CONTENTS

President's Message 8

Overcoming The Worker Shortage 12

How Much Will It Cost? 16

Banking For Businesses Flourishes 22

Honoring Those Who Help Others 26

Accomplished Nonprofit Executive
Joins Chamber Leadership Team 30

MEMBER SEARCH 32

FEATURED AD: 1776 by David Burke 33

Morris County Chamber of Commerce

325 Columbia Turnpike – Suite 101, Florham Park, NJ 07932

973.539.3882 | morrischamber.org

Not a member yet? Contact Kevin Murphy, Director of Business Development,

at kmurphy@morrischamber.org.

Please send all of your “Around the Chamber” announcements

to Chris Reardon at chris@reardoncommunications.com for

consideration to be included in the “Around the Chamber” newsletter.

This is a Town Square Publications, formerly MetroMedia (since 1997), publication created and produced for the Morris County Chamber of Commerce

325 Columbia Turnpike - Suite 101, Florham Park, NJ 07932

973.539.3882 | morrischamber.org

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Chairman, CEO and Publisher | Douglas K. Ray

President and Chief Operating Officer | Scott Stone

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Mike Nickells

president's

MESSAGE

CHAMBER MEMBERS CONTINUE TO OVERCOME AND THRIVE

Since the start of 2024, the chamber has offered many opportunities for our members to network and gain insights from each other and our speakers. In addition to our signature events, this spring we officially launched the Life Sciences Forum, which will meet throughout the county, including at life sciences companies; revamped the Strategic Networking quarterly seminar to develop or sharpen your skills; and announced our new Networking at Noon lunches, providing members a chance to connect in a small-group setting engaged around a particular topic. I encourage you to learn more about how you can benefit from your membership by attending the Maximize Your Membership quarterly seminar and take advantage of all our offerings you can find listed on our calendar of events.

We always strive to offer articles in Business Edge that are current with the events and trends that are affecting our members, as well as informative. This edition is no different. Businesses continue struggling to find qualified workers for open positions, with more than three-quarters unable to fill their vacancies nationally. Our cover story takes a local look at this issue, including why there is a shortage of qualified workers and how innovative companies are attracting new employees.

Another issue facing many of our members is how to set prices for their products and services in light of the aftermath effects of the pandemic, supply chain issues and inflation. Our second feature article explores the challenges faced by three of our members and how they are setting their prices.

Capital is vital for business growth, and despite headwinds, there are business sectors in the Morris County region that are thriving and banks are supporting them. Our third feature looks at where banks see the most growth and the products and services the banks are providing to support these sectors, as well as business clientele in general.

Finally, we celebrate our nonprofit community in our story about the chamber’s 18th Annual Nonprofit Conference & Excellence Awards, held this spring. The more than 100 nonprofit members of the chamber play a vital role in our county, whether it be in the arts, health care, animal welfare, education, housing or services needed to support the community’s most vulnerable. Morris County benefits from vibrant public-private partnerships in which we see the county’s government, business community and foundations all supporting our nonprofits.

I hope to see you “around the chamber” throughout the summer and early fall. If you have an announcement about your business – a new hire, event, milestone or initiative – please reach out to our editor, Chris Reardon, at chris@reardoncommunications.com to be featured in our monthly newsletter sent to all of our members.

Sincerely,

Meghan Hunscher

President

OVERCOMING THE WORKER SHORTAGE

By Christopher Reardon

There are 9.5 million job openings in the United States but only 6.5 million unemployed workers, according to the United States Chamber of Commerce. The labor force participation rate is significantly lower today (62.5%) than in January 2021 (67.2%) for a variety of reasons, from retirement to a desire to work from home to government assistance eliminating the need to work, the chamber reported.

New Jersey and Morris County are not immune to the worker shortage, local employment experts and businesses report.

Kristi D’Angeli, CEO at WorkDynamX, a recruiting, human resources and workforce solutions company in Whippany, sees a number of factors negatively affecting local businesses being able to find qualified workers. People became accustomed to working at home during COVID and want to continue doing so, yet many businesses insist employees work onsite, at least part of the workweek. Many of D' Angeli's clients are looking to fill positions vacated by employees who refuse to return to the office, she said. In addition, there are shortages of trained workers in many sectors, D’Angeli noted.

“There is a major skills gap and lack of talent in the trade and manufacturing industries,” she said. “The need for health care workers will increase by 39.6% in the next four years. And the demand for AI workers is high.”

D’Angeli also said she is seeing teachers come to WorkDynamX seeking career changes.

Anthony Iacono, president of County College of Morris (CCM), which supports businesses with an array of workforce development efforts, said he is seeing a significant shortage of teachers, accountants, technology workers, nurses and health care professionals, and manufacturing workers.

