Critical Site Selection Factor #3: Quality of Life
What constitutes quality of life depends largely on the eye of the beholder, and that eye may gaze through different lenses at different times.
Q4 2016
These days, though, the definition is a lot more broad and situational, according to Gene DePrez, managing partner, Global Innovation Partners Ltd. “It’s not just ‘traditional’ quality of life — golf courses and sailing. It’s the quality of life that is attractive to the kinds of talent that you’re looking for, or that is already there.”
With that in mind, quality of life for a technology company is more likely to cater to the lifestyle of the younger demographic that will likely be on the payroll. These are workers who tend to appreciate urban living, esoteric shops, coffeehouses, and outdoor recreation with a bit more edge. Need millennials on your payroll? Don’t neglect the amenities this generation perceives as important.
Quality of Life for the Long Term
But even that’s not as simple as it might seem, points out Christopher D. Lloyd, senior vice president, Infrastructure and Economic Development, at McGuireWoods Consulting LLC. “It’s not just about having a culture that is sexy for millennials. Eventually they’re going to grab that minivan and have kids in school and move to the suburbs.” It’s not just ‘traditional’ quality of life — golf courses and sailing. It’s the quality of life that is attractive to the kinds of talent that you’re looking for, or that is already there. Gene DePrez, Managing Partner, Global Innovation Partners Ltd.
In other words, quality of life needs to focus not just on attracting a particular demographic — it’s also about retaining people as their lives evolve. “It’s not just about tattoo parlors and indie rock bank venues,” Lloyd says. “It’s about retaining the good people you have.”
That, of course, assumes that you’re planning on retaining workers for the long term. That’s not going to be a critical factor for every development. For example, says Richard H. Thompson, international director, Supply Chain and Logistics Solutions for JLL, a manufacturing facility may put a high priority on long-term retention of qualified workers, and the ability to retain workers is going to hinge to a certain extent on quality-of-life factors. But while no one wants a sky-high turnover rate, those running a distribution center aren’t as likely to expect workers to settle in for a super-long stay.
But even if it’s not a deal-breaker for certain types of facilities, quality of life is a factor that can’t be overlooked, says Lloyd. No matter what business you’re in, no matter what type of workforce you’re building, your employees are going to want a life beyond the workplace. “Quality of life matters to every work group and age cohort,” he concludes.
Project Announcements
Blue Buffalo Expands Richmond, Indiana, Production Complex
03/24/2023
Schrödinger Expands New York, New York, Research Operations
03/23/2023
Cirba Solutions Plans Richland County, South Carolina, Lithium-ion Battery Materials Campus
03/23/2023
Albemarle Corporation Plans Chester County, South Carolina, Lithium Hydroxide Processing Plant
03/23/2023
Tillamook County Creamery Association Plans Decatur, Illinois, Ice Cream Manufacturing Plant
03/23/2023
ENTEK Plans Terre Haute, Indiana, ‘Wet-Process’ Lithium-ion Battery Plant
03/23/2023
Most Read
-
37th Annual Corporate Survey: Economic Pressures Exerting Greatest Effect on Decision-Makers
Q1 2023
-
19th Annual Consultants Survey: Clients Challenged by Tight Labor Market, Energy Availability
Q1 2023
-
The Top Investment Location Prospects for Aerospace Manufacturing
Q1 2023
-
2022 Top States for Doing Business Provide an Environment for Business Growth
Q3 2022
-
36th Annual Corporate Survey: Executives Focus on Labor, Energy, Shipping Costs
Q1 2022
-
How Are Economic Developers Partnering to Solve Workforce Challenges?
Q1 2023
-
Strategies to Overcome Intensifying Industrial Real Estate Challenges
Q1 2023