Creating, Building, and Maintaining Strong Product Identities Connecting Your Audience with LMI

Creating, Building, and Maintaining

StrongProduct Identities

Connecting Your Audience with LMI

Sylvia D. Jones, Senior AnalystWyoming Department of Employment

Research & Planningsjones2@state.wy.us

307-473-3814

Hunting the Elusive Long-Term Employee

Wyoming Department of Employment

Research & Planning

Sylvia Jones

• Research & Planning (R&P) is a statistical unit working in the Department of Employment

• In addition to Bureau of Labor Statistics administered programs, we engage in the collection and interpretation of labor market information

Research & Planning – Who are we?

What is Labor Market Information?

• Statistics are collections of data or facts

• LMI is knowledge gained by understanding the data or facts

• Data are important, but understanding is the key to LMI

• We gather and interpret data to provide LMI that helps people and organizations make better-informed decisions

Wyoming is facing a labor shortage

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2000-2006 US and Wyoming Not Seasonally Adjusted Unemployment Rates

US Wyoming

What do we do about it?

1. Scout for potential labor

3. Preserve the talent we already have

2. Hunt trophy workers

Scouting For Potential Labor

In-state

Out-of-state

In-state

Alternative sources of labor

Out-of-state

See what’s out there before you take aim

What do we have to offer?

Fabulous grazing land

Low cost of living

Lots of room to grow

Plenty of wonderful people

Competition for labor

Little economic diversification

Housing shortage

Relatively low wages

http://www.huduser.org/datasets/fmr.html

Fair Market Rent for Selected Wyoming Counties, 2005

  Monthly Rent

County Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom

Albany $409 $469 $595 $817 $865

Campbell $456 $491 $550 $745 $811

Converse $333 $412 $512 $698 $900

Laramie $473 $499 $633 $862 $1,110

Lincoln $448 $475 $540 $721 $853

Natrona $370 $405 $512 $745 $898

Park $380 $437 $514 $646 $851

Sheridan $408 $440 $541 $692 $845

Sublette $451 $475 $551 $721 $854

Sweetwater $336 $408 $512 $716 $743

Teton $697 $778 $978 $1,289 $1,327

Washakie $410 $428 $512 $668 $800

Weston $410 $428 $512 $668 $800

County

Average Monthly

Mortgage (2000)

2004 Average Home Sale

Price

2005 Average Home Sale

Price

2004-2005 % Change in Average Home Sale Price

Albany $916 $175,320 $182,000 3.8%

Campbell $879 $173,420 $185,874 7.2%

Converse $714 $115,800 $149,096 28.8%

Laramie $901 $155,467 $165,743 6.6%

Natrona $746 $139,651 $156,281 11.9%

Park $821 $151,921 $161,866 6.5%

Sheridan $819 $162,917 $186,095 14.2%

Sublette $847 $218,343 $249,029 14.1%

Sweetwater $953 $142,688 $179,000 25.4%

Teton $1,498 $495,500 $551,265 11.3%

Weston $664 $64,784 $80,313 24.0%

Wyoming Housing Database Partnership, August 2006

http://www.wyomingcda.com/PDFfiles/Database_12_2005/Profile06a_Vol_I_Final.pdf

Home Ownership Prices in Select Wyoming Counties

Now what?

  Non-Residents Residents Total

State of Origin n % n % n

CO 4,861 27.8 12,625 72.2 17,486

CA 7,221 36.9 12,362 63.1 19,583

MT 2,769 25.9 7,939 74.1 10,708

UT 3,680 32.9 7,506 67.1 11,186

SD 1,897 20.5 7,350 79.5 9,247

NE 1,737 19.5 7,186 80.5 8,923

TX 4,097 44.9 5,023 55.1 9,120

IL 1,552 27.8 4,040 72.2 5,592

ND 920 19.5 3,794 80.5 4,714

MN 1,041 22.6 3,558 77.4 4,599

ID 2,643 42.9 3,515 57.1 6,158

MI 1,097 25.8 3,162 74.2 4,259

Grand Total 58,764 31.8 125,954 68.2 184,718

States With the Largest Contribution to Resident Labor in Wyoming, 2004

Average wages for electricians and rent data for various US cities

CityAvg. Hourly

WageAvg. Rent 2

Bedroom Apt*

% of Monthly Wage Spent on Avg Rent

Cheyenne, WY $22.05 $633 17.9

McAllen-Edinburg, TX $14.59 $635 27.2

Sioux Falls, SD $17.37 $640 23.0

Omaha, NE $19.37 $614 19.8

Boise, ID $17.84 $695 24.3

Denver, CO $22.77 $909 25.0

Detroit, MI $29.16 $793 17.0

Billings, MT $21.60 $598 17.3

http://www.huduser.org/datasets/fmr.html

Now that we found the herd, how do we get the right animal?

Understand who you are recruiting

You may need to address issues facing families

The compensation package

Gender Age group Number Age %Average Wage $

% of Avg Rent

Females Under 20 10,733 8.5 4,175 159.5

  20-24 15,003 11.8 9,855 67.6

  25-34 24,611 19.4 17,763 37.5

  35-44 25,414 20.0 23,385 28.5

  45-54 30,266 23.9 26,819 24.8

  55-64 16,082 12.7 24,775 26.9

  65+ 4,598 3.6 12,547 53.1

  Unknown 121 0.1 15,882 41.9

  Total 126,828 100.0 19,664 33.9

2005 Mean Earnings Compared to Average Rent Prices for Women

by Age

http://www.huduser.org/datasets/fmr.htmlhttp://doe.state.wy.us/lmi/wfdemog/toc3.htm

How do we keep the employees we have now?

Stay downwind of your competitors

• Compensation package

• Training

• Longevity incentives

Make an investment

Plan for the future

Don’t just sit there

Use LMI to find your trophy employee!

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