News

150+ of NYC’s Top Business Leaders Expect Significant Hit to Revenue, Place Most Trust in State Government to Manage Crisis

The Partnership for New York City, which represents the city’s  business leaders and largest private sector employers, today released a survey finding that top NYC business leaders rate increased testing and clear communication as the top steps government must take to restore business confidence, and see insufficient healthcare resources as posing the greatest threat to their businesses.

The survey, conducted for the Partnership by GLG (Gerson Lehrman Group), was conducted March 13-18 and collected both quantitative and qualitative data from more than 150 leaders representing 130+ companies. (For a full list of Partnership members, click here). The results present a snapshot of a key period in the rapidly-evolving COVID-19 situation.

Key findings from the survey include:

• 95% of businesses have implemented work-from-home policies.
• 91% expect the crisis to moderately or significantly hit their industry’s revenue over the next six months.
• 97% of business leaders have confidence in the state government to manage the crisis (versus 79% confidence in the city and 61% in the federal government.)

Leaders see insufficient healthcare resources as posing the greatest risk to their businesses going forward, and rate increased availability of COVID-19 testing and clear communications from government as the top actions they want to see to restore business confidence:

• 3/5 of business leaders ranked insufficient healthcare resources to be the most impactful potential negative event on their business.
• 2/3 of business leaders believe the most important action to increase business confidence is increasing access to COVID-19 testing.
• More than 50% ranked the banning of travel in and out of New York as one of the threats they are most concerned about; and almost 1/3 said they were most concerned about public transit being shut down or unusable.

Download Survey Results
Large Businesses
Small and Mid-Size Tech and Startup Businesses

“All businesses are craving more data and more clarity to better manage this fast-evolving situation,” said Partnership Co-chairs William E. Ford (CEO of General Atlantic) and Steven R. Swartz (President and CEO of Hearst). “We felt it was critical to survey business leaders on what they’ve done so far and what they want to see going forward and to share those results as quickly as possible with government officials and the public.”

Kathryn Wylde, President and CEO of the Partnership, said, “The survey makes clear that business leaders fear most inadequate healthcare resources, closing the city off in a lockdown, and closing mass transit. The business community is working with government to establish the public-private partnerships that can and must see us through this crisis.”

To execute the survey, the Partnership turned to its member company GLG (Gerson Lehrman Group), a knowledge marketplace which connects business to experts for first-hand insights. “We feel an obligation to use our platform’s capabilities – which allow our clients to quickly gain insights from select populations – to help inform coordinated actions by government, the private sector, and other groups,” said GLG CEO Paul Todd. “It’s all hands on deck to weather this challenge.”

Thousands of tenth graders will spend a day at company worksites, learning about career opportunities

Today, the NYC Department of Education and the Partnership for New York City are launching the city’s first Career Discovery Week. More than 6,000 high school sophomores from approximately 140 schools will have the opportunity to learn about the diverse and exciting future job opportunities available to them in the city’s corporate, financial and cultural sectors.

Throughout the week, over 180 companies will host up to 100 students each for a full day of career exploration in one of the world’s most diversified employment markets.

Examples of Career Development Week activities include:

• ABM Industries and the 9/11 Memorial & Museum – A ‘back of house’ tour of the 9/11 Memorial & Museum offering students an inside look at the mechanical, engineering and maintenance services that ABM provides at this iconic New York City landmark. Students will learn how the critical work performed by ABM team members keeps the site pristine and accessible to millions of global visitors every year.
• Brooklyn Navy Yard – Site visits of the Steiner film studios, New Lab technology hub, Lafayette 148 New York luxury women’s fashion label and other Brooklyn Navy Yard facilities, as well as panel discussions featuring the CEOs of the Brooklyn Navy Yard, Steiner Studios, Boston Properties and others.
• Deutsche Bank – A career panel hosted by the bank’s Multicultural Partnership and interactive sessions covering the “Future of Work” in financial services including AI, cybersecurity, ESG and key areas of expertise for the next generation of industry professionals.
• JetBlue – Immersion session in JetBlue’s command center in Long Island City, Queens, featuring a tour of system operations and Q&A with pilots and engineers.
• JPMorgan Chase – A workplace tour covering the bank’s many functional areas followed by financial literacy training, and social media personal brand exercises for career building.
• M&T Bank Corporation – Interactive career panel session with executives representing the major business lines for M&T Bank in NYC, followed by an interview workshop and branch tour.
• Macy’s – A behind-the-scenes look at Macy’s corporate headquarters and showrooms, where students will learn about how retail companies operate and how private-label fashion brands are conceptualized, designed and managed.
• PwC – Lessons in creative computing and technology delivered by a life-sized robot named CODE-E, as well as virtual- and augmented-reality experiences.
• The Shubert Organization – Students will tour a Broadway theatre and participate in panel discussions featuring leading industry professionals speaking about the wide variety of careers available in the theatre.
• Via– Students will participate in team challenges that give them the opportunity to develop creative ideas for new service launches, growth initiatives, and marketing campaigns that spread the power of on-demand public transit to communities around the world.
• Zurich Insurance – Students will participate in a case study based on Superstorm Sandy to develop an understanding of the variety of roles involved in helping customers before, during and after a natural disaster.

