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High-End Job Market Sees Surge in Activity; San Francisco Edges out New York as Top Talent Magnet
TheLadders.com Quarterly Executive Employment Outlook Takes Pulse of Nationwide $100,000+ Job Market <BackNEW YORK (January 8, 2007) - U.S. employers added 167,000 jobs to nonfarm payrolls in December, sending a signal of strong economic health for the American economy. What does this growth mean for the higher-end $100,000+ job market? We'll see a spike in job-hopping activity this January, according to TheLadders.com, the world's leading online service for $100,000+ jobs. The company's Quarterly Executive Employment Outlook for Q406 found that opportunities abound for the nation's top earners and top employers.
"Executives tend to job-hop more frequently in a strong economy and hunker down when things are slower. So, the headline Labor Department number sends ripple effects into the high-end market," said Marc Cenedella, president and CEO of TheLadders.com. "This year, we're seeing a perfect storm of strong econometrics, seasonality and good old fashioned optimism come together to boost activity in the $100,000+ market."
Regional Job Market Analysis
TheLadders.com's Executive Employment Outlook measured hiring activity across a variety of metrics and found the hottest $100,000+ job markets to be San Francisco, New York, Boston, Seattle, Washington, D.C., Chicago, and San Diego. Thanks in large part to renewed growth in the technology and Internet sectors, San Francisco has emerged as the top talent magnet; it's the metro area with the highest number of job-seekers from other locations looking to get into the Bay Area. San Francisco also has the least competition for every available job; it currently boasts a 1:1 ratio between job seekers and job postings on TheLadders.com. Among the firms doing the most high-end hiring in the region are Cisco Systems, eBay, Sun Microsystems, Google and Charles Schwab.
Elsewhere in the U.S., New York and Boston have also seen exceptional strength in the financial and healthcare sectors. Companies such as Citigroup, Fidelity Investments, Ernst & Young, Schering-Plough, Wyeth and The Charles Stark Draper Laboratory all contribute to the allure of the east coast. Likewise, Seattle, Washington, D.C., Chicago and San Diego have maintained a steady balance of job openings and job-seeking activity.
The tightest markets among the top 20 DMAs in he US are Detroit, Tampa and Dallas. All three have seen decreases in out-of-state job searches and stiff competition for every available opening.
Survey Results
Among active job seekers, optimism reigned supreme in the fourth quarter of 2006. A strong majority (62 percent) of executives said that now is a better time to be in the job market than last year. Moreover, 36 percent anticipated having to apply to less than 20 job listings before getting an offer. During the same period last year, the same percentage of job seekers anticipated having to apply to 20-50 listings. Optimism is on the rise. Likewise, 35 percent of this year's job seekers expect to be in the job market for just 3 months or less. In 2005, executives braced for longer 3-6 month searches.
In a sign that January will live up to its reputation as the prime time for executive job searches, 32 percent of those surveyed by TheLadders.com said they knew of at least 2 peers who were also actively seeking a new position.
The Quarterly Executive Employment Outlook is based on an analysis of recruiting activity on TheLadders.com and an independent survey of registered $100,000+ executives during the fourth quarter of 2006. The number of executives that responded to the survey was 1,582. The margin of error for the survey is +/- 2.53 percentage points.
About TheLadders.comTheLadders.com is the world's largest online service catering exclusively to the $100k+ job market. Our job is to make the search for senior talent and senior positions quick and effective. With access to the most $100k+ job leads in one place, senior level professionals can get to the next step in their careers faster. Top recruiters value the ability to quickly and easily connect with so much qualified talent in the sales, marketing, finance, HR, legal, tech and operations industries. Founded in 2003 by Marc Cenedella, TheLadders.com has grown into the largest specialty employment website with over 1,100,000 members and 25,000 recruiters. We're based in New York, but you can reach us anywhere, anytime at www.theladders.com.
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Media Contacts
Maria Schiller
TheLadders.com
646-453-1913
maria.schiller@theladders.com