Nov 24, 2021
Chris Lloyd Discusses Impact of Workforce Incentives, Public Policy on Company Location Decisions
In a Nov. 17, 2021, article for Investment Monitor, McGuireWoods Consulting senior vice president and director of infrastructure and economic development Chris Lloyd discussed results from an October 2021 Site Selectors Guild survey showing that many members are expecting skills shortages, particularly in manufacturing, transportation and warehousing.
“Guild members are hearing from their clients about tight labor markets, unprecedented wage increases, and renewed interest in workforce training programs and recruitment tools — all of which are impacting corporate location choices,” said Chris, who also is chairman of the Site Selectors Guild.
The article noted that that 41 percent of the members surveyed said skills shortages are the new normal, with many saying it will last at least three years.
Respondents viewed six states — Alabama, Georgia, Kentucky, Tennessee, Texas and Virginia — as successfully implementing attraction and retention strategies, though there was mixed opinion on strategies that target individual talent rather than companies, the article added. Seventy-eight percent noted that the shortages have impacted where the companies will invest in new or expanded facilities, and 63 percent reported companies are increasingly conscious of state and local laws and policies — such as social policies, voting laws and COVID-19 mandates — that could hamper talent recruitment and retention.