For decades economic developers and others have determined that successful communities, regions and states take a three-legged approach to economic development focused on Business Retention & Expansion (BRE), Business Attraction, and Entrepreneurial Development. However, as the economy has grown and demographic shifts have taken place, it is clear that in order for a community, region or state to have success in economic development, the three-legged stool needs to be expanded to a six-legged table.  

The six-legged table includes the three traditional legs of economic development (BRE, Business Attraction, Entrepreneurial Development) that can be called the business development side of the table. The other three legs of the table are Talent Retention & Expansion (TRE), Talent Attraction and Community Entrepreneurship and can be called the talent development side of the table. For a community’s, region’s or state’s economic development efforts, or table, to be stable and successful there needs to be a balanced approach among the six legs. Without a leg it could look deceptively stable.

Talent Retention and Expansion (TRE) is much like BRE but with a focus on retaining the individuals in our existing workforce and helping them upgrade and enhance their skills so they can improve their economic well-being, help our existing businesses grow and remain competitive, and be a pool of talent for the businesses we are trying to attract and to start-up businesses. TRE is also about trying to retain students graduating from our local high schools and post-secondary institutions by connecting them with area businesses through internships, job shadowing and work-based learning opportunities, while also working with area businesses to provide educators with externship opportunities and informing parents and guardians about the diverse career opportunities that exist in their community.

Talent Attraction is about growing our population and workforce, particularly focusing on attracting individuals with the talent and skills our existing businesses need. Talent Attraction strategies might be a formal marketing campaign targeting specific audiences such as alumni. It might entail supporting the talent recruitment efforts of existing employers with information and materials about the community, providing community tours to candidates and their families, or offering support services to trailing spouses to help them identify employment opportunities.

Community Entrepreneurship focuses on collective action in a community or region to address challenges or barriers that are negatively impacting individuals in the workforce or individuals who could be in the workforce if challenges or barriers were eliminated or at least reduced. It might be in the form of a collaborative project among businesses, non-profits, and others to expand affordable childcare in a community. Or it might be developing a community program to assist individuals with a criminal record and/or with disabilities find quality employment with area businesses, and encourages and assists the hiring businesses.

Moving from a three-legged stool of economic development to a six-legged table is not easy and will not likely happen overnight. However, with the workforce challenges most communities, regions and states currently face and will face moving forward due to our demographics, such a move is necessary in order to remain competitive. Such a move will require many economic developers and community leaders to broaden their thinking and ultimately bring new partners and collaborators to the table. In the long run, achieving success in Talent Retention & Expansion, Talent Attraction, and Community Entrepreneurship will strengthen and increase success with Business Retention & Expansion, Business Attraction and Entrepreneurial Development.