Despite the miracles of modern automation, labor continues to be a major cost factor in most business operations, and hence in expansion management decisions. Labor markets have cooled considerably from the overheated 1990s, when "labor, labor, labor" superceded "location, location, location" as the operative site selection mantra.
Still, the wrong location decision can saddle a
company with a mediocre labor force that negatively impacts profitability.
Not only do today's businesses require more competent labor, the skill sets, training and educational requirements they need change every few years due to shorter product cycles and more new product introductions. Time-to-market can be the critical success (or failure) factor when introducing a new product in the competitive global economy. Therefore, corporations value workers who are well trained, but also trainable.
How can a company evaluate the ability of a community's labor force to retrain and be adaptable to future changes? Here are a few suggestions:
Research the demographics. Is the community's labor force relatively younger or older than the national average or other comparison communities? Although many executives comment on the superior work ethic of middle-aged and older workers, human nature dictates that in many cases younger workers are more adaptable to change.
Analyze the labor force. This can be influenced by two factors: the population growth rate and the labor force participation rate. Dynamic labor markets characterized by population growth and labor in-migration may be an indication of the adaptability of workers. If workers are willing to migrate, they may be more open to change and retraining. A declining labor force participation rate may indicate that many workers (especially older ones) have become disillusioned and decided that they cannot compete in a more skilled labor market.
Look at the local unemployment rate. Some corporations view a higher unemployment rate as an indication of good labor availability. However, a higher unemployment rate can be caused by a growth in the number of new workers looking for a job, or by layoffs of lesser skilled workers in traditional industries.
In the latter case, workers may be less trainable and adaptable to change. However, this is certainly not always the case. For example, in Martinsville, Va., thousands of workers have lost their jobs over the past few years as some of the local textile and apparel companies downsized or closed. Yet many of them (including some grandparents) have returned to the classroom to learn new skills, including computer science.
Explore local labor training programs. A key factor in economic development success is often a good local community college or other labor training institution. Good labor training institutions actively work with local industries to jointly design curricula and encourage apprenticeship programs.
These are just a few suggestions for evaluating the ability of a community's labor force to meet a company's needs, now as well as in the future. Doing the homework up-front provides some indication of a community's labor force, but it is always wise to exercise due diligence by visiting the community and talking directly with companies and local organizations.
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