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VIEWPOINT: Talent strategies in the face of a worker shortage
The “Silver Tsunami” is hitting its peak as 4.1 million Americans will turn 65 each year between 2024 and 2027, according to a report by the Alliance for Lifetime Income. Granted, a portion of those 16 million Baby Boomers will remain in the workforce after age 65, but organizations are bracing for a significant talent […]
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The “Silver Tsunami” is hitting its peak as 4.1 million Americans will turn 65 each year between 2024 and 2027, according to a report by the Alliance for Lifetime Income. Granted, a portion of those 16 million Baby Boomers will remain in the workforce after age 65, but organizations are bracing for a significant talent gap as workers with decades of experience and institutional knowledge leave in record numbers.
In Central New York, factors such as post-COVID employee expectations, inflation, economic pressures and an aging population further strain our labor pool.
So, what are businesses to do? The simple answer is not always the easiest: Businesses must invest time and resources to develop programs to not only attract candidates, but also to keep them once they’re on board. That means going beyond obvious incentives, such as flexibility and attractive benefits, and developing more career-advancement opportunities.
Regardless of organizational size, one effective development strategy that has proven to be successful is coaching. At NBT, we have implemented a coaching culture that is reinforced with individual development planning, clearly defined career paths, and mentoring.
While mentoring calls to mind older, more-experienced employees teaching younger ones, that isn’t always the case. Mentoring could also take place between peers with different experiences. In all cases, the learning transfer goes both ways.
Beyond the obvious teaching and learning that occurs, coaching and mentoring are required to ensure employee engagement, retention, and succession-planning efforts.
In addition to providing more formal development programs and opportunities, it is important to prioritize and encourage asynchronous learning organization-wide. For some organizations, that might include an investment like LinkedIn Learning, and for others it might be publicly available or free resources like YouTube videos.
At NBT, employees have access to relevant content through NBT University, LinkedIn Learning, and corporate-designed content to help the organization meet its strategic objectives.
While our banking company comprises more than 2,000 employees at over 150 locations in primarily seven states, these tactics are scalable to any size organization, large or small. Learning and development, coaching, and mentoring are all instrumental in helping employees to develop skills, improve performance, and strengthen relationships — while also fostering innovation, collaboration, and ultimately, retention. ν
Bill Butcher is director of talent strategy and organizational development at NBT Bank, based in Norwich.
OPINION: New York’s Cannabis Operation Needs a Complete Overhaul
New York State’s attempt at legalizing cannabis has been a predictable failure. Our inefficient bureaucracy is troubling enough when it comes to basic policy items like infrastructure and taxation, so a complex policy like the commercial sale of cannabis was destined to be a nightmare for this administration. For this reason, the Assembly Minority Conference
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New York State’s attempt at legalizing cannabis has been a predictable failure. Our inefficient bureaucracy is troubling enough when it comes to basic policy items like infrastructure and taxation, so a complex policy like the commercial sale of cannabis was destined to be a nightmare for this administration.
For this reason, the Assembly Minority Conference has continued to ask for transparency, clarity and robust auditing of the burgeoning program. Last March, our membership wrote a letter to Gov. Kathy Hochul and Comptroller Thomas DiNapoli, expressing concerns with the rollout of the state’s program. Since then, little progress has been made to get state-sanctioned shops up and running and illegal pop-up shops closed down. This may be because the Office of Cannabis Management (OCM) only employs a dozen or so investigators to pursue illegal operators — a losing battle compared to the more than 1,500 illegal shops open in New York City.
As we also noted in our letter, New York is one of many states to permit the sale of cannabis. Yet instead of prioritizing applicants with the qualifications and experience required to succeed, the OCM prioritized applicants with drug offenses and criminal histories. Only in New York are criminal records more appealing than records of proven success. Too many strong applicants have been boxed out due to this system, and the cracks are beginning to show.
The Assembly’s one-house budget proposal included a Cannabis Rescue and Relief Fund of $80 million to offset cannabis-related expenses plaguing cultivators and processors facing financial hardship — products have expired and OCM is facing multiple lawsuits — but there is no guarantee that money will make it into the final spending plan. Estimates show that by the end of the fiscal year, New York will have experienced a net loss of more than $203 million since the program’s inception. If this was a private business, the doors would have already been closed.
