For decades recruiters have known that it is really hard to get people to move to the twin cities but that once they do it’s impossible to get them to leave. An article in the March 2015 issue of the Atlantic entitled “The Miracle of Minneapolis” penned by Derek Thompson highlights a compelling economic reason behind this adage: no other city mixes affordability, opportunity, and wealth so well.
Minneapolis – St. Paul was one of only three major metro areas to be on two top 10 economic lists that recently came out. The first is a Trulia study that looked at homeowners’ monthly payments in each city relative to the areas median income. The second a Harvard-Berkeley study examining which cities have the highest intergenerational mobility. Many metropolitan areas seem to have caused a trap for their younger residents in which they cannot afford housing and find a job that positions them well for the future. The Twin Cities seems to have realized both affordable housing and upward job mobility.
Other top ten lists that the Twin Cities makes such as the most bike friendly city, Money’s best place to live, and most fit city are just icing on the cake. The fact that young families can come here for great careers and affordable housing is very compelling value proposition for millennials and this article is a great arrow in your quiver for attracting top talent.
How has the Twin Cities done this and continued to make its mark as a strong business friendly region? According to Thompson, “The Twin Cities’ housing and tax-sharing policies have resulted in lots of good neighborhoods with good schools that are affordable for young graduates and remain nice to live in even as their paychecks rise. This, in turn, has nurtured a deep bench of 30- and 40-something managers, who support the growth of large companies, and whose taxes flow to poorer neighborhoods, where families have relatively good odds of moving into the middle class.”
A fact often touted in the region is that the Twin Cities has more Fortune 500 companies per capita than any other metropolitan area. One strong reason for this is the deep blend of 30 and 40 something talented middle managers that help build and grow those companies.
As you recruit out of state talent for your business, let them know that the Twin Cities, along with your company, is a place that grows, fosters and retains talent like no place else.Brian Davis, CEO, CEO Peer Advisory Groups, Leadership Development, Minneapolis Vistage, Minnesota Vistage, Vistage