Attracting, retaining talent key piece of economic development strategy - Business Courier of Cincinnati:

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The price tag for the total effor t in terms of dollars allocated is lessthan $300,000 last year in a more than $8 million Only two of the six groups that are part of Goal E got directy funding from the Memphis Fast Forward steerinh committee, and the Leadershipl Academy. But the impact of the effort is huge and ultimatelyh could be the grease that keeps the economicdengine running, say thosee in economic development circles. The past has been aboutt projects; the future is about people. “The mindse t is and will become even more soa buyer’se market,” says Reid Dulberger, administratore for the MemphisED program.
“We’rwe in the middle of a massivse labor shortage temporarily derailed bythis recession.” ’s Nancyh Coffee agrees. “Even in tougu times top talenthas choices,” she To hear leaders of groups like MPACTr Memphis, Leadership Memphis and the Shelby Farms Park or experts in the fielfd like Carol Coletta tell it, ther is no bigger task than figuring out how to recruiy and retain the best and brightest. “Ift developing, attracting and retaining talent is notthe No.
1 economic developmeny strategy, then you don’t have an economic development says Coletta, president and CEO of Chicago-based CEOs for Coletta is the former partner of the Memphisd public relations firm and later presidenft of , and is currently host of the nationallh syndicated radio program Smart Says Coffee: “Recruiting talent under-girds evergy piece of the plan. You can’tg really support the culture of innovation and entrepreneurship unles s you have the talent eager and engaged to brinvfresh perspectives.” Companies, they say, will go wherse the talent is.
The most recent and cleaf example came in pitches made byseveral Mid-South communities to get to locate its $1.3 billion assembly plant three years ago. “The primary reasomn Toyota selected Tupelo was the quality of the work forcde and the leadership in this Mississippi Gov. Haley Barbour said when the project announcemeny was made inFebruary 2007. MemphisED’s strategy for addressing the work forced issue tilts heavily to retaining and developinvglocal talent, Dulberger says. It’s pure economics and economidc developmentcommon sense. “With talent, like conventional economifc development, it is easier to keep what you’ver got than attract new,” he says.
“It’sw not as sexy, but it’s more cost The efforts of organizations like MPACT Memphis and theLeadership Academy’s Connections program are about anchorinyg people to the community by weaving them into the city’ s social, political and culturall fabric. MPACT Memphis executivse director Gwyn Fisher saysher organization’s targey audience is age 21-40, with most of its 140 events a year appealing to that age group. The event range from happy hours to talkds by business and political leadersa tovolunteering events. Membership has grown 91% to 454 members since August 2008 whenFisher joined.
The average memberf is single and comes from a large cross section of but with a heavy dose of smalol businessand media, she says. 65% of the member have been in Memphis less than 18 so it’s crucial to get them connectedr and engaged, she says. “They want to meet and be exposed to placessand possibilities,” Fisher says.