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Cities with The Largest Population Booms Amidst the Pandemic

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The coronavirus is shaping more than just how or where we work; it influences how we live our everyday lives, including where we physically live. Thousands of Americans are relocating to seek better opportunities, lower costs of living, and improve their quality of life. So, where are these “pandemic birds” flocking during these challenging times? Here are the cities with the largest population booms amidst the pandemic.

Cities with significant population influxes

People nationwide have been relocating as many are now working remotely (and likely will continue to do so permanently). People are escaping expensive, crowded cities and opting to move to states with lower taxes, cheaper overall costs of living, and more enjoyable lifestyles. For example, people are fleeing crazy-expensive Silicon Valley to other areas that offer a better quality of life.

States with the most significant population influxes over the last few months are Florida and Texas. According to new Census data, Florida has added 241,256 new residents while Texas has welcomed nearly 374,000 new citizens. It’s essential to note that this data spans from July 2019 to July 2020. Therefore, the pandemic is not entirely causing this surge. However, it is too early to tell how much the virus has impacted this migration, but it unquestionably has played a part.

According to LinkedIn data, the top five locations with inflows of new residents (with their cost-of-living ranking) are as follows:

  • Austin (77)
  • Phoenix (76)
  • Nashville (121)
  • Tampa (107)
  • Jacksonville (196)

And the cities with the most significant outflows in 2020? They are Hartford, New York City, San Francisco Bay Area, Chicago, and Cleveland – which are large, expensive metropolitan areas. California’s Silicon Valley, which is notorious for its tech and startup companies, has had two years in a row where more people left the state than moved there.

What are the industries relocating during the pandemic?

The most notable industries making a move during the pandemic are tech companies, finance firms, and other corporations. For example, Elon Musk announced he is departing California and moving to Austin, where he is planning on building a new factory for Tesla. Other entrepreneurs and tech leaders are following suit.

According to Bloomberg, “Big employers are also relocating. Software giant Oracle Corp. has moved its headquarters to Austin, and computer maker Hewlett Packard Enterprise Co. is shifting its headquarters to Houston. Goldman Sachs Group Inc. is considering opening a new Florida hub, and the head of Moelis & Co. has said his bankers can pack up and go where they please.”

This migration will be an exciting trend to watch this year as more companies announce a relocation. If you are considering a move to one of these booming ecosystems, visit our job board for the latest opportunities across the country. And if you are one of these employers making this transition, let’s have a conversation to see how JSG can fit into your new hiring strategy in 2021.

Four Industries That Are Pandemic Proof

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Economists, politicians, and everyone in between have discussed how the country is entering a two-track recovery process. Some industries are really struggling to survive throughout the pandemic, while others are flourishing with the social and economic changes. Some industries are even on a hiring spree and are, quite frankly, booming during the coronavirus crisis. Here are four industries that are currently labeled pandemic proof.

IT Industry

IT companies of all kinds are experiencing rapid growth as they try to keep up with the demand of millions of remote workers. Companies like Zoom and Microsoft are thriving right now as they work hard to keep everyone connected virtually. Other IT companies are hard at work, ensuring their customers’ safety and protection of their information. More and more cyber-attacks are occurring as employers battle with employees on less-than-secure home internet networks. Plus, it was easier for tech employees to shift to a remote work environment than other employers.

Ecommerce

The Ecommerce giants have experienced record-breaking growth throughout this challenging year. As consumer spending habits shift to more online-heavy shopping routines, companies like Walmart, Target, and Amazon are booming. If you can buy it online, many consumers are switching to a “safer” online shopping experience to avoid the virus. Thus, warehousing and distribution centers are starting their seasonal hiring surges early to keep up with this swelling demand.

The Mortgage and Finance Industries

Mortgage and finance companies desperately need fresh talent as they struggle to serve a massive influx of new customers. With our current economic turmoil and record-low mortgage rates, financial institutions and other mortgage companies are on a hiring binge. For example, according to Chip Cutter, A Wall Street Journal Report, Fidelity Investments’ hiring is already up 40% on the year, and they need another 4,000 finance professionals. Other companies are in the same boat as customers look to prepare for a messy tax season, make changes to their retirement plans, and refinance their homes. This trend will likely spill over well into next year, illustrating how pandemic proof these two industries are.

Entrepreneurship is also on the rise

For years, enrollment in graduate programs for business was declining. However, a recent report from the National Student Clearinghouse Research Center claims graduate enrollment for the Fall semester of 2020 is up 3.9%. Additionally, about 1.5 million new businesses filed with the IRS in the third quarter this year – that’s up 82% from the previous quarter, according to the U.S. Census Bureau. So, while there are many different startups and business ventures that can be formed, it is encouraging to see a revitalization in entrepreneurship.

Financial Services Trends: 4th Quarter and Beyond

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Financial Services

The financial services sector is a delicate market. Many factors affect and alter interest rates, regulations, and compliances. On the one hand, there is a lot of talk going around online that the labor market has never been stronger. On the other hand, some economists fear a looming recession in the United States. Although there is some uncertainty, both the economy and the labor market are HOT, especially in the financial services sector. Here are three trends to keep an eye on as we approach 4th Quarter and even 2020.

