Follow the Leaders
Five VACEOs Member Companies Make “Best Places to Work 2022” List
12th Annual “Best Places To Work” Rankings Announced
What does it take to be named one of the best places to work in Virginia? Would being celebrated in one of the top spots help you attract and retain the very best talent? Well, according to the business leaders we talked to, it sure couldn’t hurt. In fact, it could really help.
For the past twelve years, Virginia Business has compiled a list of Best Places to Work in Virginia in collaboration with Pennsylvania-based Best Companies Group. The much anticipated 2022 list was just published and we were excited to see five of our member’s companies recognized.
Please join us in congratulating VACEOs member Chris Leone of WebStrategies Inc., whose company ranked 28 on the annual list. Chris is not new to being honored. In fact, Chris has led his company to the “Best Places To Work” recognition five times before. Congratulations Chris!
Other winning Council members include Brian Forrester of Workshop Digital whose company is ranked 15, Justin Etheredge of Simple Thread whose company is ranked 31, Jon Newman of The Hodges Partnership whose company is ranked 55, and Lauren Sweeney of the Dotted Line Agency whose company is ranked 60. Congratulations to each one of these outstanding leaders. We salute you.
Are you curious to learn more? Would you like your company to be listed as a 2023 Best Places to Work in Virginia? While we can’t guarantee you will make the list, we can guarantee that by joining VACEOs you will have the opportunity to work with and learn from some of the greatest business leaders in Virginia. Don’t wait. Come check us out.
About Virginia Council of CEOs (VACEOs)
Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.
Virginia Economic Outlook Index Remains Near Pre-COVID Level in Q4 2021; Most Employers Feel Impact of Omicron Surge
CEOs Expect Sales and Employment to Increase Over Next 6 Months with Capital Spending Nearly Flat
Each quarter the Virginia Council of CEOs (VACEOs) and University of Richmond’s Robins School of Business partner to take the pulse of top executives in the region through a comprehensive Virginia CEO Economic Outlook Survey.
The fourth quarter 2021 CEO Economic Outlook survey finds that the Index remains near pre-COVID level and that most employers are feeling the impact of the Omicron surge. Additionally, CEOs expect sales and employment to increase over next 6 months with capital spending nearly flat.
Robins School of Business/VA Council of CEOs Economic Survey Historical Data
| YEAR | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2021 | 102.80 | 94.6 | 102.20 | 93.7 |
| 2020 | -18.73* | 50.43 | 65.20 | 69.20 |
| 2019 | 100.5 | 94.13 | 86.33 | 101.47 |
| 2018 | 94.60 | 92.73 | 104.30 | 97.97 |
| 2017 | 108.97* | 103.63 | 99.17 | 106.30 |
| 2016 | 102.00 | 89.00 | 89.67 | 107.37 |
| 2015 | 93.90 | 93.42 | 99.80 | 92.67 |
| 2014 | 86.07 | 88.71 | 96.10 | 95.92 |
| 2013 | 86.40 | 91.60 | 92.53 | 89.57 |
| 2012 | 94.10 | 81.13 | 81.17 | 77.57 |
| 2011 | 85.63 | 74.17 | 81.17 | 88.63 |
| 2010 | — | 81.33 | 94.47 | 92.27 |
| *historic high/low | ||||
“The survey results suggest that CEOs continue to be optimistic about the next six months, particularly with respect to predicted sales and employment. The overall index has returned to the levels just slightly below that experienced for several quarters pre-COVID,” said Rich Boulger, associate dean at the Robins School, who administers the survey and collects the responses. “Specifically, the index is currently 93.7 versus the average of 99.2 in the 13 quarters prior to Q1 2020.”
“I’ve heard from many CEOs that the Omicron surge is making it difficult to keep staffing levels up to normal. That seems to be the primary reason for the 8-point drop in the index” said Scot McRoberts, executive director of VACEOs. “COVID aside, these small business CEOs are seeing growth and opportunity in the next six months.”
SUMMARY: OMICRON, SALES, CAPITAL SPENDING & HIRING
Most CEOS have experienced at least a minor impact from the Omicron variant on their business. That’s the latest from the quarterly CEO Economic Outlook Survey conducted by the University of Richmond’s Robins School of Business and the Virginia Council of CEOs.
Eight-four percent of CEOS reported a minor impact from Omicron. Nearly 60% of CEOs expect sales to increase and just over 60% expect employment to increase over the next six months.
