UBJ PROFESSIONAL
By KEN COSTANZO
3 Reasons SC Is Poised to Compete At times, it’s difficult to appreciate that global trends can certainly be applied to local communities. As our understanding of global, cross-cultural and cross-border economies increases, it becomes more and more apparent that things happening in Europe, the Middle East and Asia are relevant to Greenville and the Upstate areas. These issues came to the forefront with the completion of a recent survey conducted by Stanton Chase International, a global retained executive search firm. It raises some interesting issues, and some of the findings are relevant for our region in South Carolina. The Stanton Chase global survey canvassed more than 500 C-level industrial sector executives from 40 countries on a wide range of topics. The survey results pointed out several key trends that are noteworthy when viewed from our perspective in Greenville and the Upstate region. It actually points out things that we are doing well when considered within a global context. Here are some of the findings: • A shift away from growth by acquisition, and toward organic growth driven by investments in core business, new products, new markets.
But one of the most telling results from the survey is a global “leadership shortage.” As executive search consultants, we are finding that executives remain cautious about moving due to a still-shaky domestic economy. Some are wary of leaving a known situation and moving to a different area for a new opportunity, even if it has significant potential. Greenville, however, seems to be in a class by itself and has not experienced difficulty attracting top-notch leadership. This is due to a solid foundation of strong companies, a business vision and a receptive environment for families. Along with our area’s success in recruiting new companies, we have also done well attracting business leadership. It is clear that we can successfully compete with other regions of the country for talent. Success like this does not just happen. It is part of our master plan, combining the efforts of businesses, private organizations and government. With public and private cooperation, economic development in Greenville and
the Upstate region will endure, and exceptional executive leadership will continue to view the area as a strong landing spot. The survey is particularly relevant to Greenville for a variety of reasons: 1. In terms of our organic growth we have several examples. BMW’s expansions have added more than 7,000 jobs in our area since 1994. Among others, we’ve seen this type of growth in aerospace/aviation with the continuing growth of GE Aviation. 2. Greenville has also been on the forefront of investing in technology and infrastructure, another important finding in the survey. The area’s bioscience sector is now ranked fifth among the largest metropolitan statistical areas (MSAs). Likewise, the area’s distribution and logistics operations have been instrumental in attracting large manufacturing companies which see how easily they are able to move
• High-priority investments in technology, which appear to be driven by goals in core competency development, customer experience and quality/efficiency.
products to other parts of the U.S. and internationally. This has also been a key factor in Greenville emerging as a manufacturing hub for the automotive, aerospace and aviation sectors. 3. It’s also clear that this area has become a model for re-shoring, another critical element cited by global executives who participated in the Stanton Chase survey. The fact that Greenville is home to 40 Fortune 500 companies is also a reflection of our economic health that bodes well for the future. However, we can’t rest on our laurels. Our ongoing success in attracting leading-edge companies and executives is critical to continuing the emergence from the recession. Attracting executives requires more than just providing a lucrative job. The recruitment process involves excitement and acceptance of a “home” that provides a well-rounded environment for every member of the executives family. Economic growth has a snowball effect and we see that happening in Greenville. Nonetheless, this international survey reminds us that our goals and challenges in Greenville are not too different from progressive communities in other parts of the world. We all thrive by having diverse economies, strong leadership and aggressive plans for organic growth. Ken Costanzo is a director of Stanton Chase Executive Search, a global retained executive search firm with 73 offices in 46 countries. He maintains offices in both Greenville and Miami and consults with real estate and general industry groups on an international basis. For more information, visit stantonchase.com. Costanzo may be reached at k.costanzo@stantonchase.com.
• The beginnings of a trend to re-shoring – moving some manufacturing back to home country locations.
June 27, 2014
UPSTATE BUSINESS JOURNAL
15