Iacono said the state’s system for producing workers through education is insufficient to meet the demand of businesses. He noted:

•  Thirty-three states allow county colleges to offer baccalaureate programs in the fields where there are shortages but New Jersey does not.

•  New Jersey’s county college system is the second-lowest funded in the United States.

•  Thirty-nine percent of New Jersey’s high school graduates leave the state, first in the nation.

•  New Jersey is one of the leading states in the nation in retirees relocating to other states.

“You’ve got your past and future walking out the door,” he said. “I don’t see an end to the shortage anytime soon.”

Solutions

There are solutions, D’Angeli, Iacono and local business leaders say.

For Iacono, partnerships are key to helping businesses find the workers they need.

“Morris County is different,” he said. “The commissioners understand how to tie the education system to the economy…You’re seeing buildings go up to address these shortages through partnerships.”

These include the Advanced Manufacturing and Engineering Center, Center for Health Professionals, Career Training Center and the Center for Entrepreneurial and Culinary Sciences. CCM’s partners in these efforts include the county government and Morris County VoTech, the Morris County Chamber of Commerce and Morris County Economic Development Corporation, the New Jersey Manufacturing Extension Program, and the college’s faculty.

“You have to have partnerships,” Iacono said.

D’Angeli said businesses that are flexible and creative are best positioned to successfully recruit workers. For example, childcare costs are so expensive they often exceed wages from a job, she noted.

“So companies that offer some form of child care assistance have an advantage,” she said.

In addition, businesses are changing their hiring approaches.

“They’re prioritizing personality and soft skills over experience,” D’Angeli said. “And they’re willing to train. Can the recruit learn?”

Patrick Marotta, president and CEO at Marotta Controls in Boonton, agrees. Marotta Controls employs about 750 workers and had 85 job openings in late April, from mechanists to compliance professionals. Marotta said the company is seeing fewer candidates with direct industry experience so they are committed to training.

“We hire for attitude, aptitude, culture and values,” he said. “As long as these things exist, we’re willing to put time into the individual.”

The company also focuses on advancement opportunities and quality of work atmosphere, according to Marotta. They want current and perspective employees to see career growth avenues so they do not think of going elsewhere.

Top Work Places USA named Marotta Controls to the list of Top Work Places 2024. In addition, senior management listens to and acts on what employees tell them through surveys regarding benefits, flexibility and education, according to Marotta.

“Overall, the company is an engaging place to work,” he said. “We think that makes us attractive for first- and second-jobs seekers, those coming out of college or seeking their second job.”

Ferring Pharmaceuticals in Parsippany has an array of job openings, from entry-level manufacturing technicians and sophisticated operators to finance, legal, compliance, sales and marketing, and medical positions, according to Purvi Tailor, vice president human resources.

“In general, there’s always been a ‘war’ for talent,” she said. “The best people always have options. It’s a very competitive market.”

As with Marotta Controls, the solution for Ferring is creating a workplace that attracts workers.

“Our philosophy has always been and remains to be an attractive workplace for people to come to,” Tailor said.

Ferring offers a campus with plenty of open space and lighting, according to Tailor. The company ensures its compensation packages are very competitive. They also offer very attractive benefits, Tailor said.

For example, “Building Families at Ferring” provides family–building financial benefits, 26-weeks of equal paid parental leave for both birthing and non-birthing parents, and increased awareness and support at work. Additionally, to ensure employees feel supported during the process of their family building journey, paid leave is available for fertility treatment and adoption procedures.

The company offers an array of wellness programs, including reimbursement for wellness expenses such as gym memberships, at-work offerings such as massages, flexible work schedules and an onsite restaurant operated by a former Michelin-rated chef.

“These are some of the things we do to make people feel, ‘This is a place I want to work,’” Tailor said.

The company’s mission, “helping people build families and live better lives,” also serves as a draw for employees.

“We are a very mission- and purpose-driven company,” Tailor said. “We care about helping people live better lives…So when I talk to candidates, I try to make that real. The patients are at the center of what we do.”

HOW MUCH WILL IT COST?

By Christopher Reardon

COVID, supply chain shortages, inflation. Businesses faced a triple whammy during the last three-plus years that led to increases in the cost of supplies and labor, which, in turn, forced them to raise their prices. Yet few businesses raised prices in lock step with increased costs of operation, recognizing customers would only pay so much.

Whether providing services, goods or both, businesses have learned to dance the dance of setting their prices correctly.

Garden Savings Federal Credit Union, headquartered in Parsippany and servicing more than 200 companies and 28,000 members, saw pricing for its offerings work both ways, according to Mike Powers, president and CEO.

