Workforce Development for Economic Developers
Part 9: Competitive Skilled Workforce Analysis
How does your workforce stack up against the regions you regularly compete against for an economic development project? When comparing community and regional workforces, Smart Solutions Group conducts a competitive analysis for a cluster based on a variety of workforce factors. To give you an idea of how a competitive analysis is conducted, we will highlight an actual competitive analysis of six Metropolitan Statistical Areas (MSAs) for the Finance & Insurance Cluster.
The following competitive analysis was based on ten Finance & Insurance Occupation and Industry factors. Since there is not an occupation category for Finance & Insurance, Smart Solutions Group created an occupation category for this cluster from selected occupations in Management, Business & Financial Operations, Computer & Mathematical, Sales & Related, and Office & Administrative Support occupation categories. There are 58 occupations in this cluster. The following are the ten factors that were used in the competitive analysis:
To keep the identity of the six MSAs confidential, we have coded the names of the MSAs. The rating shows that MSA –1 has a significant advantage over the other competitors. The following shows the final rankings of these six MSA based a methodology that includes 10 sector and occupation factors:
If you have any comments or questions on the Competitive Analysis, send them to Ed Andrews at firstname.lastname@example.org. In the 10th and final Part in this series, we will publish questions that were asked during this series and we will provide answers to these questions.