Unsurprisingly, [recently], Gov. Hochul announced a review of the state’s program after acknowledging it has, so far, been a “disaster.” She’s right; 7,000 applications are in front of the state, yet only about 83 stores are open. Jeanette Moy, the commissioner of the Office of General Services (OGS), has been tasked with expediting the process and getting more shops open in the coming weeks. But is OGS really the right vehicle to tackle these challenges? Perhaps an independent, third party is better suited to identify and mitigate these problems.
Since the 2021 Marijuana Regulation and Taxation Act was passed, New York has been at a loss to get the legal cannabis market up and running properly. The delays in the application process and the overflow of illegal shops are just a fraction of the problems with the operation.
As I said from the beginning of the state’s cannabis effort, a gray market was inevitable, and whenever state government tries to establish regulatory oversight of an industry there are two guaranteed results: doing business here is going to become more onerous and less profitable. While we’ve seen neighboring states, like Massachusetts, create functional, profitable programs, New York’s has been mired in dysfunction. The economic impact of this mismanagement is growing in the wrong direction. It’s not too late to get this program back on track, and I hope the governor takes seriously how detrimental the initial implementation has been to New York.
William (Will) A. Barclay, 55, Republican, is the New York Assembly minority leader and represents the 120th New York Assembly District, which encompasses all of Oswego County, as well as parts of Jefferson and Cayuga counties.
OPINION: Can We Bridge Division
Disagree better. That’s the name of an interesting initiative at the National Governors Association (NGA) this year, spearheaded by the organization’s current chair, Utah Republican Gov. Spencer Cox. The idea, in a nutshell, is to “reduce partisan animosity and foster healthy debate by modeling a more positive and optimistic way of working through policy problems,”
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Disagree better. That’s the name of an interesting initiative at the National Governors Association (NGA) this year, spearheaded by the organization’s current chair, Utah Republican Gov. Spencer Cox. The idea, in a nutshell, is to “reduce partisan animosity and foster healthy debate by modeling a more positive and optimistic way of working through policy problems,” as the NGA puts it.
It would be easy to scoff, of course. In this era of bitter political hostility, as we head into a presidential election that is likely to prove even more negative and divisive than the last one, talk of reducing animosity and boosting healthy and constructive debate seems like a nice dream that has no chance of becoming reality.
But the thing about governors is that most are not dreamers. They’re confronted every day by the nuts and bolts of making their states work. Unlike, say, members of Congress, governors have no choice but to tackle the issues challenging their residents, towns, cities, and counties. Or as Cox put it not long ago, “Potholes aren’t partisan.”
Which means governors are also in a position to make a difference. As the NGA writes on its page about Cox’s effort, “We need to learn to disagree in a way that allows us to find solutions and solve problems instead of endlessly bickering. An ‘exhausted majority’ of Americans want this, and the science is clear about interventions that reduce polarization. As doers and builders, Governors are in a unique position to model what healthy conflict looks like.”
And, in fact, there do seem to be “interventions” that reduce polarization. One example comes from Cox himself. In the 2020 gubernatorial election, as he sought to move up from the lieutenant governorship, he and his Democratic opponent, law professor Christopher Peterson, cut an ad together in which they pledged to abide by the election results. “Win or lose, in Utah, we work together,” Peterson said in the ad.
It was a nice, hopeful touch, but it was also more than that. That agreement between the two candidates was one of several dozen approaches noted in a Stanford University megastudy (basically, a study of studies) aimed at finding practical, real-world strategies for reducing polarization that might lead to violence. Highlighting “endorsements of democratic principles by political elites,” the study found — with the Cox-Peterson example front and center — was one of the most-effective strategies for reducing public support for undemocratic practices. So were correcting exaggerated stereotypes of supporters of the other party — basically, providing hard evidence that people’s worst fears about people on the other side of the partisan fence were unfounded — and showing them graphic evidence (including the storming of the US Capitol on Jan. 6) of the violence that can happen when democratic norms collapse.
There is good evidence that on the whole, Americans are closer together than we often think we are, even on some hot-button issues — and that some political leaders exaggerate division and play on our fears for political gain. The challenge, of course, is how to lower the temperature to the point where we can hear, and even sympathize with, one another.
