REGIONAL TALENT INITIATIVE

Minneapolis BOMA

March 19, 2015

2

MARKETING, BRANDING & PROMOTION

JOB RETENTION, EXPANSION & ATTRACTION

REGIONAL ECONOMIC

DEVELOPMENT STRATEGY

MISSION Accelerate job growth and capital investment in the Greater MSP region.

VISION The Greater MSP Region is recognized as a globally leading economy where business and people prosper.

GREATER MSP VISION AND MISSION

In 2013, GREATER MSP and over 1000 partners created the region’s first-ever economic development strategy. The strategy analysis provided a clear view of where our region is positioned to compete and win in the global economy. And it identified areas where we need to work together to increase our competitiveness.

Tim Welsh – co-chair McKinsey & Company

Michael Langley GREATER MSP

Katie Clark Sieben

DEED

Susan Haigh Metropolitan Council

Brian Herman

University of Minnesota

Doug Baker – co-chair Ecolab Dave MacLennan Cargill Ravi Norman Thor Construction Chris O’Connell Medtronic Lee Sheehy McKnight Foundation

STRATEGY STEERING COMMITTEE June-November 2013

• Bio tech • Healthcare Providers • Healthcare Payers and IT • Medical devices Health & Life

Sciences

• R&D centers • Software/ IT • Advanced manufacturing • Energy/renewables

Advanced Manufacturing & Technology

• Financial advisory • Banking • Insurance Financial Services

& Insurance

• Financial Advisory • Banking • Insurance Financial Services

& Insurance

Food & Agribusiness

Headquarters & Business

Services

• Corporate headquarters • Creative services • Professional services • Data centers

• Food Processors • Food Production • Agribusiness • Nutrition • Water filtration • Water purification

Food & Water Solutions

Regional Sectors of Strength

PRIORITIZE TALENT

TELL OUR STORY

BUILD GLOBAL SECTORS

Create talent retention & attraction initiative

Equip leaders to tell the regional story

Build regional competitive intelligence unit

Connect & integrate human capital pipeline

Create food sector team

Connect strategy analysis & policy priorities

2015 PLANNED & ACTIVE PROJECTS

Central Cities Competitiveness Strategy

Updated 1.5.15

Create shared regional indicator dashboard

The regional strategy has 3 strategic pillars. Strategy implementation is underway with 8 projects, each connected to one of the pillars. The Task Force is part of this broader ecosystem of activity.

TALENT CRUNCH: MINNESOTA’S STORY TALENT

TASK FORCE

6

When & where should we expect labor shortages in our state and metro? Recent MN DEED forecast for state shows labor shortages prior to 2018.

Empl

oym

ent &

Lab

or F

orce

Source: Minnesota Department of Employment and Economic Development

Early childhood Employment &

career development

Post-secondary K-12

Our region needs a bigger net to RETAIN the skilled talent emerging from the early stages of the pipeline.

Our region needs a stronger magnet to ATTRACT degreed and creative talent into our workforce from outside of our state.

7

A GAP REGIONAL ACTION

The strategy analysis revealed there is no regional collaboration focused on the retention & attraction of professional talent.

The most competitive regions are working together to improve talent development AND retention & attraction.

REGIONS CURRENT STATUS TRENDS CURRENT ACTION

Austin

Denver/CO

San Diego

Seattle

Silicon Valley

Chicago

MSP

Pittsburgh

Cleveland

Detroit/MI

Leading Talent Magnets

Best-Practice Programs

Source: IO Inc.

Strategy analysis: our region is falling behind our peers on young professional talent

8

TALENT TASK FORCE

LEADERSHIP Co-chair: Doug Baker Co-chair: Bert Colianni GMSP lead: Peter Frosch Project Coordinator: Matt Lewis

TASK FORCE

Jen Ford Reedy, President, Bush Foundation

Myles Shaver, Professor, Carlson School of Business

Julie Sullivan, President, University of St. Thomas

Jamie Millard, Curator, Pollen+OTA

Adam Maikkula, Curator, Minneapolis Global Shapers

Margaret Murphy, President 1to1, Olson

Jay Gabler, Digital Editor, The Current/Classical MPR

David Zelaya, Multicultural Center, University of Minnesota

Jennifer Kelly, Campus Recruiter, Ecolab

Shelly Fossen, Group Manager Talent Acquisition, Target

Orinthia Montague, Interim VP for Student Affairs, Normandale Community College

JULY 2014 - FEBRUARY 2015

TASK FORCE DELIVERABLES TALENT

TASK FORCE

Problem Definition with Numerical Goals

Challenge/Asset Map with Stakeholder List

Goals/Objectives for new Talent Initiative

CASE for REGIONAL ACTION

Initiative Design with Structure, Strategies & Partners

5-7 Early Strategic Actions with lead Partners

Resource requirements for early implementation

PROPOSED DESIGN & YEAR 1 ACTION

PLAN

New Talent Brand Platform

Communication Pathways

Plan to Integrate with Initiative

TALENT BRAND

10

DATA-DRIVEN PROCESS TALENT

TASK FORCE

11

The Task Force spent 3 months digging into data to understand where a talent initiative for our region should focus.

1100+ young professionals in our region

80+ top companies in our region

2500+ professional employees of HQ companies

HR leaders, public sector CIOs, private sector developers, public sector young talent

Human Resources Survey

GROUPS

LEARNINGS TO DATE

12

SHARP FOCUS: PROFESSIONALS TALENT

TASK FORCE

Professional workers are opportunity multipliers

Our regional economy relies heavily on a professional workforce

Young professionals are the focus cohort for retention & attraction

Each high-wage job generates 3.5 additional jobs in the region’s economy

20-34 year olds are the most mobile workers in the U.S.**

MSP #5 of top 25 largest U.S. metros for concentration of professional talent*

Sources: *CEO for Cities, City Vitals 2.0, data from U.S. Census Bureau, ACS 2008-2010; **US Census Bureau, ACS 2010-2012

LEARNINGS TO DATE

13

NEW INSIGHT TALENT

TASK FORCE

Overall, retention is a strength and attraction is a challenge

Different story for minority professionals Attraction matters but the world doesn’t know us Jobs are a hook but quality of the region closes the sale

MSP #1 in professional talent retention BUT #19 in attraction*

MSP #14 in retention of minority professionals BUT #2 if there are children in the home*

MSP economy depends on talent attraction today. We need to be better known to compete.**

Top MBA recruits to our region’s companies received up to 9 offers from across the U.S.

Sources: *Myles Shaver (University of MN) analysis, IPUMS-USA data (University of MN) **MN State Demographic Center, Time for Talent

INITIATIVE DESIGN

14

TALENT TASK

FORCE

GOALS have broad Task Force support and give the new initiative substance and scope.

The STRATEGIES are still in process. Once set, they make the goals actionable and measurable

Transition to Action