Small Business Finance News
Young Workers Follow (and Breed) Success
Written by Jenna Weiner
Published: 12/8/2009
The Office of Advocacy offers SMB owners insight on the migration patterns of educated, young workers.
A recent report from the Office of Advocacy may provide some helpful news for small business owners looking to keep young workers close by. Advocacy recently released a paper that provides insight as to why certain states find it hard to hold on to young workers.
According to the report, states with higher gross state product growth are more likely to attract highly mobile and high-achieving college graduates. This may be of interest to SMB owners, as tech-savvy young workers are proving valuable resources in an age of social media marketing.
It might also be of interest to state officials. "With states devoting millions of dollars in investments to economic development and education, state policymakers are naturally concerned when the most talented workers leave to explore opportunities elsewhere," said Susan Walthall, acting chief counsel for Advocacy.
The report emphasizes that students' academic achievements indicate higher mobility, as does a high-caliber, expensive education. Also, states that tend to be more focused on "knowledge economy" tend to attract these mobile workers.
The importance of attracting young workers is something Massachusetts SMBs are now confronting; a MassInc survey of 800 residents between 25 and 39 showed that one in five expect to leave the state, partly because Massachusetts's SMB tech community has frequently passed up social media like Facebook and Twitter - two increasingly important marketing tools.
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