The Future of Economic Development: Talent Rules - Sara Dunnigan (1.22.13)
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The Future of Economic Development: Talent Rules - Sara Dunnigan (1.22.13) Presentation Transcript

  • 1. The Future of Economic Development Talent Rules Sara J. Dunnigan, CEcD sara.dunnigan@chmuraecon.com www.linkedin.com/in/sarajdunnigan www.twitter.com/saradunniganCopyright © 2012 Chmura Economics & Analytics
  • 2. Workforce Status Critical• Globalization & Economic Dynamics• Technology Advancing Quickly• Labor Mobility Changing• Shifting Labor Shed Areas• Demographics• Shifting Employer/Employee Expectations Copyright © 2012 Chmura Economics & Analytics
  • 3. Why Now?• Workforce is the single most important community asset a business should be evaluating.• Your workforce is a natural resource deserving of strategic investments.• Aligning your economic development and workforce development strategies is an imperative for successful communities.• Great people – your talent force- are a sustainable competitive advantage. Copyright © 2012 Chmura Economics & Analytics
  • 4. Why Me? Copyright © 2012 Chmura Economics & Analytics
  • 5. But How?• Get your bearings• Find your partners• Align your strategies• Define your outcomes• Execute• Measure• Modify• Repeat Copyright © 2012 Chmura Economics & Analytics
  • 6. A Richmond Story Copyright © 2012 Chmura Economics & Analytics
  • 7. The Situation• Unemployment rate < 4%• Expanding housing market• Rising wagesTHEN……• Three major employers failed – Circuit City – Land America – Qimonda Copyright © 2012 Chmura Economics & Analytics
  • 8. Copyright © 2012 Chmura Economics & Analytics
  • 9. The Workforce Challenge• 10,000 professionals and skilled technicians lost their jobs in a 90-day period.• Concern shifted from workforce recruitment to a workforce retention.• There was no regional resource prepared to support this kind of workforce during employment transition.• Educated, mobile and tech-savy Copyright © 2012 Chmura Economics & Analytics
  • 10. Industry Direct Indirect Induced Total Employment -2,500 -1,446 -2,229 -6,176Computer and Electronic ProductManufacturing Sales/Output ($856,926,566) ($306,221,308) ($306,208,947) ($1,469,356,821) Copyright © 2012 Chmura Economics & Analytics
  • 11. Copyright © 2012 Chmura Economics & Analytics
  • 12. Partners & Supporters• Greater Richmond Partnership• Virginia Commonwealth University• Virginia Employment Commission• Rapid Response System• Workforce Investment Board• Peer Networks• Trade Associations• University Career Service Offices Copyright © 2012 Chmura Economics & Analytics
  • 13. Strategy• Create web-based resources NOW to promote opps with area employers, retain talented professionals in the marketplace• Re-evaluate the economic development strategy through the lens of labor market strengths• Use smart data to inform partners and clients of workforce availability• Establish relationships to ensure better alignment of our workforce and economic development strategies for the future• Brand greater Richmond as a desirable career destination Copyright © 2012 Chmura Economics & Analytics
  • 14. Outcomes – Some Rules on Metrics•Connect it to your economic developmentobjectives•Track and monitor changes•Set realistic goals you can actually affect•The web stuff is easy, the rest may be hard•Share the credit (and the blame) Copyright © 2012 Chmura Economics & Analytics
  • 15. Accomplishments• Invested in labor marketing analytic system• Launched RichmondJobNet.com – Career Concourse “campaigns”• Cluster study refined/validated economic development targets – Occupational Clusters• Workforce Investment Board – Transition Center – New Strategic Plan• University relations - career service offices and students• Launched LoveWhatYouFind.com Copyright © 2012 Chmura Economics & Analytics
  • 16. Advice for Economic Developers• Get leadership on board – The mission creep dilemma• Get some knowledge• Get amnesia• Keep the focus on your clients – New and expanding businesses• Become an expert, find one• Identify your target audience and go where they are (hint: they may be closer than you think)• Think of the workforce system as a partner – “talent factory” Copyright © 2012 Chmura Economics & Analytics
  • 17. Questions? Let’s Connect! Sara J. Dunnigan, CEcD sara.dunnigan@chmuraecon.com www.linkedin.com/in/sarajdunnigan www.twitter.com/saradunniganCopyright © 2012 Chmura Economics & Analytics