What To Look For In A Talent Market Before You Expand

In our experience, identifying a strong talent market means answering three questions. First, can you find a local lead with appropriate experience? Second, is there a strong existing talent pool? Third, does the new market have post-secondary institutions that could help ensure the talent well never runs dry?

Let’s explore how you can answer each of these questions for your business and your upcoming expansion.

Getting your local leader

Local leaders are key to expanding your business. They’re the foundation of your new office. They have the answers to your questions, from real estate to quality of life. A local leader establishes your company in the new community and builds your new team. They make your expansion a reality.

The best place to look for a local leader is in a company that’s already established in your target community. Depending on what you need, that may mean finding someone who has worked at the local Google, McAfee or Oracle NetSuite office, or maybe in a startup doing a bit of everything. In Waterloo, it’s common to find someone who has done both.

The key is that they are fully tapped into talent networks, local support organizations and more. A person with on-the-ground experience can get you up-and-running fast.

Evaluating the existing talent pool

Are your competitors all expanding into the same community? There might be a reason why.

When looking at where to expand, it’s important to go somewhere that has the talent pool to support your company’s objectives. Looking into where other companies from your industry are establishing new offices is a good way to see where you should be considering as well.

Do Google, EPAM Systems or Toyota ring a bell? They’re growing in Waterloo.

Even though the Waterloo area is smaller than cities like Toronto, it has a lot to offer. It’s home to the #1 small tech talent market in North America as well the fourth-largest manufacturing workforce in Canada.

Waterloo is also one of the fastest-growing areas for new graduates and young workers in North America. Talent is flocking to Waterloo and, chances are, your competitors are already coming here too.

Future-proofing your talent pipeline

When looking at the post-secondary institutions in a region you may want to consider expanding to, there are a few variables to consider: program variety, program quality, graduation rates, employment rates. By focusing on the programs that fit your company’s needs, you can identify a community with a long-term talent pipeline suited to you.

For example, the University of Waterloo has been considered one of the world’s top tech schools for decades. They graduate hundreds of computer programmers and software engineers each year. They also offer a unique work experience program that ensures students graduate with two-plus years of on-the-job experience. If you’re a tech company looking to build a reliable talent pipeline, a region like Waterloo should be on your radar.

Outside of the University of Waterloo, the region is also home to Wilfrid Laurier University’s Lazaridis School of Business and Economics and Conestoga College, a top polytechnic institute producing large numbers of skilled trades graduates. No matter the role, Waterloo’s new talent market will step up to the plate.

Get help getting talent

You aren’t alone in your expansion. There’s support available.

Waterloo EDC can help connect your company with local experts, immigration programs and researchers from the area’s top schools. By identifying local leads, connecting with our region’s post-secondary schools and engaging with recruiters, we’ll help you build a team and support your company beyond the initial expansion.

There are still variables to consider when expanding your business, but Waterloo EDC can help you manage the process. Companies such as Google, EPAM and Toyota all chose Waterloo for its excellent talent pool – your business can, too.