uberflip.com/i/1498036
20 PalletCentral • March-April 2023 palletcentral.com Trends, Economy and Pallets Linda Nazareth, economist and futurist, spoke to the standing-room-only crowd on where we are and where we are going as an economy to make strategic business decisions. Her talk highlighted global difficulties, but nothing surprising if you follow trends. "It is a new world, and we didn't foresee all that is currently happening. Factors such as inflation – which is a global issue and one we can't fix just in the U.S., the war in Ukraine, energy shortages, droughts, and more, are impacting global economy. Europe is in a recession watch, China is not fully working, the UK is struggling with labor strife and high energy costs. Japan is getting bearish. Commodities are slowing ahead, and the global economy is probably weaker than some suggest," she said. Challenges in the U.S. with interest rates, inflation, manufacturing, employment, consumer spending, rising costs, and talk of an impending recession are also of concern. She noted that the historically low unemployment rate has no end in sight, and tepid economic growth due to impending tech layoffs, and more, are things to watch, especially for companies who rely on strong consumer spending. She shifted to discuss embracing the current workforce and developing opportunities to expand technological solutions. "Millennials and GenZs will be 'management' soon. Millennials (ages 28 to 42), number at 72.1 million. eir values matter to them. ey have strong opinions about climate and social issues. e GenZ workforce (ages 20-25) are coming into business and are all about visuals. Everything must be Instagram- able (they post on Instagram at least once a day). ey have never gone into a restaurant without a phone in their hands, therefore presentation matters," she notes. In addition to the visual factor (think feature wall in the office or nicely designed common areas), consider attracting GenZ with how you present your core values, EPD impact, company culture, and work-life balance in the interview process. Members of Gen Z are more racially and ethnically diverse than any previous generation, and they are on track to be the most well-educated generation yet. ey are interviewing you and much as you are them. Once hired, you must deliver on expectations to gain loyalty. With a shrinking workforce, ramping up technology is imperative, says Nazareth. Industry 4.0 is coming, where robots come into play for more repetitive jobs in industry. Using technology for as many tasks as possible will define competitive advantage in the future. "is is a watershed moment in history," she predicts. "Tech has disrupted things before, and it is now." Also on the rise is the ESG (Environmental, Social, and Governance) factor of business – good news for wooden pallets where they shine bright. Companies will have to measure their carbon footprint, and it could possibly be mandated to do Virginia Tech graduate students Sean Hobbs (left) and Yash Mansharamani (third from left) join Dr. Laszlo Horvath and Dr. Brad Gething for an analysis of the preliminary Industry Survey results. 2023-2024 NWPCA Board of Directors. Brent McClendon presents 75 Year plaque to Clint Binley, Pallets Incorporated.