The fast track to a high profile job and lucrative paycheck used to be a straight shot: Wall Street. The financiers of the famous institutions have long held a reputation for attracting some of the best, brightest, most ambitious young prospects. And they had no problems getting their pick of recruits. Now, however they have some competition.
There has been a trend across the recruiting industry of young professionals eschewing the corporate investment banker life and instead going cross country to Silicon Valley. It’s a situation of traditional versus funky and modern, the pinstriped, cutthroat corporate world versus the geekier, more collegiate like world of technology.
According to the Wall Street Journal, New York City employment in securities and banking fell 10% to 163,000 jobs compared with a 10% rise in high-tech employment. The increasing regulations, barrage of public criticism and impression of drudgingly long working hours has hurt the finance industry’s image.
Of course it isn’t a cakewalk in tech. Many tech firms work just as long grueling hours. However, employees cite the interesting prospects, flexible schedule and more interesting, less straight-laced environment as less restricting than traditional finance.
The shrinking pool of finance jobs is part of the equation. There has also been an effort by New York City, Pittsburgh and other cities to create seed capital funds and mentorship programs to help attract tech startups.
Sinclair Risk & Financial Management provides companies with Connecticut human resource consulting services to effectively and economically identify, screen and acquire executives and staff personnel. Effective recruiting will help in retaining top performers, providing you with not only significant savings but also assisting you in setting the foundation for the level of employee performance required to achieve success in your company. Contact us today for more information about our CT human resource consulting programs. (877) 602-2305