Category Archives: Employment

New York Business News

Some businesses are expanding into New York.  Two of note are Toronto-investment bank Canaccord Genuity Group Inc. and skincare company Glossier.

With its upcoming expansion and move Canaccord will be able to offer its Latin American institutional clients access to global markets, providing equity and fixed-income sales and trading.  According to new MD of the firm, Alejandro Rebelo, the reasoning behind this move is clear: “Latin America fund managers are treated like kings in their own nations, but aren’t big enough to get all the attention needed from large international banks.”

Further, this will provide Canaccord with more revenue within the firm’s US securities umbrella.  And as Global Head of Sales and Trading Mark Whaling said, staff there will comprise “largely U.S. equities focused, but also will do business in options and fixed income, which represent about 20 percent of their revenue base.”

NYC will also now be home to Glossier, with the added benefit of 200 more jobs at the company’s new headquarters.  Located at One SoHo Square, 161 6th Avenue, Glossier in 2017 was named one of the Top 50 Most Innovative Companies in 2017 by Fast Company Magazine.

Impact of New York’s PFL

For years, campaigns have been undertaken to fight for Paid Family Leave (PFL) Benefits throughout the nation.  New York finally has its own Paid Family Leave Benefits Law (article 9 of the Workers Compensation Law), that is to become effective January 1, 2018. As it is New Yorkers have been doing well over the years being one of very few states that force employers to give disability benefit coverage to workers for illness or injury (caused out of work time).

Now, New York’s PFL is making things even better. The result of Governor Cuomo’s New York State’s 2016-17 Budget, once in place, this will mean that anyone who has worked for at least 26 consecutive weeks (175 days for part-time workers) will be eligible for paid family leave benefits.  In addition, these individuals will have the right to a leave of absence and guaranteed reinstatement.  This would also be the case for those who do not come under the protection of the Family and Medical Leave Act.

For employers this law will enforce a review of family and medical leave policies, benefits, agreements, etc. in an attempt to ensure full compliance.

 

Employment Gains in New York

Thanks to Spotify an additional 1,000 jobs will soon be available to New Yorkers.  With the upcoming move of company headquarters to Manhattan at 4 World Trade Center from its current location in Sweden, in early next year and the “World Trade Center Rent Reduction Program rent credits” being bestowed on the company from the Empire State Development (ESD), substantial growth for the firm is anticipated.

Snapchat and Etsy have also received such credits from ESD.  All of this is an effort to keep talent in New York and such tax incentives have helped to create nearly 2,000 jobs while retaining more than 1,500 in the state of New York.

Indeed, looking at figures from the end of last year we see that Rochester had some impressive gains in the job market.  Both the non-farm and private sector encountered a spike (4,400 and 4,200 respectively) in employment while the region’s overall unemployment rate remained static at 4.7 percent from 2015. And then the Solar foundation reported a record high level of employment with 260,077 workers in late 2016 (with a growth of at least 20 percent for four consecutive years).

Finally according to a recent article by PYMNTS, “the economy is showing continued growth in everything from consumer spending and job growth to manufacturing,” based on data from a report in The New York Times.  Retail sales increased 0.4 percent in January (0.8 percent when auto sales are excluded), and the Consumer Price Index increased by 0.6 percent.

So there is room for optimism for New Yorkers when it comes to the economy.  Post-election panic is perhaps not as necessary as it may have been anticipated.

New York: Good Industries for Employment

What are the best jobs to get in New York?  There are a variety of industries that seem to have job openings with good money.  We look at some of them here.

First and foremost, construction.  It always seems to be the place where there are many openings and indeed just last year, there were 147,000 jobs posted with developers looking at around 2 year delays for certain projects as there are simply not enough workers! So for those looking to retrain, construction is an area that should be considered.  And salaries are great too.  For example, members of the International Union of Operating Engineers can earn up to around $500,000 annually!  Also in the industry in demand are site safety managers (who need a decade of experience before being licensed) since there are not enough right now.  They get really high salaries too.

Moving on to the hospitality industry it was found that New Yorkers can really make a ton of money in this.  In 2017, in NYC alone it is expected that 61.8 million will visit the area, most of whom will need accommodation.  That means: bellboys, housekeepers, managers, chefs, waitresses, concierge and everything in between.  Indeed as Hospitality Talent Scouts President Frank Speranza pointed out:  “The demand for general managers [and] directors of finance, as well as food and beverage managers is incredibly high.”

For those in hi-tech there is a spot in New York for work too.  NY Tech Alliance President Erik Grimmelmann said that some of the smaller tech firms like Catchpoint Systems, Contently and xAD are often seeking talent and that the majority of people who showcase their demos at the NY Tech Meetup announces they are hiring.

