The document discusses the importance of aligning economic development and workforce development strategies. It provides an example of how Richmond, Virginia responded to major job losses by creating an online job network and collaborating with partners to support workers' transitions and retain talent. The document advises economic developers to get leadership support, build expertise, keep clients' needs central, and view the workforce system as a partner.

1. The Future of Economic
Development Talent Rules
Sara J. Dunnigan, CEcD
sara.dunnigan@chmuraecon.com
www.linkedin.com/in/sarajdunnigan
www.twitter.com/saradunnigan
Copyright © 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
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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.
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4. Why Me?
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5. But How?
• Get your bearings
• Find your partners
• Align your strategies
• Define your outcomes
• Execute
• Measure
• Modify
• Repeat
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6. A Richmond Story
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7. The Situation
• Unemployment rate < 4%
• Expanding housing market
• Rising wages
THEN……
• Three major employers failed
– Circuit City
– Land America
– Qimonda
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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
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10. Industry Direct Indirect Induced Total
Employment -2,500 -1,446 -2,229 -6,176
Computer and Electronic Product
Manufacturing Sales/Output ($856,926,566) ($306,221,308) ($306,208,947) ($1,469,356,821)
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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
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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
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14. Outcomes – Some Rules on
Metrics
•Connect it to your economic development
objectives
•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)
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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
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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”
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17. Questions? Let’s Connect!
Sara J. Dunnigan, CEcD
sara.dunnigan@chmuraecon.com
www.linkedin.com/in/sarajdunnigan
www.twitter.com/saradunnigan
Copyright © 2012 Chmura Economics & Analytics