The link between talent and organizational growth is undeniable. Organizational changes and development are not easy to implement and execute upon, and having leaders within an organization capable to driving change is the key to successful growth.
Therefore, the decision to locate an organization in a specific geography has implications far greater than just cost of living and lifestyle. Positioning an organization in locations where appropriate, high-quality talent is situated is, arguably, an even more important factor in the decision-making process around organizational location.
At the end of the day, if the geographical area that surrounds an organization cannot supply the firm with the talent necessary to drive development, growth inevitably gets stunted and progress is slowed.
And in an increasingly globalized and competitive economy, talent isn’t the only factor that contributes to the headwind facing growth. Factors such as state regulations, federal regulations, and personal interests all play a role in whether an organization has the capacity and runway for growth.
Location studies unlock the potential in a geography for executive decision-makers to exploit. Is a prospective location a good fit for cost-of-living factors? Is there adequate talent conducive to your organization’s growth? Location studies unveil these insights.
Location Desirability & How Location Studies Help Organizations
Cities like Detroit, despite having a budding tech start-up community and infrastructure, struggle to grow because they are not as popular as the more traditional tech areas such as the Bay Area and Silicon Valley. Of the 116 startups that have achieved a $1.0bn+ valuation since 2009, 69 of them have found a home in California. Organizational location studies unlock the ability for your company to look at a city objective and weigh the pros and cons of moving there.
State Regulations & Their Impact On Location Dynamics
A great example of another factor that affects a company’s decision to operate out of a city are state regulations. For example, people that work in the firearms industry typically are firearms enthusiasts themselves. Seven of the top 10 firearms manufacturers by sales are headquartered in the US. Of those seven, five are headquartered in what could be considered heavy gun control states.
The reality is that strong candidates want to join these companies, but will pass on opportunities if it requires them shrinking their gun collections.
Therefore, it is hard for talent acquisition teams to attract candidates if they simply don’t want to move to where you are located. Leveraging location studies and the insights derived from the research allows your organization to make an informed decision about the external factors that will affect hiring prospects.