Posted on Monday, March 31, 2008 5:09:44 PM
A Business Case for a Young Professional Organization
In the coming years, US cities will be deeply affected by several national labor trends:
- The next generation of talent (“Generation X,” born 1961-1981) is smaller in size than their Baby Boomer (born1942-1960) predecessors;
- By 2012, two workers will leave the workforce for every one entering; (Source: Bureau of Labor Statistics)
- The average U.S. worker has 10.5 different jobs before the age of 35. (Source: Bureau of Labor Statistics)
- Free Agents - 72% of employed workers are seeking new jobs. (Source: Human Resource Management)
- By 2010 there will be a shortage of 10.3 million workers across all employment categories; (Source: Bureau of Labor Statistics)
- Three out of four young professionals under the age of 28 place more importance on the quality of the community than the availability of jobs (Source: Next Generation Consulting)
- America’s 500 biggest companies will lose half of their senior managers over the next five years. (Source: Economist, October 2006)
While labor trend like these are alarming, they do not account for the psychographic, preference-based shifts that are also impacting Northern Virginia’s ability to attract and retain talent.
- Adulthood has been pushed back for young talent: “ The average age of a first marriage for an educated Gen X’er (b.1961-1981) is currently 28. By the time young talent considers “settling down” in the US cities region, they are in their late twenties and early 30’s
- Three out of four young people under the age of 28 first pick a place to live and then find a job. What can the US cities region to do position itself as one of the “best places to live” for young talent?
- When asked what makes a community attractive, young talent report that factors like “Third Spaces.” Third Spaces include things like the arts, culture, ethnic restaurants, public parks, trails, recreation areas, and farmer’s markets.
- Young talents behave regionally. In focus groups, young talent routinely report that some of the best assets a community has lie outside the community in which they live.
The winds of change- globalization, talent markets and preferences, and an economy whose value has transitioning form manufacturing to innovation- are gusting in US cities. With an increasingly competitive market for talented and educated professionals, US cities must define the unique regional characteristics that make it attractive to the next generation and position itself in the mediums and with the messages that will appeal to its target demographic.
Why Support a Young Professionals Organization?
Young Professional organizations are a critical strategy to attract and retain talent to communities because:
- Young professionals organizations help connect young professionals (yp) to each other. Some of the key questions yp’s ask when moving to a community are: Will I fit? Who shares my interests? Who looks like me, and how will I meet them?
2. Young professional organizations help connect yp’s to their community. Research shows that when yp’s feel they can make a difference in their community, they are 2-times as likely to stay.
Benefits to Businesses
- Impress Candidates- showcase corporate specialties and community amenities
- Position Competitively- as a young talent friendly company
- Ease Relocation- help new recruits establish a network and learn their way around town
- Save Recruiting Costs- the networks of your best and brightest are your most valuable referral sources
- Boost Employee Effectiveness- generate satisfaction, motivation and greater productivity
- Increase Influence- leverage YP networks to built your business
- Manage Intelligently- learn to serve the needs of different generation differently
Benefits to Communities
- Stem Brain Drain- keep young talent in your community
- Capitalize On Assets- promote your community’s unique strengths
- Engage A Generation- employ models proven tot get “Free agents” plugged in
- Invest In What Matters- measure what matters to talent and use metrics to guide investment decisions
- Count Regional Assets- regional amenities are relevant consideration for young talent
- Fuel Innovation- tap talent resources to build knowledge, foster creativity, and generate new ventures
- Welcome New Residents- show them around and impart a sense of place
- Help Talent Grow Roots- foster relationships that deepen a sense of belonging
- Cultivate Leaders- prepare a new generation to lead with vision and passion
- Leverage Resources- capitalize on young hands and minds to tackle challenges
- Become a Talent Capital- attract growth industry businesses to deep talent pool
Young Professionals of Northern Virginia
The Young Professionals of Northern Virginia exists to attract and retain young talent in the Northern Virginia area. We are dedicated to finding new ways for young adults to connect with our community, grow personally and professionally, and to live life to its fullest.
Comments (0) - Permanent Link