On September 8th we brought 100 members to Navy Yard and introduced them to the new, innovative DC Water HQO where we held our TD Bank Morning Star Speaker Series.
Dr. Wallace J. Nichols shared inspirational messages about how being in, on, or near water is beneficial to all aspects of your life – personal and professional.
We heard from TD Bank, SmithGroup and Brunswick who shared case studies on a wide range of ESG topics followed by a panel discussion moderated by DC Water.
The Board of Trade is dedicated to bringing our members content that is top of mind and will help organizations thrive in Greater Washington.
Want more? Click here to view TD Bank’s 2021 ESG Report. Learn more about the TD Ready Challenge, a grant initiative promoting innovative solutions for climate change. Read related articles from TD Economics here.
On June 9, 2022, the Greater Washington Board of Trade hosted the third briefing on Capital Market Volatility in the Emerging Economic Threats series presented by McGuireWoods LLP. Leading the discussion was Axios’ Market Correspondent, Matt Phillips, with panelists that included Dan Crowley, Partner at K&L Gates, Aditya Bhave, Senior US & Global Economist at Bank of America, and Jonathan Wright, Professor of Economics at The Johns Hopkins University.
Matt Phillips did a fantastic job setting the tone of the conversation and using up to the minute reports and data to frame up the discussion. The briefing covered a broad range of topics including inflation, interest rates, policy and regulatory issues, recession, national debt and more. Read the key highlights below.
What’s the state of the economy?
The economy is relatively strong, despite the first quarter GDP figures. Negative growth rates were largely driven by distortions to trade and inventory figures related to supply chain disruptions. There is a very strong labor market, particularly with lower income households, which gives them some buffer from the shock of inflation. Both consumer spending and capital expenditure have been accelerating in the last few quarters which are good indicators for a strong economy.
There are some concerns if inflation continues for the long term, how long can the consumer hold up against these pressures. There is about $2 trillion in consumer savings that have built up over the course of the pandemic and there is great potential of releasing some of that back into the economy. One sector where this is proving to be the case is the travel sector – it’s been called revenge travel whereas the consumer has been unable to travel and with this pent-up demand, they’re holding back no expense, spending more money and staying longer now that pandemic restrictions are being lifted.
What is the Federal Reserve doing?
The Fed is issuing a quick tightening cycle on interest rates because they are a little behind the curve, particularly from the latest announcement, raising interest rates by 75 basis points in the latest round of rate hikes. For 30 years, policy makers have worried about inflation and the only problem is that it’s coming in too low. The good news is that the Fed knows the tools needed to get inflation down. It’s more than likely that the Fed continues to raise interest rates by at least 50 basis points until there is some distinct cooling in monthly inflation.
Forecasting is difficult at the best of times, generally going off past experiences but in this particular situation, we don’t have anything to compare to so for the most part, our crystal ball to forecast is broken. The Fed’s target for inflation is still 2% but we’re seeing much more elevated levels and with core PCE (personal consumption expenditures) still above 3%, the Fed will have to keep raising interest rates until things tamper down. All in all, we see inflation continuing through the remainder of the year.
What policy or regulatory moves are coming down the pipeline?
There are a number of new proposed rules and regulations that may be passed by the current Congress. Recently, the Securities and Exchange Commission (SEC) proposed new rules on disclosing climate risks along with ESG and human capital. While they are just proposals, it’s likely they will become rules moving forward. Senators Lummis and Gillibrand just announced a bipartisan bill to regulate cryptocurrency, stable coins, NFTs, and other digital assets so that has to work its way through both the senate and house of representatives.
During the credit crisis of 2007/2008, there was a massive outcry on spending $700 billion to bail out these firms. Ultimately, that was scaled back to about $500 billion, and it created the TARP program or troubled asset relief program. That program essentially paid for itself, even making the taxpayer about $100 billion in profit and counting. Because of the pandemic, we’ve spent roughly $5 trillion dollars though the CARES Act and the Bipartisan Infrastructure Law. The Build Back Better bill would have added an additional $4-5 trillion to the staggering $30 trillion sovereign debt our country is already carrying. With that said, there will be much fewer spending bills added as interest rates rise because more and more of the budget will be put towards paying interest payments on our debt. If any more spending bills do pass both the house and senate this year it will likely be some type of Omnibus spending bill that could include rules for cannabis banking, especially since 37 states have legalized it.
