Here in Boston, 20-34 year-olds make up approximately 34 percent of the city’s population, the largest concentration of people within this age group compared to any other major city in the United States. In fact, Mayor Menino created a program specifically tailored to the one out of every three Boston residents in this age group – the ONEin3 initiative – to support their needs for innovation, adventure, variety and city living. This will only encourage the trend of young people who want to work in a vibrant urban area that is accessible by public transit, stores and restaurants, allowing them to pursue their personal interests, despite the high cost of living.
The impact this momentum is having on employers’ strategy to attract the right candidates to their companies is great, and it centers on the notion that location matters in the hiring process now more than ever before.
Rent is about 25 percent higher in the city for the fast growing tech company LogMeIn (which moved from Woburn’s Unicorn Park to the Seaport), but the company feels the move is necessary for recruiting and retaining their target employees. “I would say it’s the sole strategic reason for us moving to Boston,” said Chief Financial Officer, Jim Kelliher.
Greater Boston makes up one of two densest areas of entrepreneurs in the world (competing with Silicon Valley). With new shared workspaces, an uptick in activity in the waterfront, and other key elements, we’ve strategically built an infrastructure that forces collaboration through cultural and intellectual stimulation ONEin3ers bring a tremendous amount of intellectual capital to the table, and they want to work hard for something BIGGER than just personal success. They are game-changers who are starting businesses from scratch, driving organizations into the 21st century of technology, and attracting venture capital dollars to kick start Boston’s next wave of local and national business leaders. Think about it this way. Cities are structurally more innovative. More people in a smaller space bring more diverse, creative ideas. Density. It’s, in part, why Kendall thrives.
The smartest city in the country generates this heterogeneous community of talent. Hot spots like the Innovation District in Seaport, Kendall Square (apologies Cambridge), and others not only make it easier to keep talent within Massachusetts but attract talent from competing cities.
There is this amazing employer reaction to this critical mass of talented, young professionals who choose the city as their ultimate habitat. Talent is the catalyst for employer relocation. Already, they understand the advantage of city workspace and the necessary financial investments they need to make in order to stay competitive in the recruiting contest.
This “chemical reaction” is extraordinary. As a result of this massive collision between intellectual and financial capital, Boston surpasses and continually stuns other cities around the country with what has been accomplished.
It’s amazing, really, how reactive employers have been. It makes you think twice about who, really, controls the current state of the local job market: employers or candidates? Prospective employers, college graduates in the workforce, what are you looking for in terms of space, location, and environment and why?
By Ashley Ryan