2011 new york city job market report | monster.com

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NEW YORK CITY 2011 JOB CANDIDATES Insights and Analysis from Professionals, Recruiters and Hiring Managers

Sponsored by:

Brought to you by Monster Intelligence

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Copyright @ 2011 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission of Monster, Inc.

NEW YORK CITY – 2011 JOB CANDIDATES New York City professionals should find a kinder 2011 as the area exhibits positive improvement 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. About the Sponsor:

Ajilon Finance - Ajilon Finance is a leader in specialized financial staffing and recruitment. We place premier accounting, financial and bookkeeping professionals in temporary and direct-hire positions. In addition, we also provide a wide range of finance consulting solutions to companies on a project or interim basis, including senior-level financial and operations expertise. Please visit www.ajilonfinance.com for more information.

Accounting Principals - Accounting Principals is a leader in the recruitment and placement of accounting and finance professionals. Accounting Principals offers a complete range of workforce solutions in accounting, finance, mortgage and banking through our nationwide branch network and team of experienced professionals. For more information, please visit www.accountingprincipals.com.

TABLE OF CONTENTS

Hiring Talent in 2011 3

New York City Talent 3

Career Talent 4

Education Talent 4

Experienced Talent 4

Job Search Conditions 5

Market Conditions 6

Market Overview 6

Unemployment Rate 8

Payroll Change 8

Online Recruitment Trends 9

Recruitment Activity 10

Hiring Conditions 11

Supply and Demand Analysis 12

Labor Performance Matrix 14

Career Level Requirements 16

Education Level Requirements 16

Experience Requirements 16

Job Type Requirements 17

Job Status Requirements 17

Qualifications and Benefits 18

Compensation 19

Conclusion 20

Monster Intelligence 20

http://www.ajilonfinance.com/

http://www.accountingprincipals.com/

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HIRING TALENT IN 2011 New York City Talent The following data analyzes the supply (resumes) of New York City professionals on Monster. It provides a current picture of available New York City talent. Listed below are the top ten New York City occupations in supply and their share of volume. These occupations account for 89 percent of New York City‟s talent.

Skills Listed in the chart below are the top skills made available by New York City candidates on their Monster accounts. The list is full of technical skills, including Microsoft Office and specific IT skills. The most popular soft skills include Communications and Leadership.

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%

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The 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 least a bachelor‟s degree and more than five years of experience.

Career Talent Forty-five percent of New York City job seekers in 2011 are mid-career. Thirty percent are managers or above while 25 percent are emerging into today‟s workforce.

Education Talent Sixty-two percent of New York City job seekers in 2011 have at least a bachelor‟s degree. Twenty-four percent have an Associate degree or some-college.

Experienced Talent The majority (60 percent) of New York City job seekers have more than five years of work experience. The second largest group has two to five years of experience (21 percent).

Executive6%

Manager24%

Mid Career45%

Entry Level16%

Student9%

Career Level

Masters or Above19%

Bachelors43%

Associate/Some-College

24%

High School10%

Certification-Vocational

4%

Education Level

More than 15 Years

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%

Years of Work Experience

5


Excellent

12%

Good

31%

Average

30%

Fair

13%

Poor

14%

Ability to Find New York Job Opportunities

That Meet Requirements

Job Search Conditions In a recent Monster survey of more than 1,500 New York City Professionals, respondents were asked if they were

actively searching for a new opportunity and why they were looking. The primary reason New York City professionals

are looking for a job is due to unfavorable salaries. This is closely followed closely by layoffs that occurred and continue

to occur in New York City, which shows that despite improvements in the economy, uncertainly and frustration still

exists. Other responses included limited or no potential for upward mobility and seeking a career change, both further

suggesting discontent among working professionals. Re-entry into the workforce was also a common theme. With the

uncertainty of the economy many stay at home mom‟s, retired individuals, and those unemployed for extended periods

of 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 are

somewhat finding success in meeting their expectations

and requirements. Forty-three percent are finding „Good‟

to „Excellent‟ conditions, which is slightly encouraging

news in this rebounding sector.

Those respondents that reported „Average‟ to „Poor‟

conditions were asked “What makes it challenging

looking for a job”. The two primary reasons job seekers

had a difficult time finding New York City positions were

„finding a job that matches what they want (e.g., salary,

locations, etc.)‟, „getting an employer or recruiter to

contact them‟ and „too few jobs‟.

From Monster‟s recent survey to New York City

professionals, the majority of respondents (65 percent)

are most comfortable with going to online job boards to

search for opportunities and post their resume.

