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AM Best revises outlooks to positive for Work First Casualty Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Work First Casualty Company (Work First) (Delaware).

The Credit Ratings (ratings) reflect Work First’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

 

The positive outlooks recognize Work First’s consistent and profitable operating performance, which has outpaced composite peers in certain metrics, as well as business profile characteristics that have developed a strong and defensible presence in the temporary staffing niche.

 

Work First is a niche provider focused on writing workers’ compensation policies for temporary staffing companies, in business segments such as light manufacturing or office clerical, among others. The company is licensed in all 50 states and operates through long-term agency partnerships throughout the United States. Work First’s balance sheet strength is supported by the company’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), prudent reserving and a conservative investment portfolio, while also acknowledging limited financial flexibility as a privately held stock company.

 

Work First has posted consistent operating profitability over the past five years, with positive income resulting from its underwriting operations, augmented by investment returns. Loss and loss adjustment expense ratios, as well as return on revenue and equity measures, outpace composite measures over the past five years. This is further evidence of Work First’s strong relationships with its producers, and the resulting quality business on its books. AM Best considers the company’s ERM capabilities as appropriate for the scale and scope of operations, and properly aligned with its stated risk profile.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Raymond Thomson, CPCU, ARe, ARM
Associate Director

+1 908 882 2394
raymond.thomson@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Alan Murray
Director
+1 908 882 2195
alan.murray@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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Universal Display Corporation named to The Wall Street Journal’s list of Best-Managed Companies of 2023

EWING, N.J. — (BUSINESS WIRE) — $OLED #OLEDUniversal Display Corporation (Nasdaq: OLED) (UDC), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, has been named to The Wall Street Journal’s (WSJ) Top 250 ranking of The Best-Managed Companies of 2023.

 

The annual Management Top 250 ranking of America’s best-run companies is based on a holistic measure of corporate effectiveness that was developed by the Drucker Institute and examines five dimensions of corporate performance: customer satisfaction, employee engagement and development, innovation, social responsibility and financial strength.

 

“This recognition is a testament to the dedication, passion and hard work of our incredible UDC team members and is a celebration of our commitment to excellence in every facet of our global company,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation.

 

“From our broadening portfolio of innovative and energy-efficient products and services to fostering a corporate culture of inventiveness, integrity, inclusion and collaboration, we are building on our robust leadership position in the growing OLED ecosystem. As we approach the 30th anniversary of UDC’s founding, we are excited to reach even greater heights in the future and make a lasting impact in the industry.”

 

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 6,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

 

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

 

All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

 

Follow Universal Display Corporation

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Contacts

Universal Display:
Darice Liu

investor@oled.com
media@oled.com
+1 609-964-5123

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Some of this year’s cinematic films hit big while others list as most overlooked movies of 2023

This past year saw cinematic highs for studio blockbusters like “Barbie” and “Oppenheimer” while indie darlings such as “American Fiction” and “Past Lives” found a warm reception from critics and audiences.

 

But not all films can make a mark at the box office or find a passionate fanbase (or obsessed critic) to champion their releases.

 

The content onslaught often makes it hard to find the hidden gems, which is what end of the year lists are for — so Variety asked writers and editors to suggest their lesser-seen favorite films of the year.

 

And while you’re desperately searching for new content, check out Nida Manzoor’s jaw-dropping, action flick “Polite Society” or the tear-inducing animated feature “Robot Dreams.”

 

Do not sleep on the middle-of-nowhere Australian crime documentary “Last Stop Larrimah,” centered around the mysterious disappearance of the local favorite, thus making everyone a suspect.

 

If you’re looking for a thriller, check out the screenshot flick “Missing” that takes place entirely from a teenager’s laptop and phone, as she tries to uncover the secret behind her mother’s sudden and unexplainable disappearance (from the creators of “Searching).”

 

And if you’re looking for something a little lighter, we suggest Peter Dinklage, Anne Hathaway and Marisa Tomei’s strange little comedy “She Came to Me,” about a composer who finds inspiration for his next musical masterpiece while cheating on his wife with a tugboat captain.

 

Instead of re-watching “West Wing” or mainlining “The Sopranos” yet again, check out these movies you may have missed.

 

Read more:

https://variety.com/lists/overlooked-movies-of-2023/afire/

 

 

 

Variety

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AM Best downgrades Credit Ratings of Standard Life and Accident Insurance Company; revises Under Review Status to developing

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “a+” (Excellent) of Standard Life and Accident Insurance Company (SLAICO) (Galveston, TX). Concurrently, AM Best has maintained the under-review status on these Credit Ratings (ratings) and revised the implications status to developing from negative.

