Salaries and Hiring Up in NYC - Study Reveals
July 11, 2013 // Franchising.com // NEW YORK, NY – New York jobs are on the increase according to the 4th Annual Salary and Job Market Report conducted by leading recruiting firm 24 Seven Inc., which found that 67% of New York executives reported that hiring rates are at or above pre-recession levels and compensation is on the rise.
According to the nationwide survey which included over 4,000 respondents, 79% of New Yorkers who responded saw higher total compensation increases in 2013 compared with respondents in LA, Chicago and other markets. The survey found it paid to be in charge as executives saw greater percentage increases than non-executive staff. NY executives reported total compensation increases of 8.2% over last year and the majority of executives surveyed saw a 20% jump in total compensation. Those in non-executive roles reported receiving increases in compensation averaging 5.9%.
Despite the positive signs in the job market in New York, the majority of respondents say they are unsatisfied with their jobs and are looking to move into new positions in 2013. 75% say they are planning on making a career move in the next year. Of those looking to move, 35% say they would prefer a new position with the same company they work for now – much more than in LA, Chicago and other markets.
Benefits and Opportunity Matter
“New Yorkers are infamously demanding so it is no surprise that they have high expectations for on-the-job happiness,” said Celeste Gudas, CEO of 24 Seven Inc. “While salary is still the most important contributor to job satisfaction, New Yorkers value flextime and summer days off more than other cities in the survey. We believe this is a reflection of longer workdays and the need to get away and reset on weekends.”
24 Seven also found that concern over opportunities for advancement is what keeps employees up at night. They are increasingly frustrated by lack of a clear career path, opportunities to work on challenging assignments and skills needed to stay relevant. 60% of New Yorkers said they expected to be further along in their careers and only 24% report feeling valued by their company.
When it comes to a new job opportunity, salary is no longer the principal factor to consider. 81% say a generous benefits package would influence their decision to switch employers. Contributing to the value employees place on benefits is the uncertainty surrounding health benefits.
Jobs in Demand
Across industry, geography and pay grade, 24 Seven says all the hot jobs lie at the intersection of digital and creativity.
“Digital and mobile technology as well as new media are redefining the ways consumers connect with brands, and as a result Digital talent is in very high demand,” said Ms. Gudas. “The competition is fierce from across industries – particularly in New York where Silicon Alley is vying for the same innovative thinkers and digital doers as retailers who need new e-commerce solutions, marketing agencies who need digital experts to deliver client projects, or fashion companies looking for brand storytellers to optimize emerging channels – you name it. Those with new age digital acumen and proven success are highly prized by organizations throughout New York and the world.”
Filling Vacancies – Freelance On the Rise
Finding and attracting talent is one of the biggest challenges facing executives in New York . In fact, 82% of executives polled say they feel under continued pressure to find and attract talent and New Yorkers report being under more pressure in the search for talent than executives in other markets. Despite the importance they place on talent, 66% of executives report there is no formalized strategy for identifying high potential internal employees.
“The biggest talent opportunities companies have is in their own organizations,” noted Ms. Gudas. “Yet year after year we find that there are no formalized training or retention programs in place. Employees tell us they want to work on challenging assignments and understand how they can advance, but this has not been a priority for management. And, as a result we continue to see a highly mobile workforce.”
As the job market continues to be in flux, 24 Seven reports that reliance on freelance talent is on the rise. An increasingly respected career choice, more and more highly skilled talent -- many of whom were unable to find jobs during the recession, or having been laid off -- are entering the freelance market. Both executives and managers surveyed in the study plan to increase their use of freelancers. The majority of companies using freelance talent today do so to save money, according to the 24 Seven study.
About 24 Seven
As a strategic resource for talent management, 24 Seven helps creatively driven global brands identify, recruit and secure game-changing talent. Our innovative approach combines global reach, industry expertise and market intelligence to deliver top performers that advance the unique business goals of our clients.
Ranked by Crain’s New York Business at the 5th Largest Executive Recruiter in New York, we are the go-to talent source supporting the world’s top teams in Fashion, Retail, Marketing, Advertising, Interactive/Digital, E-commerce, Design, Beauty, Events and Sports/Lifestyle. Our strategic recruiting professionals have either personally worked in or recruited exclusively for the industry practice they serve. Their hands-on experience makes them experts at perfectly matching candidates to clients.
For more information, visit www.24seventalent.com