2011 New York City Job Market Report | Monster.com
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2011 New York City Job Market Report | Monster.com

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New York City professionals should find a kinder 2011 as the area exhibits positive mprovement from the prior year. ...

New York City professionals should find a kinder 2011 as the area exhibits positive mprovement from the prior year.

Major components of
New York City and its economy include jobs in finance, its center as an arts culture market and its functionality as a center of business and commerce.

The Federal Reserve Bank of New York, www.ny.frb.org, indicates the business region of New York City, its job market, and its economy are on the fast track to more growth.

CNNMoney claims "Hire more workers" appears to be a popular New Year's resolution for employers this year.

Overall, New York City‟s employment picture is moving in a positive direction yet will continue to experience bumps and take time to fully recover.

Employers will remain cautious and believe the recovery will
be slow; they are wary about plans for expansion and hiring.

Monster leveraged more than 2.5 million New York City resumes
coupled with online job postings for New York City talent in order to gain insight into candidates and employers.

Data is current through
December 2010 unless otherwise noted. Additionally, Monster surveyed active New York City professionals, HR professionals and hiring managers to present a snapshot of activity within the United
States on Monster.

The surveys were conducted between November
and December 2010.

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    2011 New York City Job Market Report | Monster.com 2011 New York City Job Market Report | Monster.com Document Transcript

    • LOCAL MARKETNEW YORK CITY2011 JOB CANDIDATESInsights and Analysis from Professionals,Recruiters and Hiring ManagersSponsored by:Brought to you by Monster Intelligence
    • 2NEW YORK CITY – 2011 JOB CANDIDATESNew York City professionals should find a kinder 2011 as the areaexhibits positive improvement from the prior year. Major components ofNew York City and its economy include jobs in finance, its center as anarts culture market and its functionality as a center of business andcommerce.The Federal Reserve Bank of New York, www.ny.frb.org, indicates thebusiness region of New York City, its job market, and its economy areon the fast track to more growth.CNNMoney claims "Hire more workers" appears to be a popular New TABLE OF CONTENTSYears resolution for employers this year. Hiring Talent in 2011 3Overall, New York City‟s employment picture is moving in a positive New York City Talent 3direction yet will continue to experience bumps and take time to fully Career Talent 4recover. Employers will remain cautious and believe the recovery will Education Talent 4be slow; they are wary about plans for expansion and hiring. Experienced Talent 4 Job Search Conditions 5Monster leveraged more than 2.5 million New York City resumescoupled with online job postings for New York City talent in order to Market Conditions 6gain insight into candidates and employers. Data is current through Market Overview 6December 2010 unless otherwise noted. Additionally, Monster Unemployment Rate 8surveyed active New York City professionals, HR professionals and Payroll Change 8hiring managers to present a snapshot of activity within the United Online Recruitment Trends 9States on Monster. The surveys were conducted between November Recruitment Activity 10and December 2010. Hiring Conditions 11 Supply and Demand Analysis 12About the Sponsor: Labor Performance Matrix 14 Career Level Requirements 16 Education Level Requirements 16 Experience Requirements 16 Job Type Requirements 17Ajilon Finance - Ajilon Finance is a leader in specialized financial Job Status Requirements 17staffing and recruitment. We place premier accounting, financial and Qualifications and Benefits 18bookkeeping professionals in temporary and direct-hire positions. In Compensation 19addition, we also provide a wide range of finance consulting solutionsto companies on a project or interim basis, including senior-level Conclusion 20financial and operations expertise. Please visit www.ajilonfinance.comfor more information. Monster Intelligence 20Accounting Principals - Accounting Principals is a leader in therecruitment and placement of accounting and finance professionals.Accounting Principals offers a complete range of workforce solutions inaccounting, finance, mortgage and banking through our nationwidebranch network and team of experienced professionals. For moreinformation, please visit www.accountingprincipals.com.Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 3HIRING TALENT IN 2011New York City Talent SkillsThe following data analyzes the supply (resumes) of Listed in the chart below are the top skills madeNew York City professionals on Monster. It provides a available by New York City candidates on theircurrent picture of available New York City talent. Monster accounts. The list is full of technical skills, including Microsoft Office and specific IT skills. TheListed below are the top ten New York City occupations most popular soft skills include Communicationsin supply and their share of volume. These occupations and Leadership.account for 89 percent of New York City‟s talent. Office and Administrative Support - 24% Management - 20% Computer and Mathematical - 11% Business and Financial Operations - 11% Sales and Related - 6% Arts, Design, Entertainment, Sports, and Media - 5% Life, Physical, and Social Science - 4% Healthcare Practitioners and Technical - 3% Architecture and Engineering - 3% Legal - 2%Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 4The charts below give a detailed profile of New York City talent found on Monster including career experience,education level and work experience. New York City candidates found on Monster are typically mid-career with at leasta bachelor‟s degree and more than five years of experience.Career Talent Career LevelForty-five percent of New York City job seekers in 2011 aremid-career. Thirty percent are managers or above while 25 Student Executivepercent are emerging into today‟s workforce. 9% 6% Entry Level Manager 16% 24% Mid Career 45%Education Talent Education LevelSixty-two percent of New York City job seekers in 2011have at least a bachelor‟s degree. Twenty-four percent have Certification -Vocationalan Associate degree or some-college. 4% Masters or High School Above 10% 19% Associate/ Some- College 24% Bachelors 43%Experienced Talent Years of Work ExperienceThe majority (60 percent) of New York City job seekershave more than five years of work experience. The second More than 15 Yearslargest group has two to five years of experience (21percent). 10+ to 15 Years 7+ to 10 Years 5+ to 7 Years 2+ to 5 Years 1+ to 2 Years Less than 1 Year 0% 5% 10% 15% 20% 25%Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 5Job Search ConditionsIn a recent Monster survey of more than 1,500 New York City Professionals, respondents were asked if they wereactively searching for a new opportunity and why they were looking. The primary reason New York City professionalsare looking for a job is due to unfavorable salaries. This is closely followed closely by layoffs that occurred and continueto occur in New York City, which shows that despite improvements in the economy, uncertainly and frustration stillexists. Other responses included limited or no potential for upward mobility and seeking a career change, both furthersuggesting discontent among working professionals. Re-entry into the workforce was also a common theme. With theuncertainty of the economy many stay at home mom‟s, retired individuals, and those unemployed for extended periodsof time are seeking re-entry into the workforce.The top five reasons New York City professionals are searching for a job include: 1. Salary is not as desired (23 percent) 2. Layoffs occurring/occurred (22 percent) 3. Limited or no potential for upward mobility (19 percent) 4. Seeking a career change (18 percent 5. Re-entering the workforce (16 percent)Factors less likely to drive candidates to look for a job were „relationship with a peer/manager‟.New York City professionals report that they aresomewhat finding success in meeting their expectations Ability to Find New York Job Opportunitiesand requirements. Forty-three percent are finding „Good‟ That Meet Requirementsto „Excellent‟ conditions, which is slightly encouraging Poor Excellentnews in this rebounding sector. 14% 12%Those respondents that reported „Average‟ to „Poor‟conditions were asked “What makes it challenging Fairlooking for a job”. The two primary reasons job seekers 13%had a difficult time finding New York City positions were„finding a job that matches what they want (e.g., salary, Goodlocations, etc.)‟, „getting an employer or recruiter to 31%contact them‟ and „too few jobs‟.From Monster‟s recent survey to New York Cityprofessionals, the majority of respondents (65 percent) Averageare most comfortable with going to online job boards to 30%search for opportunities and post their resume.Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 6Market ConditionsNew York City felt the impact of the recession across nearly every sector and is now successfully – yet slowly - turningits massive engine to grow employment and the local economy.Market OverviewThe hub of the world economy, New York City is home to a wide array of industries and companies, housing over 40 ofthe Fortune 500 as well as a large number of foreign companies. The city is renowned for its Financial Services sector,which contributes nearly a quarter to the city‟s economy. The Wall Street collapse, driven by internal scandals, thesubprime mortgage scandal, and overextended firms, rocked not only the Wall Street companies themselves, but alsothe local economy and real estate market. The Financial Services sector rebound, now underway, will be a significantdriver to the city‟s economy.1New York City‟s key employment industries are the following2: Industry Percent of New York City Employment Educational & Health Services 19% Trade, Transportation, & Utilities 18% Government 15% Professional & Business Services 15% Finance 9% Leisure & Hospitality 8% Manufacturing 4% Other Services 4% All other industries 8%The city‟s significant Education & Health Services sector (19% of total employment) served as the city‟s foundationduring the tumultuous times. This industry is now the city‟s largest employer due to strong employment at the nation‟slargest public school system and a vast array of libraries, universities, hospitals, and research centers.New York City has a thriving media sector, with heavy-weights like Time Warner and News Corporation, the world‟s topadvertising agencies and record labels, as well as a burgeoning arts and fashion industry. It houses the world‟s mostprominent professional service businesses, from law firms to consulting firms. Lastly, with nearly 47 million visitors ayear, the city is a major tourist attraction.3New York City‟s real estate market moves along with Wall Street and, after property values plunged in the double digits,is on the road to recovery. In September, the city‟s Case-Schiller House Price Index, which tracks changes in theresidential housing market, was down 0.1% for the year and 0.3% from August to September. Though down, the ratesare much stronger than the U.S. National Index (-1.5% and -2.0%, respectively).1 Schwartz, Nelson, D. “Wall St. Hiring in Anticipation of an Economic Recovery.” New York Times. 7/10/10.2 New York City Workers Employed by Industry; Bureau of Labor Statistics, October 2010 data3 NYC & Company, NYC Statistics 2009. www.nycgo.comCopyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 7The commercial market appears to be improving as well, as a recent report stated Manhattan ground-floor retail askingrents are up 4% from spring levels and Times Square rents soared 21% to an average $1,700 per square foot. Still,properties are renting below where they were during the market‟s peak a few years ago, meaning opportunities stillabound.4In October 2010, New York City had 8.6 million employed, 796,200 unemployed, and a strong 8.4% unemploymentrate.5Reflecting a significant improvement from the prior year, New York City lost 11,800 jobs or 0.1% of its workforce fromOctober 2009 to October 2010 compared to a loss of 320,100 jobs or nearly 4% of its workforce the prior year period.There were several shifts from year-to-year in the industry order: Education & Health Services and Trade,Transportation, & Utilities flipped first and second rank and Government and Professional & Business Services tradedfourth and fifth rank.During the year from October 2009 to October 2010, Government lost the most jobs, shedding 54,300 or 3.5% of thesector‟s workforce due to cutbacks required from a massive budget deficit. Manufacturing lost the second most jobs,losing 13,100 or 3.5% of its workforce. Education & Health Services reported the strongest expansion, adding 20,200jobs during the year. Leisure & Hospitality also reported healthy growth, adding 15,100 jobs.Moody‟s Economy.com October 2010 forecast predicts a minor 0.5% growth in New York City jobs over the next twelvemonths. The sectors expected to report the strongest percentage growth include Other Services (+5.1%) andConstruction (+2.6%) while Natural Resources and Mining (-2.5%) and Government (-2.4%) jobs are predicted to fallthe most.New York City‟s overall employment picture for the next year is one of slow recovery, reflecting the growth driven byrenewed construction, investment, business expansion, the financial services sector, and consumer confidence, as wellas the impact of constant fluctuations of the stock market and world economy.In fact, a recent survey of more than 300 New York City recruiters and hiring managers at Monster were asked “Howmany positions do they intend to fill in the next six months” and “What percent of the positions they expect to fill are newopenings vs. replacement positions”. A majority of those hiring in the `next six months are filling a limited number ofroles (57 percent plan to hire less than ten positions) and very limited new roles (52 percent plan that less than 25percent of positions will be new). Number of New York Positions New Openings versus Replacement New York Positions to Fill in Next Six Months 40% 80% 30% 60% 20% 40% 20% 10% 0% 0% <10 11-50 >50 <10% 10% to 25% 25% to 50% 50% to 75% 75% to 100%4 Standard & Poors’ Case-Schiller Home Price Indices, November 2010; Crain’s New York’s “Booming Times Square leading retail rentshigher” by Adriane Pasquarelli 11/8/105 Bureau of Labor Statistics, www.bls.govCopyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 8Unemployment RateNew York City‟s unemployment rate has reported positive trends since peaking at 9.7% in January 2010. Most recently,it dropped to 8.4% in October and 8.5% in November. The area‟s unemployment rate lies slightly higher than the state‟sOctober and November rate of 8.3% and below the nation‟s rate of 9.6% (9.8% in November).The unemployment rate is a lagging measure that indicates both joblessness and strength of the economy. National andstate figures are seasonally adjusted. New York City vs. National Unemployment Rate, % Nov 07 - Nov 10 11.0 9.0 7.0 5.0 3.0 Jan-08 Jan-09 Jan-10 Mar-08 Jul-08 Sep-08 Mar-09 Jul-09 Sep-09 Mar-10 Jul-10 Sep-10 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 New York City NationalPayroll ChangeJob creation in the New York City metro area dropped a slight 0.1% in November, continuing the improvement trendreported throughout the year. As comparison, the nation‟s payroll has reported strong recovery as it reached positiveexpansion the past few months (+0.7% in October and +0.6% in November).Payroll change is a key measure of new job creation (or loss), as it measures the total number of people employed in anarea every month. New York City vs. National Payroll Growth, % YoY Nov 07 - Nov 10 2.0 0.0 -2.0 -4.0 -6.0 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 New York City NationalCopyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 9Online Recruitment TrendsThe Monster Employment Index (MEI) is a leading indicator of labor market trends as it tracks online recruitment activityby location, occupation, and industry. As seen below, online job recruitment activity in the New York City metro area hassteadily improved during 2010 despite recent slowdowns typically seen over the holiday season. Though levels remainfar below 2007 and the first half of 2008 activity, signs are positive that New York City is on the mend.  By the end of 2010, the New York City MEI gained 22 percent (+14 points) since a year prior or 32 percent (+19 points) from its January 2010 low point.  During December, only 1 of the 21 occupational categories monitored by the New York City Index showed inferior online demand for workers from a year ago: Building and Grounds Cleaning and Maintenance (-15 percent or -8 points). The greatest improvements were seen in Transportation and Material Moving (+65 percent or +49 points) and Production (+48 percent or +27 points). Monster Employment Index New York City YoY Change 140.0 40% 20% YoY Change, % 120.0 Index=100 0% 100.0 -20% 80.0 -40% 60.0 -60% Dec-07 Feb-08 Jun-08 Dec-08 Feb-09 Jun-09 Dec-09 Feb-10 Jun-10 Dec-10 Oct-08 Oct-09 Oct-10 Aug-08 Aug-09 Aug-10 Apr-08 Apr-09 Apr-10 The Monster Employment Index presents a monthly snapshot of employer online recruitment activity nationwide for 28 of the largest metro areas, and is generally regarded as a key indicator of demand in the labor market. The Index is based on a real- time review of millions of employer job opportunities culled from a large, representative selection of corporate career sites and job boards, including Monster. Using a baseline value of 100, the Index can be used to compare hiring trends across local markets and occupational groups. As such, a higher Index figure means stronger growth in online job availability.New York City opportunities across all major online job boards have reported positive expansion following two difficultyears.6 New York City job postings in 2008 fell 5 percent and in 2009 dropped another 17 percent. Postings werepositive throughout 2010 resulting in a significant 27 percent gain for the year. New York "New" Online Job Ads - Dec07 - Dec 10 Job Ads YoY Change Index=100, 2007 Average 120.0 60% 100.0 40% YoY Change, % 80.0 20% 60.0 0% 40.0 -20% 20.0 -40% 0.0 -60% Dec-07 Jun-08 Aug-08 Dec-08 Jun-09 Aug-09 Dec-09 Jun-10 Aug-10 Dec-10 Feb-08 Apr-08 Feb-09 Apr-09 Feb-10 Apr-10 