InfoAction & HR Action Update

Click to download 3rd Quarter 2023 InfoAction Summary

Throughout the year, our Business Services team conducts 200 one-on-one interviews with regional employers through our InfoAction program. These interviews offer the opportunity for area business owners, CEOs, and top managers to share their valuable insights with Greater Dubuque Development staff to help us gain a deeper understanding of the regional economy and collect data that guides our work. 

Throughout the year, our Workforce Solutions team also conducts interviews with human resources professionals. These confidential interviews focus specifically on workforce—from recruitment efforts, to retention programs, to quality of workforce, and training initiatives.

As part of our commitment to provide tangible data to our partners, a quarterly summary of key findings from these interviews conducting in 3rd quarter of 2023 are now available for download.

Top Takeaways for Q3 2023:

• Workforce challenges continue. While down from previous record highs, two-thirds of companies (65%) cited workforce recruitment challenges.
• Workforce is cited as both the #1 barrier to growth for companies and #1 weakness of doing business in this market.
• While improving from the same quarter last year, scores are still low for labor Availability, Quality, and Stability on the Workforce Index, scoring 3.51, 4.19, and 4.78 respectively (1 poor / 7 excellent).
• As companies face recruitment challenges and the inability to fill or replace existing jobs, a solid 42 percent still hope to add net new jobs in the coming year.
• Thirty-seven percent of businesses noted that the number of unfilled positions is increasing. 60 percent are stable and only 3 percent reported a decreasing level of unfilled jobs.
• Child care was the most cited “personal barrier” by businesses for current employees or those seeking employment.  This was followed by transportation, housing, criminal history, and substance abuse.
• Almost two-thirds of businesses (64 percent) recently introduced new programs or incentives to retain existing workforce and attract new employees.
• A majority of businesses (70%) noted increasing sales levels compared to 67% during same quarter last year.
• Additionally, companies noted stronger market share positions (69% increasing versus 52% during the same quarter last year).
• Sixty-one percent of businesses have some plans to expand and invest in new space, machinery, equipment, technology, or modernization.  This number is up from the same quarter last year with 49 percent noting growth plans.
• Thirty percent of companies cited recent or upcoming management or ownership changes.
• A majority of businesses (58%) noted plans to offer new products, services, or enhanced capabilities in the next two years.
• Twenty-nine percent of companies are considering or have implemented automation to address current labor shortages and become more competitive in the free market.
• Thirty-one percent of companies note that they currently have a remote or hybrid workforce (with varying degrees and specifics). 
• To the previous points on remote or hybrid models and automation efforts, a solid number of businesses (87%) note that the community’s IT infrastructure is adequate for their needs.
• On the Community Services Index, first responders and K-12/higher education continue to receive strong marks, all scoring a 6.0 or above (Fire, Ambulance, and Police scored the highest  at 6.45, 6.24, and 6.21 respectively).
• Businesses continue to note community strengths related to our location, make-up of our business eco-system, quality of life and amenities, and employee loyalty and work ethic.
• On the flip side, aside from the dominant challenges and barriers of workforce and population growth, air service and housing availability recorded the two lowest scores on the Community Services Index, 2.45 and 2.90 respectively, (1 poor and 7 excellent).
• Air Service is listed in the Top 3 Weaknesses of doing business in this market, only behind workforce challenges and population/market size.  Companies continue to note that some customer, vendor, and employee meetings have been moved to other locations due to air service options and ease in other markets.
• Housing has also moved into the Top 3 Barriers to Growth cited by businesses.  Additionally, housing has gained the top spot on the listing of community priorities for long-term viability (scoring just ahead of entertainment and arts venues).

To learn more about our InfoAction program, contact Dan McDonald, Director of Existing Business at danielm@greaterdubuque.org or 563-557-9049.