Higher pay and rapid advancement retain talent in Upstate NY communities

Upstate, New York, May 15, 2019 — The 3rd annual Upstate CEO Report, commissioned by Upstate Venture Connect, shows that fast-growing companies across our region have average salaries that are up to 60% higher than the average salary in a typical upstate metro area.

“Scalable companies targeting national and global customers are distributed across our region,” stated UVC CEO Nasir Asli. “They don’t often show up on traditional economic development metrics, but clearly have an outsized impact on our communities.”

Scalable companies are often in the newer industries and building products for national/global customers. Survey respondents in this category plan to hire 6-7 entry level people on average in 2019 and two thirds of those positions require a college degree.

Results indicate that scalable companies have:

  • More employees;
  • Higher average pay;
  • More aggressive hiring plans; and
  • Are more likely to receive outside financial support than companies whose primary focus is local customers.

Read more by visiting the UVC website here.