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Ceos Discuss the Economy 2020 CEOs discuss INSIDE Innovating for crisis keeps some the economy businesses humming Remote work is altering business 12 local leaders share their culture wisdom, coping skills Lessons from prior downturns The region's largest employers TABLE OF CONTENTS 3 .......................................................................................................................................................Letter from the Editor 4 ..................................................................................................... Weathering a downturn: Some lessons learned 6 ............................................................................................................ The RBJ 75: The region’s largest employers 9 .................................................................................Spirit of Innovation keeps some manufacturers humming 11 ..........................................................................................................................................................Charting the RBJ 75 12 ................................................................... Firms must prepare now for eventual reopening of work space 13 ......................................................................................... Remote work explosion is changing our workplaces 16 ................................................................................................. 12 local CEOs off er sage advice about this crisis 19 .....................................................Survey: Majority of Upsate businesses have suff ered during pandemic 20 .............................................................................................................................................................The RBJ 75 CEOs To buy advertising or order additional copies of RBJ 75, email [email protected] Suzanne E. Fischer-Huettner ........ Group Publisher Kelly Plessinger ........................Digital Content Manager ................................................. Publisher Kevin Momot Jessica Sims ......... Events & Marketing Coordinator Ben Jacobs .........................................................................................................Editor Tracy Bumba ...Audience Development Manager Dick Moss ........................... Special Products Editor Alys Derby .............PN & Advertising Coordinator Nicole Sheldon ......................................................... Assistant Editor Laura Black .................................... Special Projects Manager Velvet Spicer .........................................................................................Reporter Laura Black ................................................................ Graphic Designer Kevin Oklobzija ................................................................................Reporter ....................................................................Ad Designer Jean Moorhouse ..............................................Account Manager Lauren Seybold Bethany Baller Donoghue .............Account Manager Kate Melton ..............................................Cover photo RBJ 2 Rochester Business Journal Letter from the Editor A time of uncertainty This is the 32nd edition of the bers for other how large that ing 3,000 Rochester-area em- RBJ 75 and while it’s certainly lists in the second workforce is. ployees on Nov. 19, 2018. Since not the first time this publication half of last year; Kodak hasn’t we published last year’s RBJ 75, has been produced amid eco- where necessary provided up- Xerox’s companywide workforce nomic uncertainty, this situation we used those dated Roch- has declined by more than 5,000 is unique in terms of its impact numbers with ester employ- to about 27,000 workers by the on employment. footnotes. ment numbers end of 2019. We began surveying compa- For companies since respond- There are undoubtedly oth- nies about their local workforce that were on the ing to surveys er companies that should be on before Gov. Andrew Cuomo’s list last year but for last year’s this year’s list and are not. “New York State on Pause” ex- have not provid- RBJ 75, when it As is always the case, this list ecutive order went into effect, ed updated num- reported 1,377 will be reprinted in the 2021 and since then companies and bers since then, local employ- Book of Lists at the end of this employees across all industries we had no choice ees and 5,387 year. But because of the difficul- have been affected by the reg- but to omit them. employees ties everyone is going through ulations enacted in an effort to Two notable companywide. now, we will give companies and fight COVID-19. omissions from Given that their organizations the opportunity We knew that some companies this year’s list are the companies companywide employee count to provide updated job numbers would be unable, or unwilling, to that used to drive Rochester’s dipped below 5,000 by the end this fall before we republish this provide updated local job num- economy: Eastman Kodak Co. of last year, it is likely the Roch- list. bers amid all of this uncertainty. and Xerox Corp. Both companies ester workforce has declined Hopefully the economy will be Many companies did respond still have a large enough local further as well. on surer footing by then. to our surveys this year with up- workforce to be included among Xerox has been silent on its dated local job numbers. Others the 75 largest employers in Rochester employment num- had provided updated job num- Rochester, they just aren’t saying bers even longer, since report- —Ben Jacobs, Editor Business is Complex. Paychex Makes it Simple. For nearly 50 years, we’ve made it simple for businesses to pay and manage employees. We handle their benefits programs, help guide them through human resources challenges, and help keep them up to date with ever-changing laws and regulations. We do it on many levels – with our innovative technology platform, experienced professionals, and dedicated experts. And today, that’s more important than ever. At Paychex, we’re working so you can keep working. Empower your business at paychex.com/Roc RBJ Rochester Business Journal 3 Weathering a downturn: Some lessons learned By KEVIN OKLOBZIJA “Ben Bernanke (chair of the Fed- health care and mental well-being. “This is another massive failure eral Reserve from 2006 to 2014) “If you lose your job, you gen- in the United States. It’s counter- If the Great Recession taught was slow to realize the severity of erally lose your health insurance, productive to the welfare of soci- government leaders and their the problem. Jay Powell (the cur- which creates extreme anxiety,” ety.” economists one thing, it’s the crit- rent chair) is acting aggressively, Batabyal said. “You’re afraid to But at the same time, small busi- ical role that small business plays as he should.” go to the hospital, you’re afraid of ness owners and individuals can’t in a thriving national economy. The same is true for employ- catastrophic medical problems. It rely on government bailouts to Keeping the small business- ment. When people are laid off or creates terrible anxiety at an al- lead them to prosperity. For one es solvent during a catastroph- furloughed during a crisis, irrep- ready stressful time.” thing, bailouts rarely are as effi- ic downturn — such as the one arable damage has already been Which is why Batabyal says em- cient as they could be, according caused by the coronavirus pan- done — to the economy as well as ployment should not be a prereq- to George Conboy, chairman at demic — is far more important the psyche, Batabyal said. uisite for having health care cov- Brighton Securities. than trying to prop them back up That’s why the forgivable loans erage. “A lot of these stimulus pro- in the wake of the storm, accord- provided in the CARES Act were “If we learn anything from this, it grams are incredibly wasteful and ing to Amit Batabyal, a professor wise, he said. should be decoupling health care horribly inefficient,” he said. “They of economics at Rochester Insti- “Once a person is unemployed, from employment status,” he said. were designed by politicians, tute of Technology. a whole cycle of events follows,” “It’s bad enough when a person most of whom have very little idea “The key lesson from the Great Batabyal explained. “Social es- loses a job; you don’t want them about how to run a business.” Recession of 2008 and 2009 is teem suffers, the sense of self- to completely lose their minds be- Simply put, Conboy said, too the role of the Federal Reserve worth declines and relationships cause of a fear of hospital bills.” little of the money gets where it being a lender of last resort,” flounder, whether it’s with a Paid sick leave is also a necessi- needs to go. Batabyal said. spouse or children or parents. ty, he said. “Say you’re putting oil in your “When there’s a recession, lend- “That’s why it’s extremely im- “If people are sick, they must car,” he said. “You remove the cap, ing freezes up,” he explained. “But portant to do whatever is possible choose between a paycheck and put a funnel where the oil goes, firms, regardless of size, must be to protect jobs. A whole host of their health status. Well, as long put the neck of that quart of oil able to borrow. The Federal Re- problems would not arise if peo- as he or she can walk and ride the near the funnel and you pour. serve must promote liquidity and ple had kept their jobs.” subway, they’re going to choose “Now, what if, instead of put- tell banks, ‘Whatever it takes,
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