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Measures
CRITICAL SUCCESS FACTORS
The key factors showing success of the strategy will be an increased depth in our economy, reflected in resilient employment levels across a more diverse sectoral base. Another success factor will be the way the region is perceived externally. A good reputation will let us know that we have reached benchmarks which have status outside the region, and in turn serves to further market the region and enable us to successfully attract the investment and businesses we seek.
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Our key measures will revolve around these measures:
• The level of employment in the 11 sectors identified in this strategy is higher than the baseline of December 2009. • The percentage of adults with high skills is increased. • There is an increased transfer of research and development into business opportunities. • There is an improved skills base (higher levels of degrees and level 4 qualifications). • There is an increase in average earnings. • There are better business survival rates. • There is an increase in entrepreneurship measured by company start-ups. • The rate of employment land that is vacant has decreased.
MONITORING AND REVIEWING INDICATORS
Data on a range of measures will be collected in order to monitor and review our activities and their contribution to the aims of the strategy. Some of this data is already collected externally by accepted and accredited bodies. They will be used in a suite of monitors. Others will need to be collected directly. Some of this work has commenced; for example, the Sunshine Coast Business Confidence Survey.
A baseline measure will be established for each indicator against which future data will be compared. All data will be published online and be publicly available. Council is establishing an online Observatory that will contain all such data and measures, together with other pertinent data that contributes to providing a complete picture of the region.
In order to assess, review and monitor our activity for this Strategy, data will be collected under the following headings:
QUANTITATIVE
Employment • Unemployment • Business Growth • Skill Levels • Gross Regional Product • Tourism • Population • Business Property
QUALITATIVE
Business Confidence • Business Satisfaction • Visitor Satisfaction • Perception
Where baseline data is available for the indicators in the Action Plan, three year targets will be assigned.
Where new data needs to be collected we will insert qualified three year targets that will be revised at the end of year one, or when the data is collected.
This will bring a focus onto clear identification of work areas and on measuring outcomes, as well as tracking how the region’s economy is progressing.
Council is also working with the University of the Sunshine Coast and other partners in the development of sustainability indicators for the region. Monitoring the Economic Development Strategy will be aligned with these indicators to assist Council in working towards its vision of being Australia’s most sustainable region.