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Market Conditions New York City felt the impact of the recession across nearly every sector and is now successfully – yet slowly - turning its massive engine to grow employment and the local economy.

Market Overview The hub of the world economy, New York City is home to a wide array of industries and companies, housing over 40 of the 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, the subprime mortgage scandal, and overextended firms, rocked not only the Wall Street companies themselves, but also the local economy and real estate market. The Financial Services sector rebound, now underway, will be a significant driver to the city‟s economy.

1

New York City‟s key employment industries are the following

2:

The city‟s significant Education & Health Services sector (19% of total employment) served as the city‟s foundation during the tumultuous times. This industry is now the city‟s largest employer due to strong employment at the nation‟s largest 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 top advertising agencies and record labels, as well as a burgeoning arts and fashion industry. It houses the world‟s most prominent professional service businesses, from law firms to consulting firms. Lastly, with nearly 47 million visitors a year, the city is a major tourist attraction.

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New 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 the residential housing market, was down 0.1% for the year and 0.3% from August to September. Though down, the rates are 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 data

3 NYC & Company, NYC Statistics 2009. www.nycgo.com

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%

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0%

20%

40%

60%

80%

<10 11-50 >50

Number of New York Positions

to Fill in Next Six Months

The commercial market appears to be improving as well, as a recent report stated Manhattan ground-floor retail asking rents 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 still abound.

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In October 2010, New York City had 8.6 million employed, 796,200 unemployed, and a strong 8.4% unemployment rate.

5

Reflecting a significant improvement from the prior year, New York City lost 11,800 jobs or 0.1% of its workforce from October 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 traded fourth and fifth rank. During the year from October 2009 to October 2010, Government lost the most jobs, shedding 54,300 or 3.5% of the sector‟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 20,200 jobs 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 twelve months. The sectors expected to report the strongest percentage growth include Other Services (+5.1%) and Construction (+2.6%) while Natural Resources and Mining (-2.5%) and Government (-2.4%) jobs are predicted to fall the most. New York City‟s overall employment picture for the next year is one of slow recovery, reflecting the growth driven by renewed construction, investment, business expansion, the financial services sector, and consumer confidence, as well as 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 “How many positions do they intend to fill in the next six months” and “What percent of the positions they expect to fill are new openings vs. replacement positions”. A majority of those hiring in the `next six months are filling a limited number of roles (57 percent plan to hire less than ten positions) and very limited new roles (52 percent plan that less than 25 percent of positions will be new).

4 Standard & Poors’ Case-Schiller Home Price Indices, November 2010; Crain’s New York’s “Booming Times Square leading retail rents

higher” by Adriane Pasquarelli 11/8/10 5 Bureau of Labor Statistics, www.bls.gov

0%

10%

20%

30%

40%

<10% 10% to 25% 25% to 50% 50% to 75% 75% to 100%

New Openings versus Replacement New York Positions

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New York City vs. National Unemployment Rate, %

Nov '07 - Nov '10

New York City National

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New York City vs. National Payroll Growth, % YoY

Nov '07 - Nov '10

New York City National

Unemployment Rate New 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‟s October 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 and state figures are seasonally adjusted.

Payroll Change Job creation in the New York City metro area dropped a slight 0.1% in November, continuing the improvement trend reported throughout the year. As comparison, the nation‟s payroll has reported strong recovery as it reached positive expansion 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 an area every month.

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New York "New" Online Job Ads - Dec'07 - Dec '10

Job Ads YoY Change

Online Recruitment Trends The Monster Employment Index (MEI) is a leading indicator of labor market trends as it tracks online recruitment activity by location, occupation, and industry. As seen below, online job recruitment activity in the New York City metro area has steadily improved during 2010 despite recent slowdowns typically seen over the holiday season. Though levels remain far 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).

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 difficult years.

6 New York City job postings in 2008 fell 5 percent and in 2009 dropped another 17 percent. Postings were

positive throughout 2010 resulting in a significant 27 percent gain for the year.

6 Wanted Technologies, New Online Ads, Dec ‟08-Dec‟10

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Recruitment Activity The 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 of industries. 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 by finance/insurance-type employers have posted opportunities in the New York City area.