 

The ratings reflect SLAICO’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

 

The ratings actions were driven by the recent acquisition of SLAICO by Core Specialty Insurance Holdings, Inc. (Core Specialty). The rating downgrades reflect the revision of SLAICO’s business profile assessment to limited from favorable. The assessment is aligned with that of Core Specialty, as SLAICO no longer benefits from the favorable business profile of its former parent. Following the finalized sale, AM Best has determined that the company warrants further monitoring before removing its ratings from under review. Consequently, and coupled with the downgrades, the implications on the SLAICO’s under-review status has been revised to developing from negative.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Dan Hofmeister
Associate Director

+1 908 882 1893

dan.hofmeister@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Steven M. Chirico
Director
+1 908 882 1694
steven.chirico@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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American Water now accepting applications for 2024 Inclusion and Diversity Scholarship

Awards totaling $100,000 will be distributed nationwide to students continuing education

 

CAMDEN, N.J. — (BUSINESS WIRE) — American Water (NYSE: AWK), the largest regulated water and wastewater utility company in the U.S., announced today that it is accepting applications for its 2024 Inclusion and Diversity (“I&D”) Scholarship. Awards totaling $100,000 will be distributed nationwide to students within America Water’s national footprint, continuing their education in a non-medical STEM or business-related field at an accredited four-year college or university.

“American Water is thrilled to again offer the Inclusion and Diversity Scholarship, providing equitable opportunities for students across American Water’s national footprint to continue their education,” said Lori Sutton, Chief Inclusion Officer, American Water. “This scholarship supports the development of our future leaders and reinforces our unwavering commitment to inclusion, diversity and equity.”

 

The I&D Scholarship will be administered through a partnership with Scholarship America®, the nation’s leading nonprofit scholarship and educational support organization.

 

American Water announced the inaugural class of I&D Scholarship recipients earlier this year. Ten students were selected out of 1,475 applications and received $10,000 through the scholarship. Awards are renewable up to three additional years or until a bachelor’s degree is earned, based on eligibility.

 

The I&D Scholarship is offered annually to eligible students through 2026, totaling over $1 million in awards.

 

Learn more about American Water’s I&D Scholarship, eligibility and deadlines here.

 

About American Water

American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to more than 14 million people with regulated operations in 14 states and on 18 military installations. American Water’s 6,500 talented professionals leverage their significant expertise and the company’s national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders.

 

For more information, visit amwater.com and join American Water on LinkedIn, Facebook, X (formerly Twitter) and Instagram.

Contacts

Media:
Alicia Barbieri

Director, Communications and External Affairs

American Water

(856) 676-8103

alicia.barbieri@amwater.com

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Mobile Academy’s ‘Can We Talk’ series returns with second edition: Exploring Generational Diversity

TRENTON, N.J. — The Mobile Academy of the African American Chamber of Commerce of New Jersey (AACCNJ) announces the upcoming session of its Can We Talk series.

 

Following the success of the inaugural event in January 2023, which delved into the topic of antisemitism, the second installment will focus on the theme of generational diversity.

PHOTO: Keynote Speaker and Panel Moderator: Dr. Kinna Perry, Associate Dean, Rutgers Graduate School-Newark

 

Event Details:

Title: Can We Talk: What Do You Really Know About Generational Diversity?

Host: Mobile Academy of the African American Chamber of Commerce of New Jersey (AACCNJ)

Keynote Speaker and Panel Moderator: Dr. Kinna Perry, Associate Dean, Rutgers Graduate School-Newark

Panelists:

  • Mr. Gene Bouie, Executive Director, AACCNJ Training and Development Institute; current member and former President of the Trenton Public School District Board of Education (representing Baby Boomers)
  • Ms. Stacey Kavanagh, First Vice President, Market Manager, Provident Bank; member of AACCNJ Foundation Board of Directors (representing Generation X)
  • Mr. Kyle Holder, Vice President, Optimus Partners, LLC (representing Millennials)
  • Ms. Desiree Mitchell, student, New York University (representing Generation Z)

 

Date: Tuesday, Jan. 23, 2024

Time: 6:30 to 8:30 p.m.

