Like being stuck on the turnpike on a summer afternoon, there are moments when one realizes that a change in the route is the wiser choice. We know where we want to go but to “get there from here” may require new thinking and a more comprehensive approach.

As a University of Southern Maine (USM) alumnus and leader of a 132-year old Maine company, I am encouraged to see new thinking and improvements to my alma mater. These improvements include physical enhancement and pursuit of a strategic rebranding to the University of Maine-Portland.

Initially I had hesitation about this name change and what it would mean for the history of the University of Southern Maine and its connection to the Lewiston/Auburn community. After spending time learning the rationale behind the change, I believe it will have a positive impact on the entire state and strongly support it.

As most business leaders will tell you, the key to realizing our economic potential is resolving our perpetual workforce crisis. In recent years it has been exacerbated by low unemployment, but the more systemic cause is our demographics: we are the oldest state in the nation and getting older; more Mainers are retiring than are entering the workforce; our death rate surpasses our birth rate; we have negative net migration; and the pool of high school graduates is shrinking.

Simultaneously, our economy is at a crossroads. Our traditional industries continue to retract and although innovation is apparent, we are not keeping pace. We need young people to not only stay in our beloved state, but must show others “from away” why this is great place to garner an education, raise a family and become part of our highly capable workforce.

The simple truth is that in order to meet the needs of Maine students and the economic needs of our state, the University of Southern Maine must attract out-of-state students. Part of the attraction requires us to consider change, through continued investment in infrastructure as well as how we present ourselves to those outside of Maine’s borders. The identity of USM needs a direct relationship with the system that it is part of, as well as a geographical reference that is understandable to young people and those helping guide their decision.

Changing the university’s name to the University of Maine-Portland is by no means a silver bullet, but as the research demonstrates, it is a necessary and meaningful step. In fact, one of the conclusions of a recent study commissioned by the University of Southern Maine is that changing the university’s name would make it significantly more attractive to out-of-state students.

First, Portland has a positive image among prospective students, 73 percent of whom have a favorable opinion of Portland and 55 percent of whom are more likely to consider attending the university knowing of its location in Portland. Unfortunately, only 27 percent of out-of-state students know we have a campus in Portland.

Second, influencers such as parents (62 percent) and guidance counselors (81 percent) were more likely to encourage a prospective student to consider attending the university knowing of its facilities in Portland. However, only 30 percent of out-of-state parents and 45 percent of out-of-state-guidance counselors know of the University of Southern Maine’s presence in our largest city.

Third, the most favorable association for the University of Southern Maine is the University of Maine system. However, the current name does not make that association clear and even suggests a distinction. Changing the name to the University of Maine-Portland is not only more explicit, it aligns with the system’s nomenclature.

Understandably, many of us closest to the university struggle with a name change. As alumni we are part of its history and the university is part of ours, in which plans need to include recognition of the “schools” that have come before. But if that history is to endure and its significance strengthened, then we must be good stewards of its future and consider where we are now and what we want our future to look like.

We must do this for the benefit of future Maine students and for our future alumni. The research supports a name change. More importantly, our obligation to the institution and to Maine’s future compels it.

William Tracy is a 1992 graduate of the University of Southern Maine and is the president and CEO of Auburn Savings Bank.