New York Salary Survey Insights
THE MOST THOROUGH ANALYSIS OF BUSINESS SUPPORT SALARIES AND BENEFITS IN NEW YORK IN THE PRIVATE EQUITY AND ALTERNATIVE INVESTMENTS SPACE
At a time of immense change, we doubled down on our efforts to provide the most thorough analysis of salaries and benefits in the New York Private Equity and Alternative Investments space. This year, for the first time, we surveyed employers, employees and jobseekers in New York, each of whom revealed new and relevant insights into the current state of salaries, bonuses and benefits.
Despite the sector broadly prospering during the pandemic, it was still a period of immense uncertainty, especially regarding support professionals and their roles. However, hiring in support roles has increased significantly throughout 2021, with employers now reporting that business support staff are the most sought-after talent audience across all new hire groups.
Although hiring in New York lagged behind other major markets in the last 12 months, we’re now experiencing unprecedented demand with an influx of new roles, and competition for top candidates at an all-time high. Employers need to be competitive in terms of salaries, bonuses and flexible working if they want to attract and retain the best employees. Whether you’re looking to benchmark salaries and bonuses or sense check how other employers are rewarding employees, this report will equip you with the information needed to make the best possible decisions.
Below are a few of the takeaways, but for more insight and full salary breakdowns please download our salary survey here.
Support professionals have taken on new, valuable responsibilities during the pandemic. When asked about what the future looks like for business support professionals at their firm, 75% of respondents anticipate “some changes”, but say roles are becoming “more interesting and varied, whilst also being more valued”. When asked how support professionals have become more involved across the business, employers said these individuals have helped facilitate events, manage projects and support digital marketing.
It’s encouraging to see support professionals take on new challenges, which serves as further validation to the value that these professionals bring to the business.
The world is changing and more focus is (rightly!) being placed on wellbeing in the workplace. We’re pleased to see that most employers have recognized this shift, by taking into consideration all aspects of employee wellbeing, from mental health to hybrid working to vacation days. Wellbeing is even more important with the spike in Covid cases in New York, prompting more concern for staff commuting into offices.
After the difficulties of 2020, it’s great to see that the marketplace has flourished, with 100% of employers likely to offer support staff a pay increase this financial year. Employers have recognized that they must be prepared to meet increased salary demands to attract and retain top talent. It’s something we’ve seen first-hand over the last few months, and it’s a trend we expect to continue.
Another exciting change for New York is the law coming into play in April making it mandatory for employers to disclose the minimum and maximum salary when advertising jobs. We love this increase in transparency and can’t wait to see the law in action!
It’s good news on the bonus front! Our analysis shows that an overwhelming majority (95%) of support staff expect to receive a bonus – and the good news is that this expectation appears to be matched by employers. Respondents said they expect to receive an average bonus of 24% this year.
Want to learn more about average salaries and benefits for business support staff?