What Creates a Vibrant Headquarters Economy?
Building from experiences in the Minneapolis-St. Paul headquarters economy, this chapter advances the building blocks for what creates and sustains a headquarters economy. Managers possess skills that are applicable across a variety of industries. Companies often benefit when they hire managers with different experiences and skills than those existing in the company. This benefit is especially salient when companies hire managerial talent from outside of their industry. Regions with a diverse headquarters base and little outward migration of managerial talent magnify this beneficial effect of cross-industry managerial mobility. Together, managers, mobility, and migration can create a virtuous cycle that strengthens local companies and draws talent to a region.