The Talent video for Innovate.Masstech.org can be watched here.
Listening to Joyce Plotkin, Rodney Brooks, Paul Sagan, Jamie Tedford, and Brian Shin in the video posted on this site, reminds us that talent is the heart of Boston’s competitive economic advantage in the innovation economy. It matters. It matters a whole lot and we all got a little scared about the “brain drain” when net-migration became increasingly negative after the tech bubble popped. New England has the largest population of young professionals of any of region relative to population and young adult population (See Brome) . This is one of the region’s key competitive advantages and it is diminishing steadily over time as other regions improve faster. Importantly though, people have been asking hard questions and hatching new initiatives to mentor and connect with emerging professionals that flow through the region.
It seems there are a number of different dimensions to the talent retention issue:
Being a hub of talent is an excellent position. The literature on the innovation economy is unequivocal on the point that dynamism and churn are good. Massachusetts isn’t just watching its population slip silently down the “drain.” The 2008 Index of the Massachusetts Innovation Economy ranks Massachusetts second among the Leading Technology States for its ability to attract college-educated adults from other states and abroad (see p.48). This inflow of talent is an opportunity. We may have gone net negative for several years, but in the context of enviable volumes of flow in both directions.
Maybe we need a new metaphor. The phrase, “brain drain” conjures up an image of people flowing out of the region, but in reality most of those beloved Massachusetts twenty-somethings just put on weight and got a few grey hairs. In the most extensive recent analysis of the subject, Alicia Sasser of the Federal Reserve Bank of Boston concludes that the majority of the sharp drop and slower growth in the number of recent college graduates is due to having fewer native young adults to educate, not due to changes in migration patterns of young college educated adults. “Changes in the migration decisions of individuals after graduation have not been very large and have had limited impact on the region’s stock of recent college graduates.” New England is again experiencing slow growth in the population age 22-27 with a bachelor’s degree – roughly half the national increase. If a picture is worth a thousand words, maybe the graph below is worth 500 to illustrate how cohort size can change the young adult population by aging.
While the “brain drain” might draw the wrong picture in our minds, connections matter. There are multiple pathways to boosting the growth of young professionals in Massachusetts including education policies (to increase attainment) and programs aimed at retaining talent such as connecting students with employers and mentors. First-hand experiences by students with regional employers through internships and other interaction can increase the capture and retention of students after graduation (Sasser 2009). Mentors and contextualized learning also increase student persistence and motivation. Connecting beyond campus is an strength of many of the region’s universities which has yielded a disproportionately large economic impact on the region.
If we sweep away the notion that something endemically bad about Boston is causing brains to drain, we will be better able to share our enthusiasm for the region with the many young adults who come to study and work in the region.
Sources: U.S. Census Bureau, 1990 and 2000 decennial censuses and 2007 estimates from the Mass Department of Workforce Development. Some 2007 calculations by the John Adams Innovation Institute.
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