Is a recession imminent?
It’s certainly likely that we’re heading into a recession if we’re not already in one. The recent indicator of a bear market on wall street as the S&P 500 declined by more than 20% year-to-date is one sign. High inflation of 8.6% in May, up from 6.3% in April coupled with higher interest rates is another indicator. The slowdown in the housing market with available homes for sale and increased mortgage rates tends to subscribe to recessionary pressures.
When asked about a potential for a “Volker Shock” style recession, Jonathan Wright quickly diminished this theory by comparing the potential recession we are facing to the recession in 2001, following the collapse of technology stocks. It was short and mild and there are many arguments that it didn’t even occur at all. However, all panelists did agree that a recession is likely.
This webinar proved to be another spirited discussion in our Emerging Economic Threats series presented by McGuireWoods LLC. Join us on June 21st for the next part in the series as we dive into Regional Emergency Preparedness. We’d like to take this opportunity to thank all our panelists for their incredible insights into a complex topic and to Matt Phillips of Axios for moderating. We would also like to thank McGuireWoods LLC for their support in making this series a possibility.
The comments made by panelist do not necessarily represent the official position of their organization, the Board of Trade or its members.
Washington, DC: May 18, 2022 – This is an exciting time for professional sports in our region, and the Greater Washington Board of Trade, in partnership with Grant Thornton, announces the establishment of the Regional Sports Council (RSC) composed of the region’s professional teams. The Council will 1) examine the economic and community impacts of professional sports franchises across the region 2) work to improve the operational environment for these franchises.
The Council’s launch will take place on May 23rd at the Ronald Reagan International Trade Center, as part of the Board of Trade’s Morning Star Series presented by TD Bank. This event, featuring a moderated Q&A panel with the business leaders from the Washington Commanders, Washington Nationals, Monumental Sports & Entertainment (Washington Mystics, Washington Wizards, Washington Capitals), and D.C. United, is open to Board of Trade membership, invited guests, and members of the media with limited availability for seating.
“Our teams are firmly on the national stage and are getting the recognition they so richly deserve. Not only is our region a growing hotbed for innovation and technology as well as host for the federal government, but we are also a world-class sports destination,” said Jack McDougle, President and CEO of the Greater Washington Board of Trade. “This Council recognizes the importance of professional sports to our economy and communities, providing an opportunity to further support and build this vital industry sector.”
The Regional Sports Council will examine the positive impacts of professional sports on job creation, economic development, small business creation and support, inclusive growth, tax revenues, community building, tourism, and more.
The Council will also work with the business community to accomplish broader regional objectives in areas such as transportation, transit and infrastructure, wage parity and growth, increasing supplier diversity, and elevating localized vendors.
About the Greater Washington Board of Trade: The Greater Washington Board of Trade, a member driven business organization, provides connections, advocacy, analysis, and programs to elevate the business community and improve member businesses. Pro-business and non-partisan, the Board of Trade addresses business concerns that stretch across the District of Columbia, suburban Maryland, and Northern Virginia, with a priority focus on building a skilled workforce, enhancing innovation, attracting investment, and fostering regional collaboration. This work is backed by a diverse membership, sound analysis and more than 130 years of experience. Learn more at www.bot.org or follow @GWBoardofTrade on Twitter.
Aerospace giant Boeing is moving its global headquarters to Arlington, Virginia, from Chicago and is creating a research and technology hub in the D.C. region, the company announced Thursday.
Boeing President and CEO Dave Calhoun said the move will put corporate workers in close proximity to key government and military stakeholders. It’ll also better position the company — which is the U.S.’s largest exporter employing 140,000 people — to attract “world-class engineering and technical talent,” Calhoun said in a statement.
