Todd Bachelder
July 22, 2019
Business Resources
How to grow your business given today’s demographic reality
By Todd F. Bachelder
We often hear said that demography is destiny and, whether you believe that or not, there’s no question that demography is a big part of today’s business reality. We have fewer workers entering the workforce. Many Baby Boomers have retired, or will soon do so. And in Maine, we have experienced decades of little population growth, with many of the state’s young and ambitious leaving the state for opportunities elsewhere.
Today, Maine businesspeople say their greatest challenge is finding, attracting and retaining good employees. Employee talent is the basic business building block of any successful organization. Without good employees, no organization is likely to attract new customers, or perhaps even retain existing customers. Unfortunately, we know too well the challenge associated with recruiting and retaining talent here in our state.
That having been said, for me, it’s been heartening to get back to Maine after having spent five of the last six years “away.” Much has changed, and much for the better.
For Maine’s economy to continue to grow, organizations have to continue to place greater emphasis on creating supportive work environments.
Portland is now part of the national conversation, in a way that just the other Portland, in Oregon, was a few years ago. The number of technology-based, start-up and early stage companies here is on the rise. And while housing has become more expensive, there is much of Maine where the cost of living remains relatively affordable. In fact, WalletHub recently ranked Maine No. 11 in the country when it comes to work-life balance. Thanks to initiatives and organizations like Live and Work in Maine, we are now starting to tell the state’s story in ways we have not told it in the past.
For Maine’s economy to continue to grow, organizations have to continue to place greater emphasis on creating supportive work environments.
As David W. Ballard, head of the American Psychological Association’s Psychologically Healthy Workplaces program notes, “Employees notice when an organization legitimately cares about their well-being and are more likely to be satisfied with their jobs, committed to the organization and motivated to do their best.” In short, creating this kind of company culture needs to be given organizational importance. Without committed employees, no business or organization is likely to long succeed.
Vineet Nayar, former vice chairman and CEO of the global IT company HCL Technologies Ltd., has gone so far as to talk about the fact that we need to rethink our long-held business beliefs. His book, “Employees First, Customers Second: Turning Conventional Management Upside Down” (Harvard Business Press, 2010), recounts how Nayar challenged conventional business management practice, and by so doing grew HCL Technologies into a leading international IT company.
In a similar vein Devin McNeill, co-founder of Westbrook-based Flowfold, has talked about turning his company’s organizational pyramid upside down. As he explained at a recent SCORE Awards Luncheon in Portland, Flowfold has charged company management with the responsibility of serving employees. By so doing, company employees are now better serving customers. Embracing this sort of enlightened management approach — what Robert Greenleaf defined as Servant Leadership many years ago — will likely be the way in which Flowfold and more Maine businesses and organizations continue to grow and prosper.
Todd Bachelder is senior vice president and Maine market manager for Mascoma Bank, which has an office in Portland. The bank was one of eight employers from across North America to receive the American Psychological Association’s 2019 Healthy Workplace Award. Mascoma Bank, a Certified B Corporation, was also a B Labs’ “Best for the World” honoree in 2018. He can be reached at todd.bachelder@mascomabank.com
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