Executive Job Market Shows Growth in Healthcare; Industrial Sector Remains Strong
TheLadders.com Quarterly Executive Job Market Trends Report Analyzes Hiring Activity and Surveys Job Seeker Sentiment in Nationwide $100k+ Job Market
New York, NY (January 6, 2009) - Across the U.S., nonfarm payrolls lost 533,000 jobs in November 2008, the worst monthly decline since 1974. How is this economic crisis impacting the higher end of the job market? According to TheLadders.com's Quarterly Executive Job Market Trends Report for Q408, which tracks hiring patterns in 20 major cities and surveys job seekers nationwide, recent changes in the economy have shuffled the deck for those earning over $100,000 per year.
Job Market Sectors
While some traditionally strong sectors have seen declines, others, have remained strong. The healthcare sector continues to show growth in $100k+ job postings over this past quarter, especially within categories such as patient care and medical devices and diagnostics. Certain industrial categories such as engineering services have also shown an increase in new opportunities while aerospace/defense continues to exhibit a strong demand.
"There are segments of the job market that are clearly strained right now, but it's critical for job seekers to recognize that even in this tumultuous market companies are still adding to their executive ranks," said Marc Cenedella, founder and CEO of TheLadders.com. "Take the financial sector, for example. Even though thousands of jobs have been lost on Wall Street alone, accounting professionals are in demand. The top three companies hiring in New York right now are accounting firms."
Regional Job Market Analysis
To get at the heart of hiring patterns in the $100k+ job market, TheLadders.com's Quarterly Executive Job Market Trends Report measured hiring activity across a variety of metrics and found the regional markets with the most favorable $100k+ climates (ratio of job seekers to job postings) were:
- 3:1 - Washington DC, San Francisco
- 4.1 - Seattle, San Diego, Houston, Baltimore
- 5:1 - Boston
- 6:1 - Philadelphia, New York
- 7:1 - Los Angeles, Chicago, Austin
For the fourth quarter of 2008, regional markets attracting the highest number of job seekers from other parts of the country were San Francisco, New York, Boston, Seattle and Chicago.
Job Seeker Survey
As part of TheLadders.com Quarterly Executive Job Market Trends Report, active job seekers throughout the country were asked to weigh in with their own first-hand accounts on the status of the current job market in their cities. Job seekers were asked questions such as: How do you feel about the job market in your city? Are you open to relocation? How long do you think it will take to land your next job?
When describing the high-end job markets in their cities:
- 63 percent said they were willing to relocate from their current cities for a new job opportunity; an increase from 55 percent during the same period in 2007
- 68 percent cited a general lack of stability in their cities' job markets
- 36 percent said that if they could switch sectors, they'd choose healthcare
This survey was conducted in December and had 929 respondents. It is statistically accurate to within +/- 3.21 percent.