Michigan’s top executives have confidence in their state operations and high demand for qualified talent, even with potentially softening economic conditions, according to a recent survey by Business Leaders for Michigan.
Michigan business leaders’ concerns over filling jobs has remained overwhelmingly high at 78%, with 81% of respondents citing a lack of applicants with necessary skills as the primary challenge. Additionally, 89% of respondents noted that quality and availability of talent is the top factor in choosing where to invest and expand their employment, followed by tax competitiveness, efficient regulatory and permitting process, and infrastructure.
The executives’ views on their Michigan operations remain strong, with 81% expecting to maintain or increase both their employment levels and investments in the state over the next six to 12 months. Just over half of respondents, 52%, expect the United States economy to stay the same or improve over the next six to 12 months and 53% expect the Michigan economy to stay the same or improve.
Learn how Michigan can compete to win in Business Leaders for Michigan’s report.
Key actions that Michigan can take to close the talent gap include:
Driving more training tied to employment and career growth
- Utilize training opportunities, such as the Going Pro Talent Fund, that support employer-designed training, and career advancement for incumbent and newly hired employees
- Develop a statewide program to provide fast, flexible, customized training and talent for companies moving to or expanding in the state
Increasing post-high school education
- Invest and expand Michigan Reconnect, a program that provides a tuition-free path to a community college degree or certificates for Michiganders
- Invest in completion programs for people with some college and no degree
- Increase support for community college degree completion
- Support skilled trades training and apprenticeship pathways
Attracting and retaining talent through marketing and internship programs
- Provide ongoing funding for a “Pure Michigan for Talent” marketing campaign
- Expand internship experiences including MI STEM Forward, a statewide STEM focused internship program
Increasing labor force participation
- Increase the earned income tax credit to 30%
- Expand affordable childcare options
Making Michigan welcoming to all
- Amend Elliot-Larsen Civil Rights Act to include the LGBTQ+ community, and prohibit discrimination based on sexual orientation and gender identity
- In the quarterly survey, executives also ranked the top issues the governor and legislature should prioritize in 2023, with job growth and economic diversity coming in first, followed by K-12 public education reform, and increasing the workforce ranked third.
Business Leaders for Michigan conducted the internal member survey from Nov. 28- Dec. 12, 2022.
Learn how Michigan can compete to win at businessleadersformichigan.com/competetowin