on news

footer news ticker

resources.

AMAZON, FACEBOOK HIRE LOCALLY AS STARTUPS STRUGGLE – FEATURED IN CRAIN’S NY

Jun 12, 2020 | John Barrett, ON In The News

So…who’s hiring in tech right now?

 

Read the full article from Crain’s New York Business here.

 

June 3, 2020 by Ryan Deffenbaugh Skyscrapers rise above Hudson Yards in the west side of Manhattan.

While many city startups have struggled in the pandemic economy, tech giants have kept up their rapid pace of local hiring.

Amazon, Google, Facebook and Microsoft have each added at least 100 New York staffers between April 1 and June 1, according to an analysis by ON Partners, a technology recruiting firm.

The firm’s analysis, which relies on LinkedIn postings, found that total tech jobs in the city increased by about 1% in the city over the last two months, despite record city unemployment claims.

“I did not expect to find that,” said John Barrett, a partner at ON. “That’s largely driven by the Amazon, Google and Facebook.”

Glassdoor found listings in the technology industry climbed 47% in May, compared to the same month last year, despite new job listings dropping 21% overall.

“Some companies are really facilitating how people are living today, such as e-commerce, software for remote work and digital entertainment,” said Sacha Zarba, a vice chairman with CBRE who works with tech firms. “When we start to come out of this, it is not as though the need for those services with cease.”

Technology firms represented 25% of all Manhattan’s office leasing last year, the first time the industry outpaced financial services.

But even as the larger firms maintain hiring, smaller startups have struggled, particularly those focused in hospitality, entertainment and other industries shut down by the pandemic.

“A sizable portion of the city’s tech companies are experiencing dramatic declines in sales and being forced to delay product launches and cancel fundraising rounds,” according to a report by the Center for an Urban Future. “As a result, many are laying off or furloughing employees. And experts believe that a not-insignificant number of tech startups could run out of cash and shut down operations.”

Layoffs are harder to track through Linkedin data, Barrett said. Former employees are slower to update their employment online when losing a job than when starting one.

At least 64 city tech companies have laid off more than 4,500 employees, according to Layoffs.fyi, a tracking site launched during the Covid-19 crisis. Technology startups have laid off more than 60,000 people nationwide since the start of the crisis by the site’s tally.

An analysis published last month by Union Square Ventures, the city’s largest venture capital firm, painted “a dark picture for anyone looking for a startup job at the moment,” according to network program manager Matt Cynamon. Union Square’s 83 portfolio companies reduced job listings by 60% between March and the middle of May.

Barrett said there are other midsize city technology companies that have added employees since the start of the pandemic. They include the online pharmacy Capsule, software platform Unqork and mobile marketer Attentive.

“There are companies that are well-financed through capital funding,” Barrett said. “The majority were lucky enough to raise that money before the coronavirus hit so they had money to put to work.”

Read the full article from Crain’s New York Business here.

 


ABOUT ON PARTNERS

 

ON Partners propels an organization’s mission by building C-level and board leadership teams. Founded in 2006 by like-minded consultants as a values-driven alternative to the multi-service global firms they were leaving behind, ON delivers a better executive search experience. Named by Forbes as one of America’s Best Executive Recruiting Firms and to the Inc. 500/5000 Lists six times, the firm is consistently ranked among the top 20 retained executive search firms in the U.S. For more information, see our results here.

Follow our work, updates and recent success on Twitter and LinkedIn.

Find our related successful placements of leading executives here.

Recent Comments

    Archives

    +

    connect with ON.

    Bring ON executive search insights!
    Sign up to receive thought leadership pieces, ON in the news, recent placements, quarterly updates and more.

    ON resources.

    ON in the news

    ON successful placements

    FIRST HALF 2020 FINANCE UPDATE – EXECUTIVE PLACEMENT SUCCESS

    In the first half of 2020, ON Partners consultants completed several high-level executive finance and accounting placements for a wide range of organizations including Shake Shack, Crocs, Creation Technologies, Spin and Luminar Technologies. Over the years, ON...

    a better experience gets recognized.

    ON Partners named to the Weatherhead 100 Case Western University annual ranking of the region’s fastest growing companies
    ON Partners named by Boston Business Journal’s Largest Executive Search Firms and Minneapolis/St. Paul Business Journal’s Twin Cities Largest Executive Search Firms
    ON Partners six time Inc. winner by being name to the Inc. 500/5000 Lists and to the Inc. 5000 Hall of Fame
    Hunt Scanlon names ON Partners executive search firm to the Private Equity Recruiting Power 75 list
    Business Insider ON Partners Executive Recruiters
    Fortune ON Partners Executive Search
    Fast Company ON Partners Executive Search Consultants
    ON Partners named by Forbes as one of America’s Best Executive Recruiting Firms

    ANNAPOLIS • ATLANTA • BOSTON • CLEVELAND • DALLAS • MENLO PARK • MINNEAPOLIS • NEW YORK • SAN FRANCISCO

    © Copyright 2019 On Partners. All Rights Reserved.