The survey found expectations over the next six months for sales and employment are positive although those expecting growth in sales were down slightly compared with the end of Q3 2021.Expectations with regard to capital spending were primarily flat.
SALES EXPECTATIONS
More than half (59%) of CEOs indicated that they expect sales to increase over the next six months.
- 10% expected sales to be “significantly higher.”
- 49% expected sales to be “higher.”
- 8% expected sales to be “lower.”
- None expected sales to be “significantly lower.”
- 33% indicated they expected no change
CAPITAL SPENDING EXPECTATIONS
Forty-one percent of CEOs expect capital spending to increase over the next six months (compared with 47% last quarter), while nearly 15% expect capital spending to decrease. More than 44% expect capital spending to remain flat.
EMPLOYMENT EXPECTATIONS
Sixty-two percent of respondent CEOs expect employment to increase over the next six months. Additionally, 30% expect employment to remain flat while only 8% expect employment to fall.
Taken as a whole, the results pertaining to sales, capital spending, and employment continue to be positive although the overall Economic Outlook Index decreased (93.7 versus 102.2) relative to the results from the end of Q3 2021.
WILL EMPLOYEES BE REQUIRED TO RETURN TO WORK?
The survey also asked CEOs how the current COVID-19 surge related to the Omicron variant impacted their business. Their response was as follows:
- No impact: 16%
- Minor impact: 63%
- Significant impact: 21%
Employers indicated that the impact was largely due to employee absenteeism and related costs.
Additionally, CEOs were asked what percentage of your workforce will be working remotely relative to pre-COVID. Their response was as follows:
- A higher percentage will be working remotely: 46%
- No change in the percentage working remotely: 43%
- A lower percentage will be working remotely: 11%
SURVEY SAMPLE
- 61 CEOs responded to the survey, which was administered January 10–14, 2022
- Multiple industries are represented in the sample, although services, retail and construction represented the majority of the respondents
- The average company revenue (most recent 12-month period): $8 million
- The average employment count: 55
Additional Details about the CEO Economic Survey for Q4 2021
Released in January 2022
The following survey results show projections for the next six months for sales, capital spending, and employment.
About the Economic Survey
The Robins School and VACEOs jointly conduct the quarterly survey, which regularly asks about expectations for sales, capital spending and employment, plus other relevant issues, helping Virginia companies anticipate business conditions and plan for growth.
The Robins School adapted the survey from the Business Roundtable, an association of CEOs of American companies that conducts a similar survey nationally. Rich Boulger, associate dean at the Robins School, administers the survey and collects the responses each quarter. The survey has been administered quarterly since 2010.
About Virginia Council of CEOs (VACEOs)
Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.
About Robins School of Business
The Robins School of Business is the only fully-accredited, highly-ranked undergraduate business school that also is part of a highly-ranked liberal arts university. U.S. News ranks the Robins School’s MBA program #2 in Virginia. The school’s executive education division offers customized training and consulting to a wide variety of businesses.
Productivity for SMB CEOs
Apps, processes, discipline, and little orange books.
We recently had an online “Square Table” gathering of VA Council of CEOs members to learn from one another on how to be more productive in our work and lives. Here are some of the ideas and tools that work for these entrepreneurs, business owners, and CEOs.
Email, the bane of our existence
- Inbox Zero is possible, and at least one or two of the CEOs in meeting do it daily. Here’s how, from Ari Meisel, who spoke at our Spring Retreat a few years ago. Basically, you make a decision on every email the first time you look at it — DO, DEFER, DELEGATE, or DELETE.
- One person uses four email addresses. They help him separate out personal, business internal, business external, and marketing.
- Unroll.me is a tool used by some. Some email clients have unsubscribe functions that are easy to use. Just don’t unsubcribe from VACEOs mail!
- Many folks use filters and rules to automatically move emails to folders. For example, I have a filter I use to move all email from speakers and meeting venues (it’s a lot) to a folder for later review.
- Some use Slack or Teams for internal communication, reducing email volume.
Mind Like Water . . .
- David Allen, author of Getting Things Done, talks about Mind Like Water, and defines it as “a mental and emotional state in which your head is clear, able to create and respond freely, unencumbered with distractions and split focus.” Achieving that is the trick! Following are several tricks mentioned by this group of CEOs.
- Block your time. Mark out time on your calendar for one thing without distraction – reading, writing, meeting prep, yoga, whatever.