Venue: Middlesex College, West Hall/Parkview Room, 2600 Woodbridge Ave., Edison, N.J. 08837

Cost: Free, but registration is required

 

The Can We Talk series fosters open and constructive conversations on crucial cultural topics. Accordingly, the upcoming event on generational diversity promises to be a thought-provoking exploration of the unique perspectives and experiences of different generations in today’s society. Dr. Kinna Perry, an esteemed scholar and Associate Dean at Rutgers Graduate School-Newark, will serve as the keynote speaker and panel moderator for the evening, guiding the audience through an engaging presentation and facilitating a dynamic panel discussion featuring distinguished representatives from the Baby Boomer generation to Generation Z.

 

“This event provides a rare opportunity for attendees to gain valuable insights into the challenges and opportunities faced by various generations in the workplace and beyond,” stated John E. Harmon, Sr., IOM, AACCNJ’s Founder, President and CEO. “The diverse panel will share personal experiences, discuss generational dynamics, and explore strategies for promoting understanding and collaboration across age groups.”

 

Can We Talk: What Do You Really Know About Generational Diversity? is scheduled for Tuesday, Jan. 23, 2024, 6:30 to 8:30 p.m., at Middlesex College, West Hall/Parkview Room. Admission is free, but registration is required. To register to attend or for additional information, click here or visit https://shorturl.at/aoGP8.

 

About the African American Chamber of Commerce of New Jersey

The African American Chamber of Commerce of New Jersey (AACCNJ) performs an essential role in the economic viability of New Jersey. While providing a platform for New Jersey’s African American business leaders, to speak with a collective voice, the AACCNJ advocates and promotes economic diversity fostering a climate of business growth through major initiatives centering on education and public policy. The Chamber serves as a pro-active advocacy group with a 501(c) 3 tax exemption, which is shared by the National Black Chamber of Commerce.

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Business Culture Economics Lifestyle Perspectives Regulations & Security

AM Best affirms Credit Ratings of Starr International Company, Inc.’s insurance subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the insurance subsidiaries of Starr International Company, Inc. (SICO) (Switzerland), a private investment holding company. The outlook of these Credit Ratings (ratings) is stable. These rating actions apply to the members of Starr International Group (SIG) and Starr Insurance & Reinsurance Limited (SIRL) (Bermuda).

 

The ratings of the members of SIG reflect their balance sheet strength, which AM Best assesses as strongest, as well as their adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM). Members of SIG include Starr Indemnity & Liability Company, Starr Surplus Lines Insurance Company and Starr Specialty Insurance Company. These companies are all domiciled in Dallas, TX.

 

The ratings of SIRL and its members reflect their balance sheet strength, which AM Best assesses as strongest, as well as their adequate operating performance, favorable business profile and appropriate ERM. Members of SIRL include Starr Property & Casualty Insurance (China) Company, Limited; Starr International Insurance (Asia) Limited (Hong Kong); Starr International Insurance (Singapore) Pte. Ltd; Starr International (Europe) Limited (United Kingdom); Starr International Insurance (Switzerland) AG (Switzerland) and Starr Europe Insurance Limited (Malta).

 

The operations of SIG and SIRL support a business profile that is well-diversified internationally and by product exposures. The groups continue to report strong growth trends in their key markets. Overall underwriting results are in line with the commercial casualty composite five-year average combined ratio. The groups have sustained the strongest levels of risk-adjusted capitalization on a consolidated and per-entity basis, as measured by Best’s Capital Adequacy Ratio (BCAR), which is further supported by favorable liquidity metrics. AM Best also notes that each group maintains above-average allocations to alternative asset classes, relative to composite peers, including private equity and debt funds, real estate funds and hedge funds, which are managed by affiliated investment management companies using external asset managers.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Michael Venezia
Senior Financial Analyst

+1 908 882 2414
michael.venezia@ambest.com

Christopher Sharkey
Associate Director, Public Relations

+1 908 882 2310
christopher.sharkey@ambest.com

Erik Miller
Director
+1 908 882 2120
erik.miller@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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Mastering the art of C-suite communication human-centric skills for successful business outcomes

By Dr. Te Wu and Gail Yosh

 

— Successful professionals know how to balance both hard and soft skills to deliver results for the organizations they support.

 

In recent years, the importance of soft skills has garnered much attention. If a manager can’t motivate, lead, and resolve conflicts, difficult tasks and projects become even more challenging to implement.

 

However, today’s ambitious professionals must expand their soft skills beyond the basics of creativity, collaboration, and conflict resolution, to name a few. They must cultivate the human-centric skillset needed to engage C-suite executives, bridging the gap between what needs to be communicated and how executives need to hear it.

