Workforce Trends Driving Location Strategies
Recently, H&A’s Steve Bonine, Principal, was featured in a supplemental article for Area Development‘s Q4 issue. Workforce Trends Driving Location Strategies discusses “ground-truthing” in labor analytics and its role in site location strategy.
Now more than ever, the availability of a suitable labor pool and total cost of labor drives the ultimate placement of a new or expanded facility. It is critical to get beyond the basic statistics and holistically understand the strengths and shortcomings of a location’s workforce:
• You need to understand workforce by location as it impacts your site selection process;
• Actionable labor analytics requires more effort that a simple “secondary source” macro review; and
• Don’t assume talent is readily available until you verify
Understanding the labor pool is not only beneficial for site location strategy, but also in securing proper workforce training support. A growing number of economic development organizations are working closely with workforce boards and academic institutions to establish public/private partnerships in order to create a talent pipeline. In addition, a majority of the states/communities offer financial incentives to businesses seeking to identify, recruit, and train new employees. Even existing employees have the opportunity to benefit from training programs.
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