The New York Times Job Market Research Finds Job Seekers and Hiring Managers Impacted Differently by 9/11; Negative Impact Perceived By Job Seekers, But Little If Any Effect On Hiring Managers; Employers and Employees Have Increased Concern with Workplace

Business Wire, Jan 29, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 29, 2002

The New York Times Job Market, the print and online recruitment services offering of The New York Times Advertising Department, announced today that almost two-thirds (63%) of job seekers surveyed in the New York metropolitan area believe the events of 9/11 have had a negative impact on their job search, while fewer than one-third (27%) of hiring managers surveyed say that 9/11 had a negative impact on their recruitment efforts. This is the second in a series of reports issued by the Job Market Research team based on ongoing original research on trends and practices in employment in the New York metropolitan area.

One fact that everyone agrees upon, whether looking for a job or hiring: an awareness of workplace safety has increased since 9/11. The same number of hiring managers and job seekers (87%) see safety as a concern.

Job seekers' priorities have also changed in many ways since 9/11: 70% of job seekers are likely to work fewer hours and spend more time with their families, 63% are more likely to change to a less stressful job and 57% are more likely to reduce their amount of business travel. Sixty-six percent say they are less likely to retire early, possibly reflecting job seekers' anxiety about the job market.

Some hiring managers (17%) say they have seen an increase in the number of job applicants available since 9/11. More than half of hiring managers (52% from mid- to large-size companies, and 65% from small firms) say they are less likely to hire new job candidates since 9/11. However, it is also true that more than half (61%) say they are less likely to lay off staff. A decline was also found in the demand for consultants and freelancers; 76% of hiring managers are less likely to use consultants or contract employees.

More detailed results of this research, designed and executed by The New York Times Advertising Department, will be posted regularly on the Job Market page at NYTimes.com. Please e-mail any questions or comments to jobmarketresearch@nytimes.com.

The New York Times Job Market provides employers with a convenient way to reach the best talent and the broadest audience in the New York area with a single integrated advertising buy. Employers are now able to view their job listings in both the newspaper and in a searchable database online at NYTimes.com/jobmarket. The Job Market section online also includes career-related Times articles, exhaustive research on companies, a resume database and other tools designed to make the job recruitment process easier for both employers and job seekers.

The New York Times Company (NYSE: NYT), a leading company with 2000 revenues of $3.5 billion, publishes The New York Times, The Boston Globe, and 16 other newspapers; owns eight network-affiliated television stations and two New York radio stations; and has more than 40 Web sites, including NYTimes.com and Boston.com. In 2000 the Company was ranked No. 1 in the publishing industry in Fortune's survey of the Global Most Admired Companies. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.

This press release can be downloaded from www.nytco.com