 

There is a nuanced language one needs to speak when communicating with top-tier executives. Learning that language can elevate projects, foster stronger relationships, and drive implementation success. This article explores three human-centric communication skills for engaging C-level executives that drive successful business outcomes.

 

Repackaging your message – the importance of language and context

Have you ever had to translate a message into another language? First, you have to know what you want to communicate. Then you need to translate those words into the other language. Often this process is not a literal word-to-word exchange, but rather the transfer of the essence of the original message, so it resonates with the same intensity and clarity in the new language as it does in the original language. This requires you to consider your message goals and then repackage the message into the language your recipient will understand.

 

For today’s professionals, repackaging a message for the C-level audience means tailoring your words to fit the strategic and operational context in which the executives operate. You may be inclined to use technical terms and performance metrics. But our minds think in pictures. Words are merely the symbols we use to create the picture.

 

Instead of leaning too hard on your metrics, leaving your audience to create their own picture, offer a visual story. Use the words that create the most compelling picture for your executive audience. Consider a project manager who needs to communicate a complex portfolio dashboard to the governance board. The information that needs to be communicated entails project performance using Green, Yellow, and Red traffic light indicators.

 

Original Message: The portfolio dashboard shows the current status of 50 different projects in the portfolio. Overall, the portfolio is performing well, with 40 projects in Green, seven in Yellow, and three in Red. The message goes on to supply details of the projects in Red and Yellow.

 

Repackaged Message: The portfolio dashboard shows the current status of 50 projects in the portfolio. Overall, the portfolio is largely on track to meet the agreed portfolio goals, despite some pockets of concern. Based on the current portfolio performance, we should be able to achieve 100% of Strategic Goal 1, 95% of Goal 2, and 80% of Goal 3. We are seeking your help with three of the projects in Red, and with proper resolution, we should be able to fully achieve Goals 2 and 3.

 

By choosing less technical terms and relating project performance to business metrics, you will offer a more compelling story for your C-level executives, allowing them to visualize your message, understand the impact, and provide guidance more readily.

 

Optimizing your message

After repackaging your message, optimizing it for the audience’s unique communication style is crucial. Message optimization is akin to customer relationship management. Like CRM requires a customer-centric business culture, communicating with top executives requires an audience-centric approach. Optimizing a message involves knowing how your audience hears it, i.e. how they filter your words based on what motivates them. According to Dr. Elias Porter’s Relationship Awareness Theory, three primary motives guide how individuals interpret messages transmitted by others. Some individuals are guided by the drive to protect others and help them grow, while some are led by the desire to organize resources, such as time, people, and money, to achieve results. Others are driven to ensure organizational functions are carefully thought through and the right processes are followed to accomplish strategic goals. To achieve optimal communication, professionals should first be aware of the motives that guide their own choice of words. They can then adapt their message wherever necessary to suit their audience’s motives. Optimizing your messages is like using a translator to transform your words into those that deliver the greatest impact to your audience.

 

How do you determine the best words for your executive audience? This requires active listening and learning the hot button topics of the executive. Do you notice a pattern of words or a consistent communication style in your interactions with key executives? Executives motivated by the desire to optimize resources frequently use nouns such as achievements, results, and goals; and modifiers such as definitely and quickly. While you may feel comfortable using nouns such as processes, standards, schedules, technical jargon, and modifiers like accurate and efficient, your executive audience may not hear your message in a way that resonates. The details of your message don’t need to change, but the words and modifiers you use to package your message should adapt to the cognitive space where your audience thrives. For example, on a project in which budget is a concern, instead of, “We are managing the budget efficiently, achieving a CPI (cost performance index) of 1.1,” consider rephrasing it as, “We are managing the budget well, and we are currently under spending by about 10%.” In your interactions with key executives, notice how often they use certain nouns, verbs, and modifiers. How are they choosing to deliver their messages? Understanding their preferred language suggests words you might choose to optimize your messages each time you interact.

 

Enhancing your delivery

The final step in human-centric communication is enhancing your delivery to foster relationships and build credibility. As Steven Covey said, “Most people do not listen with the intent to understand; they listen with the intent to reply.” Active listening requires you to make a conscious effort to understand the information being relayed to you and learn from the person speaking. When we listen with a learner mindset, we’re not waiting to speak, but rather, we’re listening for information that tells us about the speaker’s outlook, concerns, and priorities. By actively listening, we gain audience-specific information we can use in future interactions to repackage and optimize our messages. Active listening techniques include clarifying to ensure you understood what you have heard and summarizing to restate the big issues involved. As you clarify and summarize, you are in a better position to respond with more precision. This feedback-and-adapt process builds rapport as both parties leave the encounter feeling heard and understood.

