Monday , March 8 2021

Watch out for Goldman, Capitol Hill: Amazon is here for your talent

When Amazon starts hiring tens of thousands of new employees in New York next year (photo) and Virginia, Wall Street and Capitol Hill will experience burning. Photo: AP

When Amazon starts hiring tens of thousands of new employees in New York next year (photo) and Virginia, Wall Street and Capitol Hill will experience burning. Photo: AP

New York: Inc. the decision to split its second headquarters was calculated as a step toward the best and brightest of two of America's largest talent collections: New York and Washington. When the tech giant begins to recruit tens of thousands of employees next year, Wall Street and the Capitol Hill will feel burnt.

On Tuesday, Amazon in New York and Arlington, Virginia, hosted Long Island City in other large offices, investing 5 billion investment and 50,000 paid paid jobs in these areas.

One of the underlying factors behind the decision was the ability to attract top-notch talent from two places, said Jay Carney, senior vice president of Amazon for global corporate issues. "We realized that it was more meaningful to divide it into two parts," he added in an interview with Bloomberg TV on Tuesday.

Amazon's transition across the Potomak River from the popular capital will put more pressure on the federal government's efforts to hire smart workers. According to the US Personnel Management Bureau, about 2 million federal employees employ approximately 15% of the Washington-Virginia-Maryland-West Virginia area.

"If Amazon presents itself as a competitive one, they would steal a lot of new federal employees. This is the first group to be affected," said Steve Lenkart, executive director of the federation's federation of workers. "The second group is a candidate. He added that the federal government will be in a difficult time to compete with a private sector employer who can offer more rewards and better gains for people with the necessary skills.

Amazon's move to Long Island will also bring some of the best business minds flying across the East River and away from Wall Street. The highest-ranking MBA grads have turned from finance to tech, since Internet companies such as Amazon, Google and Facebook Inc. have become some of the world's richest and most powerful corporations. Ten years ago, 20% of business school graduates were in the financial sector and 12% worked in technology. According to the Graduate Management Admission Council today, 17% work in technology and 13% funded.

Google also expands New York to expand the talent war, said Julie Pollack, job economist at ZipRecruiter Inc., an online job site. Google plans to double its New York staff over the next decade to more than 14,000 employees, Chief Financial Officer Ruth Porat said on Monday.

The Amazon stimulus package for New York is based on the fact that over a decade 25,000 jobs have been added to this area with an average salary of over $ 150,000. According to the Harvard Business School, the average basic salary in the MBA Grad in the Investment Bank of the United States is $ 125,000.

"The thing to do in the 2000s was to move to Manhattan and work as an investment bank or consultant firm," Pollaque said. Now young people are increasingly proclaiming great student computer science and mathematics, she said. "When you see the investment that students make with human capital, they seem to predict that technology will be the future of growth."

Both technology giants can offer working conditions, "which is much more enjoyable than Wall Street," said Pollax. Competitive salaries are not tied to market fluctuations, and more emphasis is placed on work-life balance and more casual environments where jeans and t-shirts are the norm.

The result is likely to be higher compensation costs, says Michele Pollack, partner with Korn Ferry.

"If they see talent, then they will have to be more competitive, and of course the easiest way to be more competitive is to pay more for people," she said.

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