You know that turnover within your
organization costs you in financial
capital, in terms of recruiting and training, and in intellectual capital, in
terms of lost experience and knowledge.
But have you ever considered that
turnover in your community, especially
of highly skilled young professionals,
also comes at a high expense? When
qualified individuals leave your region,
your local candidate pool decreases.
“Attracting and retaining local professionals is critical for firms wanting to
grow their business,” says Carol Brinkley,
vice president of WorkForce Services and
Consumer Affairs at Tampa Bay
WorkForce Alliance (TBWA). “These professionals have basic experience and
knowledge of a region’s culture, and they
are eager to move up into the challenging
positions that the new global economy
now demands.”
Smart Business asked Brinkley how to
partner with local schools to benefit your
company and your business community.
Why is it important to attract and retain local
young professionals?
Businesses require a well-educated
work force to thrive in the present marketplace. Young professionals play a pivotal role in our knowledge-driven global
economy where technology and knowledge now serve as the primary wealth-creating assets. This drastic change in
our economy over the last several
decades has put a premium on workers
who are more educated, skilled in technology and adaptable to the rapidly
changing world. The presence or
absence of a highly educated, skilled and
flexible work force has proved to have a
major impact on a region’s economic
strength.
What makes this recruitment so difficult?
Quality of life plays an important role in
recruitment. Young professionals tend to
move to metropolitan areas with high concentrations of other young professionals,
which can leave smaller towns and cities
lacking workers in their 20s and 30s.
But the highest recruitment motivator for
young professionals is salary. This generation is not afraid to move across the country if it means they can make more money.
Our technologically connected world
makes it even easier for these individuals
to move for advancement and increased
compensation opportunities. Businesses
no longer compete for this group on a local
level; they now also compete at a national
and global level. This means companies
need to take a proactive stance to retain
top talent.
How can companies collaborate with local
schools?
Encouraging local young professionals
who hold a wealth of information about
the area economy and culture to stay can
help businesses of all types. With the help
of work force boards, businesses can
create strategic partnerships with local
schools. Valuable educational experiences,
such as internships, job shadowing and coop programs, can offer highly skilled and
knowledgeable students insight into your
business. These opportunities can also attract more ambitious high school students to attend your local college or university. Pre-graduation recruitment programs open up a talent pipeline into your
company.
How do scholarship programs support the
community?
Scholarship programs, such as the one
offered by TBWA, assist with developing
work force talent to foster economic development. Targeted scholarship programs
enable companies to help students prepare
for the increasing demand for higher-educated workers. This funding can also create loyalty and can be offered in conjunction with employment programs. Scholarships also support the community at
large by raising the education level of the
overall work force, making it more attractive to new businesses.
How do job shadowing, internship and co-op
programs assist with future recruitment?
Collaboration between private industry and local universities and colleges
allows businesses to grow the talent and
keep graduates in the region. Offering
programs, such as job shadowing,
internships and co-ops, allow students
an opportunity to gain an intimate
understanding of and appreciation for
your business. They can also start to
form relationships with your employees.
Reaching out to these motivated candidates in advance of their graduation
gives businesses a competitive edge.
When trained young professionals enter
the work force, they will often first look
to companies where they have already
worked.
CAROL BRINKLEY is vice president of WorkForce Services and Consumer Affairs at Tampa Bay WorkForce Alliance. Reach her at (813)
930-7480 x249 or [email protected].