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How Governments and Businesses Can Attract Jobs to Talent-Rich Regions
How Can Governments and Businesses Collaborate to Attract New Job Opportunities in Talent-Rich but Employment-Limited Regions?
Victor Perton
As I prepare for the Commonwealth Business Forum 2024 in Samoa, with the common theme of "One Resilient Common Future: Transforming Our Common Wealth," I have been invited to the Investment in Lifelong Learning roundtable. One of the conversation starters is How Governments and Businesses Can Collaborate to Attract New Job Opportunities in Talent-Rich but Employment-Limited Regions. Drawing from the Optimism Principle, the Optimism Effect, and my experiences in government investment projection and as a Commissioner in the Americas, I believe optimism, strategic policy, and collaboration are the keys to unlocking potential in these regions.
The Role of Magnetic Optimism and Appreciative Inquiry
In my experience, infectious optimism combined with curiosity and Appreciative Inquiry gives leaders a comparative advantage in fostering collaboration and attracting investment. Appreciative Inquiry focuses on exploring what works well and what future possibilities excite stakeholders, creating a forward-looking dialogue that draws people toward solutions. When you combine this with magnetic optimism—an optimism so compelling that people are naturally drawn to it—you create an environment where both governments and businesses are inspired to act.
In my masterclasses, I encourage leaders not only to embrace infectious optimism but to strive for magnetic optimism—a level of positivity and vision that is irresistible and mobilizes people toward shared goals. When leaders and stakeholders see the possibility of transformation in underserved regions, they become part of the change narrative, driven by the potential to make a lasting impact.
The Optimism Effect on Productivity and Innovation
A compelling example of optimism's impact comes from a University of Sydney study on the "Optimism Effect." The research showed that economic optimism significantly boosts national productivity and innovation. Optimistic businesses are more likely to invest in research and development (R&D) and create jobs, particularly in regions with untapped talent. By fostering an optimistic environment, governments can stimulate businesses to invest in these regions, bridging the gap between talent and opportunity.
Producer optimism, in particular, is crucial. When businesses have confidence in future economic conditions, they are more likely to take risks, invest in innovative projects, and hire talent. In regions with high potential but low employment, this optimism can trigger a multiplier effect, increasing productivity and innovation by leveraging local talent. Governments can enhance this effect by creating policies that support business confidence, such as tax incentives, R&D grants, and infrastructure development.
The Role of Lifelong Learning and Parents
An individual's desire and passion drive lifelong learning. While governments can set the frameworks and provide services to support lifelong learning, they cannot make people want to learn. The motivation to pursue knowledge comes from within, fuelled by personal curiosity, ambition, and the vision of a better future.
Parents play a crucial role in fostering optimism and curiosity in their children. These two traits—curiosity and optimism—are essential foundations for lifelong learning. Parents who encourage their children to explore, question, and maintain a positive outlook on the world are planting the seeds for a future where learning becomes a natural and lifelong pursuit. This influence extends beyond the home, shaping how children approach challenges, seek opportunities, and eventually contribute to the workforce and society.
Framework for a Positive National Narrative
At the heart of attracting job opportunities is creating a positive national narrative that portrays a region as a hub of innovation, growth, and resilience. Governments play a pivotal role in shaping this narrative by ensuring their policies foster inclusive growth. In partnership with businesses, they can craft stories of success, highlighting regions where investments have thrived due to a combination of local talent and strategic vision.
By adopting a framework for a positive national narrative, governments can leverage the power of optimism to shift perceptions about underserved regions. When investors see regions as places of opportunity rather than risk, they are more likely to commit resources, leading to sustainable job creation. This narrative must be actionable and supported by infrastructure projects, educational initiatives, and strong leadership. As we saw during my tenure in fostering FDI, storytelling combined with action drives long-term commitment.
Practical Steps for Collaboration
- Tailored Investment Strategies: Governments can work to identify specific industries that match the region's talent pool. For example, in regions with strong technical expertise, governments can incentivize tech companies or manufacturers to establish operations locally. Businesses benefit from reduced operational costs, while governments see increased employment rates. Postive promotion rather than a passive belief business will come is important.
- Lifelong Learning and Upskilling: A crucial element is investment in lifelong learning. Regions with limited employment but abundant talent need tailored training programs to meet market demands. Governments and businesses should collaborate on demand-driven education, offering apprenticeships and reskilling programs to equip the workforce for emerging industries.
- Magnetic Leadership: Leaders should aim for more than just infectious optimism; they should strive for magnetic optimism. This form of leadership draws people toward a shared vision with such force that others are naturally motivated to participate in the change process. When businesses and government officials promote a shared vision of growth, it motivates local communities and attracts further investment.
Conclusion
At the Commonwealth Business Forum 2024, we have a unique opportunity to discuss how governments and businesses can collaborate optimistically to attract job opportunities to regions rich in talent but lacking in local employment. By applying the optimism principle, fostering the optimism effect, and striving for magnetic optimism, we can create policies and business strategies that transform challenges into opportunities. My experience promoting foreign investment through relentless optimism serves as a testament to the power of optimism-driven leadership.
How could parents' role in fostering curiosity and optimism be better integrated into national lifelong learning and workforce development strategies?
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