Location, Location, Location: Be Where Your Skillset Is

Location, Location, Location. You’ve heard the phrase time and again, but this key feature should remain at the forefront of your mind when looking to establish a business. There’s more to think about then the lowest rent and the nearest Starbucks. There’s even more to it than figuring out the habits of the customers you want to attract and the clients you want to work with. Entrepreneurs need to be aware that location has a significant effect on the talent pool and hiring process.

It is imperative for you to be where your skill set is. Without an ample pool of qualified potential employees in the area, you cannot build the team you need for a successful business. So, think about the team you want to build and the talent your company needs, and choose a spot accordingly.

Location matters when hiring for top talent.

Even in the best of locations, it is likely that some employees will spend significant travel time to get to the office. In fact, the average American is now spending over 100 hours a year commuting. It is likely that some of you are actually reading this on your commute right now! The odds are highest if you’re living in New York, the state with the longest average commute-to-work time at 30.4 minutes each way. Moreover, NYC has the highest percentage of “extreme” commuters with 5.6 percent spending over 90 minutes getting to work.

With rising gas prices and the ever-troubling economic climate, it is no surprise that more people are beginning to reconsider their willingness to travel long commutes to work. Employers need to find ways to compensate extreme commuters. Beyond monetary compensation, companies can offer flexible work schedules, telecommuting options, and increased benefits to keep their travelling employees happier, healthier, and more productive in the office.

However, if companies pick a location based on the skillsets their looking for, they reduce the need to make these accommodations for their commuters and have an overall happier employee network. Furthermore, a recent study found that entrepreneurs who locate their businesses where the local talent has strong ties to the communities are
more successful
.

So what’s the take away from all this? Location matters when hiring for talent. Keep the skillset you’re looking to hire in mind when establishing your business.

Post written by Donna Hanrahan, Social Media Coordinator at Whiting Consulting.

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