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So you are thinking of selling your business… or someone you know is. Before you even look at an offer there are steps you should be taking. Check out the link to my LinkedIn video on the first step. Planning Well In Advance.
The decisions employers make regarding their benefits offerings during this period of economic uncertainty will likely have lasting impacts on their finances, their employees’ expectations, and their ability to attract and retain talent — all of which can affect the organization’s overall health. To ensure continued success, employers should critically evaluate each and every area of operations, including employee benefits. Zeroing in on this particular piece of the operational puzzle can help you uncover opportunities for cost savings that could potentially impact your organization’s bottom line. The following recommendations offer actionable strategies employers can implement today to maximize their benefits program and support operations in lean times. Re-Evaluate Plan Designs To bolster the overall cost-effectiveness of their operations, many employers are taking this opportunity to re-evaluate their health plan designs and offerings to ensure maximum savings. Some organizations are shifting to self-funded or partially self-funded health plans, while others are leveraging health reimbursement arrangements or health savings accounts to incentivize employees to make financially smart healthcare choices. Our Building a Year-Round Communications Strategy. Create a Comprehensive Benefits Package During tough economic times, employers may have to cut back on benefits. But organizations can still support employees with mental health resources, financial wellness programs, and a wider range of voluntary benefits. Thinking outside the box and leveraging cost-effective employee benefits can help preserve the quality of your offerings while freeing up funds for other operational areas needing additional support during an economic slowdown.
CBIZ Health Care Survey Shows Employers Prioritize Recruiting and Retaining Talent in Hot Job Market Survey also finds employers are prioritizing stemming the rising costs of medical plans and the inclusion of mental healthcare services Business Wire CLEVELAND — March 15, 2023 CBIZ (NYSE: CBZ), a leading national provider of insurance, financial and advisory services, released its inaugural 2023 State of Health Care survey that shows recruiting talent (67%) and retaining talent (64%) as top priorities for employers, trends driven by a hot job market despite concerns of a recession later this year. The State of Health Care survey includes responses from 869 businesses with at least 100 employees, spanning 41 states and 26 industries. The survey provides insight into employer priorities, top health plan features, and emerging mental and physical health benefit trends to watch through the remainder of 2023. “Employers continue to show an eagerness for recruiting the best and the brightest talent and to identify and retain those employees who have the best growth trajectory,” said Jay Meschke, President of CBIZ Talent & Compensation Solutions. “Since 2020, employers have had to respond quickly to drastic shifts in social and economic conditions and this year will be no different.” Controlling medical costs is a top priority for 49% of businesses. This comes as industry experts project a six to eight percent increase in employers’ health care costs due to rebounding utilization, or rising use of medical providers, and the rise in prescription drug costs. Cost-containment strategies businesses are implementing include reference-based pricing, alternative funding arrangements and enhanced use of telemedicine. Polly Thomas, Business Unit President, Employee Benefits added: “The survey showed that emerging trends and the priorities in the health care and benefits spaces are changing. This data will serve as a guide for businesses looking to modernize their benefits programs that mitigate risks and costs, while improving their employees’ health care experience.” The data was assessed from an overall perspective, as well as based on company size and industry. An interactive infographic with the results is available on the CBIZ website. Additional key findings include: * Almost 35% of employers that don’t offer mental health wellbeing resources through their plans are open to considering options – Despite opting to provide coverage plans that do not offer certain mental health services, nearly 35% of businesses indicated they would like to learn more about offerings for mental health programs. Interest surpassed consideration of other offerings like weight management (18.7%) and financial wellbeing (14.7%). * The majority of businesses provide mental health resources for their employees – 80 percent of employers offer mental health resources through an employee assistance program, while 68 percent provide counseling through their medical plans. * Nearly two in three businesses offer a wellbeing program for employees – With retaining talent being the second most valued priority for the employers surveyed, 61.9% are looking to attract and retain high-performing employees in part by offering a comprehensive benefits program that includes a wellbeing component. * 82% of employers include options for virtual behavioral health consultations – Employers are providing workers with increased options to meet with their medical professionals, both as a convenience and to help mitigate health and safety concerns amid the ongoing impact of COVID-19.
