Second Regular Session Sixty-ninth General Assembly STATE OF COLORADO INTRODUCED LLS NO. 14-0703.01 Nicole Myers x4326 HOUSE BILL 14-1231 HOUSE SPONSORSHIP Buckner and Kagan, SENATE SPONSORSHIP (None), House Committees Senate Committees Business, Labor, Economic, & Workforce Development A BILL FOR AN ACT Concerning the acquisition of a talent analytics tool by the Colorado office of economic development to assess the strength of the state's market intelligence. Bill Summary (Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://www.leg.state.co.us/billsummaries.) The bill requires the Colorado office of economic development (office) to enter into a contract to obtain access to a talent analytics tool. The office is required to use the talent analytics tool to conduct a study of the state's talent base, including several specified factors. For the 2014-15 fiscal year, the bill requires the general assembly to appropriate specified amounts to the office to acquire access to the talent analytics tool and to conduct the study of the state's talent base. The office is required to include the results of the study in its annual report to the general assembly. Be it enacted by the General Assembly of the State of Colorado: SECTION 1. In Colorado Revised Statutes, add 24-48.5-120 as follows: 24-48.5-120. Talent analytics tool - license - state talent base study - legislative declaration. (1) (a) The general assembly finds and declares that: (I) For the state to distinguish and market its competitive advantage in a global marketplace it must identify the talent composition of the state's talent base, assess the areas in which the state's talent base has gaps in skills, and gain a comprehensive understanding of the strength of its talent base compared to other states; (II) A state's human capital is the most critical factor that a business considers when making decisions about its location; (III) The state's talent base will inform business decisions to retain, grow, or relocate an operation in the state and ultimately drive economic opportunity and productivity; (IV) Greater market intelligence in each region across the state will result in a greater increase in relocations, expansions, and overall job growth; and (V) Greater market intelligence regarding the state's unique markets, supply chains, specialities, and industry interdependencies will result in more rapid job growth across the state. (b) The general assembly further finds and declares that having access to a talent analytics tool will allow the state to identify trends, patterns, outliers, opportunities, and key demographic indicators in the state's talent base, will allow the state to study the composition of its talent base, and will allow the state to determine how its talent base compares to that of other states in order to drive more rapid job growth. (2) On or before November 1, 2014, the Colorado office of economic development shall enter into a contract to obtain access to a talent analytics tool. The office shall use the talent analytics tool to conduct a study of the state's talent base composition. The study must include, but need not be limited to the following: (a) The nature and level of the top ten postsecondary degrees and certifications held by the people who comprise the state's talent base; (b) The nature of the talent that the state needs for economic growth in various key industries and regions; (c) The areas in which the state has a competitive advantage or disadvantage with talent compared to other states; and (d) How the state's resources can be more effectively and efficiently aligned for the retention and recruitment of companies within key industries and regions in the state. (3) (a) For the 2014-15 fiscal year, the general assembly shall appropriate the following amounts to the Colorado office of economic development: (I) An amount not to exceed one hundred twenty-five thousand dollars to enter into a contract to obtain access to a talent analytics tool pursuant to subsection (2) of this section; and (II) An amount not to exceed one hundred thousand dollars to use the talent analytics tool to conduct the study required by subsection (2) of this section. (b) Any unexpended and unencumbered moneys from the appropriations made pursuant to this subsection (3) remain available for expenditure by the Colorado office of economic development in the next fiscal year without further appropriation. (4) The Colorado office of economic development shall include in the annual report submitted to the general assembly pursuant to section 24-48.5-101 (7) on November 1, 2015, the results of the study conducted pursuant to subsection (2) of this section. SECTION 2. Safety clause. The general assembly hereby finds, determines, and declares that this act is necessary for the immediate preservation of the public peace, health, and safety.