Gov. Glenn Youngkin, a Republican, and Democratic Sen. Mark Warner have been working on the deal for some time. Warner said he started conversations last year and Youngkin has a personal relationship with Calhoun, a Virginia state official said. A large incentive package was not involved in the relocation discussions, this official said.
Boeing, a corporation with a market capitalization of $89 billion, makes commercial airliners like the 787 Dreamliner and 737 as well as military cargo planes, fighter jets, satellites and rockets.
Boeing already has a large presence in Arlington’s Crystal City section with its Defense, Space and Security unit centered there. That division moved from St. Louis in 2017 to be closer to government and military decision-makers.
The company’s commercial aviation division is headquartered in Seattle, Washington, and its services division is focused in Plano, Texas. Calhoun said Boeing will continue to operate an office in Chicago but with a reduced physical footprint.
As part of the announcement, Boeing said it will build a research and technology hub in Northern Virginia. The new hub will focus on cybersecurity, autonomous operations, quantum sciences and software and systems engineering.
“As the former Governor of Virginia, I was proud to secure Virginia’s standing as the best state for business and the best-managed state, among other honors, and I’ve been proud to work in my role as Senator to help continue to cultivate the kind of pro-business environment that world-class companies like Boeing need to grow and thrive,” Warner said in a statement.
“I look forward to working with Boeing to attract even more talent to Virginia especially given its reputation for engineering excellence. From day one, our goal has been to make Virginia the best place to live, work, and raise a family,” Youngkin added in his own written statement.
Arlington is already home to several aerospace and defense contractors like Boeing. Amazon is building its satellite headquarters complex — nicknamed Amazon HQ2 — in Crystal City as well.
While Virginia lawmakers applauded Boeing’s move, not all legislators are happy. House of Representatives Transportation Committee Chair Peter DeFazio (D-Ore.) blasted the decision.
“Moving their headquarters to Chicago and away from their roots in the Pacific Northwest was a tragic mistake,” DeFazio said. “Moving their headquarters again, this time to be closer to the federal regulators and policymakers in Washington, D.C. is another step in the wrong direction. Boeing’s problem isn’t a lack of access to government, but rather its ongoing production problems and the failures of management and the board that led to the fatal crashes of the 737 Max.”
Facility would replace current outdoor boarding areas, expand passenger amenities, support new jobs
APRIL 7, 2022 – The Metropolitan Washington Airports Authority is proposing a new concourse at Washington Dulles International Airport to replace outdoor boarding areas currently used by regional flights, upgrade aircraft service facilities and bring new conveniences and amenities to passengers.
The proposed “Tier-2 Concourse (East)” would be a modern 14-gate facility with convenient access to the airport’s underground Aerotrain system and would include new shops, restaurants and other customer services as well as the latest aircraft-servicing technologies to accommodate future needs. It would replace gates built in the 1990s at the eastern end of Concourse A, where many regional-flight passengers currently go outdoors to access their planes via covered walkways.
“This new concourse would represent a major improvement in the passenger experience at the regional gates,” said Airports Authority President and CEO Jack Potter, calling the project “the first step in a long-term strategy to expand and enhance the facilities and services at Dulles International Airport as we look toward the future.”
To attain partial funding for the project, the Airports Authority has applied for a Federal Aviation Administration grant under the recently enacted Bipartisan Infrastructure Law, which includes a competitive grant program to help airports upgrade or replace aging facilities. The application seeks $230 million to begin development of the 400,000-square-foot facility, which is expected to ultimately cost between $500 million and $800 million. The Airports Authority is working with United Airlines, the largest carrier serving Dulles, and other airlines in planning the design, funding and construction of the new concourse.
“United recognizes the critical importance this new concourse will serve both as an economic driver and job creator in the region,” said Nathan Lopp, vice president, Corporate Real Estate. “This state of the art facility will also help deliver a best in class customer experience for our passengers at Dulles, and provide them with more flights to more destinations—the same goals we have for our United Next strategy. As the leading airline at Washington Dulles, we strongly encourage the Federal Aviation Administration to approve MWAA’s grant application.”
