Wall Street Is Losing Jobs
What does it mean when the top city for the global financial services industry is losing jobs? That can’t be a good sign. A report suggests that over 25,000 jobs have left Wall Street over the last five years and more may follow. Worse yet, that can have an impact on other sectors, as well as residents, that rely on these financial services.
As indicated in “Financial Services Industry Losing Cachet And Losing Jobs,” posted by Clayton Browne on ValueWalk.com, although New York City is the top city for financial services businesses, a new trend suggests that large private sector employers are moving jobs to less expensive, business-friendly locations. A recent survey of 50 companies by the Partnership for New York City and GLG that included banks, insurance firms, private equity firms, and others revealed this trend and estimates a significant loss of jobs. The ripple effect will also lead to a dent in the tax base in addition to the loss of other jobs. Nearly 700,000 jobs representing other sectors rely on these financial services.
Financial sector businesses can do more to cut costs or otherwise boost slimming profit margins instead of moving farther away from loyal customers. A robust enterprise resource planning (ERP) solution can streamline operations and improve productivity as well as profitability. Innovative solutions such as Microsoft Dynamics® AX offer time-saving automations and efficiencies with managing business operations and customer needs. The closer you can get to your business data, the faster you can use it to improve internal business operations and improve the customer experience. In addition, audit control features such as electronic signatures, powerful business intelligence, and reporting features show accountability and transparency, particularly needed with increasing strict regulatory oversight. This transparency and regulatory compliance can improve your business’s reputation as well as that of the financial industry, which could potentially protect remaining jobs and maybe even bring some of these jobs back.
Banks, insurance agencies, and other financial sector businesses don’t need to move in order protect the bottom line. Contact AKA Enterprise Solutions to learn more about using modern technology to improve productivity, profitability, grow your business, and save jobs.