Who needs a Labor Survey?
Is your community, economic development group, chamber or workforce development board working to promote new investment in your area? Are you working to:
- Retain Existing Employers
- Encourage expansion of existing employers?
- Attract new business investment to the area?
- Help entrepreneurs start and grow businesses?
- Identify skills gaps and work with local educational and workforce partners to create training programs to assist employers?
Why Do I need a Labor Survey?
Site selection consultants often mention their frustration with communities that do not have an independent labor survey on hand. In fact, in a recent interview with an international site selection consultant, GSG gathered this valuable information for communities regarding the site selection process:
- Labor is the paramount factor in the site selection process for over 90% of projects
- Today’s market place is more competitive than ever, especially for workers with STEM skills, and communities must show companies that they have a skilled workforce and that companies are able to recruit and retain good quality employees in the area
- Census data is okay but it is often old; consultants need primary data for the area that is fresh
- Consultants typically give an ED organization a maximum of one week to respond to the initial questionnaire to demonstrate the availability of the labor force
- If a community does not have a labor survey on hand and the ED professional does not know his/her workforce inside and out consultants will not make a site visit and the communities will be eliminated from consideration
How Can a Labor Survey Provide Benefit?
How could your economic development efforts be enhanced if you were able to quantify the following information for your existing and prospective employers:
- What percentage of your employers expect employment levels to remain steady or increase in the next year?
- What is the average age of the workforce in your area labor market? Is the workforce getting older or younger? What is the age of your available workforce by occupational cluster?
- What percentage of your workforce live within 10 miles of their place of work?
- On average, how many applicants do employers require to fill each open position?
- What percentage of employees possess education attainment of high school or greater? What percentage possess a bachelor’s degree or above
- How do earnings compare to the region, state or US?
- What percentage of employers offer health premium contributions, vacation or wellness programs?
- What percentage of employers have been in operation in their current location for over 10, 30 or 50 years?
- What is the total available workforce in your Area Labor Market?
- What percentage of the total available workforce in the ALM are underemployed?
- What percentage of the total available workforce are seeking different employment or are willing to change jobs for the right opportunity?
- For those who are seeking or willing, what would the right opportunity look like? Desired wages? Desire benefits? Desired commute? How far are they commuting now?
- For those who are underemployed what skills, certifications or educational attainment do they possess that they are not using in their current positon?
- Is the total resident employment living within your ALM increasing or decreasing?
- Is the total employment of workers working in your ALM increasing or decreasing?
- What are the five largest industry sectors of the resident employment in your ALM?
- What are the five fastest growing industry sectors of the resident employment in your ALM?
If you would like to learn more about how GSG can help you certify your workforce assets and win more projects; contact us today for a free live DEMO.