Strategy #3: Grow, Retain & Attract Talent
Strategy #3: Grow, Retain & Attract Talent
GROW, RETAIN & ATTRACT TALENT
Grow, Retain, and Attract Talent
Overall Goal:
- Increase the region’s available and qualified workforce talent needed to support a growing economy.
What This Will Take:
- Pre-COVID-19, the unemployment rate in Hampton Roads was under 3%. Even in the middle of the pandemic, unemployment is 8%.
- In a post-COVID-19 world, experts predict we will return to a time where qualified talent is in demand. Demographics support this. According to the U.S. Census Bureau, by 2030, the total U.S. population will expand by 9%. Over the same period, the U.S. working-age population will grow less than 5%.
- To effectively increase the available and qualified workforce, the 757 region must advance the productivity (output) of all sources of qualified talent across the entire talent development pipeline (see next page).