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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.

 


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