Oct-08 Oct-09 Oct-106 Wanted Technologies, New Online Ads, Dec ‟08-Dec‟10Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 10Recruitment ActivityThe companies posting New York City jobs on Monster in 2010 varied across industries. Listed below are the top twenty(out of more than 800 industries) not including staffing or temporary employment agencies that may post for a variety ofindustries. The top twenty industries posted nearly half (47 percent) of the New York City jobs on Monster in 2010.Overall, many service-like organizations (e.g. management consulting, business services, etc.) followed byfinance/insurance-type employers have posted opportunities in the New York City area. 6% - Accounting, Auditing, Bookkeeping 2% - Insurance Agents, Brokers, and Service 6% - Social Services NEC 2% - General Medical and Surgical Hospitals 5% - Management Consulting 2% - Security Brokers and Dealers 3% - Business Services 1% - Legal Services 3% - Advertising Agency 1% - Medical Doctors Office 3% - Computer Programming Services 1% - National Commercial Banks 3% - Management Services 1% - Catalog and Mail-Order Houses 2% - Computer Services 1% - Social Services 2% - Radiotelephone Communication 1% - Computer Integrated Systems Design 2% - Business Consulting 1% - Hospital and Medical Service PlansThe types of roles New York City companies posted over the past year include roles primarily for Finance (32 percent),IT (16 percent) and Sales (11 percent) type roles.New York City Job Postings by Category % Total Job PostingsAccounting/Finance/Insurance 32%IT/Software Development 16%Sales/Retail/Business Development 11%Medical/Health 7%Administrative/Clerical 5%Human Resources 4%Engineering 4%Biotech/R&D/Science 3%Customer Support/Client Care 2%Legal 2%All Other 15%Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 11Hiring ConditionsMonster recruiters surveyed predict filling New York City roles will move fairly quickly. Nearly half (47 percent) ofrespondents expect it will take between 31 and 60 days to fill a position and 30 percent predict each opportunity willtake fewer than 30 days to fill. 23 percent plan for more than 60 days. With the excess of candidates looking for work, it is no surprise that recruiters are having a relatively easy time findingqualified candidates. 72 percent of respondents said their ability to find New York City candidates was “Good” to“Excellent”.Those few respondents that reported „Average‟ to „Poor‟conditions were asked “What makes it hard to find Ability to Find New York Professionals Thatcandidates”. The primary reason recruiters and hiring Meet Requirementsmanagers had a difficult time recruiting for New York City Poor Fair 4%positions was „time required to hire‟ most likely due to 8%the surplus of resumes that they must review to find the Excellentideal candidate. The second challenge area was 30%„insufficient budget‟, showing that budgets are still Averageconstrained. 16%When looking at the challenges of the candidatesthemselves, responses reveal that recruiters arefrustrated with the types of candidates they are seeingand the fact that they cannot offer them adequatecompensation. The most popular responses were Good„under-qualified candidates‟, „not enough candidates‟, 42%and „compensation below candidate expectation‟.Recruiters noted the top five areas with planned hiring in New York City include: 1. Sales (43 percent) 2. IT (39 percent) 3. Engineering (26 percent) 4. Administrative Support (14 percent) 5. Customer Service (13 percent)From Monster‟s recent survey to New York City recruiters and hiring managers, most respondents (82 percent) aremost comfortable with going to online job boards to source candidates.Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 12Supply and Demand AnalysisThe New York City area encompasses counties in the states of New York, Connecticut, Pennsylvania, and New Jersey.A comparison of Monster Job Seekers seeking employment in the market compared to the volume of job postings in thearea, denoted by the darker green areas in the map below, reveals higher supplies of talent in the counties of Pike inPennsylvania; and Ocean, Monmouth and Hunterdon in New Jersey. Recruitment for candidates in lighter greencounties such as New York in New York; and Morris and Bergen in New Jersey may be more competitive where theratio of resumes per job posting is lower than in other New York City areas.The types of roles these candidates are seeking span a wide range of areas with the highest volume targetingAdministrative/Clerical (13 percent) opportunities followed by Accounting/Finance/Insurance (8 percent) andSales/Retail/Business Development (8 percent).New York City Job