The 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 Postings

Accounting/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%

6% - Accounting, Auditing, Bookkeeping

6% - Social Services NEC

5% - Management Consulting

3% - Business Services

3% - Advertising Agency

3% - Computer Programming Services

3% - Management Services

2% - Computer Services

2% - Radiotelephone Communication

2% - Business Consulting

2% - Insurance Agents, Brokers, and Service

2% - General Medical and Surgical Hospitals

2% - Security Brokers and Dealers

1% - Legal Services

1% - Medical Doctors Office

1% - National Commercial Banks

1% - Catalog and Mail-Order Houses

1% - Social Services

1% - Computer Integrated Systems Design

1% - Hospital and Medical Service Plans

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Excellent

30%

Good

42%

Average

16%

Fair

8%

Poor

4%

Ability to Find New York Professionals That

Meet Requirements

Hiring Conditions Monster recruiters surveyed predict filling New York City roles will move fairly quickly. Nearly half (47 percent) of

respondents expect it will take between 31 and 60 days to fill a position and 30 percent predict each opportunity will

take 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 finding

qualified 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

candidates”. The primary reason recruiters and hiring

managers had a difficult time recruiting for New York City

positions was „time required to hire‟ most likely due to

the surplus of resumes that they must review to find the

ideal candidate. The second challenge area was

„insufficient budget‟, showing that budgets are still

constrained.

When looking at the challenges of the candidates

themselves, responses reveal that recruiters are

frustrated with the types of candidates they are seeing

and the fact that they cannot offer them adequate

compensation. The most popular responses were

„under-qualified candidates‟, „not enough candidates‟,

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) are

most comfortable with going to online job boards to source candidates.

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Supply and Demand Analysis The 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 the area, denoted by the darker green areas in the map below, reveals higher supplies of talent in the counties of Pike in Pennsylvania; and Ocean, Monmouth and Hunterdon in New Jersey. Recruitment for candidates in lighter green counties such as New York in New York; and Morris and Bergen in New Jersey may be more competitive where the ratio 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 targeting Administrative/Clerical (13 percent) opportunities followed by Accounting/Finance/Insurance (8 percent) and Sales/Retail/Business Development (8 percent).

New York City Job Seekers by Category % Total Job Seekers

Administrative/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%

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The remainder of this report will focus on key New York City professions and how supply and demand measures up when recruiting for this multifaceted talent pool.

Nearly half of the supply (35 percent) and demand (42 percent) in New York City are for the top ten occupation clusters provided above. Seven of the top ten opportunities in demand may be found among the top candidates in supply. There may be a slight advantage towards hiring Secretaries/Administrative Assistants ranked first under job seekers and last under employers. Plan for extra time to weed through the excess of resumes and seek prospects to transition candidates 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 job titles 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 Manager

Jo

b S

ee

ke

rs

Em

plo

ye

rs 1. Computer Software Engineers, 7%

2. Accountants and Auditors, 6%

3. Financial Managers, 6%

4. Financial Analysts/Advisors, 5%

5. General/Operations Managers, 5%

6. Marketing/Sales Managers, 3%

7. Human Resource Specialists, 3%

8. Computer Systems Analysts, 3%

9. Computer Programmers, 2%

10. Secretaries/Administrative

Assistants, 2%

● ● ●

1. Secretaries/Administrative Assistants,

9%

2. General/Operations Managers, 4%

3. Computer Software Engineers, 4%

4. Marketing/Sales Managers, 3%

5. Other Managers, 3%

6. Financial Analysts/Advisors, 3%

7. Customer Service Representatives,

2%

8. Accountants/Auditors, 2%

9. Computer Systems Analysts, 2%

10. Supervisors/Managers of Office and

Administrative Support Workers, 2%

● ● ●

14


The top 20 (out of more than 2,700 titles) New York City job titles posted on Monster.com from January 2010 to December 2010, were dominated by IT and financial positions and only accounted for 16 percent of all job titles showing the 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 competition

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Talent Surplus

Administrative and Sales sit squarely in the Talent Surplus quadrant, while Customer Service and Marketing are

bordering the area, when compared to other New York City categories. These categories show less job opportunities to

meet job seeker needs. Recruiters need to plan for additional time and resources to help screen increased volumes of

candidates and could consider retraining or other workplace development programs to ensure the surplus of candidates

are 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 Performance

There are two categories in the high performance quadrant: Finance and IT. There is an ample supply of both job

postings and seeker resumes for these sectors though both are drifting towards increased competition and possible

talent shortages in the near future.

Talent Shortage

There are no occupations in the Talent Shortage area, showing the current surplus of talent – and lack of job

opportunities - in New York City.

The matrix below summarizes occupational supply and demand from January 2010 through December 2010.

Talent Surplus High Performance Zone

Talent Shortage Incubator

Zone

16


In the following analysis, we compare talent demand (job postings) with talent supply (resumes) across a range of characteristics for New York City. The comparisons reveal the similarities and disparities between the available jobs and the searching seekers. This analysis provides direction for recruiters and employers in setting their expectations and development areas.

