DT#438 Key Performance Indicators

In this episode, Dennis and Broderick discuss measuring the performance of your economic development organization. What should you measure, how should you measure, and what are the advantages and disadvantages of measuring and reporting for you and your organization?  Background – Economic developers are, by nature, inquisitive. Typically, we use data on a regular basis, and there is a fundamental understanding of the importance of measuring performance. However, in this field, measurement can be more complex. There have been recent studies on the topic (IEDC “Measuring Success: Performance Measurement Survey – 2014” and the Center for Regional Economic Competitiveness “Redefining Economic Development Performance Indicators for a Field in Transition” – 2017) highlighting how economic development leaders have started to seek indicators that fully capture and measure the range of activity they are involved in. There has been a transition from the almost exclusive emphasis on job creation/retention and capital investment to a more nuanced measurement system that considers and captures the following: Consequences/feedback Meaningful Benchmarks Actionable Items Qualitative Outcomes