In a world of rigorous global business competition, structuring and positioning your region’s competitiveness is key to a healthy economy. The business world is moving and growing at a rapid and changing pace – everything from the need for quality products to technology advancements, global supply chain networks to an international system of doing business and marketing to a global audience. Communities must take a strategic approach to future industry growth and requirements.
One key element is labor. It takes an enormous amount of cooperation and mutual cohesiveness of private and public entities to build an economic force in a region. Area Development study shows the primary factor in site selection is the availability of skilled labor: demand for advanced skills sets in an ever-changing world where these demands are quickly changing from one day to the next. The sophistication of technology from top tier Fortune 500 companies to Main Street industry needs abilities from high-level science and technology to soft skills. A recent USA Today analysis said, “Across the U.S., by 2017, an estimated 2.5 million new so-called ‘middle-skill’ jobs, ones that require some training but not a bachelor’s degree, will be added to the U.S. workforce, accounting for nearly 40 percent of all job growth.”
Now, more than ever, regional industry support programs’ alignment with industry requirements and needs is a must: the importance of taking a proactive approach rather than reactive in decreasing that skills gap and ensuring a qualified labor pool that feeds into your regional economy. Regional economies must have a complete knowledge of the makeup of their assets as well as an understanding of the areas of improvement and change. Once these are identified, you are able to initiate the building of that foundation that will serve as the backbone of a healthy economy and position yourself competitively.
We need to take proactive approaches to establishing effective and aggressive training programs tailored specifically to regional labor needs. Leverage regional resources such as your K-12, community college and university systems, high school programs, i.e. JTED, and workforce development programs, as well as seeking out grant opportunities and working with your local and state political leadership. The involvement of the private sector is with no question a requirement to build on your competitive positioning. All are fundamentally important partners that allow you to take your strategy plan to the next level.
Industry analysis and data illustrate a future demand for qualified human capital at all levels. As we build on that systematic foundation of effective business solutions both short and long term….keep in mind that the primary factor in what companies are in search of is a qualified workforce.
Economic development takes a community to happen. QCBN
Mike R. Paredes, M.Ed. is the executive director at the Prescott Valley Economic Development Foundation and has more than 13 years of experience in the areas of marketing, management, economic development and international trade, where he has served in management roles for private corporations, government sector, and public-private partnerships. PVEDF contact information is 928-775-0032 / www.pvedf.com.
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