Potter said that once the Tier-2 Concourse (East) proposal receives all the necessary approvals for construction and funding, the project would provide hundreds of construction and service jobs, and he also noted that the Airports Authority has completed all the necessary studies for the project under the National Environmental Policy Act, making the project “shovel ready” under guidelines of the FAA grant program. The proposed concourse also meets additional criteria of the FAA program, including:
Improved convenience and connectivity for travelers navigating the airport;
More space (400,000 square feet versus 110,000 square feet in the current facility) for larger seating areas, more concessions, airline lounges, ADA-compliant restrooms, and other amenities;
Larger operational areas for servicing aircraft, handling baggage and other airport and airline support functions; and
Enhanced sustainability features, including electric vehicles to service aircraft and carry passengers, increased usage of the electric Aerotrain to move passengers to and from the new gates; energy-efficient construction featuring LED lighting, high R-value insulation and high-efficiency climate control systems that will follow LEED Silver building standards.
In 2021, the Airports Authority opened a new 14-gate concourse for regional flights at Reagan National Airport, which replaced outdoor boarding areas with spacious new seating areas, concessions and other amenities. The construction program at Reagan National, called Project Journey, also added two large security screening buildings to provide new services and improve the passenger experience.
This article was contributed by a member organization of the Greater Washington Board of Trade and does not necessarily represent the official position of the Board of Trade or its members.
Investment Will Spur Economic Development and Support Physical and Mental Health Initiatives in Historic Anacostia and throughout DC
APRIL 5, 2022 – Bank of America announced an investment of nearly $43 million directly impacting economic and social opportunity in Southeast and Southwest Washington, D.C. as part of its commitment to local communities. Through affordable housing projects and partnerships with local nonprofits, including Building Bridges Across the River (BBAR), the Washington Area Community Investment Fund (Wacif), and Bread for the City, the funding and grant package will address housing, workforce development, healthcare and small business efforts in the region.
“These are the types of investments that give more DC residents a fair shot,” said Mayor Muriel Bowser. “Bank of America and the organizations it’s partnering with know DC, they know what our residents and neighborhoods need to thrive, and I’m confident in their ability to help us realize our shared goal of building a more equitable and connected DC.”
Aligned with Bank of America’s $1.25 billion, five-year commitment to help advance racial equality and economic opportunity in local communities, the funding is aimed at improving the area’s long-term economic growth and stability.
As part of its commitment to safe, affordable housing, Bank of America has invested $39 million in the mixed-use affordable housing development, MDL Flats Apartments, in the Buzzard Point neighborhood of Southwest D.C. The bank’s funding will help provide 76 units for individuals and families in need of affordable housing in the community.
Building Bridges Across the River (BBAR), a nonprofit dedicated to providing residents east of the Anacostia River with a thriving, equitable community, is receiving a total of $1.25 million to build the 11th Street Bridge spanning the Anacostia River, D.C.’s first elevated public park. To help fund construction of the bridge and further environmental education efforts, BBAR will receive a $1 million grant. BBAR will also receive $250,000 to support workforce development efforts to train Ward 8 residents in construction skills necessary for employment opportunities to help build the park.
“We are thrilled about Bank of America’s investment in the 11th Street Bridge Park and our workforce training strategies,” said Rahsaan Bernard, President, Building Bridges Across the River.” This naming gift for the environmental education plaza moves us one step closer to realizing this community driven civic space that will literally and figuratively bridge D.C.”
The bank is providing $1 million in support to the Washington Area Community Investment Fund (Wacif) to help to fund the acquisition and redevelopment of the Anacostia Arts Center to promote small business development in the region. Wacif, which helps promote equity and economic opportunity in underserved D.C. area communities, will create a new hub for inclusive, diverse entrepreneurship in the heart of Historic Anacostia and hopes to support more than 1,000 underserved entrepreneurs over five years.
“As a long-term, strategic partner in our mission and growth, we are delighted to deepen our work with Bank of America by reimagining the Anacostia Arts Center as a new regional hub for inclusive entrepreneurship,” said Wacif CEO Harold B. Pettigrew, Jr. “This critical gift accelerates Wacif’s efforts to scale investments that help small businesses recover and be resilient, and drives our commitment to deploy greater capital to under resourced entrepreneurs and create thousands of local jobs in the years ahead.”
