Corporate Executive Survey Analysis: Investment in Human Capital Elevated Aspect of Location Decision
States focused on providing customized labor training to meet the needs of modern businesses can also tout a steady supply of trained labor, an asset that is again moving to the forefront.
Winter 2012
In the 2011 survey, availability of skilled labor ranked second in overall importance among 26 site selection factors, up from seventh in 2010 and sixth in 2009. Whether from renewed optimism in the economy, or a realization that talent cannot be ignored long-term, decision-makers have again elevated human capital above many cost factors. This trend is reinforced by our own clients who are often frustrated with the lack of - or mismatch in - local labor skills.
Most of today's production operations demand skilled labor, e.g., advanced welders, CNC operators, machine tool programming, bioprocessing, etc. (focused on manufacturing because of make-up of survey respondents). Although the foundational aptitudes for these jobs may be transferable, the processes in which these employees operate are often specific to the company. Therefore, meaningful work force development must be customized to the needs of the employer, offering the ability to create training curricula that can prepare a worker to be immediately productive within the company's unique environment.
Some states have recognized the growing gap in labor availability and developed powerful training programs that are fully customizable by the business. The leaders in this area include Georgia QuickStart, LED FastStart (Louisiana), and Florida's Quick Response Training program. These programs not only provide a powerful tool for business attraction and expansion, they also serve to develop a next generation work force with skills that are updated to today's high-tech production techniques.
While costs, transportation, and infrastructure remain critical, states focused on providing customized labor training to meet the needs of modern businesses can also tout a steady supply of trained labor, an asset that is again moving to the forefront.
Most Read
-
-
“Made in America” Executive Order to Affect International Companies and FDI
Q1 2021
-
Trends in Office and Industrial Parks
Q4 2020
-
34th Annual Corporate Survey & the 16th Annual Consultants Survey
Q1 2020
-
Another Look at Rural Economies
Q4 2020
-
2020 Gold & Silver Shovel Awards Recognize State and Local Economic Development Efforts
Q2 2020
-
2019 Leading Metro Locations: Pacific and South-Atlantic Metros Dominate the List
Q4 2019