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BusinessFlare Approach Entrepreneurship Investment Drivers Quality of Life

Investment Driver: Labor

Why Resident Recruitment is as Important as Business Recruitment, and Quality of Place is the Best Incentive There Is.

How are employees coping with remote working? | HRD New Zealand

There is the adage that retail follows rooftops. Well, business follows talent, and now more than ever talent seeks out quality of place.

More and more, people in general, and especially the talented workforce, are looking for real, authentic places where they can be part of a community. Places that have character and history, community gathering spots, and opportunities to engage with each other.

Cities that embrace and understand the changing landscape of the labor markets and focus on quality of life as an economic development strategy will position themselves for success. Thirty years ago, when a company advertised for a high-skill job, 10-15 prospects would show up for an interview, and one of them would receive the job. They wanted the job and would accept it on the company’s terms (location, salary, hours, etc).

Fast forward to today. 10 companies might advertise for a high skill job, and one person might be qualified. Today, the worker is in charge, not the company. The worker will set the terms regarding location and telecommuting, salary, hours, etc.

What does this mean for cities?

Similar to the skilled worker/company dynamic, it is now the workforce that is in charge of where they decide to live, and they will make that decision as part of a balance of different lifestyle choices that include housing characteristics, transportation and commuting, school quality, social and recreational activities, and many other factors, even including the presence of craft breweries. As previously mentioned:

Cities that embrace and understand the changing landscape of the labor markets and focus on quality of life and quality of place as an economic development strategy will position themselves for success.

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