The economic rebound has made the competition for skilled, technical professionals more challenging. A May 2021 report from Robert Half stated that 93% of companies are struggling to find skilled staff—meanwhile, current conditions for business growth and transformation can’t be missed. In finance, talent shortages have been no small challenge for today’s CFO. Dynamic companies are seizing low-interest rates to pursue M&A growth. Finance teams are racing to embrace tax savings opportunities brought on by new legislation. At the same time, there are more pressing risks in the new operating environment as information security protocols catch up to the ever-increasing use of technology and management grapples with the ramifications of hybrid work models. How to manage talent shortages requires a new plan of action. As finance teams work to become more dynamic, they have to focus more on the big picture than ever before, leading to another trend – supplementing teams through co-sourcing and outsourcing. IBISWorld published a sector report in April 2021 that states that outsourcing will grow to a mammoth $143.5 billion business by 2024. What’s driving that? Growing complexity with accounting standards Changes in tax codes, domestic reporting, and compliance requirements Needs to streamline and automate processes Changing requirements for management reporting from myriad systems to inform decision making The uptick in M&A and transaction activity Staffing shortages or lack of resources with specialized knowledge or expertise Need for financing to fuel growth Significant expansion of the hybrid work model Increasing phishing scams, ransomware, and cyber-attacks Reduction in internal audit budgets and staff The boom of companies going public The talent shortage in cybersecurity Join other CFOs looking for alternate ways to maintain their core functions while finding time and resources with the knowledge to evolve processes and systems to stage the next chapter for their company. Download the full guide to assess what ideas and solutions will benefit your company. CFO_Outsourcing_Guide_2_Digital (2).pdf
Benchmarking benefits plans during a M&A acquisition in the middle market can provide several advantages, including: Identify cost savings opportunities: By comparing benefits plans with industry benchmarks, it is possible to identify cost savings opportunities that can help optimize benefit plans and reduce overall costs. Ensure competitive benefits: Benchmarking can help ensure that the benefits being offered to employees are competitive and attractive, which can help retain talent and increase employee satisfaction. Facilitate integration: By benchmarking the benefits plans of both companies, it is possible to identify areas of alignment and opportunities for integration, which can help streamline the process and reduce redundancies. Mitigate risk: Benchmarking can help identify potential compliance issues, legal risks, or other areas of concern related to benefits plans, which can be addressed proactively to mitigate risk. Establish clear communication: Benchmarking can help establish clear communication between the companies involved in the M&A acquisition, which can help build trust and facilitate a smooth transition.
Mergers and acquisitions (M&A) have become an influential business strategy as leaders look for opportunities to accelerate growth and gain market share. As these transactions happen in a more condensed time frame than ever, all parties are rushed to perform proper due diligence. Don’t let a merger or acquisition void your insurance coverage, The following are potential hidden M&A insurance risks and liabilities you should consider. Accept a Seller’s Liability A pressed M&A process increases the buyer’s risk of neglecting the seller’s liabilities. The responsibility for alleged or actual wrongful acts does not terminate with the transfer of ownership. These exposures can exist for many years following the transaction. The type of sale determines the extent to which liabilities are assumed. A seller retains possession of the legal entity and its liabilities in an asset sale. Only individual assets (e.g., equipment, trade secrets, inventory, licenses) and their accompanying liabilities are transferred to the buyer. Asset purchases are preferred as they reduce the likelihood of future contract disputes, product warranty issues, or product liability claims. In a stock sale, the buyer purchases the selling shareholders’ stock directly and obtains ownership of the seller’s complete legal entity, including all accompanying liabilities. Stock sales present more risk for buyers as there is a potential for future lawsuits, environmental concerns, employee issues, or
When a new leader takes the helm, their decisions and maneuvers can cause a ripple effect that can be felt throughout your organization – especially regarding technological infrastructure. Even the most minute change can affect the delicate balance of technology within your organization and impact your control environment. During a leadership transition, CFOs have an opportunity to play a critical role in ensuring the passing of the baton is smooth and secure. Taking the proper steps to ensure consistent operations of critical controls during times of change is essential to keeping every aspect of your company secure. Where Do Things Go Wrong? Many scenarios could occur for a leadership change to create a technological disruption. Perhaps your new CEO doesn’t have a strong technological background, so they’re not focused on strengthening internal control processes, which increases the possibility of