Online and mobile banking

I am willing to bet most of you reading this use online or mobile banking in one form or another. Whether that’s keeping an eye on your checking account, applying for a home loan, or shopping for a new credit card. With today’s digital era, (often called the 4th Industrial Revolution) drastically changing the financial sector, banks and other financial institutions have to change how they do business and interact with customers.

Fewer and fewer consumers actually walk into a physical bank and speak with another human. Nowadays, Millennials like myself rarely step foot into a bank. For example, I just bought my first house without ever talking with someone from a bank face-to-face. And as Millennials project to account for 75 percent of the U.S. workforce by 2025, this transformation of services for the technology-savvy generation won’t be going anywhere. As a result, financial institutions will continue to have to be flexible to accommodate the ever-changing demands of consumers.

Fed keeps cutting interest rates

As you’ve probably heard, the Federal Open Market Committee (FOMC) just cut interest rates to 2.25 percent at the end of July. At the end of December 2018, the fed funds rate was 2.5 percent. Since the Great Recession in 2008, the Fed has been increasing rates. However, over the second part of 2019, the Fed has cut interest rates multiple times to help stimulate the economy and ensure the labor market remains strong.

But what does this really mean? Well, it means consumers like you and I can get loans and credit cards with more favorable interest rates. In other words, its cheaper and easier to borrow money or secure a loan. And when we spend more money on things like cars, houses, and other items, we continue to stimulate the economy. It will be interesting to see if the U.S. will see another cut in rates before the end of this year.

An emphasis on security

Financial institutions and banks will have to continue beefing up their security to protect their business’ and their consumers’ data. But why is security always at the forefront of financial organizations? Well, it’s because they have a TON of important, confidential data.

There’s a cybersecurity attack every 39 seconds. Any by 2020, the average data breach will exceed $150 million. And this number will only continue to grow as more and more business begin building their online infrastructure. Look at the recent data breach by Equifax affected 147 million Americans and with a settlement costing $425 million. That’s a lot of confidential information stolen. To combat this, organizations must build up their information technology teams to implement safeguards and improve monitoring of their data.

Partner with our financial services recruiting team

In today’s tight labor market, it can be challenging to build up your team to remain flexible in the financial sector. If your organization needs a hand, reach out to JSG’s financial recruiting team today. We understand the market and will help you locate and attract the talent you need to remain competitive in the market. Contact us today, and let’s get to work!

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Dodd Frank out, Financial Choice Act in. What it Could Mean for Jobs

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Dodd Frank out, Financial Choice Act in. What it Could Mean for Jobs

Dodd Frank has been affecting banks and financial institutions for years with increased regulations and more strict compliance laws. As of recently, these organization are starting to see a light at the end of the tunnel. With changes on the horizon, of course industry jobs will be affected. Let’s dive into the newly proposed financial act and how it will affect jobs throughout the banking and financial landscape.

According to CNBC, Dodd Frank is “a law that places major regulations on the financial industry. It grew out of the Great Recession with the intention of preventing another collapse of a major financial institution.” It ultimately protects the consumer while putting many small businesses and banks at a disadvantage. Obviously, this piece of legislation is good for some and bad for others.

There has been a lot of buzz surrounding Dodd Frank over the last few months because Congress has now voted to repeal and replace it with a piece of legislation that counters it. This piece is officially named the Financial Choice Act (FCA), and it is rolling full steam ahead. It passed in the House, and is now being revised in the Senate. If it passes there, this new piece of legislation will become law, officially dismantling Dodd Frank. Let’s take a deeper look into what this would mean for jobs.

Much of Dodd Frank is aimed at limiting small banks’ ability to conduct their business as usual. It also puts a preference on bigger banks by providing bailouts for them directly from the government. They deem some banks “too big to fail,” which, according to the new FCA, doesn’t hold big banks reliable. The FCA aims at giving more financial freedom to small banks, which will increase the flow of the economy. The FCA also aims at holding big banks accountable for what they do, and eliminates government bailouts on wall street. Many claim that the FCA is “about helping Main Street, not Wall Street.” With freedom back in the small banks’ hands, policy makers believe that the economy can grow even more for years to come.

This would mean that banks now have the freedom to do what they want with their assets, which means they can expand and create more jobs. However, as this occurs, there is an increasing amount of risk that comes with expansion. If this risk pays off, the economy will be better than ever. But if it doesn’t, then many economists believe we could head into another recession similar to the one that sparked Dodd Frank in the beginning.

A main part of the new legislation aims to end the restriction on the creation of new small banks. This restriction put in place by Dodd Frank has hurt the expansion of many small businesses. Job Creators Network explains, “Since [Dodd Frank’s] passage, new bank creation has essentially stopped. Given that small banks make two-thirds of the country’s small business loans, this has had a disproportionate impact on small businesses’ ability to access credit to expand and hire.” By repealing and replacing Dodd Frank, small businesses will now be able to get more loans from the increasing number of small banks. This will ultimately lead to more jobs not only in the banking and finance sector, but also in many small businesses across the nation.

Across the board, many policy makers and economists are predicting a large increase in jobs in the financial sector if the Financial Choice Act were to become law. Speaker of the House, Paul Ryan, explains that the FCA is “a jobs bill.” As this bill gains momentum and more analysis is conducted, it is clear that the future is bright for jobs in the finance and banking industry.