City up close: Richmond, VA

September 24, 9:41 AMEntry Level Careers ExaminerHeather Huhman

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The following is an approximate transcript from the first episode of my podcast series, “Come Recommended Comes to Your City.” The focus is Richmond, VA. Want Come Recommended to come to your city? Send an e-mail to comments@comerecommended.com.

Heather Huhman: Welcome to “Come Recommended Comes to Your City,” a podcast series in which we uncover city-specific entry-level job market data, tips and techniques through an interview with a local expert. I’m Heather Huhman, founder and president of Come Recommended. As a reminder, Come Recommended is an exclusive online community connecting the best internship and entry-level job candidates with the best employers.

Today, we’ll be discussing the internship and entry-level job market in Richmond, Va. with Richard Coughlan. Richard is senior associate dean of the Robins School of Business at the University of Richmond, where he oversees graduate and executive education programs. He has spent much of the last six years connecting the Robins School’s students, faculty and alumni with area businesses through internships, jobs, leadership development programs and research opportunities.

Richard also is chairman of the steering committee for the 2010 College to Career Fair, which aims to provide undergraduates from more than a dozen colleges across Virginia an opportunity to pursue jobs and internships with the state’s leading employers.

Welcome Richard, and thank you for being here.

Richard Coughlan: Thank you for having me.

HH: Overall, what are three words you would use to describe the internship and entry-level job market in and around Richmond?

RC: I’d say healthy, optimistic and diverse.

HH: What would you say are the flagship industries of the Richmond area?

RC: The area is strong in healthcare and education. I would also mention insurance and banking, energy and advanced manufacturing.

HH: How often do people move around and/or change jobs in Richmond?

RC: The region is made up of a highly-educated workforce, so changing jobs is not uncommon. Individuals with an interest in financial services have many options including Capital One, Genworth and the Federal Reserve Bank of Richmond. Those with an interest in operations might work at Altria, DuPont, MeadWestvaco or Alfa Laval.

HH: Which industries do you think are up-and-coming in your area?

RC: I’d start with logistics and transportation. Richmond’s proximity to major highways and ports is a real cause for optimism. Owens & Minor is a Fortune 500 company headquartered here that distributes medical supplies across the country. They have seen the advantages of using Richmond as a hub and I think others will follow. UPS Freight and Estes are other large transportation companies with significant operations here.

HH: Which industries in central Virginia do you think will rebound the most quickly from the economic downturn?

RC: Healthcare seems to be on very solid ground. Both Bon Secours and HCA have a strong and growing presence in the region. I also think we’ll see continued growth among entrepreneurial ventures like Snag-a-Job, Lumber Liquidators and Bostwick Laboratories.

HH: How do you think the economic downturn has changed the Richmond area?

RC: Well, three of last year’s top 30 employers no longer exist. Circuit City and LandAmerica, a pair of Fortune 1000 firms headquartered here for many years, declared bankruptcy in recent months and Qimonda, a manufacturer of memory chips, is in the middle of insolvency proceedings.

On the positive side, the Federal Reserve Bank of Richmond seems to be gobbling up talent. Also, we have seen several new entrepreneurial ventures launched by former employees of the large firms I mentioned earlier.

HH: Can an entry-level professional or intern live comfortably in the Triangle based on their industry’s average salary?

RC: Absolutely. It is the reason that so many young professionals come to Richmond in the first place. Housing is very affordable throughout the region and companies here pay relatively well.

HH: What networking opportunities are available in Richmond?

RC: A group of young professionals has established a group called HYPE that has events every month across the region. The Venture Forum and our local chapter of the Association for Corporate Growth regularly sell out their breakfast and lunch events. The Greater Richmond Chamber also provides opportunities to managers to gather for educational and networking opportunities.

HH: What major changes have you seen take place since you began working in Richmond?

RC: I arrived in 1998, after many bankers had moved from Richmond to Charlotte. Since that time, a number of firms with a global footprint have expanded their presence in Richmond. This would include Brink’s, which has its headquarters here but now operates in more than 50 countries, and Markel, a specialty insurer that employees several hundred in Richmond.

For other new developments, I would start with Genworth’s initial public offering in 2004. What had been a division of GE became a stand-alone firm with a headquarters in Richmond.

Also, the relocation of MeadWestvaco’s headquarters to Richmond a couple of years ago was a very positive sign. Each of those two companies has been a very strong contributor to the community in many, many ways.

Finally, the growth of the biotechnology park in downtown Richmond has been a fantastic addition to the business and science community locally.

HH: Where do you see the job market trends in Richmond going in the short-term and long-term?

RC: In the short-term, I think we will begin to see more opportunities in the middle of 2010, especially in energy and healthcare. I tell our students to explore Dominion Resources, a very large energy firm and Owens & Minor, which I mentioned earlier.

Already we see many local firms sending their best employees to executive education programs as a way of ramping up for an improving economy. Typically, job openings will follow such an investment.

In the long-term, I am optimistic that more international firms will look to central Virginia as a place to establish their American presence. Rolls-Royce is about to break ground on a very large facility just outside of Richmond. It will bring hundreds of well-paying jobs. The Greater Richmond Partnership, an economic development group locally, is focused on attracting more firms from abroad. If they are successful, then students who have proficiency in a foreign language, especially if they have studied international business, ought to find plenty of opportunities.