How might financial companies benefit from a recruitment and

How might financial companies benefit, from a recruitment and selection standpoint, by locating in cities like Jacksonville Florida, rather than New York City?

Solution

A large number of financial companies are predominantly located in New York city ( wall street) and therefore financial companies face intense competition in hiring the best talent as many other companies compete equally to hire the best talent.

By locating the company in a city like Jacksonville Florida, the competition the companies face to hire people is very much reduced and also the cost of recruitment reduces considerably. The salaries paid to hired people is also less in a city like Jacksonville Florida when compared to New York city as the cost of living is high in New York city.

However the draw back of locating in Jacksonville Florida is finding the right people with the right skills to do the job. There will be severe shortage of skilled financial professionals in a city like Jacksonville Florida and it will be difficult to find the right talent.