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The Art and Science of Assessing the Labor Market

Wednesday, November 21, 2018

Only through a combination of data analysis (the science) and labor interviews (the art) can a company be sure of choosing a location where its workforce needs are satisfied now and in the future.

As a corporate executive team analyzing the right community in which to locate its next company investment, access to a deep labor pool with the appropriate skill base is one of the most important project drivers to thoroughly understand. More than any other site selection factor, evaluating the labor market accurately will enhance or inhibit your company’s success and return on investment in a chosen community. Misreading the labor market reduces profitability due to high turnover, inability to fill positions, and/or the need to recruit from outside a labor shed area to find/relocate workers. 

Labor markets are complex and inherently capricious, and potentially filled with unexpected pitfalls even when one is seemingly doing the proper due diligence. Veering off course — and making wrong inferences and conclusions — is easy to do without the right framework to guide one’s decisions. So how does one go about reading the market accurately? In short, it comes down to analysis and executing a plan around two broad but related questions.

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“As the smaller chamber operating in the shadow of a larger, very aggressive one nearby, the North Myrtle Beach Chamber committed to take its game to the next level.  You and the NCDS team not only drove the creation of a bold new multi-year strategy, you generated buy in and a huge boost in revenue.  A great side benefit of launching and funding a new initiative was NCDS’ identification and engagement of a cadre of new leaders who had never really participated, much less invested at significant levels.  Your methodology works, and your experience in hundreds of other communities paid off for us in a major way.  So much so, we plan to kick off the next multi-year campaign this year.   In my book, NCDS remains the ‘gold standard’ for community development fundraising.”

Marc Jordan, CCE, President & CEO • North Myrtle Beach Chamber of Commerce Convention & Visitors Bureau

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6300 Powers Ferry Road, Suite 600-165
Atlanta, GA  30339
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