Talent Attraction: A Strategic Hiring Process and How to Achieve it Measuring Talent Attraction in the Economy

Over the last several years, many businesses have faced challenges in hiring, leading them to think more creatively in how they attract potential employees. While the COVID recovery has been robust here in South Carolina, this has only exacerbated the perception of a labor shortage One method for breaking through this challenge is talent attraction, a process focusing on potential employee skillsets rather than whether they fit the traditional background consisting of degrees and certifications.

In seeking to quantify the potential of such an approach, Lightcast, a leader in labor market analytics, developed the 2022 Talent Attraction Scorecard. The scorecard measures, at the state and county level, employment dynamics across six metrics: Net migration, educational attainment, overall job growth, skilled job growth, regional competitiveness, and annual job openings per capita Generally, it was the change in these metrics between 2017 and 2021 that was considered These data were then aggregated to create a single index.

How did our state fare? South Carolina ranked tenth among states in the overall talent attraction score Here’s how we scored across each of the six metrics:

• Overall population change: +5.3 percent (sixth highest)

• Change in adults 25+ with an associate’s degree or higher: +15.7 percentage points (fifth highest)

• Overall job growth: +2 9 percent (11th highest)

• Growth in jobs requiring postsecondary credentials, long-term on-the-job training, and/or five or more years of experience: +6 7 percent (tied for 13th highest)

• “Skilled competitive job effect,” a measure of unique state factors: +8,619 (14th highest)

• Skilled job openings per 1,000 people: 20 23 (44th highest)

In all but the last category, South Carolina stands in the top third of states, with population growth and educational attainment gains being notable standouts Concerningly, even as the overall number of job openings in our state is well above the national average, these are disproportionately concentrated in low-wage jobs in sectors like retail trade and leisure and hospitality While those companies do a great deal for our state’s economy, most positions they offer are unlikely to propel workers into economic self-sufficiency. Why are so many people moving to South Carolina? As we all know, there are natural amenities in the form of warmer winters and beautiful landscapes, but discussions often pivot quickly to cost of living, particularly housing When considering the entire state, according to Homebuyer.com, South Carolina ranks 21st when it comes to the estimated monthly mortgage payment for a typical home on the market as a share of median household income In other words, we’re roughly in the middle of the pack However, South Carolina’s mortgage-to-income ratio of 13 5% is less than three percentage points away from the lowest in the country (Iowa, 10 6%), while it is far below Hawaii’s 35 .2%, highest in the country That said, typical housing costs will be much higher in metropolitan areas, especially Charleston and Greenville