This summer GE moved its corporate headquarters from rural Fairfield, Connecticut to Boston's vibrant Seaport District. The move represents a small segment of the company's global workforce but signals a major shift in thinking about demographics and the war for talent.
Boston is home to 55 colleges and universities and has one of the highest concentrations of Millennials as a portion of total population. GE is on record as saying it relocated, in large part, to compete for the type of Millennial talent necessary to fill its tech savvy roles. The company is undergoing a massive restructuring to reinvent itself for the digital age with the goal of becoming "a top 10 software company by 2020."
Millennials are moving to large cities with walkable urban environments and access to public transit, education, entertainment and cultural amenities. Companies located in rural and suburban communities will experience increasingly short supplies of skilled workers as a result. Relocation may appear a drastic step, but for companies like GE, it represents a proactive effort to stay in the game.
It is critical that organizations recognize the changing talent landscape and take proactive measures to attract and engage employees of all generations. For questions and strategies to successfully compete for talent in your industry, log on to my website or feel free to contact me directly.