Recruitment & Retention of Businesses & Talent

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The region’s economic success has long relied on attracting people and businesses to the area. Thriving industry sectors and businesses, world-class educational institutions, a high quality of life and vibrant communities continue to draw workers and business owners. There exists a strong network of state, regional, and local organizations that work to help retain and grow regional businesses, while also working to recruit new businesses to the area. However, many other regions around the country and world invest more heavily in these critical areas. The region must continue to make investments, and further coordinate, recruitment, retention and investment efforts to ensure continued business and job growth.

Challenges and Opportunities

The region has identified the following key issues, opportunities, and challenges in sustaining the region’s economy:

The region has strong assets to attract businesses and talent

The region has a strong set of assets, including strong industry sectors, educational and research institutions, and thriving communities, to successfully recruit and retain businesses and talent from around the world.

The region needs larger investments in business recruitment, retention, and expansion

Compared to other parts of the U.S. and the world, the region and state invest much less in business recruitment, retention, and expansion efforts.

The region needs to capitalize on international investment opportunities

Opportunities have grown for foreign direct investment (FDI) with emerging markets increasingly interested in investing and locating companies overseas.

Strategic Response

The region has identified the following strategic focus areas for addressing identified challenges and opportunities:

Strengthen and coordinate recruitment, retention and investment efforts

The region should increase coordination and support for business retention and expansion, and efforts to attract businesses, investment, and talent.

Identified near-term actions:

  • Support investment in economic development organizations that retain, expand, and recruit companies to the region, both from domestic and international sources.
  • Improve regional support for and coordination among economic development entities working to retain regional businesses and recruit new businesses to the region.
  • Develop a marketing and branding effort the region, targeted to both domestic and global markets to attract talent, business, and investment.
  • Invest in regional data, business intelligence, and site selection information to empower regional organizations to respond to recruitment, retention, and expansion efforts.
  • Identify talent needs in critical regional industries to inform talent attraction strategies.

The region’s economic success has long relied on attracting people and businesses to the area. Thriving industry sectors and businesses, world-class educational institutions, a high quality of life and vibrant communities continue to draw workers and business owners. There exists a strong network of state, regional, and local organizations that work to help retain and grow regional businesses, while also working to recruit new businesses to the area. However, many other regions around the country and world invest more heavily in these critical areas. The region must continue to make investments, and further coordinate, recruitment, retention and investment efforts to ensure continued business and job growth.

Challenges and Opportunities

The region has identified the following key issues, opportunities, and challenges in sustaining the region’s economy:

The region has strong assets to attract businesses and talent

The region has a strong set of assets, including strong industry sectors, educational and research institutions, and thriving communities, to successfully recruit and retain businesses and talent from around the world.

The region needs larger investments in business recruitment, retention, and expansion

Compared to other parts of the U.S. and the world, the region and state invest much less in business recruitment, retention, and expansion efforts.

The region needs to capitalize on international investment opportunities

Opportunities have grown for foreign direct investment (FDI) with emerging markets increasingly interested in investing and locating companies overseas.

Strategic Response

The region has identified the following strategic focus areas for addressing identified challenges and opportunities:

Strengthen and coordinate recruitment, retention and investment efforts

The region should increase coordination and support for business retention and expansion, and efforts to attract businesses, investment, and talent.

Identified near-term actions:

  • Support investment in economic development organizations that retain, expand, and recruit companies to the region, both from domestic and international sources.
  • Improve regional support for and coordination among economic development entities working to retain regional businesses and recruit new businesses to the region.
  • Develop a marketing and branding effort the region, targeted to both domestic and global markets to attract talent, business, and investment.
  • Invest in regional data, business intelligence, and site selection information to empower regional organizations to respond to recruitment, retention, and expansion efforts.
  • Identify talent needs in critical regional industries to inform talent attraction strategies.