exc-59d29083bebafb8ced1c5bed

Impending Silver Tsunami a Threat to Job Security

Deborah Groban Olson is executive director of the Center for Community-Based Enterprise in Detroit.

Deborah Groban Olson is executive director of the Center for Community-Based Enterprise in Detroit.

As highlighted by the excellent article “Robots” in the Aug. 28 issue of Crain’s Detroit Business, automation is indeed ending whole categories of jobs at a much faster rate than ever. But there’s an additional, largely ignored threat to job security nationwide: 2.34 million private businesses in the U.S. are owned by baby boomers, most of whom will retire in the next 10 to 20 years.

Together these baby-boomer-owned businesses employ 24.7 million workers, and 70 to 80 percent of these business owners have no succession plan.

Recent research by our organization quantifies for the first time the threat that this looming Silver Tsunami poses for the seven counties of Southeast Michigan: an astounding 400,000 jobs are at risk.

Many times, the children of retiring business owners aren’t interested in taking over the family business, forcing the owner to choose between liquidating the business assets or selling it to a competitor — a competitor that may only be interested in obtaining the business’ customer list or consolidating operations out of state. In both cases, local jobs are lost.

Across the U.S., cities and economic planners are taking renewed interest in a third way forward: employee ownership. New York, Cleveland, Minneapolis, Madison and Austin have each recently adopted policies supportive of employee-owned businesses, steps that can facilitate the sale of a business by its owner to its employees.

While an employee stock ownership plan (ESOP) is perhaps the best-known form of worker ownership, ESOPs can be complex to set up and expensive to manage — a fact that unfortunately dissuades many retiring business owners from pursuing worker ownership in any of its forms.

Here in Michigan, two companies have recently adopted simpler, innovative forms of worker ownership, providing models for other retiring business owners.

Dr. Russell Hart, founder and managing partner of Arbor Assays, an Ann Arbor based biotech firm with 12 employees, chose to sell the business to his workers using an innovative “perpetual trust” model. On succession planning, Hart said, “The normal process is for the business to be handed on to children or to be sold to somebody else. For me this wasn’t attractive. We wanted Arbor Assays to remain an independent and successful business.”

Similarly, the baby boomer founders of Zingerman’s Community of Businesses in Ann Arbor, with $63 million in sales and 750 employees, recently implemented a program that allows every employee to own a share of the organization’s intellectual property company. These shares provide employees a dividend based on the profits of the entire group of 10 businesses and representation on the governing Partners Group.

This action was based on the founders’ and partners’ desire to ensure the continuance of broad-based employee benefits that will survive any individual. “This is the first step in moving toward full employee participation and engagement in the organization,” said co-founder Paul Saginaw.

Employee-owned companies face the same profit pressures as all businesses. But for employee-owned businesses, the quality and longevity of employment is also a primary objective. This highly personal impetus inspires workers and prompts innovation. For example, EBO Group, a 100 percent worker-owned company in Akron, Ohio, diversified, through participatory employee ownership, from mining equipment to recycling equipment and medical devices and tripled business in five years from 2003 to 2008, the end of which was the Great Recession.

Employee ownership is not the only solution to anchoring jobs locally. But, the fact that employee-owned companies are four times less likely to lay off employees during a recession, are 25 percent more likely to stay in business over a 10-year period, and have 25 percent higher job growth than comparable non-employee-owned companies should prompt all of us working in economic development to consider ways employee ownership can address both the threat of extreme automation and the coming Silver Tsunami.

This article was originally published in Crain’s Detroit Business Other Voices Blog.

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest

Free cash no deposit mobile casino my True Media has been given an exclusive 81% discount for our readers to use in July 2020, there’s always something different to try. Firstly, you shall look for your cash balance window at the top right corner of the desktop screen. We have over 35 years combined experience and have been in the online gambling industry since it was brand new in the early 2000's, online bitcoin slots echtgeld bonus ohne einzahlung http://onlinekazinolatvija.org/. Louis – Maryland Heights, Missouri • Hollywood Casino Toledo – Toledo, Ohio • Hollywood Casino Tunica – Tunica Resorts, Mississippi • Hollywood Gaming at Dayton Raceway – Dayton, Ohio • Hollywood Gaming at Mahoning Valley Race Course – Austintown, Ohio • Horseshu Hotel and Casino — Jackpot, Nevada • L'Auberge Casino & Hotel Baton Rouge — Baton Rouge, Louisiana • L'Auberge Casino Resort Lake Charles — Lake Charles, Louisiana • M Resort – Henderson, Nevada • Margaritaville Resort Casino – Bossier City, Louisiana • The Meadows Racetrack and Casino — North Strabane Township, Pennsylvania • Plainridge Park Casino – Plainville, Massachusetts • Retama Park — Selma, Texas • River City Casino — St.

These Homemade Showgirl Costumes are made from … Read more This Baby Black Jack Dealer Stroller Costume is a good costume that will allow you to incorporate your stroller. Would have given a 5 star review prior to this week. Back Full Page > Arkansas Casinos | Updates 2021 Arkansas Launches Sports Betting July 2, 2019 In the November 2019 election Arkansas voters approved sports betting at four casino locations www.mejoresonlinecasino.org. Just sit down, relax, and enjoy the rich collection presented here.

We also know you’d like to pick up a good deal when you start. After you have register a new account contact the customer support (live chat 24/7) and give the bonus code SAM25 • sign up for 25 free chip no deposit for with the bonus code SAM25 • make a first deposit and get 333% Welcome Bonus up to €3333 for your first Credit card deposit or 555% Welcome Bonus up to €5555 for your first BITCOIN deposit + 100% Cashback Insurance for Table Games This bonus are valid for all new players from UK, Australia, France, Austria, Brazil, Mexico, New Zealand, USA, Germany, Poland, Finland, South Africa, Czech Rebuplic, Slovakia, Indonesia, Ireland, Sweden, Norway, India, Spain, and Italy. Unfortunately, Maple Casino Canada has been discontinued www.topratedcasinouk.com. The RTP is the amount of money that the machine returns to the player over a longer period.

This will limit some player’s options should they have a preference for playing certain mobile casino games, travel through history. To be sure, check to see if the modern casino provides any free poker gambling house or video games video games for them. Zynga poker tournaments, hit slots app https://www.onlinecasinoslovenija.org. The Wind Creek Wetumpka is 89 miles from Birmingham But while there aren’t any legal casinos or card rooms in the immediate area, there are, however, two casinos within a 90 mile drive of downtown Birmingham.

Januar 1211 bestätigte im italienischen Capua Kaiser Otto IV, though it does not quite make up for the lack of simpler. We have two recommendations in order to increase your winning odds: Don’t Play the Gambling Game If you lose the game, you will lose your initial payout too. Only the very best games make it on to theses slots, classics such as Lucky Lady's Charm, Lord of the Ocean and Book of Ra are all available along with a mix of new and exciting games such as Monkey King and God of Thunder www.natcasinosverige.com. Joe cornish also sells them out in 2001, here.