A full list of participating companies is available here.

New York City high schools from all five boroughs are participating in this year’s Career Discovery Week. Priority was given to schools in under-resourced communities that do not have strong existing relationships with employers. Schools have been matched with companies based on alignment between curricula and company sector; students from the Bronx Academy of Letters will visit Hearst to learn about consumer and business-to-business media; students from the Business of Sports School are visiting Peloton; students from the Theatre Arts Production Company School are participating in programming by the Shubert Organization.

“Many young New Yorkers are unaware of the wide spectrum of good jobs that are available to them if they study hard and plan ahead,” said Kathryn Wylde, President and CEO of the Partnership for New York City “We hope Career Discovery Week will introduce students to new possibilities for their future and encourage companies to build stronger relationships with our public schools.”

“New York City employers are about to discover the untapped pipeline of talent in our high schools through Career Discovery Week,” said Schools Chancellor Richard A. Carranza. “This first-ever, week-long opportunity gives students the chance to learn from professionals across a variety of industries and gets them ready to fill the talent needs of the companies that make our city thrive. Congratulations to the students, schools and local employers participating in this innovative public-private partnership and thank you to our industry, labor, philanthropy and community partners from across the city for making this possible.”

“As employers, we are excited to partner with the Department of Education to help build a strong local pipeline of well prepared and highly motivated future job candidates, who are aware of the myriad opportunities available to them,” said William E. Ford, CEO of General Atlantic and Co-Chair of the Partnership.

“Career Discovery Week is a great example of how educators and businesses can work together,” said Steven Swartz, President and CEO of Hearst and Co-Chair of the Partnership. “We are all looking forward to offering students an inside look at our organizations and we hope that they will be inspired by the opportunities that exist for them in our city.”

“Connecting our students to the city’s current job market is an invaluable experience. It helps our students understand the professional opportunities available after graduation, and to see themselves in those jobs and careers. We thank the Partnership for New York City for linking our students to an impressive range of businesses and industries. We hope to help make “Career Discovery Week” an annual event in New York City,” said Michael Mulgrew, president of the United Federation of Teachers.

“At CIT, we’re committed to serving the communities where we do business and call home,” said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany. “Our volunteer employees, who have a diverse range of backgrounds and roles, are excited about the opportunity to provide insights on the careers at our company and their own professional journeys.”

“As a global company with a vision of unlocking the potential of each learner, we’re excited to participate in Career Discovery Week to help students develop crucial 21st Century skills and prepare for the careers of tomorrow,” said Simon Allen, CEO of McGraw-Hill.

“Working with local businesses to create opportunities for young adults to explore so many pathways during Career Discovery Week is a win-win,” said Doug Cotter, president of Grant Associates. “Not only is it perspective-changing—and in some cases life-changing—for the students, it gives businesses throughout New York City an opportunity to connect with their next generation of employees.”

“Career Discovery Week is a milestone opportunity for the diverse organizations represented by the Partnership to educate and immerse future leaders in the variety of career paths. As architects and designers, we are dedicated to introducing the next generation to the successes they can find pursuing career opportunities in the design field; to open their eyes to possibilities or spark a passion,” said Todd DeGarmo, CEO and Principal of STUDIOS architecture.

“A&E Real Estate is very proud to be working with the NYC Department of Education and the Partnership for NYC to host these ambitious high-schoolers at the historic Riverton Square complex in Harlem,” said A&E Real Estate founder and CEO Douglas Eisenberg, “Participating in Career Discovery Week means making sure our city’s young people get in-person, accessible and practical insight into the many possible careers that exist, including under the umbrella of real estate.”

