Shaver Interview Please take one minute to evaluate our website. Click here to take the survey.
On a per capita basis, Minnesota is home to more Fortune 500 companies than any other state in the country, cites Myles Shaver of the University of Minnesota's Carlson School of Management. In 2011, Minnesota was home to 20 Fortune 500 companies. In addition, he says, in terms of the size of the state's economy, it's the most headquartered state by an order of magnitude.
In 1955, Minnesota had 11 Fortune 500 companies in the state. The fact that Minnesota gained a net of nine Fortune 500 companies between 1955 and 2011 is an experience different from nearly every other northern industrialized state in the country, Shaver points out. And Minnesota had the biggest growth in Fortune 500 companies over that time period compared to its population growth of any state in the country.
He says the net gain of nine of those companies was almost entirely due to companies that organically grew locally, rather than companies moving their headquarters to the state. That experience is very different from that of other metro areas that saw big growth in Fortune 500 companies during that time period, such as Atlanta or Phoenix.
He points out that Fortune 500 companies include only publicly traded firms. But there are many privately held companies headquartered in Minnesota. In addition, the state has a number of firms that are headquartered elsewhere, but have major business divisions with high numbers of professional employees located here.
The headquarters phenomenon in Minnesota means there is a large population of managerial, administrative and professional talent located here, Shaver says. It's hard to recruit those people to the state, but once they are here, they don't want to leave. From 2007 to 2011, the out-migration of that managerial population was the lowest among the country's 25 largest metro areas, he reports. The diversity of the state's economy allows that population to jump across companies here, rather than to jump across regions.
For the complete interview summary see: Shaver interview
Response Summary: Readers rated these statements about the topic and about points discussed during the meeting, on a scale of 0 (strongly disagree) to 5 (neutral) to 10 (strongly agree):
1. Topic is of value. The interview summarized today provides valuable information or insight.
2. Further study warranted. It would be helpful to schedule additional interviews on this topic.
3. MN talent qualified across industries. In contrast to states known for specific industries, Minnesota is known for highly qualified talent, across industries.
4. Higher tier workers key to economic strength. Minnesota's workforce of highly educated managerial, administrative and professional people is key to its strong economic position nationally.
5. Economic opportunity is key attractant. The presence of economic opportunities here is more important in attracting top talent than other quality-of-life characteristics, e.g., parks and cultural attractions.
6. Quality of life keeps people here. However, once people come to Minnesota for economic opportunity, it's quality of life that keeps them here.
7. Social integration difficult for newcomers. The social circles of Minnesota communities are so tight that it's hard for newcomers, especially nonwhite professionals, to break in.
Dennis Carlson (10) (7.5) (10) (10) (7.5) (10) (7.5)
Ray Ayotte (5) (5) (10) (10) (10) (10) (7.5)
Dave Broden (7.5) (10) (10) (10) (2.5) (10) (0)
1. Topic is of value. I was not present but found the write up interesting and a well stated point of view. There are many missing factors in the strengths and topics addressed. Wish I could have been there for the dialogue to challenge some of the statements.
2. Further study warranted. Need to fill in the missing topics and really look at how the state and region and metro have evolved and why? Also what is the future? Are we in any way addressing the future?
3. MN talent qualified across industries. This point I strongly agree with and must be a factor in planning and enabling the future. Do we know how this works and why? Some of us in industry have a good handle on this, but it is hard to get anyone’s attention.
4. Higher tier workers key to economic strength. Agree strongly. Are we leveraging this for the future? If not why not? If this is true, then are we using this level to build the jobs for the vo-tech and service skills or are we not paying attention?
5. Economic opportunity is key attractant. The economic opportunity or this level of skill establishes a key balance with other factors. We are unique in having both and must recognize this. We need to stop referring to the cold northern Sun Belt. This is simply not a factor; it is only some of our wonks who keep using this misdirected term that does us harm. Get off the topic now or move elsewhere.
6. Quality of life keeps people here. Having done recruiting and hiring in a major employer and knowing people in other corporations who did the same. The agument that it is hard to get people to come to MInnesota is not an honest or correct statement.
7. Social integration difficult for newcomers. Nuts. With that kind of thinking and approach we should build a wall.
Bruce Lundeen (5) (7.5) (5) (5) (10) (2.5) (10)
1. Topic is of value. Today's interview examines high paid managerial staff. What is needed is to find ways to employ individuals lower on the employment ladder. I don't know how much more inequity the disparity gap - as applied to non-minorities as well and people of color - can grow without negative impact on society.
Dave Hutcheson (8) (6) (7) (7) (7) (8) (8)
This was valuable for information and insights that were really new to me; I don't think I know enough yet to evaluate them, but they are persuasive.
Chuck Lutz (9) (8) (9) (10) (9) (8) (8)
Paul Hauge (8) (8) (9) (9) (7) (9) (5)
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The Civic Caucus is a non-partisan,
tax-exempt educational organization. The Interview Group
includes persons of varying political persuasions,
S. Adams, David Broden, Audrey Clay, Janis Clay, Pat Davies, Bill
Frenzel, Paul Gilje (Executive Director), Randy Johnson, Sallie Kemper, Ted
© The Civic Caucus, 01-01-2008
2104 Girard Avenue South, Minneapolis, MN 55405. email@example.com
Dan Loritz, chair, 612-791-1919 ~  Paul A. Gilje, coordinator, 952-890-5220.