Career Level A vast 76 percent of job postings are for mid-career talent compared with 45 percent of new resumes. Due to this imbalance, recruiters may need to be flexible in their career requirement, either finding under or over-qualified candidates.

Education Level New York City recruiters are concentrated in searching for candidates with at most a Bachelor‟s Degree (73 percent). Though the talent supply pool is a fairly educated group, as 62 percent have at least a Bachelor‟s Degree, recruiters could be challenged to fill roles as many seekers are either under or over-qualified.

Experience level Similar to the other metrics, New York City candidates are spread among the categories while job postings are relatively concentrated. A high 38 percent of job opportunities are for candidates with 2 to 5 years of experience compared to the 21 percent of available seekers. Some recruiters will need to settle on candidates with more years of experience than desired which may lead to higher compensation for talent.

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Job Type Requirements Eighty-two percent of New York City job postings are for permanent positions and the remaining 18 percent are for temporary and intern work. The temporary work, which typically expands the fastest post-recession as employers conservatively hire for the short-term, is relatively low compared to other regions. This trend could indicate the strength of the city‟s business climate, as well as be influenced by the type of roles available. With 79 percent of job seekers desiring permanet employment and 20 percent willing to step into either a perment or temporary roles employers should be able to support current hiring needs for this requirement.

Job Status Requirements Ninety-six percent of job postings are for full-time employment and only 4 percent for part-time, while 80 percent of candidates are open to full-time employment, 2 percent for part-time and 18 percent for either. Employers should have an ample pool of talent to meet their needs within these criteria.

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Qualifications and Benefits As employers look through reams of resumes, the most important qualifications New York City professionals place the greatest importance on when applying for opportunities is type(s) of work experience (72 percent) and years of work experience (70 percent). Recruiters agree that the type of work experience is critical in the evaluation of New York City candidates. When asked “What were the most important qualifications in recruiting New York City talent”, hirers responded types of work experience (85 percent) and personality/cultural fit (75 percent) followed closely by years of work 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 the past 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.

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Compensation Compensation expectations for recruiters and candidates are in fairly close alignment giving encouragement that recruiters can easily satisfy a potential recruit‟s salary expectations. The median salary offered in 2010 was $77,500 and the median salary candidates were seeking was $55,000. (Please note these salary requirements may represent total 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 seekers expect 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 than candidates are requiring. Fifty-eight percent of New York City job seekers expect to earn less than $60,000 though only thirty-two percent of employers plan to offer less than $60,000. Nearly two-thirds (73 percent) of New York City job seekers expect to earn at least $40,000.

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Diversify Your Recruitment Strategy in 2011

As the nation emerges from challenging times, recruiters should keep in mind the following points when planning for the

next 12-months.

Network to strengthen your brand: Networking has always been a fundamental aspect of establishing a presence

and sourcing candidates. Today's recruiters must actively network across the Internet to get a more holistic view of the

applicant. With Monster’s 20 network communities integrated into its core site, experts are better able to help individuals

access advice from industry experts and keep on top of trends. These communities also offer employers access to a

pool of targeted candidates.

Play a smart matching game. Have processes and paper work in place, be diligent about screening, and communicate

frequently with hiring managers. Many recruiters are using technology to help quickly match candidates to jobs and

eliminate unqualified applicants. Monster’s semantic 6Sense™ search technology powers our Power Resume Search

application, sorting and ranking candidates so the best are at the top. Using these types of sorting programs, recruiters

save 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 and

retain employees yet require minimal investment. Keep on top of what is most important to job seekers by leveraging

Monster’s free online resources at the Resource Center (http://hiring.monster.com.) The site offers actionable reports

and webinars covering the most current issues facing not only job seekers, but recruiters as well.

Monster intelligence As the premier digital employment solution, Monster has consistently maintained a leadership position in defining and driving innovative products and services to champion digital recruitment. We see tremendous value in providing our clients, 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 capital intelligence, Monster created an initiative, entitled Monster Intelligence, that is focused on providing business leaders and 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 Corporate Executives and Hiring Managers. These tools provide our customers with views into the labor market and comprehensive 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. We welcome your insight and comments on the monster intelligence reports and encourage you to let us know your thoughts by providing feedback at [email protected] Monster is the primary source of information for this report; it should only be interpreted as a definitive activity report on Monster and its subsidiaries. Monster‟s in-depth data-driven approach improves on typical survey-based methodologies by dramatically increasing the depth and breadth of information collected as well as by capturing actual behavior rather than intended behavior. Data is current through December, 2010 unless otherwise indicated.

http://hiring.monster.com/

http://hiring.monster.com/hr/hr-best-practices.aspx

mailto:[email protected]

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