Here are my observations from yesterday’s meeting on Growing the Middle Market put on by The Chamber Of Commerce For Greater Philadelphia (@chamberPHL).
Middle Market companies continue to be a strong engine for economic growth in the Philadelphia region. The middle market is defined as companies with revenues from $10m to $1b. This is a broad range obviously, but it does represent about 1/3 of the labor market.
The National Center for the Middle Market (@midmarketcenter) is a great resource of information. Their recently released 4Q 2017 Middle Market Indicator survey is a treasure trove of information. A special thanks to Tom Stewart, Executive Director, National Center for the Middle Market for an entertaining and engaging presentation.
It’s not easy to make survey data interesting but Tom is a terrific speaker! Some of my top takeaways:
- 6% revenue growth (higher in the Northeast)
- 2% increase in employment (headcount)
- Confidence levels at record highs
- Large majority of leaders prefer to invest extra cash as opposed to saving it
- Best results from business services, construction, and financial service firms
The Chamber of Commerce for Greater Philadelphia continues to put on magnificent events, attracting strong speakers and engaging attendees. The panel discussion with local Middle Market executives raised several critical issues, including:
- Talent Management is a key component of growth. Without the right talent, it is impossible to grow
- Middle Market companies have unique challenges and advantages when competing for top talent. Especially when compared to Large employers.
- Social media and your digital footprint are critical components to attracting talent.
- Several companies reported more web hits from candidates than from prospective customers.
- Candidates will have done research on your company before an interview just as prospects will have done research on you before a sales presentation.
Finally, there was near universal agreement that the Eagles will win the Super Bowl on Sunday night! Yet somehow, I was seated between two Patriot fans. How is that even possible?