Human Capital - Career Trends

from Human Capital - Career Trends

by humancapitalcareertrends

Human Capital - Career Trends

Online ISSN 2771-9146 | Print ISSN 2771-9138

MAY | JUNE 2022

READ NOW: Governor Glenn Youngkin is piloting Virginia's economic growth

BUSINESS EXPERTISE

How Governor Glenn Youngkin's previous business experience and reputation is reshaping Virginia, and this may be his only first step.

By Ana Paula Montanha, Editor-in-Chief and Elaine Dotto, Journalist.

During his first five months, Governor Youngkin has made notable efforts in attracting business and promoting thousands of American jobs. Virginia is celebrating over 4.1 million jobs in an expansion of current businesses like Amazon and Boeing and in new business as Lego with 1,760 new positions.

Glenn Youngkin serves as the 74th Governor of the Commonwealth of Virginia. He was sworn in on January 15, 2022. Governor Youngkin started on day one implementing his Day One Game Plan to (1) Cut Costs for Virginians by lowering taxes, (2) Keep our Communities Safe, (3) Reinvigorate Job Growth, (4) Restore Excellence in Education, and (5) Make Government Work for Virginians.

Governor Glenn Youngkin was until very recently known as one of the most notable names in the financial business world.

Most recently, Governor Youngkin was Chairman of Virginia Ready, a dynamic 501(c)(3) focused on retraining Virginians who were out of work or did not have steady employment due to COVID-19.

Previously Co-CEO of The Carlyle Group, a Washington, D.C.-based global investment management firm. During his 25-year career with Carlyle, he held a number of leadership positions, including President and Chief Operating Officer, and he played a key role in building Carlyle into one of the leading global investment firms in the world, working from Washington, DC and from Carlyle’s London office for six years.

"[] a governor with real-world experience who can create jobs, keep businesses from leaving, put an open-for-business sign on Virginia, and create a rip-roaring economy that lifts all Virginians."

Prior to joining Carlyle, Governor Youngkin worked as a management consultant with McKinsey & Company, and an investment banking at CS First Boston.

Governor Youngkin holds a BS in mechanical engineering and a BA in managerial studies from Rice University and an MBA from the Harvard Business School, where he was a Baker Scholar.

On June 21, 2022, Governor Glenn Youngkin ceremonially signed the Virginia State Budget, which delivers on his promise to provide tax relief for Virginian families, increase funding for law enforcement, and support the development of lab schools, among other key initiatives of his Day One Game Plan.

We listed his initiative on reinvigorating job growth and making government work for Virginians:

Invests $150 million in site development to attract job creators, and $10 million to support transformation initiatives at the DMV, the Virginia Employment Commission, and other state agencies.

Virginia's economy ranks as the second-best in the South and eleventh best among all states. The state benefits from a well-educated workforce and a relatively financially stable population. An estimated 39.6% of adults in Virginia have a bachelor's degree or higher, a larger share than in all but five other states, according to data from the Bureau of Labor Statistics and the U.S. Census Bureau

Source: https://www.vedp.org/key-industries

Virginia’s industries are as diverse as its geography.

Home to the largest data center market in the world, the 3rd largest port on the East Coast, a varied manufacturing base, an emerging unmanned systems industry, and the highest concentration of tech workers in the country, Virginia serves key national and global markets from a central East Coast location.

There are 39 Fortune 1000 companies with headquarters in Virginia.

The last few decades have solidified Virginia’s position as America’s hometown for corporate headquarters. In just the past ten years, more than 500 companies have relocated to or expanded their headquarters offices in Virginia, attracted to its combination of diverse, world-class talent, exceptional quality of life, stable business climate, and competitive costs.

With the 6th-highest number of Fortune 500 and the 8th-highest Fortune 1000 company headquarters in the U.S. in 2022, Virginia represents a diversified ecosystem of over 800 corporate headquarters in a broad cross-section of industries including technology, defense, food and beverage, and many others such as finance and hospitality and tourism.

We reviewed a few important businesses' expansions into the state, particularly the ones related to the sixteen critical infrastructure sectors.

Food and beverage: “Food and beverage processing is Virginia’s second-largest manufacturing sector and one of our fastest-growing industries, thanks to investments by corporate partners (...)" said Governor Glenn Youngkin.

Aerospace and defense: Fairfax County is home to some of the biggest names in the defense and aerospace industry. Key defense and aerospace systems engineering, cybersecurity, and homeland security companies are established in Virginia.

SINCE JANUARY, 2022 THE FOLLOWING COMPANIES ANNOUNCED A NEW HEADQUARTERS IN VIRGINIA OR A RELEVANT EXPANSION OF THEIR OPERATIONS:

Aerospace companies in Virginia flock to Fairfax County, taking advantage of the proximity to the Pentagon and other government agencies like the U.S. Department of Defense (DoD) and NASA.

Northrop Grumman, Lockheed Martin Rolls- Royce in Fairfax County, BAE Systems USA, Raytheon, Boeing in Arlington, Airbus in Herndon, SAIC in Reston, and General Dynamics in Reston.

"Boeing's recent announcement to move its headquarters to Virginia and reaffirm its commitment to building the next generation of tech talent is a timely development for the Commonwealth and is made more exciting by their extensive partnership with Virginia Tech," said Governor Glenn Youngkin.