 

Mastering communication with C-suite executives is an art that requires a nuanced approach. These human-centric communication skills are not just tools. They are essential elements in building strong, effective relationships with top-tier executives. As you refine these skills, you can become a key facilitator of strategic communication and collaboration within the highest levels of your organization.

 

Dr. Te Wu is CEO and CPO of PMO Advisory, an associate professor at Montclair State University, and the co-chair of Project Management Institute’s (PMI) Development Team on the portfolio management standard. He also has these project management certifications: PMP, PgMP, PfMP, PMI-RMP.

 

Gail Yosh is a teaching professor of business communications at Montclair State University and the founder of Quanta Communications, a communications consulting company. Gail has an MBA in international business and will obtain her doctorate in Marketing from Pace University in 2024.

 

Allison Kugel
Full Scale Media
akugel@fullscalemedia.com

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Business Economics Lifestyle Local News Perspectives

Price hikes, shortages, delays of goods — an unbearable crisis for NJ residents

By Farrukh Imran, Zongheng Mo

& Sylvia Hove

 

— New Jersey is ranked the top 4th wealthiest state in the nation, yet New Jersey’s poverty levels and food insecurities surpass the Northeast averages.

 

According to America’s health rankings, New Jersey ranks 8th in the country for food insecurity, with 8.3% of households unable to provide adequate food for one or more household members due to lack of resources (America’s Health Rankings, 2023).

 

An estimated 2 million people are food insecure in N.J., with one in five children living in poverty, 8% of seniors (60+) live in poverty, and 9.8% are food insecure (Table to Table, n.d.).

 

Food insecurity has skyrocketed, especially in counties served by Table to Table, an organization that fights hunger while reducing food waste. Recent price hikes due to inflation have affected these communities immensely. (Table to Table, n.d.).

 

Companies are using discovery technology that employs AI and machine learning to map sub-tier supply chains for critical products.

 

According to Gartner, “Eighty-two percent of CEOs in supply-chain-intensive industries plan to increase investments in digital capabilities across their enterprise. Why? To support new business, improve supply chain process efficiency and productivity, enhance decision making and improve resiliency/agility amid ongoing supply chain disruption.” (Gartner, 2023)

      

 The government implemented an Inflation Reduction Act which provides tax credits and rebates to businesses and individuals. (U.S. Department of Treasury, 2023)  The Inflation Reduction Act caps prescription drug costs for hundreds of thousands of New Jersey Medicare beneficiaries, (Centers for Medicare & Medicaid Service, 2023).

 

The FY2024 budget includes 20 tax cuts for working and middle-class families and seniors, (State of New Jersey Office of the Governor, 2023). While each of these items are a good start,  they need to be extended and coupled with increased digital investments (New Jersey Chamber of Commerce, 2023) to meet the needs of our local businesses and ensure New Jersey benefits from the latest round of incentives from the CHIPS Act, (U.S. Department of Commerce, 2023).

 

As New Jersey emerges from the shadow of the pandemic, the ongoing supply chain crisis threatens to create another unbearable burden on residents, especially those from low-income backgrounds. Collaboration between companies and local governments offers hope for a more resilient and responsive supply chain system. It is imperative that New Jersey residents remain engaged and advocate for comprehensive solutions to this crisis, as they continue to grapple with its consequences in the aftermath of the pandemic.

 

Rutgers University students

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Best’s Review looks ahead to 2024 key issues

OLDWICK, N.J. — (BUSINESS WIRE) — In a new article, Best’s Review speaks to experts about what they see as the insurance industry’s top issues in the coming year.

 

Hot topics include natural catastrophes and climate risk, generative artificial intelligence, cyber risk, litigation and nuclear verdicts, as well as the U.S. presidential election.

 

The insurance workforce is also in the spotlight as layoff announcements have accelerated. Read the full story in “Insurers Look Ahead to 2024 and Key Issues: Catastrophes, Inflation, Layoffs, AI and More.”

 

Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. The complete content of Best’s Review is available here.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Patricia Vowinkel
Executive Editor, Best’s Review®
+1 908 882 1771
patricia.vowinkel@ambest.com