We hope you are familiar with Charles Landry, keynote speaker at a CEOs for Cities conference and keynote speaker for Leadership Memphis several years ago. He’s the author of the book, The Creative City, that shaped the thinking about cities by many of us. There’s an excellent article in Strategy + Business about him. It begins:
What sustains great organizations over time? Great talent. And what do talented people want? Most want influence, money, personal fulfillment, and the chance to make a difference. But more and more, talented people also want a great place to live.
The answer seems obvious, but the phenomenon is fairly recent. In the past, the attractions of working for the right company often trumped the desire to live in a great place. No longer: A landmark study by the Chicago-based CEOs for Cities released in 2008 found that 64 percent of highly mobile global knowledge workers said they were more likely to choose a job because of where an organization was located than because of the organization itself.
The reason is not surprising. Talented knowledge workers — people who have choices — know that companies can no longer guarantee their own survival, much less offer their employees a safe harbor in an unpredictable economic environment. To secure a prosperous future, individuals need to put themselves in settings that enhance their ability to build both the relationships and the skills they will need to support themselves over the course of a lifetime. Less dependent on companies than they were in the past, knowledge workers have increasingly come to recognize that putting place first works to their advantage.
Business leaders have been slow to recognize the key role of place in attracting talent and stirring its innovative potential. As a result, many companies continue to over-focus on building internal capacity rather than seeking to strengthen the regions to which they need to attract skilled people. Given the shift in what top people are looking for, leaders who follow the conventional strategy may end up shortchanging themselves in the talent sweepstakes and also undermining the long-term economic viability of their resource base.
To read more, visit Strategy + Business.