What Really Matters to Talent and What We Can Do to Attract Them: 5 Key Takeaways for a Talent Strategy in 2024

Due to a perfect storm of demographic conditions, labor force participation, and skillset misalignment, labor shortages are the new normal.  The Greater Lexington region is no exception. Companies are looking for communities to supply the talent they need and "Talent attraction" is now a common term, not just among HR professionals but also among city, regional, and state leaders working to grow and retain their working-age population. The battlefield has shifted from the corporate to the economic development world as places fight to increase their population to meet the needs of current and future employers. 

Now firmly in a "post-pandemic" environment, the U.S. has seen trends pointing to shifts in the talent and workplace landscape over the past year. Notably, people now live roughly twice as far from their offices as they did pre-pandemic, which is most relevant to white-collar workers. Office employers are gaining more leverage as job postings in software, IT, finance, marketing, and media have decreased, and layoffs have increased. The "Great Resignation" has plateaued, returning to pre-pandemic quit rates. Industrial operations are looking further from population centers for sites, presenting unique challenges and opportunities in sourcing talent. More Gen Z individuals are entering trades due to rising higher education costs and perceived instability of white-collar jobs with the rise of generative AI. Additionally, the U.S. is facing various challenges that could impact relocating talent's priorities, such as climbing home prices and mortgage rates. ​

Commerce Lexington continues its work with Development Counsellors International (DCI), an international marketing agency with expertise in economic development, tourism and talent attraction marketing, on a new Talent Attraction/Retention campaign for the Greater LEX region. Each year since 2017, DCI has sought to uncover the motivations and preferences of relocating talent to understand how best to influence their path for a new home. In the latest “Talent Wars” report, DCI addresses hot topics, examining generational differences, and exploring what would entice those not currently working to re-enter the workforce.

DOWNLOAD The REPORT

With eight years of data, DCI confidently understands what matters to talent and has advised us on how Greater LEX can compete in the war for talent. In their latest report, they debunked eight myths about talent attraction and revealed the real, data-backed facts. Here are five key takeaways that have informed our talent attraction strategy that will launch later this year: ​

1. Focus on What Matters Most

The data consistently shows that talent priorities remain unchanged across years, occupations, and generations. Regardless of age or professional background, people prioritize finding and affording a better or comparable standard of living.  

• To attract talent to the Greater Lexington region, we are launching a new website that will include tools that address these concerns, highlighting cost of living, housing availability and affordability, and safety. The messaging will emphasize how the 9-county region can alleviate these pain points and distinguish us from other locations. ​

2. Highlight Jobs and Empower Employers

Contrary to popular belief, most people won't relocate without a job. While promoting livability can attract initial interest, employers are crucial in closing the deal.  

• Our Look at LEX talent campaign will not only showcase the variety of jobs available in the region but also equip employers with information to sell the location to potential employees.  ​

3. Own Your Narrative

Not every location can excel in key areas like safety and cost of living. However, no single factor needs to be a deal-breaker. DCI’s research indicates that perceptions of safety can be influenced through strategic public relations, community engagement, and social media. It’s crucial to own the narrative, be authentic and transparent, and provide useful proof points and tools.  

• Commerce Lexington is working with a local marketing firm to create a smart PR and digital strategy to shape the Greater Lexington story. ​

4. Promote Resources to Inspire Career Change

While talent attraction can fill jobs today, it won’t solve skillset misalignment. Fortunately, most talent are open to upskilling to shift or upgrade their career paths, with some even willing to relocate for training. However, many are unaware of the available resources. Additionally, those not currently working or actively seeking employment may be enticed to re-enter the workforce for the right opportunities, such as earning a salary or accessing paid training.  

• The look at LEX campaign will promote existing resources in the 9-county region to help individuals see a clear pathway to a better future.  ​

5. Go Digital and Stay Targeted

To reach relocation-ready talent, it’s essential to meet them where they are – online. A robust digital presence and strategic digital tactics are crucial for talent attraction campaigns. A strong social media strategy will reach the right users with the right content. As awareness of talent attraction campaigns grows, so does the competition. We will use our resources wisely and make a compelling case for why Greater Lexington should be at the top of the talent’s short list. 

Conclusion 
Understanding and addressing the key factors influencing relocation decisions has been the driving factor for the new Look at LEX talent strategy. By focusing on what matters most, highlighting job opportunities, owning the narrative, promoting career change resources, and leveraging digital strategies, we can attract and retain top talent in the years ahead. 

We are excited to showcase the best of what Greater Lexington has to offer through this new campaign that will launch this fall. 

For more information, contact Betsy Dexter at [email protected].