The Benefits of Doing Business in New EnglandApril 05, 2017
As the largest accounting, tax and business advisory firm in New England, we at BlumShapiro have a vested interest in the state of the region’s business community. My colleague Mo Haque recently explored the cost of doing business in New England. Andrew Lattimer, a partner in BlumShapiro’s Connecticut office, took a look at the tax benefits enjoyed by New England-based businesses.
This article will continue our “Doing Business in New England” series and focus on local policies, initiatives and built-in regional strengths that give local businesses a competitive edge, simply for doing business in New England.
New England’s competitive advantage starts with its possession of the country’s deepest pool of homegrown talent. The region is home to some of the best academic institutions in the country, and its success in growing its base of college graduates is consistent across all six states.
According to the U.S. Census Bureau, Massachusetts has the highest percentage of residents who have earned a bachelor’s degree or higher. Connecticut (#4), Vermont (#8) and New Hampshire (#9) join Massachusetts in the top 10, and Rhode Island (#14) and Maine (#25), come in above the national average.
This run of success across the region is a major selling point for the local business community for a couple reasons:
- The quantity of available talent makes hiring processes easier: In many cases, the first step of a business’s hiring process—tracking down candidates with the skills needed to do the job—is already done. For New England-based companies, the talent is already there.
- The consistency of New England’s college graduation rates instills confidence: New England-based businesses can comfortably expect new waves of qualified professionals to enter the workforce every single year. Business leaders can confidently plan for the future knowing the next generation of talent is right in their backyard.
Of course, having access to qualified, ready-to-work talent is meaningless unless there are jobs for those candidates to fill. As a result, the challenge for the New England business community is to ensure the local pool of talent stays in the area. That’s where policymakers come in.
Fortunately, the region’s elected officials, business leaders and other policymakers seem to fully understand this competitive advantage. From workforce training grants that encourage existing businesses to expand and create jobs to apprenticeship and internship programs that help new employees gain valuable professional skills early in their careers, policymakers at both state and municipal levels are actively taking steps to support the region’s business community.
In Massachusetts, Gov. Baker campaigned on the promise of creating new jobs, and—two years into his first term—he is fulfilling that promise. In 2015, Gov. Baker’s administration awarded more than $10.4 million in workforce training grants, helping nearly 200 local businesses create customized training programs for their employees.
On-the-job training helps businesses grow in a couple of different ways:
- Employee attraction and retention: The opportunity to learn valuable professional skills while earning a full-time or part-time paycheck is very attractive to prospective employees and existing workers alike.
- Increased productivity: Companies that invest in quality training programs often experience savings generated through improved worker productivity. Companies can then use those savings to expand and create additional jobs.
Programs like Massachusetts’ Workforce Training Fund can be seen across the region. Rhode Island and Connecticut both offer Apprenticeship Programs, which encourage local businesses to offer on-the-job training and classroom instruction to help employees learn practical and theoretical aspects of highly skilled occupations. In New Hampshire, the program is called the New Hampshire Job Training Fund.
Regardless of the name, location and whether it’s funded by the taxpayers, an industry group or a business-minded foundation, all of these programs share the same goal: creating jobs and boosting business in New England.
How BlumShapiro Can Help
BlumShapiro is the largest regional business advisory firm based in New England, with offices in Connecticut, Massachusetts and Rhode Island. The firm, with over 400 professionals and staff, offers a diversity of services which includes auditing, accounting, tax and business advisory services. In addition, BlumShapiro provides a variety of specialized consulting services such as succession and estate planning, business technology services, employee benefit plan audits and litigation support and valuation. The firm serves a wide range of privately held companies, government and non-profit organizations and provides non-audit services for publicly traded companies.
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