Economist: Demographics pose challenge for Boulder workforce
BOULDER — Boulder’s talented workforce has helped propel the city and region to the top of numerous national rankings, but changing demographics will create challenges in the coming decades.
That was the message from Richard Wobbekind, executive director of the Business Research Division at the University of Colorado Boulder, keynote speaker at the 2015 Boulder Economic Summit. The Boulder Economic Council presented the event Thursday at the University Memorial Center’s Glenn Miller Ballroom. The program was titled, “The Talent-Driven Economy” and included a record 325 attendees.
Wobbekind noted that Boulder and Colorado have benefited in recent decades from a net in-migration of highly educated, talented new residents coming from outside the state. But that could change in coming years — especially beginning in 2025 to 2030 — as baby boomers retire at an increasing rate and the city competes for talented workers with other regions in the country.
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“The demographic change that’s going to occur … is going to put a lot of pressure on the hiring of talent,” Wobbekind said.
Wobbekind said that in-migration that does occur in the years ahead would not necessarily add to the workforce, as some of those migrants will be retirees. That will present challenges for companies seeking to lure and retain talent.
“The demographics going forward don’t favor the same migration trends that we’ve seen,” Wobbekind said. “We’re competing for a smaller pool of migrants.”
One solution, Wobbekind said, is for Boulder, Denver and the state as a whole to begin developing more of its talented workforce locally, rather than relying on an influx of new residents. But competition will be robust with competing communities such as Atlanta, Austin, Boston, Portland, Seattle and the Silicon Valley.
Wobbekind provided an analysis of the city of Boulder, identifying its strengths, weaknesses, opportunities and threats:
- Strengths: Innovative. Entrepreneurial. Green movement. Niche industries. Biker-walker friendly. Amenities. University of Colorado.
- Weaknesses: Zoning restrictions. Low diversity. Demographic change. Cost of living.
- Opportunities: Startup community. Venture-capital funding. Desirable living destination. Technology industry.
- Threats: Real estate costs. Limited office space. Difficult commuting (highway construction). Negative stereotypes.
Stephen Hughes, CEO of Boulder Brands Inc., speaking on a panel focused on “Attracting Talent,” said one key for the company has been to maintain the culture of companies that Boulder Brands has acquired, whether it is Udi’s Gluten Free Foods or Evol Foods. “We’ve tried to take a lot of cultures and put them together,” he said.
Hughes noted that Evol founder Phil Anson is now chief innovation officer for the entire company.
Boulder Brands employs 229 in the city of Boulder, and the company’s culture has been key in filling positions. “As you look at attracting talent, in this day and age, particularly in Boulder, you have to be special,” he said.
Boulder Brands gauges itself against other companies in Boulder County that are “magnets” for talented workers. The company focuses on mission, its own business location, hours, culture, values and many other factors.
“You cannot do anything that is inconsistent with your values,” Hughes said.
The Boulder Economic Summit included 23 speakers and featured a keynote address by Kendra Prospero, CEO of Turning the Corner LLC, on “Profit and Loss: What’s Love Got to Do With It?” Other sessions included “ Creative Practices in Talent Attraction and Engagement,” “Building the Talent Pipeline,” “Anticipating Talent Needs” and “Engaging Your Talent.” Video of the sessions will be posted on the Boulder Economic Council website at www.bouldereconomiccouncil.org.
BOULDER — Boulder’s talented workforce has helped propel the city and region to the top of numerous national rankings, but changing demographics will create challenges in the coming decades.
That was the message from Richard Wobbekind, executive director of the Business Research Division at the University of Colorado Boulder, keynote speaker at the 2015 Boulder Economic Summit. The Boulder Economic Council presented the event Thursday at the University Memorial Center’s Glenn Miller Ballroom. The program was titled, “The Talent-Driven Economy” and included a record 325 attendees.
Wobbekind noted that Boulder and Colorado have benefited in recent decades from a net in-migration of highly…
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