In brief

In brief

  • Latest survey from Accenture and Tech:NYC reveals that New York City companies remain bullish on tech hiring as the city takes steps towards recovery.
  • The research is based on responses from 300 C-suite executives in companies with at least US$1 billion in revenue.
  • Majority of respondents are confident they can find the tech talent they need within NYC talent pool – but possible brain drain becomes a concern.
  • Nearly one third of respondent say not finding the right tech talent will disable their ability to innovate.


According to a new survey from Accenture and Tech:NYC, 58 percent of C-suite participants report their organization is planning to increase the number of tech hires in 2021 as much as 20 percent above 2020. While most business leaders are confident their company will be able to secure the tech skill needed from the talent pool in New York City this year, respondents have indicated the city is losing tech talent to other markets, with the top ones being Boston, Los Angeles, Dallas-Fort Worth and Austin.

To compound the importance of finding skilled tech talent, the survey – based on the responses of 300 C-suite executives based in New York City with at least US$1 billion or more in revenue – found that almost a third of respondents say the inability to hire the right people will affect their ability to innovate at the same pace. In order to meet the tech capability needs over the next year, 62 percent of respondents plan to hire new talent, 52 percent plan to reskill their current workforce, and 42 percent plan to recruit gig-economy or contract workers.

"Now more than ever, companies in New York City must prioritize innovation to – and the only way that will be possible is hiring the right tech talent and technological advancements."

— Lynn McMahon, Office Managing Director – New York Metro

83%

New York City executives report they are confident or very confident their company will be able to secure tech skill needed from the talent pool in NYC this year.

62%

New York City executives expect to hire new talent to meet their technology resource needs over the next year.

According to the survey, the top three technical areas that companies are looking to hire for in New York City are cybersecurity, Artificial Intelligence, and cloud expertise. However, a majority of respondents report that they expect to face difficulty hiring employees with Artificial Intelligence, cybersecurity and quantum computing expertise. On a positive note, most business leaders are confident that hiring within the city can help diversify their workforce compared to hiring from other cities.

"NYC’s diversity is a key reason tech companies choose to locate here, and it’s encouraging that so many survey respondents say hiring here will diversify their workforce. Now we must ensure underrepresented communities have access to the training they need to land these jobs."

— Julie Samuels, Executive Director – Tech:NYC

84%

Respondents are confident or very confident that hiring within NYC can help diversify their workforce compared to hiring from other cities.

77%

Respondents report their company is targeting workforce development programs for tech talent needs.

To help retain tech talent in New York City – the respondents identified three major steps that can be taken:

  • Affordable housing: 52 percent of respondents indicate that New York City must provide more affordable housing
  • Healthy workplace: 46 percent of respondents report that creating safer and healthier work environments for employees is crucial
  • Inclusion and diversity: 44 percent of respondents believe companies must increase efforts around inclusion and diversity within the workplace

Remote work pre-COVID-19 versus today

Prior to the COVID-19 pandemic, only 28 percent of local respondents report that their company allowed most of the employees to work remotely, and 12 percent of respondents state that their office allowed all employees to work remotely. In this current situation,13 percent of respondents indicate that their companies are allowing all employees to work remotely.

Even in a post-pandemic world, the remote work model seems to be here for good. Currently, 42 percent of respondents report that more than half of all their employees are working remotely. Additionally, nearly half of all respondents believe a remote workforce is sustainable for the long-term, and they expect their company will have a hybrid model when offices open safely—with a quarter of employees working from home.

Lynn McMahon

Office Managing Director for New York Metro

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