The news that Goldman Sachs was looking for office space in South Florida made waves in the business world recently, but the New York stalwart is just one of many companies contemplating the benefits of Miami and environs as a temporary refuge from the pandemic, or even a permanent base of operations.
ACCUR Recruiting Services has maintained an active office in Miami since 2006 and we know well the advantages this geographic location offers:
- Close proximity to Latin America and the Caribbean, with lots of local cultural and ethnic diversity
- Growing power in the tech and e-commerce sector with major industry players like Chewy in the area
- No state income tax and low cost of living make South Florida an attractive locale to workers
Companies Moving to South Florida
Goldman Sachs is one of the most prominent companies contemplating moving some of their operations in South Florida. The investment firm Blackstone plans to hire several hundred individuals in the area. Tech consulting company Nucleus Research, Hidden Lake Asset Management, car storage company Hagerty Garage and Social, and public relations company Purple are all eyeing South Florida locales for 2021.
Reasons for Choosing South Florida for Business Operations
One of the main reasons we see businesses want to set up shop in South Florida is the generally business-friendly environment with a nice balance of low taxes and a highly educated, tech-savvy workforce.
The Miami Downtown Development Association is spearheading a “Follow the Sun” campaign to entice out-of-state businesses to relocate to the area through a set of economic incentives. It offers companies with at least 10 employees a one-time payment of $500 per person who relocates – up to $50,000 per business annually and $150,000 over a three-year period. Eligible companies must pay employees a minimum salary of $68,000 per year and be located within the boundaries of the Miami DDA’s district.
The Costs of Hiring in South Florida Versus Other Markets
We often advise companies who are considering making a hire either in New York or the South Florida area. As you might imagine the costs are wildly different, with New York City housing running twice as expensive as that in Miami. So when comparing candidates you can often get a great one in the South Florida area compared with the same candidate in NYC.
The South Florida Recruitment Market
In South Florida, we focus on recruiting middle to top level management talent with experience in international sales, export, operational marketing, retail, finance, human resources, supply chain and operations. As Miami is an important base of operations for the Caribbean, Latin America, and the cruise, travel and duty free industries, our team operating in Miami, Fort Lauderdale and South Florida has allowed us to serve numerous industries that operate in the area and internationally.