Written by: James Aird, founder of EduPivot LLC
New Hampshire is grappling with a series of labor challenges that threaten to slow economic growth and opportunity. From a childcare crisis pushing women out of the workforce to prohibitively high housing costs which deter young talent from either sticking around or moving to the Granite State, New Hampshire faces a complex array of hurdles. However, amidst these challenges lies a straightforward solution: investing in learning and development (L&D).
The child care crisis is a pressing issue that is forcing parents to opt out of the workforce due to the lack of affordable and accessible care options. This not only limits career prospects but also hampers talent acquisition and retainment. This issue is particularly relevant to the tech sector in New Hampshire.
The high price of housing in New Hampshire presents another significant challenge for New Hampshire: recruiting and retaining young talent. Many young professionals and recent graduates find it financially unfeasible to settle in the state, opting instead to live and work in other states.
Learning & Development
The challenges above present companies with an opportunity for reevaluation and innovation. While addressing the issues such as childcare and housing remain important, companies should reassess their learning & development strategies and integrate them with talent acquisition, talent retention, and skills development. Let’s take a deeper look at how learning & development can help navigate the labor challenges in New Hampshire.
Talent acquisition
The era of millennials expecting office perks such as ping pong and bean bag chairs is behind us (well, sort of). While still important, the latest generation comes with new demands: opportunities for continuous learning and development, and clear career progression.
For companies that choose to invest in learning & development, creating a reputation of continuous learning will help market the organization with such a perk. In New Hampshire, properly marketed learning & development can be an important value add for talent acquisition.
Talent retention
According to a LinkedIn Employee Well-Being Report, employees see “opportunities to learn and grow” as the foremost factor in shaping work culture. These findings are extremely important for employers in the Granite State, because the data directly relates to learning & development. Companies must invest in employee development programs and offer learning opportunities for their current staff, which in turn can increase metrics around employee retention.
Skills development
Skills development is perhaps the most important factor related to learning & development, especially when we look at New Hampshire’s shrinking workforce. With an aging population and parents leaving the labor market, investing in upskilling and reskilling programs is paramount. By offering learning opportunities tailored to the needs of the organization (aligned to business objectives), companies can bridge the skills gap and maintain a steady pipeline of talent.
Companies can easily identify the skills gap by conducting a training needs analysis (TNA) internally, or by using a New Hampshire-based learning consultancy. A proper analysis will enable companies to create learning that is directly aligned to the relevant business objectives – with learning in some of the following areas: customer success, IT security, compliance, tech enablement, and sales.
Conclusion
While New Hampshire faces numerous workforce challenges, investing in learning & development offers an alternative path forward. By creating corporate learning, companies in the Granite State can improve talent acquisition, talent retention, and provide their employees with opportunities to upskill. This not only addresses immediate labor shortages but also fosters a resilient workforce capable of adapting to future economic shifts.
New Hampshire can position itself as a regional leader in workforce innovation and economic growth – the time is now for companies in the Granite State to invest in their people.