Top 10 Cities Hiring in 2021 for Financial Activities

December 16, 2020
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Author: Glenn Hunter and Jonathan Blair

Talent acquisition professionals in many of the nation’s biggest cities should gear up for a hiring spree next year at companies specializing in Financial Activities.

Many subsectors in the Financial Activities industry did not have as a high of a job loss as in other industries.

Economists at LaborIQ® by ThinkWhy forecast that the Financial Activities industry, which has lost fewer jobs than other industries during the coronavirus pandemic, should be ready to take off again in 2021 as vaccines take hold, bolstering the economic recovery.

That would create lots of work for talent acquisition pros, whether they’re employed by companies in-house or by third-party recruitment firms. As a result, recruiters are predicted to stay busy next year in the top 10 hiring locations by volume identified by LaborIQ: New York, Los Angeles, Chicago, Dallas, Philadelphia, Boston, Atlanta, Washington D.C., Houston and Phoenix.

Within the Financial Activities industry, some niches are apt to enjoy stronger job growth in 2021, while others are likely to experience less robust hiring.

In the former category are certain Financial Activities niches that suffered steeper job cuts in 2020. Among these niches are rental and leasing services, including passenger car rental and leasing, and the rental and leasing of office equipment and other machinery.

A general surge in hiring and a resumption of travel will be key for the recovery of these types of firms. If and when travel, including business travel, increases next year, the demand for passenger car rental should also rise. As employees return to offices and ramp up activity and productivity, the use of equipment used to support these activities may increase as well.

Related: 6 Top Hiring Trends for 2021

On the other side of the coin are niches that have maintained or grown their employment levels during the pandemic. Among them are companies specializing in non-depository credit intermediation (sales-financing firms, for example), activities related to credit intermediation (loan brokering, check-cashing services) and securities, commodity contracts, investments and funds and trusts (investment advisors, for instance). With the stock market remaining strong, and low interest rates fueling loan volume for things like home purchases, those industries have performed relatively well during the pandemic.

Hiring for roles at these sorts of companies is likely still very competitive, and unemployment rates are low in these organizations. While these companies may not add as many new jobs, simply because they did not lose that many to begin with, there still will be hiring for turnover at positions in these niches in 2021. For that hiring, talent acquisition pros will need to entice employed candidates to leave their current jobs at other firms.

LaborIQ by ThinkWhy reports, forecasts and advises on employment conditions and the impact to jobs, industries and businesses across all U.S. cities.