“We look at a number of factors (when setting rates),” he said. “Number one is federal rates and how we can invest our money. Next, you have to look at your competitors and how they are setting their rates.”

The Federal Reserve repeatedly raising the prime rate to fight inflation led Garden Savings to follow suit with its own rates for savings accounts and loans.

“It has led to changes in pricing in good ways and bad ways,” Powers said. “We have to pay more for deposits, which is great for consumers because they’re earning a lot more money. Conversely, loan rates go up…If you have money to invest and park it in a savings account, you’re going to earn more on your money. The opposite side is you’re going to pay more for loans.”

This has had a slightly negative impact on the credit union’s business, according to Powers.

“People are chasing higher rates so we have to make sure we have competitively priced rates to keep members and acquire new members,” he said. “When you get into the rate-chasing world, it is challenging.”

For example, some deposit rates offered by other lenders are “artificially high” and Garden Savings at times opts to let money leave the credit union rather than match those rates, Powers said.

Tony DeCicco, owner and chef at Blue Basil Supper Club, has seen costs rise dramatically during the last three years but is careful not to set prices that drive away customers. Blue Basil offers a unique dining experience in Cedar Knolls, as well as catering services and a Café in Florham Park.

“We start with the food costs,” he said. “For the dinner club, we include labor because it’s very labor intensive. For catering, it’s food costs and preparation time.”

DeCicco’s food costs are 30% higher than before, due largely to supply chain issues and inflation, though not as high as the 50% spike he saw during COVID. In addition, his labor costs have risen.

“It’s very hard to find anybody to work,” he said. “When you find them, they want about 50% above what we used to pay.”

Yet Blue Basil has only increased prices by 10-15%.

“You can’t kill people,” DeCicco said. “You have to be reasonable.”

As a result, Blue Basil has not lost business despite its price increases.

“People pretty much understand,” DeCicco said.

John Hogan, CEO of Blue Nail Exteriors, has seen prices for his supplies skyrocket and customers pulling back on expenditures. Blue Nail Exteriors provides roofing and gutters, siding, windows and doors, decks and solar shingles to residential customers from small properties to upscale neighborhoods throughout Northern New Jersey.

“We get very analytical (setting prices),” he said. “We generate a satellite area report that goes through our algorithms and dictates the amount of materials that will be involved.”

Blue Nail considers such aspects as basic materials, specialty items, layers, removal and warranties when pricing a job. COVID led to shortages in and price increases for materials.

“We had more price increase during COVID than I had ever seen in my life in the industry,” Hogan said. “It was very hard to get products. Some were delayed as much as 16 months out.”

That led him to raise his prices, with the average cost of a roof going from $13,000 to $20,000.

After the pandemic came inflation and higher rates.

“Inflation and rate increases made it difficult to offer financing,” Hogan said. “And people were holding on to their cash and becoming more selective.”

For example, people used to include gutters in a roofing job automatically but now some are weighing the option of keeping them. They also are putting off upgrades, according to Hogan.

And so the dance goes on.

BANKING FOR BUSINESSES FLOURISHES

By Christopher Reardon

Despite high interest rates, local banks continue to support the Morris County business community through lending and banking products specifically designed for its needs. While some sectors have cooled during the Federal Reserve’s fight against inflation through higher rates – commercial real estate, for example – others are charging ahead.

Valley Bank is seeing quite a bit of activity in the sectors of small businesses and mom and pops, nonprofits, manufacturing, wholesale and distribution, auto dealerships and homeowners associations, according to Fred Castrovinci, New Jersey regional president, Commercial and Business Banking.

For TD Bank, the most active sectors include medical, dental and veterinarian practices, start-ups and small businesses looking to expand or add locations, according to Joe Nalbach, regional vice president, Morris County and West Essex.

Fulton Bank is seeing strong activity across an array of sectors but especially industrial real estate, urgent care centers and medical practice acquisitions, assisted living and equipment financing in general, according to Tammy Case, senior vice president, Commercial Bank Group manager.

Valley Bank focuses on business clients through a Community Lending Group for small enterprises such as microbusinesses, women- and minority-owned businesses, mom and pop entities and start-ups; Business Banking for companies with revenues of $2-$25 million; and Middle Market Banking for businesses with revenues more than $25 million.

“We create clarity around these business groups and we have people embedded in the community to make sure we’re having the right conversations for the business,” Castrovinci said. “We want to be sure they get the right advice…Often what a business thinks they need is not necessarily what they really need.”

