The Lone Star State just might have a new nickname, thanks to a new report from the Federal Reserve Bank of Dallas.
“Texas is by far the ‘stickiest’ state in the nation with over 82 percent of those born in the state remaining here,” noted the authors of ‘Gone to Texas: Migration Vital to Growth in the Lone Star State.’
The report details growth in Texas – both in terms of population and economy – being largely fueled by migration, which refers to people moving to the state from other areas of the United States.
Since 2000, the Texas population has grown by approximately 410,000 people per year, for a 1.8 percent average annual growth, which is about double the nation’s 0.9 percent growth, according to the report.
Transplants to Texas make up nearly half of the state’s workforce, according to the authors.
The report cites the economy as the driving force between the pull for people toward Texas.
“Rapid economic growth for most of the last four decades has been the key factor attracting people to Texas,” the authors note.
The report cites the Current Population Survey, which asks people who moved why they did so.
“Just over half of cross-state movers to Texas (53.1 percent) relocated for a job,” the report states.
As a result of this influx, Mark Malone, Senior Vice President at Robert Half, a leading human resources consulting firm, notes that the best employers in North Texas have been forced to make employee retention a priority.
“I think companies are finding more value in prioritizing retention,” Malone said. “Especially if they have had to hire someone of a specialized skill set in the last six months to a year. They are beginning to understand that, ‘Hey, wait a minute. We should hold onto these people and not just allow them to turn over.’ Especially in a market that is so tight from a supply and demand standpoint like Dallas-Fort Worth.”
The companies that are doing the best at retention are doing three things well, according to Malone:
Communication – they engage with their people, seeking constant feedback with respect to satisfaction levels within the company
Compensation – they are paying at or above the market rate, they allow for flexible work schedules, increase paid time off
Career Development – they invest resources and time in people who want to advance within the company and within the industry