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The importance of a robust and skilled workforce to a business's future cannot be overstated, which is why attracting and retaining talent is often mission-critical for most in the C-Suite. As the Greater Washington Region's business center, Northern Virginia has led the way in identifying and addressing workforce issues impacting employers and Regional development. The Chamber, as Greater Washington's business center voice, has made strengthening our Region's workforce one of its strategic missions.
Working on behalf of our members, the Chamber has partnered with industry leaders to address our Region's workforce issues. One such effort is the annual Northern Virginia Workforce Index, a longitudinal research study conducted in collaboration with the Northern Virginia Community College and Northern Virginia Chamber Foundation. The Executive Summary from 2023's Workforce Index was made to all members at this morning's Economic Outlook, and the full report is available here.
Data found with the most recent Index shows potential opportunities within hiring trends that range from remote work to education criteria. Individually, this data collected from 250 Regional businesses addresses individual concerns facing employers. Collectively, it presents a story showcasing current employer patterns and potential solutions in hiring, retention, and benefits.
The data found within the 2023 Workforce Index is not only a behind-the-scenes look at Regional workforce issues but also a snapshot of our Region's business health. For example, while 55% of respondents claim difficulty in hiring, 27% have grown their workforce in the last 12 months and expect to grow even more within this coming year. While hiring issues continue to be a challenge for our Region, with reasons stemming from a lack of interested or available candidates to government policies or regulations, Northern Virginia's unemployment is lower than in the USA as a whole and its top 10 metropolitan statistical areas.
No matter what lies ahead for Greater Washington, detailed and actionable intelligence on local labor market conditions, especially employer workforce needs, will remain an invaluable business leadership tool. The Chamber is committed to recognizing and leveraging consistent, actionable research studies and will continue its efforts on behalf of our membership and our Region.
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