Smart businesses do not look at labor costs alone anymore. They do look at market access, transportation, telecommunications infrastructure and the education and skill level of the workforce, the development of capital and the regulatory market.
Janet Napolitano, former Secretary of Homeland Security, emphasizes the importance of considering multiple factors beyond labor costs when evaluating a business's competitiveness. She highlights the significance of market access, transportation infrastructure, telecommunications, education, and regulatory environment in determining a company's success.
Napolitano's quote underscores the need for businesses to adopt a holistic approach to competitiveness, recognizing that labor costs are just one aspect of a larger ecosystem.
The quote's focus on market access, transportation, and telecommunications infrastructure reflects the growing importance of globalization and the interconnectedness of economies.
Janet Napolitano is a former Governor of Arizona and Secretary of Homeland Security. She has a background in law and politics, and has served in various leadership positions throughout her career.
Businesses can apply Napolitano's quote by considering the broader ecosystem when making decisions about expansion, relocation, or investment. This includes evaluating the quality of local workforce, transportation infrastructure, and regulatory environment.