For example, a business may want immediate access to financing but actually need's a more adequate working capital line of credit to account for seasonality and growth, and equipment financing, he noted. It comes down to planning, open conversations and a comprehensive relationship approach, he added.

The banks continue to loan, despite high interest rates. Castrovinci said Valley Bank most popular types of business lending are lines of credit, term loans, equipment financing and owner-occupied mortgages.

TD Bank is seeing much activity through its Small Business Administration (SBA) lending, according to Nalbach. While all three banks are SBA-preferred lenders, TD is the leading SBA 7(a) loan producer in New Jersey. Through these loans, for example for a business acquisition or start-up, the borrower only needs to put down 10%, allowing them to preserve working capital, Nalbach said.

Fulton Bank’s Equipment Finance division offers loans and leases with 100% financing options while its Health Care division focuses on lending to assisted living and nursing home facilities. The bank’s Professional Services program provides up to 100% financing for medical practice acquisitions and owner-occupied real estate purchases for medical, dental and veterinary practices. Industrial and warehouse financing is available up to 90% for owner-occupied properties.

“Fulton Bank also has a Diverse Business Banking program that has accelerated our outreach to minority, women, veteran and LGBTQ business owners,” Case said. “The program is designed to expand the lending opportunities for this diverse group, as well as provide mentorship and educational resources.”

The banks also offer an array of business products for their clients designed to enhance their efficiency and help them manage their operations. These include lines of credit, cash management, fraud protection and business credit cards at Valley Bank, according to Castrovinci.

Case at Fulton Bank mentioned merchant services, digital banking and payment options, credit cards and fraud protection. She also noted Fulton’s International Division supports clients’ import and export needs, leading the SBA recently to name the bank as Export Lender of the Year.

Nalbach said, in addition to cyber fraud protection, “We continue to see a steady uptick regarding lines of credit as many of our small business customers who weathered the pandemic have realized the importance of having a dedicated safety net for the unexpected.

“Further, TD Bank is always innovating and investing in new ways to make it easier for our small business customers to achieve their goals based on the feedback they share with us,” he added. “A recent survey revealed 33% of microbusiness owners experience challenges in their day-to-day operations because they cannot accept customers’ preferred payment method.”

In response, TD launched an iPhone payment app that requires no additional equipment.

Morris County banks continue hear and respond to the needs of the county’s business community.

HONORING THOSE WHO
HELP OTHERS

By Christopher Reardon

There was a warmth in the room coming from more than the sun shining through the windows at the Morris County Chamber of Commerce’s 18th Annual Nonprofit Conference & Excellence Awards held this spring at the Park Avenue Club in Florham Park. The collective goodwill of the more than 200 nonprofit professionals and businesses that support them warmed the air, as well.

This year’s conference was themed Partnerships and Collaboration.

“Morris County is an amazing place in large part due to the collaborative private-public partnerships we have here,” said Meghan Hunscher, chamber president.

Added Heather Thompson, executive director of the nonprofit Table to Table and chair of the chamber’s Nonprofit Round Table, “This room is filled with the helpers. You know what it means to go above and beyond.”

The chamber’s 2024 Excellence Awards recipients were:

•  Innovative Program: Students 2 Science for their Signature Stem Programs

•  Innovative Program: Morris County Organization of Hispanic Affairs for their Hispanic Women's Resource Center

•  Innovative Program: The Calais School for their Animal Assisted Interventions Program

•  Exemplary Leader, Organization with Revenue Under $1 Million: Nancy Bangioli, executive director, Preschool Advantage

•  Exemplary Leader, Organization Over $1 million: Michelle Borden, CEO, NewBridge Services

•  Exemplary Private Sector Leader: Kelley Kurtsman, global technology executive, JBWS board chair

“Working in the nonprofit arena is not easy,” Rojas Botero said. “(But) when we follow our heart we always do what is needed in the community. We can change the world.”

The breakfast also featured a panel discussion titled, How Grant-Makers and Nonprofit Organizations Can Build Strong Alliances. Panelists included Sarah Ahart, president of Mimi Washington Starrett Foundation; Rose Brown, vice president of programs and services at Mental Health Association of Morris County; Samantha Plotino, executive director of Provident Bank Foundation; and Mark Valli, CEO of Norwescap. Thompson served as the moderator.

“None of us have the resources to achieve what we want alone,” Thompson said. “That only happens when we work together.”

She noted for a partnership to be successful, it must balance. Nonprofits need money and foundations exist to give money but there are opportunities to create relationships beyond the money, she said. She asked the panelists to identify the most impactful element in a successful relationship between a nonprofit and a foundation.

“One of the most important things is be an active listener,” Plotino said. “There is no way we can know the needs of your community the way you do…And being an active participant in your work is important, too.”

