2 weeks Ago
This has already been a hard year for thousands of Virginians. Tens of thousands of federal employees have received notice of their jobs’ termination, while countless others are waiting to learn their fate in the next round of layoffs . The DMV area, home to nearly 500,000 federal employees , is preparing for profound change.
There is no sugarcoating the uncertainty that this creates in our communities and economy. But Virginia is not a passive victim of change. We are leaders and agents of change who can — and will — work together to create stability.
Virginia’s economic strength is uniquely suited to withstand this change. Virginia was ranked as the top state for business last year, and the infrastructure, talent and innovation that set us apart have only continued to grow. Industry giants — Amazon, Capital One and Lego, to name just a few — and more than 10,000 new startups call Virginia their home.
As these companies, including PenFed, continue to hire, the result is an incredibly strong labor market; our commonwealth currently has more than 250,000 open positions and tens of thousands more in the pipeline. Gov. Glenn Youngkin’s “Virginia Has Jobs” initiative is an encouraging reminder that, even as government layoffs storm through the Washington area, Virginia stands ready to provide thousands of new beginnings.
It is noteworthy that 60% of PenFed’s executive team came from the public sector. With thoughtful leadership, Virginia’s resilience can turn this uncertain moment into an opportunity for long-term growth. This unprecedented influx of highly skilled professionals into the labor pool gives businesses an incredible opportunity to strengthen their teams.
While industries such as finance, health care and defense have particularly relevant needs, every industry can benefit from the experience and expertise of these public servants. While none of us would have wished for these circumstances, we have a chance to turn them into an advantage for our businesses and the broader economy. Good leaders recognize that while tough decisions must be made, they must also be carried out with empathy and grace.
As Youngkin noted , the federal government faces $37 trillion in debt and a $2 trillion annual deficit — challenges that demand change. But cutting tens of thousands of jobs can have a devastating impact on lives and economies. As former Department of Defense CIO John Sherman reminded us, real people who made countless sacrifices in the service of their work stand on the other side of these decisions.
How we handle these difficult moments defines us as leaders. Sign up for Viewpoints, an opinion newsletter Heartless leadership erodes stability and trust more than it boosts the bottom line. This was demonstrated in the 1990s by the infamous Sunbeam CEO “ Chainsaw Al ,” when he ruthlessly cut thousands of employees in a scramble for profits.
Instead, initiatives such as “Virginia Has Jobs” are key to providing laid off employees with the opportunities they deserve, and our economies need. Our responsibility to lead with intentionality and care becomes even more vital as Virginians search for reminders that dignity endures. The news may be discouraging, but we can be a source of strength.
Our communities need us now more than ever — not just as employers but as pillars of stability and empathy. We cannot afford to be paralyzed by uncertainty. Instead, we must stand up — together — and show that Virginia can turn hardship into opportunity.
Virginia, let’s not just weather the storm. Let’s reshape our future and build an even stronger foundation for the years ahead by hiring world-class professionals, many of whom dedicated their lives to public service. James R.
Schenck is the president and CEO of PenFed Credit Union, America’s second-largest federal credit union, headquartered in Tysons..
