|2010: Comprehensive Economic Development Strategy: Vision Hampton Roads - Intellectual & Human Capital|
The â€śStrategic Componentâ€ť of the Plan of Action will address the long term strategy development for the enhancement of the big demographic, economic and environmental forces of: Intellectual and Human Capital â€“ education and skills that further innovation.
Intellectual & Human Capital with specific focus on education:
With so many institutions and entities vital to the development of â€śIntellectual and Human Capital,â€ť co-lead organizations were identified as the regionâ€™s major non-college workforce development boards, Opportunity Inc. (http://Opp-Inc.org) and Peninsula Council for Workforce Development (http://PCFWD.org).
WHERE WE ARE.
As described by the Presidentâ€™s Council of Economic Advisers, the 20th century saw rapid technological change that enhanced productivity, created new industries and increased demand for skilled labor.1 The core of our economy shifted first from agriculture to manufacturing and then from manufacturing to services.2
In recent decades, increasing specialization and trade have blurred the lines between the domestic and global economies. In many industries, globalization has increased competition for jobs as workers around the world participate in the constant flow of goods, services and information. But it has also created opportunities for highly skilled workers, who now enjoy broader markets for their output. Throughout the course of these fundamental changes, Americaâ€™s workers have adapted and provided the skills and ingenuity that fueled a growing economy.
Testing the resilience of the U.S. workforce, however, our economy slid into a recession beginning in December 2007 that has proven to be the worst downturn in the United States since the Great Depression. Already, 6.5 million jobs have been lost, and more losses are expected before the economy reaches bottom and employment growth returns. The recession has accelerated the decline of already-contracting industries, such as auto manufacturing, and has led to an extraordinary decline in the financial services industry that few anticipated even 18 months ago. We must therefore improve training and job search assistance policies to facilitate re-entry into the labor market.
Employers demand workers who can think critically and solve problems. As a result, future prosperity will require greater worker investment in post-secondary education and training. The current U.S. education and training system offers a variety of ways in which workers can obtain the skills valued by employers. Many of the existing programs, particularly those in fields related to high-growth industries and occupations, have been shown to lead to improved employment and earnings outcomes.
However, there remain important limitations to our education and training system, many stemming from low completion rates, limited accountability, poor coordination among different programs and excessive bureaucratic restrictions on the use of training funds.
Source: Presidentâ€™s Council of Economic Advisers, Preparing the Workers of Today for the Jobs of Tomorrow 1 Goldin and Katz (2008); 2 Blinder (2006)
The preceding introduction by the Presidentâ€™s Council of Economic Advisers summarizes the human capital challenge facing our nation. Hampton Roadsâ€™ challenge is no different.
Intellectual & Human Capital Objectives-Strategies-Actions
Identified by Federal Sub-committee:
Action 1: Develop and implement an action plan for job conversion for exiting military personnel to keep them in Hampton Roads, enhancing the skills and attractiveness of our workforce in order to attract and expand organizations, capabilities and investments owned, operated or funded by the Federal government in Hampton Roads.
Identified by Port Sub-committee:
Action 1: Support workforce development programs in the region through annual evaluation of opportunities and threats in order to grow and enhance the Port of Hampton Roads and become the East Coast port of call for all major ship lines..
Identified by Opportunities Sub-committee:
Action 1: Address the inadequate innovation system and support for entrepreneurship in Hampton Roads by providing education and training in entrepreneurship in order for Hampton Roads to be a region of excellence for clusters of cutting edge technology-based business innovation and education.
Action 2: Grow our 21st century workforce by including the knowledge, skills and capabilities of key Hampton Roads technologies in the curriculum of all Region II K-12 school divisions, addressing educational needs for a successful 21st century workforce in order for Hampton Roads to be a region of excellence for clusters of cutting edge technology-based business innovation and education. (#2, #6 Ranked Action-combined in draft)
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