- You brain is not good at storing information. It is made for processing. So, do whatever you can to get information offloaded and stored elsewhere. Evernote and OneNote make it easy to organize notes, store documents and set reminders.
- Use Hey Siri! or Hey Google! and tell them to remind you when you need to know.
- Some CEOs, even those who have small organizations, make use of an assistant – either someone in their business or a virtual assistant.
- Several people mentioned using journal books – the orange VACEOs books are a favorite. Some use them just for notes, others use them to list that day’s to-do list. I use a Full Focus Planner, which helps me organize my day’s work without digital distraction.
- Ari Meisel introduced me to FollowUpThen, which allows you to bcc an email and have it return to my inbox at a certain time. Gmail has similar functionality built in.
Is your time worth more than $15 an hour?
- Meetings Suck! And they waste a ton of time, as Cameron Herold taught VACEOs members a few year ago. A key takeaway — No Agenda, No Attenda!
- Calendly save you hours of back and forth trying to schedule meetings. Just send someone your Calendly link and let them choose from among available times.
- Have you (the business owner) ever spent an hour or more searching for the best deal and route for a $350 flight? Old school tip — use a travel agent. The do the searching, present you the options, and when your get stuck in Denver, you have someone to call who can actually help you get another flight. The cost is minimal.
- Finally, one CEO said that she regularly stops and asks herself, “Why am I doing this $15 an hour work? Shouldn’t I be spending my time on $1,000+ an hour work?”
What are your favorite productivity tools, hacks, and tips? Share in the comments!
Leadership Lessons from 5 Outstanding Women in Business
What’s the recipe for success in business and life? Members of the Virginia Council of CEOs recognize that the ingredients vary from company to company and chief executive to chief executive. But we can learn much from one another.
To that end, we asked five CEOs to share their leadership lessons for the current environment. Here’s what these outstanding businesswomen had to say.
Change Is In The Air
One theme that came through in these discussions is the immense transformation that is underway in nearly all facets of business. Arlene Lee, CEO and Principal of Lee Construction Group, Inc., in Charlottesville explained, “The greatest challenge is the pace of change, the breadth of areas in which the change is occurring, and the size of the challenges that require attention.”
With so much going on, a CEOs’ focus is zooming out and in, or as Arlene puts it, “I have to be able to see the big picture but also dive into the details with targeted precision…I have to be able to see the horizon and know where we are going but also to see the boulders in the way.”
Out-of-Box Solutions, New Normal
While CEOs have always had to combine strategic vision and tactical implementation, doing so can be especially difficult now because the old answers don’t always apply. Arlene elaborates that she must “be able to not just to define ‘The Box’ but to also throw it out the window.”
The Cultural Arts Center
One critical place to apply such out-of-box thinking is personal interactions. K Alferio, President/CEO of The Cultural Arts Center, highlights how “In-person engagement among staff, clients and target audiences has changed dramatically.” Her advice? “We must use our creative leadership skills—and tap into those of our employees—to create innovative communication tools.”
President/CEO of Yebo
Robyn Zacharias, President/CEO of Yebo adds to that theme, “The traditional 9-5 model is, as they say, history. The hybrid model is here to stay; the question is now how we make it conducive to the business as much to the employees.” Yebo moved to a full-time hybrid model in July. To prepare for that change she communicated early with her employees to give them time to acclimate to their new reality. She also gave them a voice and asked for their feedback and acceptance. Robyn said, “Together, we figured it out.” She added making it work “comes down to trust, collaboration and communication.”
Talent Competition
Courtney Gregory rose from CFO to President of Carrol Plumbing & Heating, Inc., before taking ownership of the company. Ask her what she needs most right now and her answer is emphatic. “Talent, talent, talent,” she says. “Specifically for my industry, experienced tradespeople have been difficult to acquire over the years but even more so after the pandemic.”
In an industry apart, The Cultural Arts Center is having similar problems finding employees to assist with its social advocacy mission. “Hiring and retaining talent is the most immediate and critical challenge,” says K.
Both CEOs are exploring solutions. According to K, “It is about more than monetary compensation which demands that we create a positive culture that people want to experience. We must consider flexibility in offering options for working from home and flexible hours when possible.”
“My lesson for a post-pandemic world,” Courtney adds, “is find good people, train them, invest in them.”
