Creating, Building, and Maintaining Strong Product Identities Connecting Your Audience with LMI

Sylvia D. Jones, Senior Analyst Wyoming Department of Employment Research & Planning

Hunting the Elusive Long-Term Employee

Wyoming Department of Employment Research & Planning Sylvia Jones

Research & Planning (R&P) is a statistical unit working in the Department of Employment In addition to Bureau of Labor Statistics administered programs, we engage in the collection and interpretation of labor market information Research & Planning – Who are we?

What is Labor Market Information? Statistics are collections of data or facts LMI is knowledge gained by understanding the data or facts Data are important, but understanding is the key to LMI We gather and interpret data to provide LMI that helps people and organizations make better-informed decisions

Wyoming is facing a labor shortage

US and Wyoming Not Seasonally Adjusted Unemployment Rates USWyoming

What do we do about it? 1. Scout for potential labor 3. Preserve the talent we already have 2. Hunt trophy workers

Scouting For Potential Labor In-state Out-of-state

In-state Alternative sources of labor

Out-of-state See what’s out there before you take aim

What do we have to offer? Fabulous grazing land

Low cost of living Lots of room to grow

Plenty of wonderful people

Competition for labor Little economic diversification

Housing shortage Relatively low wages

Fair Market Rent for Selected Wyoming Counties, 2005 Monthly Rent CountyStudio1 Bedroom2 Bedroom3 Bedroom4 Bedroom Albany$409$469$595$817$865 Campbell$456$491$550$745$811 Converse$333$412$512$698$900 Laramie$473$499$633$862$1,110 Lincoln$448$475$540$721$853 Natrona$370$405$512$745$898 Park$380$437$514$646$851 Sheridan$408$440$541$692$845 Sublette$451$475$551$721$854 Sweetwater$336$408$512$716$743 Teton$697$778$978$1,289$1,327 Washakie$410$428$512$668$800 Weston$410$428$512$668$800

County Average Monthly Mortgage (2000) 2004 Average Home Sale Price 2005 Average Home Sale Price % Change in Average Home Sale Price Albany$916$175,320$182,0003.8% Campbell$879$173,420$185,8747.2% Converse$714$115,800$149, % Laramie$901$155,467$165,7436.6% Natrona$746$139,651$156, % Park$821$151,921$161,8666.5% Sheridan$819$162,917$186, % Sublette$847$218,343$249, % Sweetwater$953$142,688$179, % Teton$1,498$495,500$551, % Weston$664$64,784$80, % Wyoming Housing Database Partnership, August Home Ownership Prices in Select Wyoming Counties

Now what?

Non-ResidentsResidentsTotal State of Originn%n%n CO4, , ,486 CA7, , ,583 MT2, , ,708 UT3, , ,186 SD1, , ,247 NE1, , ,923 TX4, , ,120 IL1, , ,592 ND , ,714 MN1, , ,599 ID2, , ,158 MI1, , ,259 Grand Total58, , ,718 States With the Largest Contribution to Resident Labor in Wyoming, 2004

Average wages for electricians and rent data for various US cities City Avg. Hourly Wage Avg. Rent 2 Bedroom Apt* % of Monthly Wage Spent on Avg Rent Cheyenne, WY$22.05$ McAllen-Edinburg, TX$14.59$ Sioux Falls, SD$17.37$ Omaha, NE$19.37$ Boise, ID$17.84$ Denver, CO$22.77$ Detroit, MI$29.16$ Billings, MT$21.60$

Now that we found the herd, how do we get the right animal?

Understand who you are recruiting

You may need to address issues facing families

The compensation package

Gender Age groupNumberAge % Average Wage $ % of Avg Rent FemalesUnder 2010, , , , , , , , , , , , , , Unknown , Total126, , Mean Earnings Compared to Average Rent Prices for Women by Age

How do we keep the employees we have now?

Stay downwind of your competitors

Compensation package Training Longevity incentives Make an investment

Plan for the future

Don’t just sit there

Use LMI to find your trophy employee!