Utah’s Cox isn’t the only governor who’s cut an ad trying to advance that cause. Maryland’s Democratic governor, Wes Moore, recently made one with Jack Coburn, the Republican mayor of Lonaconing, a small town in western Maryland not far from the West Virginia line. “We can have our differences without being divisive or hateful,” Moore says, to which Coburn responds, “We can listen to the other side, ask questions, have important conversations.” The point, they go on, isn’t that differences don’t matter, but that, as Coburn says, “We’re just saying there’s a better way to disagree.” “And who knows,” Moore adds. “In the end we might not be as far apart as we thought.”
Now, I don’t know how much impact an ad like that can have on its own. But imagine what would happen if politicians all across the U.S. reached across the partisan divide and agreed that on this one thing, at least — bringing America back to its old habit of finding common ground — they can agree. That would be political leadership worth pursuing.
Lee Hamilton, 92, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south-central Indiana.
Ask Rusty: About Medicare’s Dreaded IRMAA Provision
Dear Rusty: My wife is on Medicare and receiving Social Security benefits each month. We built a house and used money from our investments to pay for it. We knew we would pay taxes on that withdrawal, but my wife received a letter from the Social Security Administration (SSA) saying that because the money we
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Dear Rusty: My wife is on Medicare and receiving Social Security benefits each month. We built a house and used money from our investments to pay for it. We knew we would pay taxes on that withdrawal, but my wife received a letter from the Social Security Administration (SSA) saying that because the money we withdrew was listed as income, her 2024 Medicare premium went up by more than $500. And since Medicare is taken out of her Social Security, that results in a $6,000 loss to our budget.
Is there anything that can be done about this situation? We sent a letter to the SSA, but it responded that unless her situation was one of only a few categories (loss of house, divorce, etc.) nothing could be done for the year.
The money was used strictly on another investment — our new house. It wasn’t like we took it out and spent it wildly. Can you please advise?
Signed: Frustrated Homeowner
Dear Frustrated: Unfortunately, it sounds like your wife is a victim of the Medicare provision known as “IRMAA” — the “Income Related Monthly Adjustment Amount.” Each person’s Medicare Part B premium (coverage for outpatient health care) is determined yearly from his/her income from all sources as reported to the IRS two years prior. IRMAA sets income thresholds, depending on your IRS filing status. And if those thresholds are exceeded, you must pay a higher Medicare Part B premium (and also a higher Part D premium if you have prescription drug coverage).
Assuming you file your taxes as “married/jointly,” if your combined 2022 income as a couple was between $206,000 and $258,000 your wife’s 2024 Part B premium is $244.60 (instead of the standard $174.70); if your combined 2022 income was between $258,000 and $322,000 then your wife’s Part B premium for 2024 is $349.40; if your combined income in 2022 was between $322,000 and $386,000, her Part B premium is $454.20; if your combined 2022 income as a married couple was from $386,000 to $750,000, then your wife’s 2024 Part B premium is $559; and if your 2022 income as a married couple was over $750,000, your wife’s Part B premium is $594. If your wife also has private Part D prescription drug coverage, IRMAA also increases those premiums. Note that the IRMAA thresholds are different for other income-tax filing statuses.
As the SSA office has already explained, you could appeal your wife’s IRMAA premium increase if she had a “life changing event,” but the list of acceptable life-changing events is quite small (see form SSA-44). The only good news is that your wife’s Medicare premium will be calculated anew for next year, so her Medicare premium for 2025 will — if your 2023 joint income is less than the first IRMAA threshold — revert to the standard 2025 premium.
FYI, it doesn’t matter what you used the money to buy or fund. Your withdrawal was reported to the IRS as taxable income, which is what caused IRMAA to apply to your wife’s Medicare premium for 2024. Many people don’t realize that Medicare premiums are higher for those with a higher income, but since your withdrawal was a one-time event, your wife’s Medicare Part B premium next year should be much less and her Social Security benefit correspondingly higher.
Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4-million-member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.
Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.

CARLENA WALLACE has joined NBT Bank as VP and corporate controller. Wallace, a CPA, will be based at NBT’s Norwich headquarters and will oversee the

ANDREW MARCH has joined NBT Bank’s Central New York team as senior VP and senior commercial banking-relationship manager. He is based in NBT’s Syracuse regional

BHG Financial, a national provider of financial services to professionals and financial institutions, named TYLER CRAWFORD president, effective Feb. 28. He has a long and

KAHSSIA HILLS-DAYS has been appointed director of digital services in the City of Syracuse Office of Analytics, Performance and Innovation. In this role, Hills-Days is

MICHAEL STEVENSON has been appointed assistant director of purchase for the City of Syracuse. He is responsible for overseeing the procurement of all materials, services

MACNY, The Manufacturers Association, has recently hired ERIC FELDSTEIN as the organization’s training coordinator. In this role, he will provide support to MACNY’s growing training
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