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The Private Sector: Execs moving to town even with no jobs
Tuesday, June 26, 2001 By John K. Thornburgh
Several times a month, I am contacted by high-powered executives from different parts of the country who are interested in exploring job opportunities in the Pittsburgh region. The fact that they are calling me isn't surprising. I'm an executive recruiter, and over the course of a year I speak with hundreds of people who have the same goal of finding new employment here.
What's unique about this group is that they are moving themselves and their families to Pittsburgh before they even land a job. This refreshing sign speaks volumes about Pittsburgh's economy and its salient quality of life. It signals that these professionals are confident enough both in their own abilities and in the Pittsburgh economy that they are willing to assume the risk of a major move without the assurance of employment. The trade-off is the opportunity to prosper professionally and to raise their families in an outstanding environment, free from the high costs of living, congestion, sub-par education and crime that their former cities presented.
As recently as five years ago, this would have been unfathomable. The conventional wisdom among people outside the area then was that Pittsburgh presented few career opportunities, and those were the traditional corporate and manufacturing jobs which were tough to crack into. Even former Pittsburghers who were desperate to return to the region and provide a more stable setting for their families didn't bother looking around.
A little more than one year after I opened the Pittsburgh office of a national Top 10 search firm, it is this sort of positive sign that encourages me about the local economy and its work force. Having spent this time on the "front lines" of the Pittsburgh business scene, I offer these observations that should give cause for optimism:
Pittsburgh's new business growth is slower but still steady. We took our share of the dot.com collapse, but many high-growth firms still have gained traction and continue to add people and revenues. High-profile companies such as FreeMarkets and Marconi are matched with emerging success stories such as Print Cafe, Access Data and Cellomics. These companies cross all industries, and their projections for continued growth are realistic and impressive.
Pittsburgh's economic growth is more sustainable than in other regions. In true conservative Pittsburgh fashion, many local start-ups delayed getting into their markets, while companies in other cities opened their doors before the ink on their business plan was even dry. In the long run, this has played to the region's advantage. Pittsburgh companies were more methodical in assuring that the foundations of their business model -- more assets such as capital, technology, and the leadership team -- were intact before they pulled the trigger. Because of this, they will be around long after the Chapter 7 proceedings of their competitors.
Pittsburgh's work force has never been more versatile. One of the positives of the dot.com frenzy is that it gave thousands of regional employees their first taste of life outside the cocoon of large corporations and traditional businesses. This experience has whetted their appetite for more.
Lured by the entrepreneurial excitement and dreams of equity payoffs, these folks finally cut the cord with the Holy Grail of lifetime employment in a single company. Even though many of their new companies crashed and burned, that taste was enough for them to realize that they could change companies and/or careers and live to tell about it. Many of these individuals are now seeking similar higher-risk environments instead of retreating to their corporate anchors.
This newfound career self-confidence will be invaluable to Pittsburgh's future business growth. Successful ventures are fueled by people who are risk-takers and receptive to new things.
Pittsburgh's labor pool is getting wider and deeper. We're building a very attractive work force asset for current and prospective employers. The increased churn of employment is equipping regional employees with new skills and refreshing new attitudes. These new trends nicely complement Pittsburgh's traditional strengths of work-force productivity and affordability (based on my experience, our executive compensation "costs" are roughly 25 percent less than other big cities)
The Pittsburgh region is easy to recruit into. In the course of my recruiting engagements, I work with many candidates from outside of the region who are considering opportunities here. To the best of my recollection, I have never had anyone express negative reservations about moving to Pittsburgh. Granted, many people won't move under any circumstance, but their issue isn't Pittsburgh.
Pittsburgh expatriates are obviously an easy sell, but even those who have never experienced our region have heard good things about our professional and personal attributes. I recruited one senior marketing executive with a number of previous relocations who said: "My family has one more move left. We want to end up in an area like Pittsburgh to settle down and enjoy life." It's time to debunk once and for all the myth that the pervasive outside image of Pittsburgh is one of smoke and soot.
Don't get me wrong -- it's still too soon to declare victory. Statistically, Pittsburgh still languishes far down the charts from traditional high-growth darlings such as Boston; Silicon Valley in California; Charlotte, N.C.; and Austin, Texas. But as the national economy cools and the luster of these other regions wears off (have you heard the new song "California, Here We Go"?), Pittsburgh will emerge as a rising bright spot known for its strong and diverse economic base and unmatched quality and character of life.
John K. Thornburgh is executive vice president and managing director of executive search firm DHR International Inc. in Pittsburgh.
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