Green Key Forecasts Sustained Tri-State Hiring In 2016
The employment outlook for the tri-state area next year is strongly positive, says a new forecast from New York’s largest recruiting firm, Green Key Resources.
Job growth will be on par with 2015, says the forecast, with some sectors – notably healthcare and financial services and accounting -- likely to see above average increases.
“We expect overall hiring in the metro area to be at least as strong as it was in 2015, and even stronger for many occupations,” says Green Key Managing Partner Andrew Chayut. “Our outlook for the region predicts competition for the best talent will become more intense with more companies adding headcount, especially for critical positions.”
State and federal labor agencies forecast overall job growth for the region to be about 2% above 2015. Through October, employment in the tri-state area was 1.9% above the year before. Private sector employment in New York City itself climbed 2.8%. Meanwhile, unemployment in the metro area, already below the national average, is expected to decline even further next year, possibly to as little as 4.3%. Among the college-educated, the unemployment rate is half the national average and continuing to drop.
“With what we expect in additional hiring and the region’s low unemployment rate, employers are going to find it very challenging to fill jobs. At the same time, we’re already seeing an emphasis by many companies on retaining their best talent,” adds Chayut. “We predict that for key jobs, pay increases will be well above the 2% to 3% average next year.”
Here’s a look at some of the sectors where Green Key recruiters anticipate hiring demand to be especially strong next year:
Healthcare – Continued strong hiring next year. In the last six months, Green Key recruiters have seen an uptick in certified home health agency jobs for clinical professionals. Managed long term care facilities have also increased their hiring in the last 3 to 6 months and the trend is gaining momentum. There’s also an emphasis on hiring professionals with bi-lingual skills, especially for field nurses.
Accounting and Financial Services – Demand for accountants at all levels was strong in 2015 and that will continue in the new year. Some areas have been trending up in recent months specifically in the regulatory, audit and compliance space, where we’re seeing increasing demand. In addition, while 2015 was a largely a flat year for hiring by banks and hedge funds, we see that changing next year with renewed hiring across the board.
Biotech and Pharmaceuticals – Jobs in the clinical and research areas have been growing at a record pace. Our recruiters report that hiring for Clinical Research Associates, Clinical Monitors and regulatory affairs candidates, especially those with 2 to 3 years of industry experience, is so strong that companies are offering flexible hours, telecommuting options and salary increases to attract and retain the best people. The biggest areas of need are for candidates with experience in the more complex therapeutic areas, along with exposure to global trials.