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News & Press: 2018 Economic Development News

Tips on satisfying workforce needs - SFP Insider

Thursday, December 6, 2018  
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Area Development

December 6th, 2018

Site & Facility Planning Insider

 

Tips on Satisfying Workforce Needs

According to a new 2018 skills gap study from Deloitte, conducted with The Manufacturing Institute, 2.4 million jobs will go unfilled over the next decade, risking $454 billion of economic output in 2028. (A 2015 skills gap study had put that number at 2 million unfilled jobs between 2015 and 2025 so the gap is growing.) Sadly, five out of 10 open positions for skilled workers in the U.S. manufacturing industry remain unfilled even today because of the skills shortage.

Skilled workers are important for every industry — not just manufacturing — and today’s low unemployment rate makes it increasingly difficult for companies to satisfy their workforce needs. So how does a company get a complete picture of the labor pool surrounding a prospective location? Chris Schwinden of Site Selection Group offers some clues as to a market’s true labor potential, including looking for an untapped, nontraditional labor supply; finding out if a community is investing in workforce development; and considering communities where growth isn’t obvious.

Researching the educational levels of a location’s labor force can also help, but that alone doesn’t tell the whole story of the workforce in a particular market. Corporate executives should also take an area’s net migration trends into consideration. According to Cushman & Wakefield’s Ann Petersen, “While urban areas will always flourish, many skilled workers are preferring to relocate to “mid-tier” cities that offer the same amenities as highly urban areas, but with a lower cost of living.”

In fact, as companies grow and expand, they often need to look outside of urban areas — or even “mid-tier” cities — and they’ll need to draw and retain their workers who have grown accustomed to an urban “vibe.” In order to do so, they should focus on a location’s quality of life and sense of community. Shorter commutes, affordable housing, and high-level amenities may be just the answer to drawing young — as well as maturing — workers to a suburban or urban-fringe location.

 

Drawing a Maturing Urban Workforce Outside the Central Business District

Donald F. SmithDonald F. Smith, Jr., RIDC of Southwestern Pennsylvania

If a company wants to succeed in drawing — and retaining — a maturing urban workforce to urban fringe communities and beyond, it needs to focus on a location’s quality of life, high-level amenities, and sense of community.

Read the whole story...

 

 

 

Evaluating a Workforce Pipeline During Times of Low Unemployment

Ann PetersenAnn Petersen, Managing Director, Business Incentives Practice, Cushman & Wakefield

Although the education levels of a state’s workforce should be a significant consideration for any project expansion or relocation, that data alone may not be sufficient to tell the whole story of the workforce for a particular market.

Read the whole story...

 

 

Is Your New Economy Workforce Hiding Where You Least Expect It?

Chris SchwindenChris Schwinden, Vice President, Site Selection Group

To get a complete picture of a location’s workforce, site selectors need to look beyond costs to educational attributes and quality of life among other factors.

Read the whole story...

 

 

 

Editor's Picks:

Closing the Skills Gap Could Be as Simple as ABC - strategy+business

Alongside educators, businesses need to build a pipeline from the classroom to the workplace so the skills taught today match the skills that’ll be in demand tomorrow. The key is for business leaders to understand how their organizations are going to change so they can proactively consider how to upskill their workforces accordingly. Envisioning this future state will soon be one of the most critical roles of the CEO. More »

Understanding the skills gap in the manufacturing industry - Deloitte Insights

Faced with continuing economic expansion and retirement of baby boomers, the US manufacturing industry is looking at a potential shortage of 2.4 million workers in the next decade. How can manufacturers address this expected skills gap? More »

Invest in America's Workforce - The Federal Reserve System

How can well-structured and effective workforce programs and policies result in better economic outcomes for individuals, businesses, and communities? More »

2018 Talent Attraction Scorecard: The Top Communities Attracting and Developing Talent - Emsi

Workforce issues are the highest recurring pain point for businesses in a period of sub-4% unemployment. When it comes to talent, everyone is pulling from the same pool, and competition is increasing. In the third annual Talent Attraction Scorecard, we explore how well small and large counties are attracting and developing skilled workers. Counties are ranked using Emsi’s Talent Attraction Index, which is based on drawing new residents, growing jobs and skilled workers, attracting young talent, and increasing educational attainment. More »

America's High-Tech STEM Crisis - Hudson Institute

America is in a race for high-tech supremacy with China. The question is, whether we will have enough future engineers and scientists to secure our lead in that race; or whether, for the first time, leadership in advanced technologies will pass to a leading geopolitical and economic competitor. More »

Companies Ramp Up Worker-Retraining Efforts - WSJ

Tight labor market pushes companies to invest in teaching current workers to do more sophisticated tasks More »

2 in 5 Americans Believe the STEM Worker Shortage is at Crisis Levels - Emerson US

While the survey found students today are twice as likely to study STEM fields compared to their parents, the number of roles requiring STEM expertise is growing at a rate that exceeds current workforce capacity. In manufacturing alone, the National Association of Manufacturing and Deloitte predict the U.S. will need to fill about 3.5 million jobs by 2025; yet as many as 2 million of those jobs may go unfilled, due to difficulty finding people with the skills in demand. More »

 

 

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