preventable risk. Or, they want to shake things up from the beginning, introducing new services or technology. Switching vendors or adopting different software tools without proper planning, vetting, and evaluation can create vulnerabilities. Recent headlines demonstrate changes in leadership have the potential to call digital operations into question. For instance, consider the recent takeover of one of the most prominent social media companies. Immediately upon acquisition, the new CEO took a hard-lined approach by significantly restructuring staff and fast-tracking product updates. In situations where such moves occur, leaders will want to be mindful of a potential public loss of confidence or resulting operational issues, which can result in negative publicity. This can have down steam impacts: remaining staff can be left scrambling to plug vulnerabilities and shoulder the added workload left by those let go. Meanwhile, frustrated users of the company’s applications can face glitches, bugs, and other disruptive issues. Another example is the recent collapse of a well-known cryptocurrency exchange group. The absence of a robust control environment led to the first crack in its fragile framework. For businesses looking to safeguard operations with potential leadership shifts in mind, some basic business process controls can help stop or identify issues in control environments early on. While navigating a leadership change, risk management is essential to continue operating ethically and remaining compliant. With the proper considerations in place, you can position your company to be as best prepared as possible when it steers into the unknown. How to Avoid Technological Pitfalls As many CFOs know, when leadership changes in an organization, everything could change, or nothing could change. Being proactive instead of reactive is the key to being prepared for any scenario. You must ensure all your bases are covered if changes are made to processes and technology, and perform due diligence to confirm other areas aren’t affected. When anticipating a change in leadership, consider how that change will affect your organization’s processes and technology and the continued operation of your internal controls. Be ready to address any potential problems swiftly and with proper communication from the top. Conduct an assessment of all IT systems, and evaluate and audit security protocols. Also, be sure to equip your team with the necessary knowledge and tools required for data protection today. And finally, analyze how third-party services might help reduce risk during times like these when changes require you to depend on them more than ever before. Having an independent party study your controls to ensure they’re secure and ready for a leadership transition can help increase consumer and stakeholder confidence. Furthermore, Connect with our seasoned experts today. Copyright © 2023, CBIZ, Inc. All rights reserved. Contents of this publication may not be reproduced without the express written consent of CBIZ. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein. CBIZ MHM is the brand name for CBIZ MHM, LLC, a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of publicly-traded and privately-held companies. CBIZ MHM, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ).
Shelby Jackson – Marketing Associate Revenue is up! But you have less cash than ever. Why is that? We’ll be covering the top 7 reasons why, like many other businesses, you might have no cash despite revenue being up. Then we’ll discuss important things to consider as you build your annual forecast. Reason 1: Delivering Before Getting Paid Revenue is up, but you have 3 types of revenue and the biggest one is net 30 (or net 60 or net 90). Sales are up, but you have no cash because you let your customers wait to pay. Being flexible with your customers is great, but do you know how it is impacting your business? If you have revenue growth but you get paid after 30 or more days, you need to pay your staff and probably your suppliers. That could cause a cash crunch in a rapidly growing company. Reason 2: Accounts Receivable Problems, You are Selling but Not Getting Paid for all your Sales Not all revenue is created equal! If you’re selling but not getting paid for all your sales, you could have Accounts Receivable (A/R) Problems and you will be short on cash. Some clients never pay! If you get stiffed by your customers, you still put time, money, and effort into supporting the sale. Make sure you’re selling to people who will pay! Do you know what type of customers you are adding? Reason 3: Returns! Clients return things and you refund the revenue If your customers buy more stuff and return it in a way you can’t resell it, you have all the expenses of producing the high sales, but not all the revenue you thought you’d get. Your sales are lower (because returns are not sales) but your expenses are higher! Are you looking at the right sales figures? Reason 4: Inventory Are you sitting on too much inventory? Even if everything you’re selling is highly profitable, a warehouse full of inventory costs money to contain and the inventory will eventually become ruined or obsolete. Do you know how much inventory you need to grow your business, and do you know how much cash you’ll need to support your future inventory needs? Reasons 5: Unprofitable Business You are selling but losing money! Here’s a case scenario. You have 5 products that make sense in a specific mix, but some of those products may actually not be profitable. You choose to keep them as loss leaders, to fill in gaps, or as a way to use extra scrap material. But