Year after year, labor skill and availability rank at the top of corporate site selectors' lists.
Unlike other important factors, such as distance from an interstate highway or the availability of an appropriate site, evaluating the labor force is more of an art than a science.
A given site is a given distance from the interstate -- it either has access to rail or it doesn't.
Whether or not a qualified labor force is available is subject to much more variation and interpretation.
In today's economy in particular, it's fair to say that for most companies, a quality labor force is the scarcest of all resources.
Labor market analysis is often confused with demographic analysis.
In my view, demographic analysis is just the beginning.
Demographics can tell you about the characteristics of the labor supply in an area -- how many people are there, how quickly is the population growing, age, income, and education patterns. Demographics can also provide some indication of labor quality.
To begin, you may want to compare an entire county or metropolitan statistical area to another to identify broad-based differences.
| By focusing on the labor supply side alone, you may select a market with high supply, but even higher demand. |
Once the analysis has come down to comparing sites, the demographic analysis should be conducted based on commuting time or a mileage radius surrounding each site.
The higher the pay rates, the farther and longer you can expect that people will commute for jobs, especially in areas where jobs are plentiful.
For each specific type of project, a different demographic profile will be the ideal.
For example, although a high rate of college education among the population may be attractive for a research and development facility or a corporate headquarters, the same profile may be inappropriate for a distribution or assembly facility.
The missing element in many labor market analyses is a detailed evaluation of the labor demand side of the equation.
There was a time when the unemployment rate was a good indicator of the overall competition for labor in a given area.
Today, with a few exceptions, this statistic gives very little insight into what an individual employer would experience.
In fact, statistics in general, demographic or otherwise, do not tell the whole story.
To accurately assess labor demand and completely understand labor quality, the best option is to take the time to evaluate the competition, what their growth patterns are, and what wage rates are necessary to attract and keep high quality workers.
In many cases, marketing material provided by communities can give you some of this information, but there is often no substitute for personal interviews.
These interviews can be conducted by your human resources staff or by a location consultant who can put the feedback in perspective, understanding which market or submarket best fits your needs and your budget, and how they have changed and will change over time.
Today, there are few perfect choices in labor markets.
Viewing labor availability as an interaction of supply and demand allows you to see how wages and turnover rates reflect the availability of certain skills at any point in time.
By focusing on the labor supply side alone, you may select a market with high supply, but even higher demand.
A more complete analysis will allow you to identify those few areas where, for your particular project, the supply exceeds the demand at a price you can afford.
Kate McEnroe is the president of Kate McEnroe Consulting, an Atlanta-based location consulting firm. You can reach her at 770-333-6343 or kmcenroe@mindspring.com
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