The Right Place releases 2024 Talent Report

The Right Place recently released its 2024 Talent Report, offering a roadmap for employers adapting to evolving talent trends. The report summarizes key strengths and areas for improvement that are evident in Grand Rapids’ current labor market and important to consider as we enter 2025.

As the Greater Grand Rapids population continues to grow, it is becoming increasingly younger, educated, and diverse. The report addresses some important characteristics that define today’s workforce and can be used to predict what trends are coming next.

“The Talent Report highlights Greater Grand Rapids’ unique advantage—its growing, educated, and diverse workforce, with a strong concentration of young talent. As we face an aging demographic, it’s crucial to retain and nurture this vibrant pool,” says TaRita Johnson, Senior Vice President of Talent and Diversity at The Right Place. “The report also notes recent growth in racial and ethnic diversity, emphasizing the need for greater representation across all levels of an organization to ensure a truly inclusive, competitive environment."

Key findings from the report include:

• A slower pace of hiring signals renewed signs of strength in the labor market and declining unemployment rates.
• To combat skills gaps in areas including data science, artificial intelligence, and technical engineering, employers are investing in upskilling and reskilling initiatives. Upskilling has become a critical strategy to counteract talent shortages.
• Companies are seeing diversity not only as a social responsibility but also as a strategic advantage, contributing to creativity, problem-solving, and overall organizational strength.
• Employee well-being and mental health support are top priorities in talent management strategies.

For more insights, the full report can be accessed here.