A Changing Workplace

MESSAGE FROM THE PRESIDENT

October 23, 2023

When I look at our team here at the State Chamber, we employ people whose ages span five different decades. With many Boomers delaying retirement, Gen Xers in top management roles, Millennials starting to enter their mid-career, and Gen Z entering and becoming established in the workforce, there are now four generations working side-by-side, each with vastly different priorities, preferred means of communication, and habits. An episode of our podcast addressed this topic earlier this year, featuring Navient's Michael Smith and StratFi's Jim Lee. Watch the episode here >

Another piece of data that recently caught my eye was this: “Nearly half - 45% - of companies have dropped degree requirements for some roles this year, according to new research from ZipRecruiter, which surveyed more than 2,000 U.S. employers.” Today, skills-based hiring is a growing trend. LinkedIn confirmed that and told CNBC that this trend was up “12% from a year earlier.”

“When employers drop degree requirements, they become more specific about the skills they look for in job postings, especially soft skills that may have been assumed to come with a college education, according to a 2022 study from the Harvard Business Review and The Burning Glass Institute.” Despite all of this, many companies find that applicants lack certain sought-after soft skills. So what do employers report are the important skills they look for in recruits? Time management, professionalism, and critical thinking.

News You Can Use

This is a very light week for economic news and data points. Tuesday starts us off with the S&P Case-Shiller home price index for August sales in 20 U.S. markets. New home sales data for September is released on Wednesday morning, while Thursday brings us Q3 GDP results, Durable-goods orders for September, and wholesale inventory numbers for September. We wrap up the week on Friday with personal income (nominal) results for September, and October consumer sentiment figures.

WSFS Financial kicked off this week's earnings calls this morning, and is joined by Simpson Manufacturing, Crane, and Agilysys. Tuesday is a very busy day and includes Microsoft, 3M, Alphabet, Archer-Daniels-Midland, Centene, Coca-Cola, Chubb, Fiserv, Robert Half, Verizon Communications, Visa, Waste Management, and many others. Meta Platforms is the Wednesday headliner and is joined by Norfolk Southern, Owens Corning, Pilgrim’s Pride, Whirlpool, and others. Amazon, Boston Beer, Chemours, Comcast, United Parcel Service, and Valero Energy are on the schedule for Thursday. Friday’s calls include AbbVie, Fortis, T. Rowe Price, and Xcel Energy.

Michael J. Quaranta

President

Delaware State Chamber of Commerce

Uniquely Delaware

Delaware Division of Corporations Statistics

In the midst of economic uncertainty, one thing is for certain: Delaware’s Corporate Franchise remains in good health. In 2022, more than 313,650 entities were formed. Total business entities topped 1.9 million at the end of 2022 with an expectation that the First State will surpass the 2 million mark when the 2023 report is released in a few months. Consistent with past years, the First State continues to be the domicile of choice for members of the Fortune 500 at nearly 68.2 percent. Read full 2022 report >

313,650

new business entities formed in 2022

68.2%

of all Fortune 500 Companies are incorporated in Delaware

79%

of U.S. based Initial Public Offerings chose Delaware as their corporate home

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