Brain Drain Threatens Memphis' Future

MEMPHIS, Tenn. - There is a brain drain in the Bluff City, and it threatens the future of Memphis.

Statistics show five college educated people leave Memphis every day for greener pastures, and experts say this brain drain is causing a downward spiral.

We talked to a woman who knows how to keep talented people in town. Carol Coletta is head of CEO's for Cities, a company that consults big cities on competing for the best talent. Something she said Memphis must do a better job of if it wants to reverse the brain drain.

Coletta travels the country talking to city leaders and big businesses. Mayors and CEO's want to know how to get better.

"We've got one option, only one," said Coletta. “And that is to get a whole lot smarter, a whole lot faster."

Coletta said we are starting a new era called a "knowledge economy." That means education is king and will separate thriving cities from the ones that struggle.

The bad news for Memphis is the educated people are leaving at an alarming rate.

"You've got to be able to educate and develop your talent but you also need to be able to retain that talent," said Coletta.

“Without retention, you get the brain drain. One institution that’s attracting top young talent in Memphis is Rhodes College,” said President Bill Troutt.

"We are a talent magnet for Memphis," said Troutt. “We're one of the few selective liberal arts colleges, located in the city."

He said that allows students to connect to real work experience and become specialized. Research shows, specialization is a key to success.

"Here at Rhodes, students also intern at FedEx, they do research at St. Jude, serve our community in extraordinary ways, and they fall in love with the city and want to stay here and invest their lives here."

But specializing is not enough for the educated citizen. Coletta said the well education specialist is in such high demand, they can be choosy, and that's why sense of "place" is so important. Place means, making your city a desirable place to live.

"That's all about the quality of place," said Coletta. "Quite frankly, Memphis doesn't invest a lot in place making. We have far too many people spread out over much too much land and not only is that expensive, it makes the community far less dynamic."

Coletta said the trend is toward urban down town life. People marry later, and want to be near the center of night life longer. They want to have plenty of entertainment near other young, educated single people. These are the people businesses are looking for when they locate or expand said Coletta.

"Every business needs to be smart," said Coletta. "They're all in a state of transition today. So you've got to have smart talented people in your business and if you can't come to Memphis and get them, you're not coming in Memphis."

The alternative for Memphis, she said, is less industry, less education, more joblessness.

"We've got to pay attention to this," said Coletta. "This is serious, its now, it’s urgent."

Coletta points to Pinnacle Airlines expanding in downtown Memphis as a perfect example of a success for the city. Locating downtown and attracting educated workers will likely attract more businesses and more talent to downtown.