Page 7 - BusinessWest December 26, 2022

Companies Grapple with Workforce Challenges
The pandemic temporarily dislodged millions of people from their jobs, and when companies started rehiring again, they found it was much more difficult to recruit and retain employees, particularly in lower-paying industries like hospitality, but it was a trend that stretched across all fields, from healthcare to con- struction to ... well, you name it.
At issue has been three intersecting trends: the Great Resigna- tion of older workers, many of whom moved up their retirement timeline in the wake of the pandemic’s economic upheaval; a movement among Gen-Zers and younger Millennials, particu- larly in service industries, to re-evaluate their worth and push for higher wages and more flexibility; and ‘quiet quitting,’ defined as doing the bare minimum to fulfill one’s job, which, of course, cuts into a company’s productivity.
There are no easy answers to combat these trends, and com- panies struggling with workforce shortages must grapple with what they mean in the longer term. Workers no doubt have lever- age right now like they haven’t had in recent memory, and they’re wielding it, to significant — and, in many cases, still-undeter- mined — effect.
An architect’s rendering of a renovated Victory Theatre
Victory Theatre Project Gains Momentum
Holyoke officials and groups involved with the arts have been engaged in efforts to try to revitalize the historic Victory Theatre for more than 40 years now. And while this initiative still has
a ways to go before it can cross the goal line, some significant progress was seen this past year.
It came in several forms, but especially the earmarking of ARPA funding to renovate the theater, which opened in the 1920s and last showed a movie in 1979. The ARPA funding is expected to help close the gap between the funds that have been raised for the initiative and the total needed — roughly $60 million.
Momentum can also be seen in a firm commitment on the part of Joshua Garcia, the city’s first Hispanic mayor, who sees the project as an important catalyst for bringing new businesses to downtown Holyoke and another key ingredient in the larger formula for revitalizing the Paper City.
The Marriott Flag Returns to Downtown Springfield
It took more than three years, and there were a number of challenges to overcome along the way, but the Marriott flag is now flying again over the hotel in the Tower Square complex. The massive renovation — or “re-imagining” — of the space, as it’s been called, earned Tower Square owners Dinesh Patel and Vid Mitta BusinessWest’s Top Entrepreneur honor for 2022.
But the undertaking has done more than that. It has helped transform the property into one of the best hotels west of Bos-
Richard F. Burkhart, CPA and Salvatore J. Pizzanelli, CPA, JD, PFS
The talented team at Burkhart Pizzanelli
Accounting
Julie M. Quink, CPA and Deborah J. Penzias, CPA
The talented team at Burkhart Pizzanelli provides
provides expertise in a full range of accounting
and financial services. Feel free to call on us at Consulting 413.734.9040.Feel free to call on us at 413.734.9040.
expertise in a full range of accounting and financial services.
201 Park Avenue, Suite 2, West Springfield, MA
201 Park Avenue, Suite 2 • West SpringfieldR, eMtAir0e1m08e9nt Plans T: 413.734.9040 • F: 413.781.5609
T: 413.734.9040 • F: 413.781.5609 • www.bppc.com www.bppc.com Tax Planning
ACCOUNTING • CONSULTING • LITIGATION • RETIREMENT PLANS • TAX PLANNING
Litigation
BusinessWest FEATURE DECEMBER 26, 2022 7