IEM and the Memphis Regional Chamber Collaborate to Acquire, Grow and Integrate Top Talent

December 27, 2004, Memphis, TN. - Some have called IEM’s Talent Acquisition Model a ‘Strategic Blueprint for Talent Development.’ Others have said, “it is the ‘missing link’ in the battle to woo and keep the best and brightest in any city, anywhere.”

For Tamarin Lindenberg, Founder and CEO of Interim Executive Management, Inc. (IEM), the research gathered to date is part of a four-year journey, culminating in the development of a comprehensive talent recruitment and retention model designed to help second-tier cities like Memphis understand in-depth, what is “really” needed to transition to a knowledge-based economy.

“A metro area’s ability to attract the top talent of the new economy workforce, and thereby new industry itself, is greatly dependent upon its skill in integrating migrated talent into the community,” said Lindenberg. “Recruiting and retaining top talent in today’s highly competitive environment takes more than the allure of a plumb job at a great company. We know from other recent works that it takes cultural and community amenities, quality education, fair and equitable tax rates, career opportunities for spouses—but there is a key ingredient that is often overlooked: a peer environment that supports the social and intellectual integration of top talent and other migrated professionals into the community. Often we are coming from markets that are dense in these offerings, and the shift to an evolving market can be a challenging one. Many professional alliances have existed for years, and creating ways for newcomers to penetrate and become part of those relationships can be a hurdle. However, without out a deeply rooted network, longevity in the community is likely to become compromised.”

A primary tenet of community building rests in the development of relationships, trust, reciprocity and common ground, and the ability to cultivate this among groups of like kind; these truths apply directly to the development of new professional communities and are foundational for cities seeking to transition to a knowledge-based economy.

“Industry interest in key talent typically culminates at the point of recruitment and expires at the point of termination,” Lindenberg said, “A community’s interest, however, must be multi-generational—this creates longevity in city’s talent base. The cyclical nature of out-migration forces companies and communities to focus more on talent attraction than talent retention. The emphasis on attraction downplays the need to properly assimilate newly migrated executives and professionals, who are vital to the creation and expansion of robust industries and a burgeoning economy.”

“With the cost of recruiting, selecting, hiring, and moving key talent into new communities averaging $108,000 per executive, retention strategies that ensure their full integration into the community are more important than ever. Companies in communities where such strategies are already in place, have a much greater chance of retaining migrated executives and top professionals long-term,” Lindenberg said.

In a presentation of IEM’s research and recommendations to the Memphis Regional Chamber of Commerce, Chamber President and CEO Mark Jordan responded with interest, and applauded IEM’s efforts to work closely with local industry, community development, and other city leaders around this issue.

“The Chamber recognizes the immense value of the work IEM is doing,” said Jordan. “Under Tamarin Lindenberg’s leadership we are now working collaboratively with IEM, and have stepped up as the first organization in Memphis to support this work financially. Because of its vital nature and potential impact on the Memphis economy, we are encouraging our members and other leaders across the community to do likewise.”

According to Jordan, IEM is leading a strategic plan to implement programs and actions that will assist the Memphis business community to successfully address the issue of attracting and retaining top talent at all levels across the community.

Over the next few months, the objectives are to:

1. Identify key controllable barriers to successful recruitment, development and retention of top level talent;
2. Develop strategies to increase local talent development and non-local attraction;
3. Establish benchmarks of success; and
4. Assist in monitoring and communicating results back to the business community, Chamber Board of Directors and Board of Advisors.

The “Talent Acquisition Project” will also focus on standardizing best practices that assist the community’s influence over the long term success of executive migration; and developing strategies to successfully move Memphis from its current status as a Tier 2 community into the upper Index rankings.

To support its goals in economic diversification, Memphis will need to build its bench strength in the new economy. The depth and breadth of Memphis’ executive workforce is key to creating a vibrant local marketplace.

To facilitate the community collaboration needed to fulfill these objectives IEM has formed the Memphis Talent Acquisition Council (MTAC), a carefully selected ‘think tank’ of business and civic leaders, who are committing time, resources and expertise to the program.

Working closely with the Memphis Regional Chamber of Commerce, area businesses, local and state government, and the members of the MTAC, IEM will facilitate the development and implementation of a strategic recruitment and retention plan for metropolitan Memphis, based on its 14-point “Talent Acquisition Model.”

“The 14 point program is designed to connect strategies to the larger goal of creating a stronger economic platform through the acquisition of robust industries and the expansion of existing industries. As a Hub of Activity IEM, the Chamber and the Talent Acquisition Council will implement solutions to reach that goal,” Lindenberg said. “IEM will work to affect industry goals on both a macro level (as part of the local market) and micro level (strengthening individual organizations).”

“To thrive in the years ahead, we must build diverse, qualified teams of highly skilled workers,” Jordan said. “To do that, we must attract and retain top talent and new industry and learn to collaborate in new ways. The Talent Acquisition Project, led by IEM, provides a critical link between the economic growth goals of the community and the industry players vital to the success of those goals. That’s why we support the project and are making it a top priority for 2005.”

Contact: Randy Jelinek (901) 366-2290; or Tamarin Lindenberg (901) 751-9737.

< Back