To support mental and preventive healthcare in the region, Bread For the City, a nonprofit providing D.C. residents living with lower income with resources and services to reduce the burden of poverty, is receiving $1 million. The grant will help Bread For the City provide critical care, such as health screenings, nutrition consultation and mental wellness treatments, in its Anacostia clinic.
“The partnership with Bank of America, the Ward 8 Community Economic Development Initiative and Bread for the City is helping us provide much needed behavioral health support and care to young ward 8 residents and their families as they struggle with the trauma caused by the intersection of pandemic, and the persistent socioeconomic disparities that are so prevalent in the community,” said George Jones, CEO of Bread for the City.
This announcement is the latest in a series of investments that Bank of America has made in the Greater Washington, D.C. community. In 2021, Bank of America invested $350 million in local grants and additional capital investments to help finance small businesses, affordable housing, and other economic revitalization projects benefiting communities throughout the Washington region.
“Through our business offerings, our partnerships with non-profit and community leaders, and the trust of our neighbors, we are driving meaningful growth and helping create opportunity and prosperity in Anacostia, and throughout the DMV,” said Larry Di Rita, President of Bank of America Greater Washington, D.C.
Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).
Andrew Aldridge, Bank of America; 1.980.387.0514; andrew.aldridge@bofa.com
This article was contributed by a member organization of the Greater Washington Board of Trade and does not necessarily represent the official position of the Board of Trade or its members.
This content is presented by Carrie Stoltzfus, MPH, Executive Director at Food & Friends.
Carrie Stoltzfus, MPH, Executive Director at Food & Friends
As the Executive Director of Food & Friends, one of my most important jobs is making sure that my staff feels engaged, appreciated, and motivated. As an organization delivering medically tailored meals and nutrition services to adults and children with serious illnesses, thousands of our neighbors depend on our team doing great work every day.
All our clients are living with a serious illness like cancer, HIV/AIDS, heart disease, or diabetes, and most are in households with an income of less than $1500 a month. We are centered on compassion for those we serve, and our work has emotional and physical demands, which can sometimes lead to fatigue. So, we offer our staff programs like stress-reduction workshops and enrichment days that foster a powerful sense of belonging.
With so much competition for talent, creating meaningful opportunities for employee engagement is a must-do for any leader. It is easy to see the difference in staff engagement even small efforts can make.
Therefore, I want to encourage you to make Food & Friends a part of your own employee engagement strategy. The five reasons below share why volunteering with us is a smart investment. Volunteering will lead to better team performance, improved workplace wellness, and will help your team achieve their goals. At the same time, it will make a positive difference in the lives of our neighbors battling serious and chronic illnesses.
A change of setting and a new in-person challenge will boost morale and teamwork. You may have ended your office lease to save money, or you might not even remember the last time you have seen your colleagues in person. Zoom fatigue is real – so you need to break your team out of the norm. Volunteering at Food & Friends will help your team collaborate more effectively. Football players sometimes do ballet to stretch their agility. Similarly, taking on a new challenge together will help your team be nimble when it matters most.
Millennials and Gen Z teammates want meaningful opportunities to serve. Your younger teammates want volunteer opportunities that are interesting, enjoyable, and valuable. A well-published study from Porter Novelli shows that 88% of millennials say their jobs are more fulfilling when they are provided opportunities to make a positive impact on social and environmental issues. Engaging in purpose-driven service will keep your top-performing younger teammates engaged and help them expand their insights about our community.
There are health and wellbeing benefits to volunteering. Gallup research suggests that there are five elements of well-being—career, social, financial, physical, and community—that allow people to thrive in the workplace. We offer physically active volunteer opportunities for people of all abilities. Those who volunteer also have chances to socialize with other caring volunteers, while making a direct positive impact on the lives of seriously ill community members. Doing volunteer work releases healthy endorphins, and your employees will leave feeling better — and smiling about what they accomplished together as a team.
