When growing an Austin business, it may feel threatening to see other employers expand rapidly and increase hiring. But projects like Samsung’s new semiconductor plant in Taylor, Texas, are bringing more jobs and job seekers to Austin, which is a win for all employers.
Direct and Indirect Benefits to SMBs
Small- and medium-sized businesses (SMBs) can benefit from growth in their local economy in several ways. Let’s take Samsung’s expansion as an example. The $17 billion investment in Taylor is expected to add 2,000 direct jobs when it’s completed in 2024. It’s already adding thousands of construction jobs and construction contractor opportunities. In the next couple of years, Samsung’s new build alone provides:
- Job opportunities for specialized high-tech and semiconductor construction managers and professionals. These workers are being recruited from other parts of the country (and even the world).
- Opportunities for what the company calls a “robust slate of partners and vendors,” including SMBs like industrial gas companies and other suppliers. As large companies like Samsung grow, so do the SMBs that support them.
- An environment for tech startups to continue thriving. From May 2020 to April 2021, Austin gained tech workers faster than any other U.S. metro. This specific plant will support Austin’s innovative spirit and help others who are growing an Austin business. It’s expected to produce next-generation technologies in areas like 5G, artificial intelligence (AI) and high-performance computing (HPC).
- More people, improved infrastructure, and economic development. Austin has been one of the fastest-growing metro areas in the U.S. for some time. Georgetown and Leander—two northern suburbs not far from Samsung’s new plant—ranked as the nation’s fastest-growing suburbs last year. The Samsung build promises to boost city and county funds and provide long-term benefits to the community, including nearby SMBs.
Growing an Austin Business With Smart Recruiting
Riding this wave of job growth is both an art and a talent. While many people are moving to the Austin metro area thanks to expansions like Samsung’s, you need to take some clever steps to find and attract ideal job candidates out of the bunch.
Start here: Recruit relocating spouses and partners. Some managers and executives for Samsung’s construction and semiconductor production are relocating from other parts of the country. These newcomers often bring family members who are either actively seeking jobs or are passively open to new job opportunities.
Manufacture serendipity by getting on the radar of the firms recruiting for the larger companies (The HT Group is one). These recruiters are often aware of and are open to helping recruit spouses and partners looking for jobs. Think of it this way: An opportunity that will move your family across the country is an easier sell when your loved one has a terrific opportunity waiting for them, too.
Growing an Austin business is a team effort – it takes a thriving community and local economy to create a recipe for success. Thankfully Austin has that formula in place. How are you going to benefit from it?