Many are interested in inclusive economic growth, and within that the notion of big (mostly public sector) economic anchor institutions.
It’s a tricky concept to nail, and many find it quite nebulous. There’s a whole host of policy oriented thinking inherent in this. Often, I’ve noted that can leave people with the notion of “yes, sure…. but what do I do”. This is fair enough, especially for those with busy day jobs in other spaces
Fortunately others have been here and thought about it. This blog is a summary of a set of practical ideas set out in the Anchor Mission Playbook & the Hospital Toolkit. Inevitably I’ve been judicious with putting in stuff. Together the resources are about 500 pages of info. You can read them yourself if you want.
I tried to summarise the key points oriented around the three main areas
- Local sourcing and procurement
- Place based Investing, including construction, community and impact investing and maybe support for affordable housing
- HR and hiring, training
The file is linked here anchor-institutions-ideas-list2.docx
The toolkit’s make comment on readiness and resourcing. There are tasks involved and they need people to execute them.
every institution may be able to commit these resources from the onset, the following should be seen as goals for systematizing and sustaining this approach:
- At least 0.75 – 1.0 FTE of project manager’s time and at least 0.5 FTE data analyst dedicated to anchor mission efforts
- Staff in the relevant departments or business units dedicated to Anchor Mission Initiatives as part of their existing job
- 1.0 FTE Career Development Manager and 1.0 FTE Recruiter/ Community Liaison Talent Acquisition Consultant dedicated to HR anchor initiatives
- Financial readiness assessment and preliminary budget
- Institutional databases from HR, Supply Chain/Procurement and other business units
- A dashboard for tracking and reporting progress
- Buy-in from leadership team to build and execute plans