Other major industries for good work include: management consultants, media and marketing and insightful data workers.

f you’re up to date on the latest technologies, you won’t have to look far to find a job, according to Erik Grimmelmann, president of the NY Tech Alliance. While younger tech firms don’t typically hire hundreds of workers at once, the city is home to more than 1,000 of them, most of which are seeking talent. Among them are Catchpoint Systems, Contently and xAD. Grimmelmann says that nearly everyone who takes the stage to showcase their demos at the monthly sold-out NY Tech Meetup announces that they’re hiring.

Management consultants are in demand. Media and marketing, insightful data workers

The Entrepreneurial Spirit is Alive and Well in New York

How are New Yorkers faring in the job market these days?  One college senior decided that since he wanted not only a job but one that he liked, he would make up one that had not previously existed.  Avery McNelly founded, runs and owns A. McNelly Services LLC, a bicycle company he started around 2 ½ years ago to make a little extra money on campus while providing a service to other students and people in the community with bicycle repairs.

It all started when he found that his fairly-new road bike he had purchased for use with getting to and from classes started needing costly repairs.  So he taught himself and found that not only was it cheaper but more efficient as he discovered the bike store had taken short cuts and not completed the work that he had paid for. And the rest, as they say, is history as he started offering the service to others.  Now, he handles the business side and his friends and family push him to thrive and help him with the business decisions.

In Tribeca, entrepreneur Kris Kim came up with a good idea that is thriving too.  She established her own unique clothing design, Moderne, which is sold on her La Garçonne website, as well as by other retailers. What makes her stand out though is the simplicity of the brand, which often gives it the name of being “the Nothing Label,” taking on minimal and muted colors.  She often rejects anything additional to the piece that is not necessary such as buttons or colorful piping; anything that is too much in other words as Kris and her team seek out “simple, unadorned things.” The website name came from the line’s mission: to respond to the needs of garçonnes living in the modern world, in other words, providing ready-to-wear clothing in a mannish spirit with a gentlewoman’s sensibility.

 And then over in Utah, Mixed Martial Arts (MMA) are becoming quite the thing.  As well as teaching the importance of perseverance, people also develop an understanding for obedience to our higher nature, and respect for the will to fight, which are all needed for success in the business world.   indeed, one such example of this is Adam Legas, NanoHydr8 founder.  This MMA athlete built Utah’s largest training gym which he owns.  He comes with quite the background, having been featured in Sports Illustrated at the tender age of 12 (with his father) for boasting world records in the decathlon for their age groups. Legas now believes:  “No entrepreneur who is in the midst of starting up a new company can afford to ignore the cardinal virtues espoused by martial arts. When my real estate company failed, like several others during the crash of 2008, my MMA training helped me get back on my feet and start this new venture.”

So it seems that all around New York, the entrepreneurial spirit is thriving, which makes it an attractive scene for global consumer business executives.  Individuals such as Glen Wakeman, Citi’s Stephen Bird and Peter Pollini of PWC, among others.

Working in New York as a Lawyer

lawyerWhen it comes to being an attorney, where is the best place to practice, nationwide?  Where is the best place to acquiesce the necessary skills and gain the qualifications before applying to law firms?  This article navigates some of these topics.

It seems that when it comes to salaries, New York is a great place for an attorney to lay his hat.  Nationwide, Zippia recently ranked them number 7. The Bureau of Labor Statistics, in conjunction with the Massachusetts Institute of Technology ranked the states with an adjustment on the average salary and the living wage.  So while lawyers in New York actually make $155,050 per annum (which is the second highest in America), due to the high cost of living the adjusted salary plummets to $132,294.

And how large are these firms? When you go to Albany, NY, the largest three firms were listed as: Whiteman Osterman & Hanna LLP with 77 attorneys, Barclay Damon LLP  with 39 attorneys and Hinman Straub P.C. with 35 attorneys.  In Rochester, according to US News & World Report Best Law Firms, the top 3 are: Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf, LLP, Adams Bell Adams, P.C. and Barclay Damon LLP.  And in Western New York, following the merger of Damon Morey with Hiscock and Barclay, the largest upstate law firm was formed.

In other news in the law industry, technology is becoming increasingly utilized.  According to latest American Bar Association Legal Technology Survey Report as reported by Nicole Black law firms of all sizes are using more technology, with attorneys becoming more attuned to the fact that this will give their firms an edge against the competition.  For example, law practice management software is being used increasingly (with smaller law firms reporting that close to 40% are now using this and solo lawyers at 30%).

Educationally, it seems like New York is the best bet for lawyers to train too.  Indeed, listed in the top 10 law schools that teach real life music lessons, are three New York schools (taking the top 3 places), being:  the Benjamin N. Cardozo School of Law, Brooklyn Law School and Cornell Law School.

So it might not be a bad idea for those considering a career in the legal industry to look at New York for their education and jobs.