Your employees will learn more about community health in our region. Food & Friends is known for our freshly prepared home-delivered, medically tailored meals and groceries, but not as many people realize that we match every seriously ill person we serve with a registered dietitian who provides personalized nutrition counseling. While volunteering, your team will have opportunities to learn more about how medical food and nutrition interventions are delivered for seriously and chronically ill people in their communities.
Having a corporate volunteering program is a positive investment in your brand. Customers and stakeholders in 2021 are more attuned to brands that demonstrate societal impact. If your company values align with your customers, they are more likely to buy your product or enlist your service. We celebrate volunteer teams on our website, in our newsletter, on social media, and wherever else possible, including a special Volunteer Appreciation event in April. Volunteering is also a great way to build brand loyalty and reach new audiences who will recognize your service.
Are you ready to sign up? If you are still on the fence, please read this front-page story in the Washington Post about our volunteer impact on Thanksgiving Day. We have opportunities year-round and are especially hoping to attract more groups this winter. Food & Friends was voted by the Washington City Paper Readers Poll as the #1 Best Place to Volunteer in 2021, 2020 and 2019, and we know your team will want to find out why. We hope to see you soon!
If you are interested in more ways corporate groups can engage, please contact Lisa Huffman, Director of Development, Philanthropic Partnerships at lhuffman@foodandfriends.org.
Reggie Jones, DC Office Managing Partner, Fox Rothschild LLP
Submitting a certified claim to a government agency or appealing a contracting officer’s final decision (COFD) can be a risky business decision for federal contractors.
On one hand, there is the risk of straining the relationship with its valued client and potentially risking the contractor’s ability to get future work.
On the other hand, claims sometimes are inevitable because you are entitled to compensation, but have not been able to come to agreement.
A Contractor’s first line of defense is to protect itself by following the requirements in the remedy-granting Federal Acquisition Regulation (FAR) clauses contained in the contract. If that is unsuccessful, the contractor must then decide whether to submit a certified claim. If the claim is denied, you then reach a decision point on options to appeal the COFD.
Whether to head to a board of contract appeals or the Court of Federal Claims and then whether to engage in Alternative Dispute Resolution are tough questions.
Remedy-Granting FAR Contract Clauses
As an initial matter, federal contractors must understand that the FAR remedy-granting clauses do not provide automatic relief without action on their part.The contractor must take affirmative and diligent steps to protect its rights to additional time and costs.
Contractors may look to the FAR’s Changes clause (52.243-1) to recover excess performance costs caused by changes made by the agency (under either a directed or constructive theory). Contractors must assert claims for extra time and costs within thirty (30) days of the change. It is therefore imperative to stay on top of project correspondence, communicate with the government, and provide prompt notice as required. Communication and documentation are key.
The FAR’s Excusable Delay clause (52.249-14) appears in many types of federal contracts, including cost-reimbursement, time-and-material, and labor-hour contracts. Contractors that provide supplies, services (including construction services), and research & development to the government should check their contracts to see if this clause is incorporated. FAR 52.249-14 provides that – for causes outside the contractor’s control, the government will not hold the contractor “in default because of any failure to perform.” This clause covers excusable delays(i.e., time, but not money associated with a delay beyond the control of the contractor). The remedy amounts to extending contract completion deadlines and is a helpful tool to avoid default termination.
The Stop Work Orders clause (FAR 52.242-15) and Suspensions of Work clause (FAR 52.242-14) permit the Contracting Officer to temporarily stop or suspend performance in the best interests of the government. Once a contractor receives a stop/suspend work order, it must take prompt and reasonable steps to mitigate any additional costs incurred on the project. When a contractor incurs extra performance costs (despite these efforts), it is prudent to submit the costs to the government through a request for equitable adjustment or claim.
Appealing a Contracting Officer’s Final Decision
Contractors have 90 days from receipt of a COFD to appeal to one of the various agency boards of contract appeals. The boards include the Armed Services Board of Contract Appeals (ASBCA) for appeals from Department of Defense agencies such as the U.S. Army Corps of Engineers (USACE), the Civilian Board of Contract Appeals (CBCA) for appeals involving the General Services Administration (GSA), the Department of Veterans Affairs (VA), the Department of Energy (DOE), Housing and Urban Development (HUD), and the Department of Transportation (DOT), and others, the Postal Service Board of Contract Appeals, or the GAO’s Contract Appeals Board for legislative branch agencies such as the Architect of the Capitol, the Congressional Budget Office, and others).
