Who are you designing your talent attraction and retention program for? You might say, “For everyone!” And you might mean that – in today’s tight labor market, being able to keep and attract a great workforce means widening the definition of “talent”.
We know that the economic development profession is overwhelmingly caucasian, and, especially in areas of leadership, skews male.
When talent attraction and retention programs are designed by older, white males, then the community enters into a loop of marketing the program right back to the same audience. This is known as “cognitive bias” and it shows up in every field. A startling example of this comes from the U.S. auto-industry’s all-male teams of engineers. They designed the earliest air bags for test subjects that resembled themselves, the result of which killed many women and children whose smaller bodies were not accounted for.
To be fair, the stakes for talent attraction and retention campaigns are not quite as high, but we know that companies are increasingly making operating and relocation decisions based on the availability of a strong workforce. The more educated and talented these workers are, the more competitive a community’s case will be. Rather than focusing your strategy on “everybody” perhaps it is time to target one of the largest sectors of the talent market – Millennial women.
Sisters are doing it for themselves
Why millennial women? Millennial women are highly educated, high earners, and entrepreneurial.
Consider the following statistics:
- About 36% of women ages 25-34 have a bachelor’s degree or higher, compared with about 28% of men who are the same age.
- Though there is still a gender wage gap, women’s wages are rising; between 1975 and 2016, the share of young women earning less than $30,000/yr plummeted from 79.6 percent to 58.1 percent.
- Women are starting about 1,821 new U.S. businesses per day, a significant uptick from an average of 952 between 2012 and 2017.
- There are more than 9 million women owned businesses in the US today.
There are many reasons why women are playing a larger role in the economy, not including the relaxed expectations for women to immediately enter traditional marriages.
One reason for their increasing role is, ironically, due to traditional gender roles. Because of sexism in blue collar jobs, women have more of a need for education than men to earn comparable salaries. Of the jobs that do not require a college degree, the highest paying ones typically go to men. Plumbers, electricians and truck drivers have higher wages than female-dominated jobs that don’t require a degree such as secretarial work, child care or restaurant-industry jobs. This has resulted in women seeking out higher education more often than men and has created a pool of young, female knowledge workers.
The impact of women on your community
Attracting more women impacts your community favorably, both economically and socially.
Furthermore, women control a lot of money and spending. Globally, women are responsible for 85% of consumer spending: the average woman is making purchases for herself, her husband or partner, her children and her elderly parents. That translates into a powerful economic force in your community.
One industry in particular that has benefitted from more women in the workplace is the wellness economy. From 2015-2017, the wellness economy grew from $3.7 trillion to $4.2 trillion, or by 6.4% annually, a growth rate nearly twice as fast as global economic growth. This includes sectors such as Wellness Tourism ($639 billion) Personal Care Beauty & Anti-Aging ($1,083 billion) and the Spa Economy ($119 billion). More women in your community means more jobs for those in the health and beauty industry.
Additionally, a report from the Bureau of Labor statistics shows that women volunteer at a higher rate than men, across all age groups, educational levels, and other major demographic characteristics. Think of all the aging non-profit boards in your community – attracting young women is a way to ensure the continuity organizations and supplement their leadership!
Millennial women, between the ages of 25 and 35, are reaching a point in their careers where they need to make a decision about where to locate more permanently. Due to lower rates of marriage and childbirth, this population is mobile. But they need a good reason to call your community home. Designing your marketing strategy so it speaks to women’s needs and wants will ultimately determine if they choose to relocate and exercise their social and economic abilities in your community.
How to reach these women where it will impact them?
When marketing to millennial women, like any group, it is important to target their key motivations and speak to their values in a way that resonates. Showing, rather than telling, that your community’s values align with theirs can influence decision making.
To attract women, you should speak to the following:
While millenials in general are not buying homes at the same rate as previous generations (hello student loan debt!), single women are buying homes and condos at nearly twice the rate of single males.
Personally, this statistic aligns with my lived experience. I moved from Washington D.C. to Pittsburgh partially because I could afford to purchase my own home. And when comparing the status of many of my closest friends in each place, a majority of my Pittsburgh friends own homes, whereas only a couple of my D.C. friends did.
Does your community have plentiful and affordable housing available for purchase? Make sure it is highlighted in your marketing efforts.
And let’s not forget the pay gap. On average, women make 80% of what men make. (Www.aauw.org). That’s due to a lot of factors but it’s a fact that women are very aware of. Showcasing businesses that are committed to equal pay, or making the case that your money goes further in smaller communities speaks to women’s concerns about lower wages.
Illustrating your community’s commitment to family connections is also a relevant message for millennial women. The responsibility to care for aging parents often falls to women because of gender norms around emotional labor. As parents grow older, millennial women will be increasingly called upon to address their care. Conversely, if a woman has children, being close to her parents often provides a built-in support system and potential child care benefits.
Attracting young families back to your community has the added benefit of keeping their parents in place. In some communities we have seen the “Double Brain Drain” wherein retired grandparents move to be closer to their grandchildren. Bringing young families to town ensures the older populations don’t move away.
Social media marketing allows for very targeted ad campaigns. Facebook is a relatively inexpensive way to target specific populations, including new parents. And, even without paying for advertising, a viral campaign about how your town is family friendly might catch some eyes.
Young women have flocked to larger cities for a number of reasons – more things to do, better restaurants to try, more impressive scenery for their mental health (and instagram photos). But more often than not, what they are seeking is opportunity.
The more you can show women rising to success in your community, the more women will be interested in seeking opportunity there. If you look around and don’t see women owning businesses or in corporate leadership, ask yourself why not. Is there a need to start an incubator for women and minority owned companies? Do your corporate partners have a diversity program or mentor ship option? Once these programs get off the ground, highlight them in your marketing materials.