what if your sales increases are from products like that? Is that where your money is going? Reasons 6: Inflation You are selling more but costs are higher, so it is actually less profitable! Inflation rapidly increased in 2022. According to BLS.gov, the United States saw the annual inflation rate increase by 7.1% as a result of the lingering effects of COVID shutdowns, supply-chain disruptions, and more. Even if revenue is up, income may be down due to higher expenses. Are you selling more units or just the same number of units (or fewer!) at higher prices? Are your expenses going up faster than your revenue? Reasons 7: You are selling more but debt and other overhead are eating all your profits You are making profitable sales, but your overhead is costing you way too much. This could include debt used to finance inventory, expansion, or even prior losses. Do you know how much your overhead is? How much do you need to sell to pay for your overhead? Will your overhead change as your revenue increases? How do I avoid this happening in the future? Our Answer: Build an Annual Forecast If you know how much you will really sell, how much profit that will really produce, how much inventory, financing, and overhead you’ll need to make this all work, you’ll have a better plan and lots of advanced notice on cash flow issues – well ahead of time and before they become problems. You’ll be empowered to pick products that will make you more money. Reject customers that will cause you hassles, and plan for your overhead needs so that you have the necessary resources (human, financial, marketing, and more) to take your business to the next level. There are multiple factors that can lead to no cash despite revenue being up, and sometimes it can be difficult to pinpoint exactly how to move forward! An annual forecast is a great way to plan the next steps for your business to make measurable and intentional decisions for increasing cash flow. About Us Our team of seasoned CFO’s at Imperial Advisory have over 150 years of collective experience giving valuable corporate finance insights that can help you put your best foot forward in 2023! For more information, reach out to www.bls.gov/news.release/cpi.nr0.htm
The end of the year is drawing to a close, and CFOs everywhere have their sights set on 2023 — making it a perfect time to fine-tune organizational strategy and business operations. To ensure their companies are well-positioned for success in the new year, C-suite leaders must think big picture yet also focus on the daily details; this unique choreography of visionary oversight and intricate precision will give organizations an edge in a competitive environment. The upcoming year can signify reaching new heights for many organizations. To prepare, organizations should take a step back, developing pathways and objectives that align with their company’s overarching goals. Talent Retention The past year has been a rollercoaster, with businesses having no choice but to adjust to the realities of the Great Resignation and a tight labor market. However, the focus for many companies in 2023 may go beyond finding new employees — it should include options for retention strategies. According to a survey, employers worldwide plan to increase their salary budgets by 4.6% next year, the highest jump in 15 years. Most organizations attributed the increase to inflation and a tight labor market. If your organization doesn’t proactively look after the financial well-being of your workforce, your best and brightest could be recruited away. Remote and Hybrid Options: During the pandemic, remote work for office jobs became necessary for employers. Nearly three years later, most office workers don’t want to give up that flexibility, and many have proven they will find work elsewhere if that digital option is taken away. Offering flexible schedules and investing in tools and resources that enhance remote and hybrid collaboration will remain critical next year. Mergers & Acquisitions For most of 2021, mergers and acquisition (M&A) roared on. However, macroeconomic tensions in the air somewhat diffused that furor in the second half 2022: many large platform deals were halted, even as add-on deals stayed robust. This turning of the rides may be chalked up to the highest inflation in 40 years, rising interest rates, market volatility, supply chain disruptions and the Russia-Ukraine conflict weakening confidence for some transactions. Whether there is further change in store remains to be seen. Will the market change in 2023? It appears to be a toss-up. Some economic experts argue a sharp turnaround is surge in transactions next year. Despite the current wave of uncertainty that has left many companies to reduce some M&A activity, the classic motivations pushing firms towards these transactions remain. Seeking growth, expanding into new markets and gaining access to new products and services have long been a major impetus for companies an increasingly important role in aiding business operations by streamlining mundane tasks and freeing up resources that can be put to better use, therefore increasing the likelihood of success during uncertain times. Turning to intelligent automation, also known as robotic process automation (RPA), to conduct financial tasks or other processes requiring high levels of audit and oversight is a great place to start. Automation can also benefit employee retention, supply chain logistics and compliance with new accounting standards. Vendor and Service Pricing As we turn to the new year, it is also crucial for organizations to closely analyze their major contracts with