Alternatively, contractors have one year from receipt of the COFD to appeal to the Court of Federal Claims.
Many contractors are not aware that the various boards of contract appeals and the Court of Federal Claims also offer alternative dispute resolution (ADR).
For example, the CBCA website lists facilitative mediation, evaluative mediation, mini-trial, non-binding advisory opinion, and summary binding decision. Addendum II to the Rules of the ASBCA Rules is a bit more generic and only identifies binding and non-binding. Appendix H to Court of Federal Claims Rules similarly lists private third-party neutrals, mediation, early neutral evaluation, mini-trials, outcome prediction assistance, and non-binding arbitration. Each of these options requires both parties to agree and specifically make the request.
While mediation is likely the most widely used employed method of ADR (where a judge acting as the mediator shuttles between the two parties to help them facilitate a resolution), outcome prediction, if even on only specific legal or factual issues, can be helpful.
Also, most contractors are not aware that the boards offer pre-Dispute mediation – meaning that the boards will mediate at the parties’ express request before a contractor has submitted a certified claim or received a contracting officer’s final decision.
While no contractor wants to have a dispute, there are multiple paths to take to create the greatest likelihood of achieving a quick and cost-effective resolution. Fox Rothschild’s Washington, DC-based Federal Government Contracts Practice can help your company navigate that process.
This content is presented by Dr. Unique Morris-Hughes, Director, DC Department of Employment Services
Dr. Unique Morris-Hughes, Director, DC Department of Employment Services
As Washington, D.C. continues its economic recovery from the pandemic, the Department of Employment Services (DOES) remains committed to partnering with District employers to meet workforce needs. DOES has programs to assist at every step of the hiring and training process.
District employers looking to hire qualified, motivated staff can use DCNetworks, the District’s virtual job board. DCNetworks also provides valuable workforce data including employment and wage data, labor market information, and the number of current openings for specific jobs. This data can make your hiring process easier by ensuring your wages and benefits are competitive. DCNetworks also allows you to post jobs and screen applicants through an easy-to-use platform.
The Office of Talent and Client Services (TCS), housed within DOES, also hosts virtual job fairs, including Fast Track Fridays and Talent Tuesdays. The goal of these events is to connect employers with highly qualified, motivated candidates. TCS helps make the interview and onboarding process easy for all involved.
Training new hires can be time consuming and expensive for some employers. That’s why DOES has implemented programs to make the process easier. Becoming a registered apprenticeship sponsor allows employers to create a skilled talent pipeline for traditional careers including building and trades, as well as non-traditional apprenticeships in information technologies (IT), hospitality, and public safety.
The District’s On-The-Job Training (OJT) program reimburses certain employers between 50-75% of an eligible new hire’s wages while training. This provides motivated candidates with the opportunity to learn career essential skills and helps employers offset costs associated with training.
DOES offers these and many other services to ensure DC businesses have a fair shot at success. For the District’s economic recovery to continue, we must make it easy for employers to find the motived, talented workforce they need. To learn more about how DOES can help business move forward in the District, visit does.dc.gov.
This content is presented by Ashish Khosla, Senior Vice President and Market Executive of Commercial Banking for Bank of America in Greater Washington, D.C. & Baltimore Metro
Ashish Khosla, Senior Vice President and Market Executive of Commercial Banking for Bank of America in Greater Washington, D.C. & Baltimore Metro
As U.S. economic growth continues, transportation, dining, housing and manufacturing are adapting quickly to scale their operations back to pre-pandemic levels. But labor shortages driven by the pandemic are a fast-growing challenge for companies looking to meet rising customer demand. Today, there are approximately 4.6 million workers missing from the labor force due to employer shutdowns or cutbacks driven by COVID-19, according to the Bureau of Labor Statistics.
