Podcast: Impact DataSource Economic Development Secrets 33: Developing a Mutually Beneficial Incentive Package
Monday, March 04, 2019
This month, Amy Madison, Executive Director of the Pflugerville Community Development Corporation, shared her economic development secrets with the audience. Among many helpful pieces of advice, Amy shares how she builds a mutually beneficial incentive package for both the company and community.
I’ve always started with a simple conversation with whomever the prospect is to try and learn where their gaps are, get to know them, and find out where they are really seeing some gaps in their strategy and where they need help. I think it helps you by diving into that conversation and just talking. Getting to know one another. It also begins a long term relationship during the recruitment process that can continue through an extensive retention program. Let’s say you land them, this is the beginning of that relationship and it’s extremely important to know who they are and to understand what their challenges are. But more importantly no matter what happens, you must be all in for the community and the company. It can’t be lopsided one way or the other because then, you know, it really doesn’t feel good. I know that sounds a little trite but the truth is after the fact, if you give up too much in the incentive, then the community always feels a little uncomfortable about that. If the company, if you make that incentive process so difficult and so onerous, in some cases I’ve seen companies while they may really want to go a community but the incentive process is so laborious, that they go someplace else. So I think trying to make it, not easy, but make it compatible with the needs of both are extremely important.
Listen to the full Podcast HERE