■ Business Forecast
■ Business Forecast
ganizational efficiency . Robotics process automation is another area banks are beginning to explore and even rely on , with particular emphasis on hiring and retention challenges . Finally , proper use of data analytics can enable management teams to make better business decisions based both on information and client behaviors . In the long run , these latest advances promise to provide financial institutions with a more effective set of the tools , products , and services their clients want and need .
Northfield Bank Steve Klein President and CEO Chairman , NJ Bankers Association
The banking industry will take a giant leap forward in 2024 in terms of artificial intelligence and digital transformation . Investments will be focused on fraud mitigation , further personalizing the customer experience and service model , and streamlining operations . The economic environment will continue to slow with higher for longer interest rates and an inverted yield curve . Credit events will be limited , due to lower levels of operating leverage , as compared to other economic cycles . ESG will remain a strategic focus as banks serve their ever-changing communities and customers and focus on attracting and developing the next generation of industry leaders .
Valley Bank Ira Robbins Chief Executive Officer
An unparalleled decade of low interest rates and easy money came to a halt over the past year as monetary policies shifted to curb rising inflation . In 2024 , we will continue to experience turbulent economic headwinds as we return to a more normalized interest rate
environment . For more than 95 years , Valley has been able to navigate these unpredictable cycles by adhering to what we do best : embracing an entrepreneurial spirit and building relationships with our customers and community partners to help them achieve financial success . As relationship bankers , we lean into our years of experience to see two steps ahead – so we can help our clients navigate unexpected changes with confidence .
CONSULTING
AIMS International USA Richard Schnaittacher Managing Partner
Companies will be investing in 2024 to bring senior executives that can continue to support the digital transformation , able to navigate well through uncertain economic times , keep strong financial structures and deal effectively with major societal issues that developed over the past few years , some due to the COVID era and some not . This would include how to effectively manage a return to the workplace , maintaining a strong team morale so essential to profitability when so much time is spent outside the office and video conferencing cannot replicate the effect of face to face meetings . One of the most significant issues , ESG or as shortened to SUSTAINABILITY , will only gain influence as a corporation ’ s ability to prove its commitment to key issues such as climate change can be crucial its public image and support .
CONSTRUCTION & CONTRACTING
Mikula Contracting Dennis Mikula , Jr . President
We are also in a very uncertain time with regard to the fluctuations in interest rates and the availability of financial resources to fund upcoming projects . Companies need to make sure that they are in a good financial position going into the rocky roads ahead with the markets being unstable .
ENGINEERING & ENVIRONMENTAL SERVICES
Bayshore Family of Companies Valerie Montecalvo President
2024 will be a landmark year in market development for recycled products . In January of 2022 , Governor Phil Murphy signed the Recycled Content Law . Beginning this January , rigid plastic containers will need to contain at least 10 percent postconsumer recycled content , and plastic beverage containers at least 15 percent . These rates will rise incrementally over the years and cap at 50 percent by 2036 and 2045 , respectively . The bill also establishes a 35 percent standard for recycled content in glass bottles ; a 20 percent standard for plastic carryout bags ; and a standard of between 20 percent and 40 percent for paper carryout bags .
Commercial Solar Panel Recycling Sarah Damaskos Managing Director
As both an early adopter and leading installer of solar panels , New Jersey PV panels are being decommissioned due to damage and inefficiency . As a SEIA member , Garden State organization and proponent of zero landfill policies for broken or retired solar panels , we predict that the State of New Jersey will take strong action and a leading national position to prevent mass dumping of solar panels into landfills .
The banking industry will invest heavily in artificial intelligence and digital transformation .
Photo : Getty Images / iStockphoto / adventtr
As I look ahead to 2024 , I see three issues confronting the Construction Industry . Labor Shortages , Regulatory Challenges , and Financial Risks will all play a major role in the year ahead .
Labor shortages continue to be a major factor in construction growth throughout NJ . Finding and training skilled trade workers , who are in high demand , will continue to be a point of stress for many businesses .
With New Jersey being a very regulated state , it is essential for all business leaders and industry leaders to keep their eyes on the ever-changing compliances that will affect their specific industries .
T & M Associates Gary Dahms President & CEO
I ’ m feeling optimistic about 2024 . We ’ ll continue to see significant infrastructure improvements due to multi-year federal funding , though we ’ ll still face challenges hiring talent to get all this work done . As with many industries , engineering and construction leaders are looking at ways to implement AI to enhance productivity . Just as AutoCAD removed much of the manual tedium from drafting plans in the 1980s , AI may be able to take over certain
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