2022 Talent Attraction Scorecard

Housing has quickly risen to the levels of workforce as a top concern for economic developers. An International Economic Development Council survey in March 2022 found that fully 60% of respondents reported their economic development organization was working to increase residential housing inventory. Whether trying to retain or attract talent, having available and affordable housing is a must.

• Affordability: Occupational wage data and projected job growth are a must to know who can afford housing, and who can’t.

• Creativity: Think outside the box. Bryan, TX is using pattern zoning, Baltimore employer-assisted housing through their Live Near Your Work program, and Genesee County in Michigan is using a land bank.

• Longevity: Remember it’s both the short and long game. Housing is needed now, but also pay attention to long-term trends like birth rates and immigration, and what they mean for housing stock.

When it comes to talent, both a domestic and global demographic drought is forcing communities to do more with less. And while attracting talent has its benefits, increasingly communities will be competing for slices of a smaller pie. Before looking outside your region, consider ways to engage more local talent.

• According to a study by the US Census Bureau and Harvard University, younger people are staying closer to home.

• Missing workers, those who are out of the labor force but want a job, are abundant—an estimated 5.7M in the US.

• How can you unearth unexpected talent in your region? Identify aligned transitions—when an individual uses existing knowledge, skills, and abilities in a different way or in a different environment to fill an in-demand job.

Talent is in short supply (see Talent Tip above), meaning communities need to be efficient in matching talent to jobs. Skills are the best way to do this. Economic and workforce development organizations that help businesses and jobseekers in the transition to a skills-based economy will be a step ahead in the talent competition.

• USA Today recently reported that 45% of businesses are taking a “skills first” approach to hiring.

• Communities such as Baton Rouge, LA are using skills data as the foundation for their jobseeker-to-business connection tools.

• The transition to a skills-based economy includes learning providers. It impacts program decisions, marketing outreach, and employer engagement.

The importance of talent isn’t just because of a tight labor market or a global demographic drought. It’s also because major industry shifts are constantly requiring new or updated skills. Communities and programs that make investment in their talent the top priority will have a clear advantage moving forward.

• In Michigan, EV Jobs Academy is identifying electric vehicle and mobility-related occupational skill needs while developing and scaling credentialing programs.

• Understanding where new fields such as the green economy are heading—the jobs, skills required, and career transitions—is a must.

If you are going to get into the talent attraction competition, know that both talent and businesses are doing a lot of reevaluating in the post-Covid years. And in both cases what they are looking for is varied. Communities don’t need to try and be something they aren’t, because chances are someone is looking for what they already are.

• Don’t try to create a comparative advantage, highlight the one you already have, such as an industry concentration that allows for career growth and transitions.

• Shift share measures the amount of job creation above or below what would be expected in a region. High shift share in an industry or occupation? That could indicate an “it” factor worth highlighting.

• Bob Ross of the Greater Topeka Partnership recently said at the IEDC Annual Conference that “Kansas had been social distancing for years.” That’s a community that knows its niche and isn’t trying to “reinvent” itself but is leaning into its existing advantage.