Can You Use Labour Force Data for Strategic Growth?
Preferably, data that’s:
- Provided in real time: because real-time data allows you, investors and local businesses to make decisions based on the most up-to-date facts. As an EDO, real-time labour market data is essential to anticipate what your community will need in the future.
Quality available labour is the crux of your entire local economy, but it’s often overlooked because most EDOs do not know how to obtain reliable data; this is not the fault of the EDO but rather a lack of quality, available about who and what makes up their labour force.
- Specific to your community: because your community, its residents, and economy have unique wants and needs that might be overlooked in other types of labour force data collection that take a larger, “macro” approach to labour and workforce development in your region or country.
Not only is real-time, community specific data better tailored to your community it can also help you create a strategic growth plan. Here’s how:
5 Steps to Building a Strategic Growth Plan With Labour Force Data
- Collect the data before you need it: building a strategic growth plan means taking the lead for your community. Reactionary decisions will only take you so far. By collecting data before you need it you can see the trends that will affect your community in the coming months instead of trying to predict what’s coming based on last year’s statistics.
- Start a relationship with potential investors early: collecting data that is specific to your community allows you to start a relationship with potential investors, site selectors, and local businesses sooner because you’ll be able to predict what your community can offer and then target your approaches to fill the gap in their labour demand. You may be able to approach them before they’ve even considered your community as an answer to their problem; that’s a fast way to cut out the competition.
- Make connections with educational institutions: work with secondary, post-secondary, technical institutions and training companies and consultants to align and create training programs that local businesses need to keep their employees. Simply filling a position isn’t enough. Employers must provide continual training and learning opportunities to employees to enhance individual and company growth.
- Apply for government funding: instead of local businesses having to purchase the training they need, EDOs can use labour force data to apply for government funding on behalf of local businesses in order to help companies grow and flourish.
- Use data to reach your goals in discussions with employers, investors, site selectors, and job seekers: data that reflects the current state of your community can help you demonstrate to job seekers and employers that not only is there space for them in the labour market in your community, but there’s space for their families, perhaps in other jobs. This data helps you ensure that not only are you filling the labour demand, you’re also helping your community flourish.
Looking for Other Ways to Get Your Community What It Needs for the Future?
Download this e-book, “How to Get What Your Community Needs Without Blowing Your Economic Development Budget,” to learn other strategies to keep your community competitive and help it stand out in a constantly changing economic environment.