California's Real Estate is Harming their Job Market
Summary of the article:
California has been growing over the last few decades, especially it's economy and population. With its growing economy and population, there is not enough real estate, causing the prices to increase. Many people can not afford to live in the state. Now companies are starting to see the effects of the high real estate prices. Many California-based companies are finding it harder to recruit people to work for their company. To many potential employees, the job was not worth moving to California because they would not be able to live comfortably as they may be doing so at their job currently. The companies are also finding it harder to expand within, as there are no incentives for the potential employees to come. Many companies, like startup companies, are moving out of the state to other, cheaper, states such as Texas. Texas, known for their cheaper real estate prices, are attracting employees and employers out of California. Many Texas-based companies are able to use their cheap real estate as a motivating factor as they are trying to recruit potential employees.
How does this article relate to Marketing
Companies are now having to change their plan because of the increased competition in other states. By staying in California, they are limiting their talent pool and are losing more of them to other companies that are not based in California. To reduce the competition, they are having to consider relocating if they plan to keep employees as well as gain new candidates. In addition, in order to keep the current employees, they have to consider the external environment. Employees will consider leaving to another company if they are able to have a comfortable life somewhere else. They also have to assess their SWOT analysis. The Real Estate is one of their threats that they have to consider.
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