vendors, suppliers and service providers. Taking time to reflect on each agreement is a proactive approach that will pay off in the short and long term. Considering options like renewing existing deals or negotiating more cost-effective terms helps keep costs down and can lead to better business relationships. Look for services and programs that may be underutilized — adapting, re-envisioning or cutting them can result in savings. Risk Management When considering potential risks for the coming year, it’s essential to stay ahead of the curve in assessing pitfalls and any areas of vulnerability. Think ahead to what risks your organization may face in the coming year. How can these risks be mitigated or minimized? Risk management areas to focus on include: Cybersecurity: Security and data breaches are becoming so common and detrimental that the SEC recently called for steps and processes can you take to make improvements? Supply Chain Vulnerabilities: This past year will be remembered for many things; unfortunately, it will also be remembered as a year rife with supply chain disruptions. Given the current economic state, organizations must a defensible stance regarding complex tax incentives, such as the Employee Retention Tax Credit and the research & development tax credit. Next Steps Our professional financial experts stand ready to assist you with any organizational strategies or business operations challenges you may face in the coming year. At CBIZ & MHM, we work closely with your organization to find solutions to your unique problems. With our assistance, you can focus on what you do best — running your business.
The problem that sometimes occurs when working with a business owner who is considering exiting their business is the strong link between the owner and his business – that is the challenge that the owner has difficulty viewing their life after they exit the business and separate from the business. There are several approaches to address this problem: Work with the owner to understand both the push and pull factors that are driving them towards considering exiting the business. This will help clarify the “why” and likely reveal a partial description of what life will look like after their exit. Work with the owner to write down a few paragraphs that describe what they will likely be doing after they exit. Go through the 8 exit options defined by The Exit Planning Institute with the owner and identify the top exit options that they are considering. This will help to understand their true motives for exiting. This will help highlight what is most important: Maximum payout? Taking care of their current employees? Maintaining the legacy? Some other motivation? Complete a basic wealth management analysis to determine if the business owner will have enough money to fund their planned lifestyle, including a reasonable estimate of the net proceeds they will receive from the sale of their business. This process is one of discovery – trying to understand all of the exit drivers and all of the obstacles that might prevent an owner from selling, even in the face of a reasonable offer to purchase their business.
Cyberattacks are becoming more frequent and sophisticated, making a recovery from them increasingly difficult. Without preparation, a cyberattack can be devastating to your business, having severe operational, financial, legal, and reputational implications. A “set it and forget it” cyber risk management approach is simply not an option.
USI reduces rising insurance premiums for an NYC middle-market law firm and saves over $250,000 while providing tax-deferred programs for their highly compensated employees. See the overview below.
With the supply chain and labor shortages caused by the pandemic, the blockage of the Suez Canal (remember that?), and the ongoing war between Russia and Ukraine, prices have gone through the roof. And while the Fed may claim some of it is transitory, many of us know exactly what it is: Inflation! But what exactly is inflation, what does it mean for a business, and what can a business owner do about it? In this article, we’ll define inflation and discuss some strategies for dealing with its ramifications. What is inflation? Inflation is an increase in prices not tied to an increase in quality. Inflation is when food prices go up for no reason at all; if package quantity went up to the same degree as food prices, then the price increases would not be an example of inflation But when we get away from simple things like food, it gets a bit murkier. If a car price goes up because the car is rare, is that inflation? How about putting out better but more expensive models…is that inflation? If cars are hard to come by because of a chip shortage, is that inflation? How about when the price of a commodity goes up because the price of fuel went up? Is that truly inflation? Or is it what the Fed would describe as transitory – something that will reverse itself when the price of oil comes back down? (Incidentally, the question of when the price of oil will come down is up for debate.) Our firm recently held a webinar with an energy analyst who opined that energy prices might stay high for some time (fact check and include link)) But, beyond defining inflation, the real question is – what does this mean for my business? How do I react and keep my business, reputation, and pricing power? Tips for Dealing with Inflation I recently had a conversation with a food service provider. He was facing a dilemma; commodity prices like flower, oil, and onions were up 80-150%. Labor was up significantly too. How can he keep selling food at a price people can handle