Your 3 Favourite Economic Development Articles from 2019
The landscape of economic development is constantly shifting, changing, and adapting to new ways of thinking as the demands and expectations of society change. As an EDO you know how important it is to keep up with industry developments, so here are a few key trends from 2019 as represented by our most popular posts from this past year.
A Wrap-Up of Our Best 2019 Economic Development Articles
Some of the most discussed topics in 2019 included gender parity, tactics for working more efficiently, and supporting local businesses. The following three articles were our best-performing economic development articles in 2019. These topics are still going to be important heading into 2020.
The Importance of Gender Parity in Economic Development
Gender parity and pay equity are topics that you will be addressing more and more in the foreseeable future. Norway has legislation requiring public companies to have 40% female membership on their boards. In 2019 Iceland made it illegal to pay women less than men for the same work. Canada doesn’t have legislation yet, but it's a hot discussion topic. Here are three key concepts from this post:
- What gender parity and pay equity mean for our global and local economies.
- How pay equity increases the purchasing power of citizens, which builds the local economy.
- Why fostering an environment that is conducive to gender parity makes equitable pay more likely.
Two Ways to Make the Job of an EDO Easier
Resources are thin, and geographic regions for economic development officers can be large. You are accountable to plenty of stakeholders. But there are a few strategies you can use to work more efficiently, and deliver better results for your community:
- Develop a strong BR+E strategy with MDB Insight’s Triage BR+E™.
- Make a plan for connecting with the highest risk businesses in your region.
- Take advantage of inbound marketing to attract new investment.
Three Things an EDO Can Do for Local Businesses
Supporting local businesses is one of the key foundations of a solid economic development strategy. But, business owners in your community may not fully understand what it is that you do, how they can access you, or how you can help them. In order to better support your community, it's important to:
- Build individual relationships with business owners.
- Help business owners build relationships with each other.
- Provide, and explain, business support resources for your community.
As technology and society change, the job of EDOs becomes more and more complex. Keeping up with the latest changes and discussions across the industry and around the world is important. You ensure your value as an EDO when you stay one step ahead, remain informed, and implement changes to support future growth. Keep an eye on the MDB Insight blog for more updates on important economic development topics throughout the coming year.