Seekers by Category % Total Job SeekersAdministrative/Clerical 12%Accounting/Finance/Insurance 8%Sales/Retail/Business Development 8%IT/Software Development 7%Customer Support/Client Care 6%Marketing/Product 6%Medical/Health 5%Business/Strategic Management 4%Human Resources 4%Manufacturing/Production/Operations 4%All Other 37%Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 13The remainder of this report will focus on key New York City professions and how supply and demand measures upwhen recruiting for this multifaceted talent pool. Employers Job Seekers 1. Secretaries/Administrative Assistants, 1. Computer Software Engineers, 7% 9% 2. Accountants and Auditors, 6% 2. General/Operations Managers, 4% 3. Financial Managers, 6% 3. Computer Software Engineers, 4% 4. Financial Analysts/Advisors, 5% 4. Marketing/Sales Managers, 3% 5. General/Operations Managers, 5% 5. Other Managers, 3% 6. Marketing/Sales Managers, 3% 6. Financial Analysts/Advisors, 3% 7. Human Resource Specialists, 3% 7. Customer Service Representatives, 8. Computer Systems Analysts, 3% 2% 9. Computer Programmers, 2% 8. Accountants/Auditors, 2% 10. Secretaries/Administrative 9. Computer Systems Analysts, 2% Assistants, 2% 10. Supervisors/Managers of Office and Administrative Support Workers, 2% ● ● ● ● ● ●Nearly half of the supply (35 percent) and demand (42 percent) in New York City are for the top ten occupation clustersprovided above. Seven of the top ten opportunities in demand may be found among the top candidates in supply. Theremay be a slight advantage towards hiring Secretaries/Administrative Assistants ranked first under job seekers and lastunder employers. Plan for extra time to weed through the excess of resumes and seek prospects to transitioncandidates into other opportunities.Listed below are the top 20 out of over 2,500 job titles in which New York City job seekers are interested. These 20 jobtitles accounted for 22 percent of the New York City talent. The frequency of administrative and customer service roles,common across regions, is particularly strong in New York City. # Job Titles (1-10) # Job Titles (11-20) 1 Administrative Assistant 11 Receptionist 2 Executive Administrative Assistant 12 Business Systems Analyst 3 Customer Service Representative 13 Accountant 4 General Manager 14 Software Engineer 5 Sales Representative 15 General Director 6 Financial Analyst 16 Programmer - Entry Level 7 Project Manager 17 Registered Nurse (RN) 8 Assistant Manager 18 Medical Assistant 9 Other Office/Administrative Support Workers 19 Clerk/Typist 10 Office Manager 20 Marketing and Sales ManagerCopyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 14The top 20 (out of more than 2,700 titles) New York City job titles posted on Monster.com from January 2010 toDecember 2010, were dominated by IT and financial positions and only accounted for 16 percent of all job titles showingthe diverse opportunities that are available. # Job Titles (1-10) # Job Titles (11-20) 1 Financial Analyst 11 Registered Nurse (RN) 2 Sr. Accountant 12 Customer Service Representative 3 Sr. Financial Analyst 13 Controller 4 Software Engineer 14 Finance Manager 5 Sr. Software Engineer 15 Refuse and Recyclables Collector 6 Accounting Manager 16 Business Systems Analyst 7 Sales Representative 17 Consulting Manager 8 Vice President 18 Java Developer 9 Staff Accountant 19 Assistant Controller 10 Sales Manager 20 Sr. Consultant Labor Performance Matrix The Labor Performance Matrix below and on the next page compares job posting and resume performance within the key New York City occupation clusters. The size of the circle represents the supply, based on the ratio of resumes per job from January 2010 through December 2010. A large circle indicates a large pool of talent in comparison to the demand, and a smaller circle represents areas where the demand may outweigh the supply. How to Read the Matrix: Talent Surplus Not enough jobs to match supply Plan for increased volume of candidates Focus on skills migration Incubator Opportunities (Growth Areas) High growth potential High Performance High growth in jobs and talent Focus on keeping talent Talent Shortage Not enough talent to meet demand At risk for competitionCopyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 15Talent SurplusAdministrative and Sales sit squarely in the Talent Surplus quadrant, while Customer Service and Marketing arebordering the area, when compared to other New York City categories. These categories show less job opportunities tomeet job seeker needs. Recruiters need to plan for additional time and resources to help screen increased volumes ofcandidates and could consider retraining or other workplace