Into 2024, these Philly leaders are thinking about small biz survival, talent retention and perception of the city

Inflation, hiring and retention were the top concerns for Philly biz leaders at the start of 2023. Now, nationally, the job market is expected to remain strong, while consumer spending may boost the economy.

The Chamber of Commerce of Greater Philadelphia’s annual State of the Economy event reflected on the past year of economics both at national and local levels. Here’s what three Philly execs say are their top concerns for the new year.

Challenges and opportunities for small businesses

Businesses of all sizes still face challenges with access to capital and survival during challenging times, said Jodie Harris, president of the Philadelphia Industrial Development Corporation (PIDC).

PIDC focuses on helping businesses stay afloat, such as through lines of credit or helping businesses invest in themselves through new contracts or equipment. Harris said she’s seen an increase in entrepreneurs who want to purchase their own space.

“I think what that says is that there’s a need for stability,” Harris said. “One thing that I can tell you is that all types of businesses are vulnerable. And when you have economic shocks that come out of nowhere, there needs to be some stability in your business and in the community.”

Maintaining talent

John Fry, president of Drexel University, said the university is doing well on retaining local and regional talent for jobs in maintenance, security, admissions and IT, for example. However, the university is struggling to compete in the national market for diverse faculty members.

To solve this issue, Fry is thinking about three talent attraction and retention tactics that could serve any company leader.

• First, he said: “creating meaningful sort of career ladders and opportunities for people to progress.”
• Second: “having a much more flexible workforce, particularly in terms of hybrid and online work.”
• And third: bringing “a sense of dignity and purpose and mission to people’s work.”

Changing the perception of Philly

Kathryn Ott Lovell, president and CEO of the Philadelphia Visitor Center Corporation, said leisure travel and tourism as well as business travel have recovered strongly post-pandemic. However, Philadelphia faces a perception issue thanks to negative media coverage and social media posts, which impacts people coming to the city.

“We all have to be bullish in our belief that there are extraordinary things happening as well in the city, and we’re not doing enough to push that,” Lovell said. “Make sure that we’re all being champions and ambassadors for the great visitor experience that exists here in Philadelphia. We have to continue to push that narrative and be ambassadors for it.”

Part of the solution to the perception problem is through strong leadership, Lovell said, citing Mayor-Elect Cherelle Parker’s advocacy for the city’s success.