while continuing to make a profit? Here is some of what I shared (and other things I did not share that may be interesting to a broader audience). Not all products are created equal. The cost for components of one product went up modestly while the cost of ingredients of the other went up much more significantly. Understand your margin by product and you can know where you need to raise and where you can absorb slightly tighter margins. Create efficiencies. If labor costs are up, what can you do to reduce the amount of labor inputs? Maybe hire robots for a piece of the process. Maybe buy certain items ready made from a larger vendor who can get economies of scale. If certain onions are up more than mushrooms, start offering mushroom salad as a standard and charge an extra fee for onion salad. Be thoughtful about inventory. Having extra inventory will cost you more money and you ultimately have to chare the customer more to cover your carrying costs. On the other hand, with prices increasing weekly, you may save significant money by buying things today rather than next month. Loss leaders are an option. Certain products might be unprofitable when viewed individually; however, if they enable you to sell other more profitable products, you might profit on a customer interaction even if you do not profit on each individual component. Consider buying in bulk. If you get a slight discount today and lock in your prices for the next few months, you are probably ahead of the game. Unless of course prices start rapidly falling, in which case you have price stability but are behind the 8-ball. Keep a long-term view while making sure you stay liquid and solvent. If you believe that commodity prices will come down (I do, but unfortunately, I do not know when), realize that there could be an opportunity to build or solidify those long-term relationships today and make the profit tomorrow. Keep an eye on the competition but know your numbers. Know where your business’s “line in the sand” is located. If you go past there, you will end up regretting it. Don’t let your competition entice you to chase unprofitable volume. You may not “make it up in volume…” Compete on things other than price. Provide a better dining experience, off hours delivery, customization, or something else your customers value that doesn’t cost you too much to provide. You will raise prices, but they’ll keep coming back for other reasons. Don’t just focus on margins. If you used to produce product for $5 and sell it for $10 but now it costs you $10 to produce, you can sell it for $15 and while you’ll have a much tighter percent margin (33% vs 50%), you’ll still be making the same number of dollars in profit ($5). Your competition may continue to mark it up 100% (so if the cost is $10, they’ll charge $20). Consider a loyalty program. If you do have to raise prices, consider instituting a loyalty program to “give something back.” While “points” are often left unused, you still build loyalty and if customers do come back for the freebies, you are giving my favorite type of discount – the one you only give when they come back. Monitor closely. If you do choose to operate on tighter margins, be very careful of waste and spillage. With tighter margins, every lost “unit” eats up a bigger piece of your profits. It’s been an interesting decade so far, these 2020s. When we are all grandparents, the kids are not going to believe this, but until then, keep paying attention to what is going on and make sure you are thoughtful about the scenarios in which you find yourself. Be intentional about your business (and life too!) and make sure to have good facts so you can make the right strategic decisions to help you weather this storm. — Gershon Morgulis is the founder and managing partner of Imperial Advisory CFOs. Imperial’s 8-CFO team provides owners and other executives of growing businesses with part-time CFOs and other consulting services which enables businesses to make better and more confident business decisions.
Take Control of Insurance Pricing Premiums continue to increase for certain commercial insurance lines, while coverage terms have become more restrictive. Companies that take a passive approach — simply responding to quotes from underwriters — frequently receive coverage that’s both inadequate and overpriced. Watch this video to learn how organizations can leverage data to proactively drive the insurance placement process, reducing their cost of risk typically by 10% to 25%.
The pandemic has altered almost all aspects of the employee experience, changing everything from where people work to how they interact with clients, colleagues, and customers. Considering the size and scope of these changes now is a critical time to determine if your employee value proposition (EVP) is still compelling and if your total rewards strategy is aligned with the current and future needs of your workforce. In one of Mercer’s latest studies, we found that employees were significantly more concerned about their physical health, their work-life balance, and their emotional well-being than their job security, their boss, or their professional development. No one knows exactly what work will look like once this pandemic has passed. But one thing is certain: the war for talent will continue. Now is an important time to talk with employees, evaluate total rewards strategy, and start designing an employee value proposition for the new shape of work. Here in the attached whitepaper are four steps to evaluate the current appeal of your EVP and identify the future needs of your workforce.
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