Adam Knapp: Punching above our weight class

Punching above our weight class

Building a strong talent pipeline, industry diversification and inclusivity are keys to the Capital Region’s long-term economic success. BY ADAM KNAPP

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Adam Knapp is president and CEO of the Baton Rouge Area Chamber. ECONOMIC DEVELOPMENT is undergoing a sea change. While regions and states in the past have relied heavily on traditional business recruiting, today economic success is determined by access to talent. When many workers can live anywhere for remote jobs, working on placemaking that attracts and retains talent becomes central to the fight for economic development.

This brings us to a pivotal moment for rethinking how we do economic development and plan for the Baton Rouge area’s economic future. I’ve asked this question of business leaders over the last year: Will we rise to the task to emerge as an economic powerhouse? The answer is a resounding “hell yes.” Businesses— whether small or large—are more than ready to push beyond the status quo and embrace a mindset that the finish line does not exist.

But what does that look like? Our BRAC vision is a dynamic, midsized metro that’s punching way above its weight class. To get there, we see four things that are critical: investing to become a talent magnet for 25- to 44-yearolds, a hyperfocus on growing jobs in emerging industry sectors, expanding our economic inclusivity, and boosting the region’s livability.

Forming a strong talent pipeline has become the most important goal if we want to succeed economically. Over the last decade, record job growth and an expanding skills gap created a battle for talent in communities of every size, a trend that has been accelerated by remote work. Targeted initiatives across the entire workforce pipeline are necessary for the region to prosper and that starts with expanding early childhood education to achieve universal pre-K3 access. In addition, we must continue to advocate for great school choices, reinvent high school for more real-work experiences with internships and career programs, help college students access jobs after graduation, and boost efforts to reskill adults. Today, we have more jobs than people looking for them, so we must also try new things, like marketing to recruit talent outside of Louisiana.

Industry diversification is also critical for economic growth. Job growth across more sectors will provide greater employment opportunities for varied skill sets, and better insulate the region from economic shocks. To diversify the economy, we have to provide even greater support for local entrepreneurs and existing businesses and supercharge growth in emerging sectors such as life sciences, technology, transitional energy, and water. We started this initiative in January and the response of new investment is already happening.

We cannot stop there though. To be a truly resilient community, our economy must be inclusive and intentional about job access and investment. Exponential growth sounds great, but if it is not grounded in inclusivity, then we will continue to leave behind a large portion of our residents. Prioritizing economic inclusion— focusing on disinvested neighborhoods, helping individuals lower barriers to employment and aiding minority business growth—creates a virtuous cycle by uplifting our whole communities, generating new wealth and expanding our region’s available workforce.

So, we prepare the talent, we bring the jobs and we ensure inclusivity, but how do we keep talent here and attract new talent?

The answer is by enhancing the region’s livability. While this year has finally brought us some exciting developments like funding for a new Mississippi River bridge, that singular victory is just the jumping off point to get it built and to reduce congestion. Businesses also talk about litter cleanup initiatives as closely connected to livability. When it comes to retaining talent, how a place looks can be just as important as congestion, schools or nightlife options.

We’ll know all these initiatives are working when the Baton Rouge area is more confident in its progress, and even more residents talk positively about our future. In our view, it all goes back to that one important piece: Talent, talent, talent. To grow and thrive, we should focus on the things that make us successful for attracting, developing and retaining talent. It takes commitment, regional collaboration on these goals, and an unwavering vision for the future. We’re ready to bring it. Are you?

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