Thompson asked how nonprofits and foundations collaborate beyond funding.

“Funds are important but that’s just part of the solution,” Ahart said. “We want to stay in touch with all our partners, not just funders, to look at how we can provide support beyond funds.”

Valli noted how Provident Bank often sends employees to volunteer at their events.

“Sometimes it’s funding,” he said. “Sometimes it’s volunteering. Sometimes it’s connections.”

Brown said a collaborative relationship calls for feedback.

“Keep relationships alive all the time, not just when you need something,” she said. “If you’re having an event, invite your partners” to show them the impact of their funding.

Thompson asked about the difficulty in being 100% open and honest. Valli told the audience how early in the pandemic, a funder called to ask what they needed and he told them funding for transportation. Later he realized no one was leaving home and asked the funder if they could redirect the money elsewhere, such as for diapers, and was told yes.

Ahart agreed, saying, “People are used to neat and transitional conversations with their lenders. When things come up and you need to shift the funds, I would like to know that.”

Thompson asked the panelists about when to chase and not chase the money. Plotino noted how Provident Bank Foundation received three times as many grant applications in 2023 as in 2019 yet was only able to award the same total in funding each year.

“It’s impossible for us to respond to everyone,” she said, adding that seeing collaboration between nonprofits is a plus when deciding where to send funding.

Brown concurred.

“If someone can do something better than us, we won’t go for that money and we will support another organization,” she said. “For us, it’s not every dollar out there if it doesn’t make sense.”

Accomplished nonprofit executive joins chamber leadership team

Kim Iozzi wanted to become governor of New Jersey when she graduated high school.

“While attending college, I volunteered with a number of nonprofits, including Dover Renaissance,” said Iozzi, the relatively new vice president of operations at the Morris County Chamber of Commerce. “I got to see what working for a nonprofit was like, how we were able to make a lot of positive changes in our community without getting into politics.”

Thus, a career was launched.

Iozzi’s first stop on her nonprofit journey was at Norwescap, which focuses on affordable and safe housing, where she ran the Family Self-Sufficiency Program for Dover, helping families achieve economic independence while writing grants, running programs and providing training.

“I loved the work because I was helping establish families, not just giving them assistance,” Iozzi said.

Word got around that she was a grant-writer and she began helping other nonprofits and organizations with their grant-writing needs as an independent consultant.

Next Iozzi became executive director of the Newton Housing Authority, where she oversaw the operation of 80 units of senior housing.

“It was like nothing I’d ever done before,” she said. “I really enjoyed it. I started to find ways we could raise money without relying on the government.”

For example, Iozzi raised more than $30,000 for tub cutout steps for the seniors to help them avoid falling accidents.

Yet the calling to help more was tugging at Iozzi.

“I got to the point where helping people stay comfortable wasn’t enough and I wanted to do more,” she said.

That led Iozzi to Dress for Success Northern NJ, the nonprofit that empowers women to achieve economic independence by providing a network of support, professional attire and the development tools to help them thrive in both work and life, where she served as executive director.

“This role brought me back to my family self-sufficiency roots,” she said. “What really impacted me and most people don’t realize was a Dress for Success woman could be me or anyone of us at any given moment. You could lose your job or your spouse could die and you lose that income. Giving women the tools they need to face those kinds of challenges while focused on rebuilding or reinforcing their confidence was deeply fulfilling and not only impacted them, but their family and communities. I really loved the work.”

When it became time for the next career step, a conversation with Meghan Hunscher, chamber president, led Meghan to offer the position of vice president of operations to Iozzi, who happily accepted. Since starting at the chamber in January, Iozzi has enjoyed being part of a group effort, rather than the often lonely job of heading a nonprofit.

“It’s nice to work with others as a team,” she said. “Everyone helps. No one says, ‘That’s not my job.’”

The position of vice president of operations entails assessing risk management, assisting Hunscher with human resources functions, creating policies and procedures, staff reviews, budgeting, grant administration, financial management and controls.

“My goal is to streamline the operation and position the organization for growth in terms of retention and attracting new members, and to support the nonprofit community within the chamber,” she said.

Iozzi holds a doctorate in organizational psychology from Capella University, a master of public administration degree from Seton Hall University and a bachelor’s degree in political science and government from Montclair State University.

When not working, she spends most of her time with her husband, Jon, and their two sons, who are very athletic.

“It’s all about the kids. When I’m not working, I’m at baseball,” she laughs. “I’m fortunate to have a lot of great friends and I enjoy getting together with them as often as time allows. But mostly, it’s all about my family and trying to make a positive difference in the world around me.”