The Indiana Economic Development Association Foundation recently released a study outlining what it sees as best practices for talent attraction.
The Indianapolis-based nonprofit partnered with the Indiana Economic Development Association to put out the study “Best Practices for Attracting Talent.” It aims to offer recommendations and insights for communities that seek to attract and retain top talent, a major economic development goal that employers often rank as their highest priority.
The study gives Indiana cities and towns insights into what strategies and initiatives have worked for other communities across the United States. It recommends childcare programs, industry-specific efforts and grants meant to create a quality of place.
“This study offers invaluable guidance for Indiana communities seeking to enhance their competitiveness and economic growth,” said Matt Kavgian, executive director at the Indiana Economic Development Association Foundation. “By understanding and implementing best practices identified in the study, we can create a more attractive environment for talent and foster economic development throughout the state.”
The study recommends that communities improve access to affordable childcare, outline what policies have proven successful elsewhere. It for instance reviews options like on-site childcare, employer-subsidized childcare and remote work. It encourages the state adopt a tri-share model in which the employer, employee and state government each cover a third of the cost.
It suggests place-based investments in amenities, infrastructure and quality of life. For instance, it looks at how Tulsa offered remote workers $10,000 to move to the city and Quincy, Illinois offered a $5,000 rebate on residential property taxes. It also offers guidance on how to develop sector-specific approaches to hone in on the specific talent needed for each industry. It details approaches that Utah took to bolster the aerospace industry and the Savannah, Georgia pursued to bring in more tech workers.
The study recommends more housing assistance programs and community marketing to help bring more human capital to communities across the Hoosier State.