A recent report from the American Institute for Economic Research (AIER) ranked Boston as the third most popular major American city among young college graduates.
This trend appears to be a reversal of a study two years ago that found a “brain drain” occurring as recent college graduates were leaving New England at a faster rate than any region in the country.
Among the eight economic and quality-of-life factors in AIER’s Employment Destinations Index that influenced migration patterns of college grads ages 22-35, the most important were:
- A high density of people with a college degree
- A low unemployment rate
- The ability to get around without a car
Other factors in the Employment Destinations Index included bars and restaurants per 1,000 residents, as well as earning power, rents, competition for jobs, and ethnic and racial diversity.
Massachusetts’ unemployment rate recently fell to its lowest rate since 2008 and the unemployment rate for workers with college degrees is about half the national average.
Despite the MBTA’s recent troubles, Boston takes public transportation seriously. Several PSG clients have chosen to relocate to more accessible, urban locations when upgrading their office space. This is an important consideration for attracting Millennial workers who may be eschewing car ownership.
PSG clients, and other Boston-area employers, are also attracting younger workers with state-of-the-art office design that promotes collaboration. Benefits such as providing free and healthy meals are also popular recruiting and retention tools.
What is your organization doing to attract younger workers? If you’d like help recruiting and hiring talent from this demographic, give PSG a call today.
Photo by Bill Damon