The good news is that businesses can expect an increase in available workers in the coming months, as those sidelined by COVID-19 begin to re-emerge. In our region, workforce recovery efforts through the Virginia Ready Initiative and Northern Virginia Community College, including reskilling and upskilling programs, are helping workers return to the workforce by targeting specific hiring needs and creating clearly defined career pathways to future employment.
Nevertheless, labor shortages are expected to be a persistent challenge. Now is the time to plan for this new world of work, which includes hybrid schedules, wage growth, training, and other critical priorities like workplace safety and Diversity, Equity & Inclusion (DE&I).
Following are five steps companies can take to rebuild their workforces and maximize success:
Listen to The Needs of Your Talent. The pandemic has permanently shifted how we prefer to work and which benefits we find most important. According to a Morning Consult survey, 39% of workers, and half (49%) of Millennial and Gen Z employees, would consider quitting if their employers weren’t flexible about remote work. Likewise, workers are demanding more from their employers and the facilities they work in with respect to worker safety, health and well-being.
Employers should engage employees at all levels in return-to-work policies and decisions – so approaches are rooted in their preferences. Key areas to consider include more flexible working policies, enhanced benefits for working parents and caregivers, extended paid leave and safeguards to ensure work-life balance. Hold ongoing listening sessions, including through surveys and 1:1 conversations, to keep a pulse on employee concerns. Proactively and transparently communicate all decisions, and be prepared to adjust policies as needs and circumstances change.
Prioritize Skills Assessments and Trainings. BofA Global Research estimates that approximately 700,000 workers left the labor force due to a skills mismatch. Combined with record disruption driven by the pandemic, reskilling and upskilling the workforce is paramount.
To start, employers should assess how an employee’s job may have changed during the pandemic. Then, invest in ongoing training for employees to boost learning and address expertise gaps. Perhaps it’s a new training in AI or robotics for workers seeing fast disruption in their field, like manufacturing, or a rotational program that enables corporate employees to learn about other areas of the firm. Companies today have a critical opportunity to use the best of corporate America’s resources to equip workers with the skills, technologies and mindsets to succeed.
Keep Pace with Wage Growth. A smaller pool of workers combined with strong labor demand is fueling wage growth, and the greatest wage lifts are being seen in roles that experienced the highest demand during the pandemic. Average annual salaries stood at $50,150 in April 2021, up from a low of $47,400 last year, according to Revelio Labs.
In today’s war for talent, employers must ensure their wages are competitive and in line with a growing economy. Important steps include conducting regular industry benchmarking, reviewing benefits and salary growth plans, and performing company-wide audits to uncover and address pay inequities.
Support Financial (and Overall) Wellness. According to Bank of America’s latest Workplace Benefits Report, 56% of employers feel “extreme responsibility” for employees’ financial wellness, up from 13% in 2013. Still, only 51% of employees say they feel financially well today, down from 61% three years ago. This comes as COVID-19 continues to produce significant financial challenges for Americans to weather.
In a post-pandemic environment, employers must reimagine approaches to financial wellness. To start, ensure any program addresses common employee challenges that go beyond retirement, such as rebuilding savings, emergency funds and healthcare costs. Acknowledge that needs may differ based on gender and age, and think about wellness more holistically, recognizing the interconnected nature of financial, physical and mental wellness.
Champion Diversity, Equity & Inclusion (DE&I) – The pandemic and racial injustice movements have brought DE&I awareness to an all-time high. Employers agree that offering meaningful DE&I programs is critical to attract and retain talent. Studies have also shown that a more diverse workforce leads to better financial performance.
To attract a new generation of socially minded employees, employers need to “walk the talk” on DE&I with new and expanded initiatives, measurable goals and clear action. Key steps include empowering employees to be part of DE&I workplace programs and discussions; setting near and long-term goals and proactively communicating a roadmap to achieve them; and implementing DE&I into your company’s broader corporate strategy.
As workplaces continue to think about reopening plans, and as the fight for talent continues, putting these proactive practices in place will go far in helping companies ensure they have a talented, diverse and productive workforce that can launch them to success.
