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Companies that Succeed in Competitive Labor Markets

Question Originally Asked Here:

Labor Trumps Other Factors in the Location Decision

How can companies in places with limited selection of top workers attract the best talent?

Matt Jackson, Strategic Consulting, Jones Lang LaSalle

When dealing with scarcity, it is important for companies to create an environment where employees want to work. In concept, a company can either contribute talent to the labor force or take from it. A company's competitive position in the market will determine if it is a contributor or a receiver of talent. Therefore, understanding the factors that enable a company to become an employer of choice is critical to success. While some differences exist, employees are typically motivated by a common set of objectives that include:

Compensation package

Nature of work

Opportunity for growth

Work environment

Leadership

Companies that succeed in competitive labor markets achieve good results across each consideration. We have consistently found across regions and countries, that word-of-mouth is typically a key recruitment tool. If existing employees react favorably to a work environment, the burden of attracting new talent is relieved.

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About the Author

Matt Jackson, Strategic Consulting, Jones Lang LaSalle
Matt Jackson has 15 years experience assisting corporations with the global configuration and optimization of corporate operations to achieve revenue, margin, and innovation objectives. He has conducted projects in more than 25 countries around the world.

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