Lifelong Learning, You’re Worth It
A Better Place Consulting
How can a CEO keep up? Bunny Young, Founder of A Better Place Consulting, recommends tapping resources outside yourself. “Hire a coach. Find a mentor. Surround yourself with people who will challenge you to be the best version of yourself and take care of yourself.”
Courtney agrees. “Invest in yourself! Besides joining VACEOs, the best decision I made was hiring an executive coach! Taking the time to invest in myself and my company has been an amazing leadership lesson.”
Even if you can’t make a significant financial commitment to leadership development at the present moment, there are options. “Find a trusted confidante to bounce off ideas and frustrations as well as share successes,” K advises.
According to Bunny, the important thing is that leaders take to heart “that you are the greatest return on investment.” The leadership lesson she is drawing on “is to remember that what is best for me is best for the company and not the other way around.”
These women leaders are turning to supportive ecosystems to help them through and they issue a critical reminder, that it is up to us all to create these environments. “Never accept an invite to the table unless you can bring someone else with you for the opportunity. This is how we grow and support one another. This is how we know that we are not alone.”
Courtney summarizes, “Never stop listening and learning. Get involved!”
All Stages of Development
Many Virginia CEOs are still looking for their community. Our panel suggests VACEOs for nearly chief executives in nearly any stage of personal and company development.
Arlene was a new CEO when she joined the Council, for example. “Being part of a roundtable forum helped me see I was asking the right questions and going in the right direction. It helped me build the confidence and skills needed to fully step into my role,” she says.
Courtney’s business, by comparison, was more mature, but the VACEOs impacts were just as powerful. “We had years of success under our belt, but I knew I wanted to grow more. I came to my roundtable, presented about my issues and by the end heard ten different ways others had tried, their successes and failures to grow their business. That is something you can’t put a price tag on.”
“Being part of a roundtable forum helped me see I was asking the right questions and going in the right direction. It helped me build the confidence and skills needed to fully step into my role.”
Arlene Lee, CEO and Principal of Lee Construction Group, Inc.
A Place for Authenticity
Although these top executives mention the VACEOs programming lineup, including speakers and conferences to help expand leadership skills, they are most impressed by the attitude members bring to each session. “In our world there are few places where we can go to explore the hard questions, the vulnerable truths, as our authentic selves, where the people around us get ‘it.’” Arlene says, “The Virginia Council of CEOs is one of those rare places.”
“As leaders, one of the toughest challenges is feeling isolated,” adds K. “We all need a place to share our victories without seeming smug and a place to air our vulnerabilities without seeming weak.”
“You don’t know what you don’t know,” contributed Robyn. “Although it’s not always an easy thing for a CEO to admit.”
Going so deep might be scary at first but it’s worth it, according to Bunny. “The more you show up as your whole self and bring that vulnerability and authenticity to those you trust in VACEOs, the more you will get out of the experience. Listen a lot, as the knowledge and failures shared from all of the business owners around you will save you years and millions if you really receive it.”
Freedom to Move Forward
If other CEOs are wanted to home in on a single action or transformation to pursue, where should they focus? At first, Arlene finds it difficult to pick just one lesson from her experience but then she gets inspired. “There will be ‘leap now’ moments with no way to know how things will land. Embrace them. That is what gives wings lift to soar.”
“The great thing about those moments is they rarely include the metaphorical box,” she goes on. “There is incredible freedom in throwing away that box. The freedom to ask better questions, the freedom to see things from a new direction, the freedom to create, and the freedom to fail. Failure is the currency of success and failing forward defines the pathway.
“There is more than one right answer to every question or situation. Our job as leaders is to help teams and identify the best right answer. We must all feel that an idea that does not work is not failure, it can be a great learning and growth opportunity.”
K Alferio, President/CEO of The Cultural Arts Center
K agrees, “There is more than one right answer to every question or situation. Our job as leaders is to help teams and identify the best right answer. We must all feel that an idea that does not work is not failure, it can be a great learning and growth opportunity.”
And when failure eventually leads to success, there will be no one happier for you than your VACEOs peers. “I wish I knew I’d end up with ten cheerleaders,” Courtney says about her roundtable group. The members, she says, are “just as passionate about my success as they are their own.”
These conversations with five exceptional women CEOs revealed a wealth of leadership lessons. Now imagine what you might glean from a regular monthly roundtable. Actually, you don’t have to imagine! Get a taste for the VACEOs experience at one of our upcoming Meet & Greet events. Learn more and sign up at www.vaceos.org.
