JW Michaels & Co. has been named the 7th largest executive search firm in the New York area by Crain’s New York Business. Last year the firm was ranked number 11 on this list. We look forward to continued growth in the future!
As appeared in Crain’s New York Business. Schifman, Gerald (2016, February 8) The List: Largest Executive Search Firms | Executive Pay Escalates
A strong economy has made it more expensive to hire the best executives.
Companies have to make top offers to hire top talent- or they’ll just lose them,”
-Jason Wachtel, chief executive & managing partner at JW Michaels
“Companies have to make top offers to hire top talent- or they’ll just lose them,” said Jason Wachtel, chief executive at JW Michaels (No. 7 on Crain’s list), who has been working in recruiting for 12 years. “The average raise is about 20% to 30% and I’m seeing people on the junior side getting 50% raises.”
While rising C-suite compensation may frustrate the typical worker, whose wages have remained stagnant, it is a boon for executive recruiters, because their search fee is taken as a percentage of the total pay- typically 33% for retained searches.
“The end of 2015 was the busiest I have ever seen it,” Wachtel said. “Candidates are in high demand and interviewing at many places.”
To keep up with demand, executive recruiters are expanding their ranks. Overall Crain’s top 25 executive recruiters have grown their New York operations by 5.3%. Jw Michaels added 21 recruiters in New York in 2015 and already has hired five more in 2016.