VMAs 3rd Annual Workforce Development Symposium October 16 2014 1 Virginia jobs investment program Mission Support the creation of jobs for the citizens of Virginia by reducing the upfront human resource development costs for new and expanding companies throughout the Commonwealth ID: 389664
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Virginia jobs investment program
VMA's 3rd Annual Workforce Development Symposium October 16, 2014
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Virginia jobs investment program
Mission = Support the creation of jobs for the citizens of Virginia by reducing the up-front human resource development costs for new and expanding companies throughout the Commonwealth.
2
nd
oldest state incentive (1965)
Most frequently used state incentiveSlide3
Virginia jobs investment program
Moved to the Virginia Economic Development Partnership on July 1, 2014
Streamlined access to business incentives
Strengthened collaboration between economic & workforce development
Working closely with VEDP’s Business Expansion & Business Attraction ManagersSlide4
Statewide program activity
Fiscal Year 2014
Made
193
Prospect Presentations
Worked with
346
Projects
60
existing business expansions
27
new locations
214
small business locations & expansions
37
retraining + 8 small business retraining
Supported the Creation or Retraining of
11,197
JobsSlide5
partners
Governor & Cabinet Secretaries
Regional & Local Economic Development
Virginia Community Colleges
Virginia Employment Commission
Workforce Investment Boards
Career & Technical Education
Virginia Colleges & Universities
Department of Aging & Rehabilitative Services
Virginia CompaniesSlide6
Consulting services
Needs Analysis
Recruitment Assistance
Training Assistance
Coordination of Resources
Typically work with a company for a
3-year project cycleSlide7
funding
Project budget based on company’s recruitment and training costs
Typically 10% to 40% of company’s costs
Cash – NOT tax credit!
Company chooses training providers, including company subject matter experts
Performance-Based Program
Reimbursement made after new hire employed for 90 days or after retraining has been
completed. ROI within 3 months!Slide8
Eligible business sectors
For Profit Companies in:
Manufacturing
Corporate HQ (if they have multiple facilities)
Regional Distribution Centers
Regional Shared Service Centers
B2B Information Technology
R&D Facilities
50
% of revenue must come from out-of-state, directly or indirectlySlide9
New jobs program eligibility
Company must be:
Creating at least 25 net new full-time jobs
Paying a minimum hourly wage of $9.79/hour
Making a new capital investment of at least $1,000,000
Expansion or location in Virginia must be in competition with at least one other state or countrySlide10
Small business New jobs program eligibility
Company must be:
250 employees or less company-wide
Creating at least 5 net new full-time jobs
Paying a minimum hourly wage of $9.79/hour
Making a new capital investment of at least $100,000Slide11
Retraining program eligibility
Funding to retrain existing workforce
Means upgrading workers’ skills that are essential to production or distribution of product or services
integrating new technology
changing product lines
substantially changing service delivery processesSlide12
Retraining program eligibility
Company must be:
Retraining at least 10 full-time employees
Paying a minimum hourly wage of $9.79/hour
Making a new capital investment of at least $500,000Slide13
Small business Retraining program eligibility
Company must be:
Retraining at least 5 full-time employees
Paying a minimum hourly wage of $9.79/hour
Making a new capital investment of at least $50,000Slide14
Virginia jobs investment program
MAKE IT EASY
By
helping economic
development projects
navigate
state and local workforce development resources.
FOCUS ON RESULTS
By planning and developing solutions for a company’s unique recruitment and training needs.
COMMIT TO LONG-TERM SUCCESS
By providing ongoing support for future growth
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Contact information
Debbie Melvin
Valley Project Manager
Virginia Jobs Investment Program
(804) 921-0002
dmelvin@yesvirginia.org