“Training our future workforce, improving educational outcomes and building a diverse talent pipeline are among the most important ways businesses can create lasting social and economic impact,” said Joe Ucuzoglu, CEO, Deloitte US. “Deloitte is proud to support Career Discovery Week to help future generations realize their full potential.”

“Barclays is proud to participate in the first-ever Career Discovery Week with the Partnership for New York City and the NYC Department of Education,” said Deborah Goldfarb, Managing Director, Citizenship, Barclays. Our colleagues are thrilled to share their experiences and insights with students as they explore career opportunities in the financial services sector.”

“During their visit to New Lab, students will have the opportunity to see firsthand the exciting innovations emerging from our member companies,” said Shaina Horowitz, Vice President of Product and Programs at New Lab. “By engaging NYC’s best and brightest young minds, we hope to inspire the next generation of leaders and innovators.”

“The New York City Department of Education and the Partnership for New York City are leading the way and opening doors for the next generation of workers,” said Karen Ignagni, President and CEO of EmblemHealth. “We are proud to partner with them and provide opportunities to talented young people from the communities we serve.”

“As every company’s future becomes increasingly powered by software, it’s important for young people to get meaningful exposure to the tech industry. MongoDB is proud to help drive New York’s transformation into a leading technology hub and we’re thrilled to participate in Career Discovery Week to meet the next generation of New York’s tech workforce,” said Dev Ittycheria, President & CEO, MongoDB.

“We know that preparing the workforce for a digital future starts while they are students,” said Kathryn Kaminsky, PwC’s New York Market Managing Partner. “We are thrilled to help introduce our city’s students to the technologies that will transform the way we live and work as part of PFNY’s Career Discovery Week.”

“Cantor Fitzgerald is excited give students the opportunity to think about their career paths and futures. It is the responsibility of all business leaders to give back to the next generation,” said Howard W. Lutnick, Chairman and CEO of Cantor Fitzgerald.

“Participating in the inaugural Career Discovery Week is an opportunity to show students the professional opportunities they have in their own backyard,” said Fran McGorry, Co-owner and CEO, Liberty Coca-Cola Beverages. “We make it a priority to invest in our local communities and provide creative educational experiences that can spark ideas for creating pathways to rewarding careers.”

“We look forward to participating in Career Discovery Week to support the learning journey of NYC students and inspire the next generation of leaders in our community,” said Gil Mermelstein, Senior Managing Director of West Monroe Partners.

“JPMorgan Chase is proud to open its doors and give our future generation a glimpse into what life at the firm is like. Our day with the students also involves financial education classes, designed to set up our young people for success. We want to help them make healthy choices when it comes to money management and career setting goals,” said Ed O’Donnell, Executive Director, Chase Business Banking, member of the Brooklyn Market Leadership Team.

“Partnership for New York City’s Career Discovery Week offers a multitude of opportunities to both the city’s employers and students,” said M&T Bank Regional President Blair Ridder. “As a community bank, we intend to illustrate how students can give back to and support their communities through their careers.”

“As the financial services industry moves forward rapidly with innovations in technology and evolving business models, we are proud to be part of this program as it helps students prepare for a wide array of exciting opportunities,” said Christiana Riley, CEO, Deutsche Bank, Americas.

“At WilmerHale we strongly believe we have a responsibility to help strengthen the communities in which we practice and live. We are proud to support the first Career Discovery Week and look forward to hosting New York City’s next generation of ambitious and talented 10th grade students,” said Anjan Sahni, Partner-in-Charge, WilmerHale New York Office.

“We’re thrilled to support this great new initiative that will encourage and inspire students in New York City to explore career opportunities in the real estate facilities industry,” said Scott Salmirs, President and Chief Executive Officer of ABM Industries. “We take tremendous pride in our amazing team members and in our commitment to building the future talent pool for our industry.”

“Zurich North America is excited to host local students at our New York offices during Career Discovery Week,” said Zurich North America CEO Kathleen Savio. “The insurance industry offers many opportunities to build a meaningful career.”

