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

Copyright © 2012 Chmura Economics & Analytics

The Future of Economic Development Talent Rules

Sara J. Dunnigan, [email protected]

www.linkedin.com/in/sarajdunniganwww.twitter.com/saradunnigan

http://www.twitter.com/chmuraecon

http://www.facebook.com/pages/Chmura-Economics-Analytics/266669873343835


Workforce Status Critical

• Globalization & Economic Dynamics• Technology Advancing Quickly• Labor Mobility Changing• Shifting Labor Shed Areas• Demographics• Shifting Employer/Employee Expectations


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.


Why Me?


But How?• Get your bearings• Find your partners• Align your strategies• Define your outcomes• Execute• Measure• Modify• Repeat


A Richmond Story


The Situation• Unemployment rate < 4%• Expanding housing market• Rising wagesTHEN……

• Three major employers failed– Circuit City– Land America–Qimonda



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


Industry Direct Indirect Induced Total

Computer and Electronic Product Manufacturing

Employment -2,500 -1,446 -2,229 -6,176

Sales/Output ($856,926,566) ($306,221,308) ($306,208,947) ($1,469,356,821)



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


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


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)


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


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”


Questions? Let’s Connect!

Sara J. Dunnigan, [email protected]

www.linkedin.com/in/sarajdunniganwww.twitter.com/saradunnigan

http://www.twitter.com/chmuraecon

http://www.facebook.com/pages/Chmura-Economics-Analytics/266669873343835

Documents

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