About Virginia Council of CEOs (VACEOs)
Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.
Pro Tips for a More Complete HR Assessment
Ah, January. The time to resolve to eat better, read more, watch less TV, and finally pick up jogging/yoga/insert fitness craze here. It’s also the right time for HR professionals to take stock of the health of their department’s operations and resolve to make any needed adjustments for a smooth year ahead.
Employee Handbook
A great place to start is the employee handbook. When was the last time it was updated? If it hasn’t been updated in the last 18 months, it is likely out of compliance. The best practice is to review and update the handbook annually, including asking employees to review and acknowledge it each year to refamiliarize themselves with its standards.
The handbook is the first impression of your culture after a new hire enters your organization. It should welcome employees into the company while also showcasing the policies and protocols that make your company function. Your handbook will set expectations and creates an accountability culture.
Training Programs
How are your training programs? (Employee training, not weight training!) Are you checking all the compliance boxes but not going much further? You know that training is just as important as taking that weekly kickboxing class, but it can be overwhelming to get started, especially for a smaller organization. From leadership development to DE&I, there is a wide range of options, all of which must be tailored to your specific needs.
Employees want to know that you are just as invested in their careers as they are. Providing training opportunities to increase their skills and business acumen will not only increase their potential but will increase their engagement and likelihood of remaining a loyal employee. The cost to replace a lost employee is far greater than that of investing in the ones you have. Training employees is a practical business investment that will pay dividends for years to come.
Leadership Coaching
Leadership Coaching takes training to the next level, like having a one-on-one with a personal trainer. It kicks your current routine up a notch, gives you additional insight through personal relevance and action plans. Organizations often assume that once an employee is in a leadership position, they automatically know how to lead and provide strategic direction. Great leaders are made, not born. Excellent leaders never stop learning and know when to seek advice from experts.
Assessing the overall bench strength of your leadership team and embracing personalized coaching strategies to build on leadership’s existing strengths and move your organization forward. Leadership coaches help them build stronger teams through improved management skills, emotional intelligence, and interpersonal relationships.
Diversity, Equity & Inclusion
Build trust, loyalty, and engagement with equitable policies and inclusive programing that embrace the value of diversity in your organization. An internal DE&I initiative, survey of employees, and audit of policies for systemic gaps can lead to customized programing, measurable objectives, and refreshed ERG content that improves DE&I strategies.
Total Rewards
Stand out and showcase what makes your organization unique in your Total Rewards program. Differentiate your organization with the compensation, benefits, wellness, and recognition programs you offer that will attract and retain top talent. In this competitive job market, you want to highlight how your company culture is unique and why people should want to work for you.
Don’t be intimidated by the big muscles of large companies and what they appear to offer. Look in the mirror and find your attributes. It may your benefits package, time off or it may be the community and solidarity that your employees have built by being a part of your company. Once you know how you stand out, it is just as important to communicate these benefits effectively internally and externally.
Like New Year’s resolutions, when it comes to the health of your organization you must be intentionally strategic with your goals. Which direction do you take, and what takes priority? Just like a great personal trainer, it helps to have someone to guide you through all of aspects of HR, create a personalized plan and encourage you every step of the way.
Here’s how our HR assessment works:
- Begin with an overall full employee life cycle and HR assessment. This includes auditing your handbook for compliance, reviewing your training programs, and assessing your onboarding and offboarding processes as well as everything in between.
- Once complete, we’ll walk through our findings and create an action plan. We will help you map out and navigate the priorities—creating custom processes or programs specific to your culture.
- You will share with us your vision of what the company and culture looks like at the end of this wellness journey, and we will create the path to achieve the vision of your future.
Our goal is to help take the pressure off knowing where to start and/or which direction to take. Fahrenheit Advisors can provide you with the right level of HR programming to take you and your team to the next level.
We are happy to help you on your organizations journey. Reach out to learn more about how an HR assessment is the right first step to success in 2022.
About the Author
Senior Consultant,
Fahrenheit Advisors
Jillian Zemp provides a broad range of expertise in recruiting, benefits and wellness, performance management and development. Utilizing her project management experience, she has an outstanding success record of implementing organization-wide programs. Jillian supports clients by providing fractional human resources expertise with a hands-on approach and strategic guidance.
EDITOR’S NOTE: Content and imagery provided by Fahrenheit Advisors. Fahrenheit Advisors is a Sponsor of Virginia Council of CEOs.
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