Boom in Finance Industry Keeps the Garden State Fresh for Workers

Jersey City

(DGIwire) – With the Great Recession in the rear-view mirror, the financial services industry in the Garden State is once again booming. According to the State of New Jersey’s official website, industry leaders with a major presence in the state include Prudential Financial, PNC Bank, PNC Financial, Merrill Lynch, Commerce Bank, Wells Fargo, Citigroup, UBS, JPMorgan Chase, Bank of New York/Mellon and Goldman Sachs.

And in spite of a global job cut trend by major financial institutions in recent years, New Jersey is maintaining its finance industry employment. For example, persuaded by tax incentives of $188 million over 10 years, JP Morgan Chase decided to move 2,150 of its Manhattan jobs into its existing Jersey City location, according to a report prepared by the New Jersey Department of Labor and Workforce Development (NJLWD). The report also notes that regardless of three recessions during 1990-2014, New Jersey’s financial industry still achieved a net accumulation of jobs, and employed 5.3 percent of all jobs in the state in 2014.

Even with rosy predictions for the industry’s future in the state—the NJLWD projects a 4.8 percent rise in financial employment between 2012 and 2022—generational shifts in hiring are compelling companies to harness new strategies to acquire and maintain a viable workforce.

“Baby boomers are starting to retire in droves and Millennials are quickly coming to dominate the workforce in their place,” says Adam Samples, Regional President, Staffing at Atrium Staffing in New Jersey. “These younger workers are forcing companies to reassess what they offer to their employees in terms of work/life balance, company culture and flexibility. A true paradigm shift is taking place, with perks being seen by prospective workers not as add-ons but as central to what they are being offered. At the same time, there is a renewed push to recruit women into the workforce of what had traditionally been a very male-dominated industry.”

Atrium is a talent solutions firm focused on providing contingent workforce management services for mid-size and Fortune 500 companies in nearly every industry. Atrium’s expertise includes regional Temporary and Direct Hire Staffing, national Employer of Record Payrolling, national Independent Contractor Engagement and specialty Intern Recruiting Services.

With three office locations in the Garden State—Jersey City, Iselin and Little Falls—the company is well-placed to serve the staffing needs of local companies in the finance sector. Hudson County, which includes Jersey City, is home to more of the state’s finance workers than any other county, with nearly 30,000 jobs, according to the NJLWD.

“As with the accounting, biotech and IT sectors—all of which are seeing similar rebounds following the recession—financial services jobs are attracting some of the brightest and the best young workers,” Samples adds. “The ability to attract and retain this talent is a key goal for these companies in 2016 and beyond.”