After the Ribbon Is Cut: Shifting the Talent Strategy to Retention & Upskilling
December 25, 2023
The site selection process often includes 18+ months of a national search with dozens of employer interviews and meetings with economic developers, workforce development groups, and higher education institutions. While sophisticated site selection consultants perform due diligence to ensure their client’s immediate workforce needs are met, the process often emphasizes attracting new talent based on existing workforce availability but can fall short of incorporating the likelihood of retaining and upskilling employees to achieve long-term talent sustainability and operational success.
After a new employer in the community is fully staffed and a ribbon is cut, the employer must shift their talent strategy to place less emphasis on talent acquisition, and pivot toward employee retention and upskilling. This shift in talent strategy is pivotal to mitigate risk to the business operations and remain competitive with sustained growth. With average annual turnover rates as high as 25–30 percent in some labor markets and technological disruption in worker tasks in today’s evolving talent landscape, a talent strategy focused on employee retention and upskilling can not only improve an organization’s business performance but also lead to long-term success in its community.