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www.okstatechamber.com www.okstatechamber.com/foundation www.okbusinessroundtable.com BUSINESS LEADERSHIP ADVANCING OKLAHOMA’S ECONOMY 2021 OKLAHOMA BUSINESS LEADERS POLL EXECUTIVE HIGHLIGHTS
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Whether rural or metropolitan; small, large or midsized; a servicer or fabricator; the job creators who are members of Oklahoma Business Roundtable and The State Chamber are varied in industry yet find themselves increasingly faced with similar challenges. Our organizations recently surveyed a diverse group of companies across Oklahoma to understand the current trends and future anticipations of Oklahoma’s industries. While the snapshot provides validation across areas Oklahoma’s companies have long struggled with, business leaders are spotlighting workforce as the greatest threat to growth and profitability. Other areas of concern manifest throughout the survey results include common and higher education; COVID-19; and tax reform, which all influence the ability of companies to find and hire quality, skilled employees. Further hinderances to business growth include healthcare costs, government regulations/mandates and supply chain uncertainty. While our companies are casting a hopeful eye to the future, their sense of opportunity is clouded by ongoing uncertainty around the structural issues impacting local, state and national economies due to the COVID-19 pandemic. Even amidst these challenges, the majority of business leaders remain optimistic and conclude the state’s economy is moving in the right direction compared to the national economy. Recent reports of Oklahoma’s low unemployment rate support this notion. This information gleaned from this survey will guide our respective organizations toward leading future policy and economic development priorities that will drive continued growth for Oklahoma. This inaugural poll is a snapshot of what we will be a consistent tool used by Oklahoma Business Roundtable, The State Chamber, The State Chamber Research Foundation, policy leaders and businesses to take action annually toward implementing solutions to the varied issues that disrupt the profitability of our companies and onward growth of Oklahoma. The greatest key finding of the poll emphasizes workforce as the most significant challenge facing Oklahoma businesses today. This problem is multi-faceted and wasn’t created overnight. CHAD WARMINGTON President & CEO The State Chamber BEN LEPAK Executive Director The State Chamber Research Foundation MARK FUNKE President & CEO Oklahoma Business Roundtable
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56% Lack Educated/Qualified Workforce 21% Lack Soft Skills WHAT IS IMPACTING THE QUALITY OF THE WORKFORCE 75% 41% of business leaders polled think the Oklahoma economy is going in the right direction of businesses plan to make minor investments in expansion, purchase of machinery and equipment, maintenance, and technology 7% Increase Substantially 46% Increase Moderately 41% Stayed About the Same 3% Decrease Moderately 0% Decrease Substantially OVER THE NEXT YEAR, DO YOU BELIEVE THAT YOUR WORKFORCE WILL (INCREASE/DECREASE) SUBSTANTIALLY OR WOULD YOU SAY IT WILL ONLY (INCREASE/DECREASE) MODERATELY? MOST IMPORTANT ISSUES FACING BUSINESSES Supply chain and health care were among a variety of other issues considered by businesses as important TOP RESPONSES TOP TWO IMPORTANT ISSUES TO THE PROFITABILITY & GROWTH OF BUSINESS TOP RESPONSES WORKFORCE OVERALL SENTIMENT
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THE GREATEST CONCERN WITH THE CURRENT WORKFORCE IN OKLAHOMA of businesses leaders polled believe Oklahoma’s higher ed system needs to do a better job of incentivizing students to study in fields where there are greater workforce needs 82% When asked various sentiments about the higher education system in Oklahoma, 79% of respondents agreed the administration of the state’s public university systems should be streamlined to create efficiencies. 79% of business leaders state we need a comprehensive look at the tax code to make Oklahoma more competitive with other states 67% THE COST OF DOING BUSINESS 7% It is the most important issue. 59% It is one of a handful of important issues. 25% While important, there are four or five other issues that are more important. HOW IMPORTANT IS REDUCING COSTS RELATED TO LAWSUITS TO IMPROVING THE BUSINESS CLIMATE IN OKLAHOMA? 66% Lower health care costs should be advocated for at the state level. 22% Health care is a federal issue and not a state- level priority. 12% Undecided WHEN THINKING ABOUT HEALTH CARE COSTS, WHICH OF THE FOLLOWING COMES CLOSEST TO YOUR BELIEFS? of leaders polled view a reliable grid as the most critical need concerning electricity. 63% INFRASTRUCTURE