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New York City has always had a certain allure to it. Whether you’ve lived there all your life, moved in for work or school, or are just visiting, people adore this iconic city. There’s a reason it is the backdrop for so many movies and television shows; being in New York City is a unique experience.
This is one of the reasons why the impacts of COVID-19 were so seismic for the city. In the beginning months of the pandemic, as the city began to shut down, many people left. Those who would typically commute into Manhattan were staying home and many who lived in the city moved out to the suburbs.
Now, as offices are reopening and businesses are asking employees to return to the office by the end of the summer, employers have another problem — a talent shortage. This varies a little from industry to industry, but our consultants are by and large seeing this as a trend in NYC hiring right now. Businesses need talent and they want that talent in the office for at least some of the week, however, most candidates want to remain working remote.
While this talent shortage is challenging for employers, the flipside is it creates a remarkable amount of opportunity for job applicants. This is the current case for candidates looking for a job in New York City, especially if they are willing to work on site or with a hybrid schedule.
So, what exactly do these opportunities look like for candidates?
According to a poll we ran with our LinkedIn network, 69% of employees say that they would look for a new job if their employer required them to work in the office full-time. Candidates in New York City are prioritizing flexibility and remote work nearly as much as a higher salary in their next position.
How does this affect prospective NYC candidates? Many businesses are hiring not only to add headcount as they recover from the effects of the pandemic, but also to replace those who are leaving.
Michael Page Recruitment Consultant Laura Donald says, “There are so many people who realized they didn’t like what they were doing or, now that everyone’s hiring, are ready to make a move. So, I would say the market is the most active I’ve ever seen it.”
Another member of our team, Managing Consultant Ryan Schiavone, agrees: “I think it’s a really competitive market right now. Pretty much every candidate that I’m working with is in process for at least one or two other positions, as well.” He says that many of the candidates on the market right now are searching for “greener pastures.”
Candidates in many industries across New York City are receiving multiple offers and counteroffers, more so than usual. So, what is included in these offers?
Michael Page Senior Recruitment Consultant Madison Haberl illustrates the candidate advantage in New York with an example of someone she recently placed. This candidate was submitted to seven different positions she was working on and got all seven interviews in a matter of two hours.
“It all came down to which one he ranked the best, which was the best culture fit, and so on,” she says. So, if candidates are holding many offers in their hands, employers now must make the most intriguing offer. According to the poll we ran, 68% of hiring managers say they are offering flexibility and remote work to attract candidates and 24% say they offer a higher salary.
Typically, those who are working remotely are still being paid city-level salaries simply due to the demand for talent. However, if you are willing to or want to work in the office full-time, you have the opportunity to negotiate a higher salary.
Many businesses in New York City have solid dates as to when they will be expecting employees to return to the office. These dates have typically been later in the summer and are quickly approaching. This means that it’s time for candidates to apply and strike while the iron is hot.
Whether you want the full NYC experience or just want to dip your toe in to see what it has to offer, this may be the perfect spot to look for your next job. To find out what opportunities are available to you, please reach out to our team of expert consultants today. You can also browse our advice section for more insights to help you on your job search.
