The Lehigh Valley Economic Development Corporation (LVEDC) recently released its final report on a year-long study to assess the regional talent market and identify wide-ranging strategies to develop, recruit, grow, and retain talent.
The study was conducted by consulting firm MDB Insight on behalf of LVEDC and Workforce Board Lehigh Valley.
The study surveyed employers in the Lehigh Valley. MDB found that more than 70 percent of employers have difficulties recruiting, hiring, and retaining workers, and 90 percent perceive a skilled workforce as essential to growth.
In the past 12 months, 91 percent of local companies hired new employees, and 89 percent expect to hire workers in the next 12 months.
The survey findings also found that an additional challenge facing the region is the replacement demand expected over the next five years. Currently, the predicted demand will be approximately 100,000 workers.
The survey’s results led to the creation of a strategic action plan with 36 recommendations.
“The report confirms that talent alignment and effective talent strategies are of critical importance to the Lehigh Valley’s long-term economic health,” Karianne Gelinas, LVEDC director of talent supply, said. “This study, and our ongoing talent supply initiative will help us sustain a world-class talent pipeline and establish the Lehigh Valley as a region that other communities look to as a leader in understanding talent supply.”
The study focused on five industrial sectors, including manufacturing (advanced and food & beverage); high-value business services; life science and research; health care; and transportation, warehousing, logistics, and wholesale.