development programs to ensure the surplus of candidatesare put to work.Incubator Opportunities (Growth Areas)The growth occupations span a wide range of categories, many of them trending towards the Talent Surplus quadrant.These areas are prime for candidate and/or job opportunity expansion.High PerformanceThere are two categories in the high performance quadrant: Finance and IT. There is an ample supply of both jobpostings and seeker resumes for these sectors though both are drifting towards increased competition and possibletalent shortages in the near future.Talent ShortageThere are no occupations in the Talent Shortage area, showing the current surplus of talent – and lack of jobopportunities - in New York City.The matrix below summarizes occupational supply and demand from January 2010 through December 2010. Talent Surplus High Performance Zone Incubator Zone Talent ShortageCopyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 16In the following analysis, we compare talent demand (job postings) with talent supply (resumes) across a range ofcharacteristics for New York City. The comparisons reveal the similarities and disparities between the available jobs andthe searching seekers. This analysis provides direction for recruiters and employers in setting their expectations anddevelopment areas.Career LevelA vast 76 percent of job postings are for mid-careertalent compared with 45 percent of new resumes. Dueto this imbalance, recruiters may need to be flexible intheir career requirement, either finding under or over-qualified candidates.Education LevelNew York City recruiters are concentrated in searchingfor candidates with at most a Bachelor‟s Degree (73percent). Though the talent supply pool is a fairlyeducated group, as 62 percent have at least aBachelor‟s Degree, recruiters could be challenged to fillroles as many seekers are either under or over-qualified.Experience levelSimilar to the other metrics, New York City candidatesare spread among the categories while job postings arerelatively concentrated. A high 38 percent of jobopportunities are for candidates with 2 to 5 years ofexperience compared to the 21 percent of availableseekers. Some recruiters will need to settle oncandidates with more years of experience than desiredwhich may lead to higher compensation for talent.Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 17Job Type RequirementsEighty-two percent of New York City job postings are for permanent positions and the remaining 18 percent are fortemporary and intern work. The temporary work, which typically expands the fastest post-recession as employersconservatively hire for the short-term, is relatively low compared to other regions. This trend could indicate the strengthof the city‟s business climate, as well as be influenced by the type of roles available. With 79 percent of job seekersdesiring permanet employment and 20 percent willing to step into either a perment or temporary roles employersshould be able to support current hiring needs for this requirement.Job Status RequirementsNinety-six percent of job postings are for full-time employment and only 4 percent for part-time, while 80 percent ofcandidates are open to full-time employment, 2 percent for part-time and 18 percent for either. Employers should havean ample pool of talent to meet their needs within these criteria.Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 18Qualifications and BenefitsAs employers look through reams of resumes, the most important qualifications New York City professionals place thegreatest importance on when applying for opportunities is type(s) of work experience (72 percent) and years of workexperience (70 percent). Recruiters agree that the type of work experience is critical in the evaluation of New York Citycandidates. When asked “What were the most important qualifications in recruiting New York City talent”, hirersresponded types of work experience (85 percent) and personality/cultural fit (75 percent) followed closely by years ofwork experience (74 percent).Listed below are the most important factors New York City professionals consider when evaluating a job opportunity.Note that these characteristics have been influenced by the recessionary economy and corporate scandals over thepast few years, as „salary‟ and „stability of position‟ ranked in first and second, respectively.Recruiters were also asked how they would rate the same list of factors in terms of their importance to recruiting talent.The top two items were the same, though ordered: stability of position and salary.Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 19CompensationCompensation expectations for recruiters and candidates are in fairly close alignment giving encouragement thatrecruiters can easily satisfy a potential recruit‟s salary expectations. The median salary offered in 2010 was $77,500and the median salary candidates were seeking was $55,000. (Please note these salary requirements may representtotal compensation for some job seekers and only a base salary for others.)The majority (fifty-four percent) of New York City job postings on Monster offer a salary ranging from $40-80,000(twenty-one percent, $40-60,000; twenty-five percent, $60-80,000). On the other hand, most (56 percent) job seekersexpect to earn between $20-60,000 (twenty-five percent, $20-40,000; thirty-one percent, $40-60,000).The most significant disparity is at $60,000, where a higher percentage of employers offer greater salaries thancandidates are requiring. Fifty-eight percent of New York City job seekers expect to earn less than $60,000 though onlythirty-two percent of employers plan to offer less than $60,000. Nearly two-thirds (73 percent) of New York City jobseekers expect to earn at least $40,000.Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 20Diversify Your Recruitment Strategy in 2011As the nation emerges from challenging times, recruiters should keep in mind the following points when planning for thenext 12-months.Network to strengthen your brand: Networking has always been a fundamental aspect of establishing a presenceand sourcing candidates. Todays recruiters must actively network across the Internet to get a more holistic view of theapplicant. With Monster’s 20 network communities integrated into its core site, experts are better able to help individualsaccess advice from industry experts and keep on top of trends. These communities also offer employers access to apool of targeted candidates.Play a smart matching game. Have processes and paper work in place, be diligent about screening, and communicatefrequently with hiring managers. Many recruiters are using technology to help quickly match candidates to jobs andeliminate unqualified applicants. Monster’s semantic 6Sense™ search technology powers our Power Resume Searchapplication, sorting and ranking candidates so the best are at the top. Using these types of sorting programs, recruiterssave time and money sourcing candidates that precisely match their positions.Spend accordingly. As budget managers remain cautious, leverage as many benefits as possible that attract andretain employees yet require minimal investment. Keep on top of what is most important to job seekers by leveragingMonster’s free online resources at the Resource Center (http://hiring.monster.com.) The site offers actionable reportsand webinars covering the most current issues facing not only job seekers, but recruiters as well.Monster intelligenceAs the premier digital employment solution, Monster has consistently maintained a leadership position in defining anddriving innovative products and services to champion digital recruitment. We see tremendous value in providing ourclients, the online recruitment industry, and the public at large with analysis on both job seeker and employer behaviors,as well as general employment market trends. In direct response to our customers‟ needs for strategic human capitalintelligence, Monster created an initiative, entitled Monster Intelligence, that is focused on providing business leadersand HR Executives real-time insight into market trends that will guide them in future recruitment planning.As a market leader, Monster is uniquely positioned to provide strategic information on employment trends to CorporateExecutives and Hiring Managers. These tools provide our customers with views into the labor market andcomprehensive information to further their employment strategy.More details are available at the Monster Resource Center at: http://hiring.monster.com/hr/hr-best-practices.aspx. Wewelcome your insight and comments on the monster intelligence reports and encourage you to let us know yourthoughts by providing feedback at Intelligence@monster.comMonster is the primary source of information for this report; it should only be interpreted as a definitive activity report onMonster and its subsidiaries. Monster‟s in-depth data-driven approach improves on typical survey-based methodologiesby dramatically increasing the depth and breadth of information collected as well as by capturing actual behavior ratherthan intended behavior. Data is current through December, 2010 unless otherwise indicated.Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.
    • 21Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system ortransmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission ofMonster, Inc.