Be Authentic! Don’t try to play this marketing angle without actually having the programs to back it up. Promoting a false commitment to equality can backlash.
Their Health (Social, Emotional and Physical)
It’s not enough to have a yoga studio. Every city and town has a yoga studio. What you really need is free yoga. Preferably combined with alcohol.
Young women need to make friends and build a community to choose to make a place a home. But (as I covered in a past blog post) young people are not interested in boring business after hours networking events. Yoga is a high value activity – classes cost between $10-20, but if you can, encourage a local organization (think: library, nonprofits) to do free/donation based events. Adding a happy hour afterwards gives the chance to form relationships. Holding the class in an interesting space, like a museum, provides something to talk about. For extra credit, you can incorporate adorable baby animals.
Make sure to highlight health-oriented and social activities in your marketing plans to pique women’s interest and draw them to your community.
Men will follow
The title of this post is flatteringly adapted from our friend and collaborator David Feehan’s excellent book “Design Downtown for Women – Men Will Follow” which delves into how downtowns can be made into a better experience for women, which in turn, creates a better experience for all.
Men will follow. In the most literal sense, they will follow their partners/girlfriends/wives in their decision to move to your community. But on a greater scale, communities that attract women will grow stronger through more resilient community organizations, more diverse companies, and more tightly knit social networks, and thereby attract people of all ages and gender. The outcome of targeting your talent attraction and retention strategy on young women is a better value proposition for all those who might call your community home.
Across the country, communities are beginning to understand the economic value of developing trails. Though trail advocates and economic development organizations still often speak different languages, they are beginning to speak a shared language of talent attraction, tourism, and business development.
Different types of trails offer different economic opportunities. Continue reading “Increasing the Economic Impact of Trails”
At the end of 2014, Fourth Economy in partnership with Pfaffmann and Associates and Fourth River Development Company, completed a downtown housing market study and redevelopment plan for the City of Altoona in central Pennsylvania. This is another action plan being fully implemented by local stakeholders. Several buildings were targeted as part of this study for redevelopment into market rate urban style apartments, condominiums and destination retail. Programmatic and financing strategies were also identified. Continue reading “New Investment and Programs Follow Altoona, PA’s Downtown Housing Study and Development Plan”
After several months of stakeholder engagement and data analysis, the City of Lebanon, Pennsylvania along with hundreds of regional stakeholders came together in May 2015 to release its new economic plan, Grow Lebanon 2020. Fourth Economy was engaged to assist the City in the plan’s development, action agenda and public release event. Continue reading “Fourth Economy Prepares Economic Plan for Lebanon, PA”
This past April, Bedford County (PA) Planning Officials hosted one of several stakeholder tours of the decommissioned Rays Hill and Sideling Hill tunnels – tunnels that formerly served as Pennsylvania Turnpike auto tunnels. The vision now is to convert those tunnels to serve hikers and bikers as part of a regional trail network. Continue reading “Former Fourth Economy Client, Bedford County Planning, Advances “Pike2Bike” Plan”
It’s no secret that the best strategic plans are based on qualitative and quantitative analysis, using this information to determine the best allocation of resources to pursue growth and change. Too often, strategic planning processes “jump right in” and do not take the time to fully understand and quantify current and expected conditions. Change cannot be measured without first analyzing existing conditions to establish a baseline dataset from which change can be measured. This approach also applies to regional energy planning. As regions consider energy in relation to economic development planning, there are direct correlations to the impact energy has on people, place, and ideas. Establishing a regional energy baseline must be the first step before tactical planning can occur.
Additionally, energy planning is an often-ignored element in developing regional economic development strategies. Energy is a universal business itself, however it also impacts every single industry and business within a region. Energy directly impacts the health of people across a region, and is a critical element to regional success. How can economic development planning occur without energy planning? Continue reading “It’s all About that Base: Baseline Data, Energy Planning, & Economic Development”
After hundreds of hours speaking with the leaders of America’s transformed cities, analyzing data until our eyes crossed and summarizing all of our findings in an action oriented report, I am ready to provide you with the cliff notes. To summarize, we found that there are nine key themes to consider if you are looking to transform your community.
It has been a busy year here at Fourth Economy. Many projects have kept us hard at work, traveling across the country and meeting great folks. A theme among these projects has been a growing desire and recognition for all places, communities and towns to reinvent themselves – transform, reimagine, pivot – all in order to attract new investment and the talent that fuels it. And within this theme is a common recognition that without quality options to live, sleep and interact, it is tough to attract that talent. Housing and the context that surrounds a community’s housing stock is (or should be) a cornerstone to any competitive and sustainable economic development strategy. Continue reading “Forget the Smokestacks…Chase the Housing: A Case Study in Smaller City Reinvention”
There is a potential big deal brewing in the world of trails. The FEC team always challenges our clients to identify their unique value proposition. What sets your community or region apart from all others? A major destination trail envisioned for an abandoned portion of the Pennsylvania Turnpike would do just that for Bedford and Fulton Counties. Continue reading “FEC Projects Impact for One-of-a-Kind Trail Plan: Pike2Bike”
6 Key Priorities Shape the Economic Development Agenda
Regional industry, especially homegrown industry, must be an integral stakeholder in the development of strong and effective regional economic development partnerships. It cannot be said enough. This was emphasized once again in Fourth Economy’s recent engagement with our friends from the Red River Valley in North Dakota and Minnesota.
By far the Valley Prosperity Partnership (VPP) is one of the strongest industry-led efforts we have seen, both in terms of time and money. In addition to industry, it included two of the region’s regional economic development organizations and, oh yeah, two states. For those who have worked in regional efforts like this, you know it is no small task. Continue reading “Fourth Economy Helps Launch North Dakota-Minnesota Regional Action Plan”