“Participating in the City’s first Career Discovery Week reflects our strong commitment to giving back to the communities in which we work and live,” said Mike Schmidtberger, Chair of Sidley Austin LLP’s Executive Committee. “Through their own personal stories, our staff and lawyer volunteers will offer a first-hand look at the variety of career paths available at a law firm to these future members of our workforce – everything from IT, marketing, HR, facilities and accounting to the practice of law itself.”

“We help make the world more resilient and to do that, we rely on the skill of professionals that come from an array of backgrounds and areas of expertise. Programs like Career Discovery Week are instrumental in helping us reach the next generation of talent and get them excited about a career in insurance,” said Philip K. Ryan, Chairman, Swiss Re America Holding Corp.

“We are pleased to participate in Career Discovery Week and share insight into the variety of opportunities available within the real estate industry with students,” said Owen Thomas, CEO of Boston Properties.

“As the world’s knowledge marketplace, we believe everyone deserves the chance to bring their unique insights into the workforce,” said GLG CEO Paul Todd. “That’s why we’re proud to participate in Career Discovery Week to inspire and motivate young New Yorkers at the start of their career.”

“Participating in the launch of Career Discovery Week is a great way to share the many opportunities that New York offers with the next generation of job seekers,” said Michael S. Zetlin, Senior Partner at construction law firm Zetlin & De Chiara LLP.

Career Discovery Week builds on a 2018 research report developed by the Partnership and Oliver Wyman, which identified key ways business can work together to address some of the drivers of structural inequality and expand access to opportunity for all. Helping to close the opportunity gap for minority and low-income students was identified as a key area for collaboration.

Selected Innovators Invited to Demonstrate Cutting-Edge Technology at Demo Day March 13

As Part of Historic Capital Plan, MTA to Begin Soliciting Bids in Second Half of 2020 for $7.1 Billion Signaling Modernization Program Unprecedented in Size and Scope

Approximately 100 Companies from Four Continents Attend Symposium and Compete to Accelerate Modernization of New York City Transit’s Signaling System

The Metropolitan Transportation Authority (MTA), Transit Innovation Partnership and Empire State Development today hosted a Signaling Innovation Summit to bring together the best and brightest innovators to accelerate the modernization of New York City’s subway signaling system – a $7.1 billion program unprecedented in size and scope – and improve performance, service reliability and safety for 5.7 million daily customers.

The MTA and the Transit Innovation Partnership also announced a new signaling challenge to identify ways to make existing subway cars compatible with new signaling technology faster and at a lower cost. Selected companies will have the opportunity to present at the MTA and Transit Innovation Partnership’s Demo Day on March 13, 2020.

“The MTA is committed to pursuing the most innovative solutions possible as we undergo a historic transformation to change the way we do business,” said Patrick J. Foye, MTA Chairman and CEO. “We’re eager to hear proposals on signal modernization that will help us deliver on our core mission to provide faster, more reliable service for our millions of daily customers.”

“Pursuing new partnerships with cutting-edge companies in the tech world will be a gamechanger for the MTA,” said Mark Dowd, MTA Chief Innovation Officer. “The infusion of new thinking and technology will make the MTA a leader in the transportation industry.”

“The New York City subway system cannot truly be modernized without robust improvements to its aging signal infrastructure. This is a time for innovation and collaboration,” Rachel Haot, Executive Director of Transit Innovation Partnership, said. “We look forward to working closely with the MTA’s leadership team to identify transformative opportunities to bring the subway system into the 21st century.”

“New York’s economic growth relies on a modern, resilient, dependable transit system,” said Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler. “As the MTA continues to upgrade the service it delivers to riders, events like the one announced today will challenge us not only to plan for the needs of tomorrow’s commuters, but to acknowledge the critical importance a strong transportation network has on our future economy.”

The summit challenged approximately 100 companies from four continents to reimagine signaling infrastructure and advance the transition to 21st century signaling technologies. Participants pitched their technologies to address key signaling program priorities: improving on-time performance; enhancing operational flexibility; enhancing safety; building a system that is quicker to install, test and maintain; and delivering these objectives on time and on budget.

A team of academic and MTA experts from all agencies evaluated the proposed technologies on a set of criteria including whether the proposals are feasible in the MTA environment, in mature state for a live demonstration, present a new way of deriving value from existing MTA assets, and whether the pitch company has a qualified and compatible team to collaborate with the MTA.

MTA and Transit Innovation Partnership Demo Day and Signal Challenge

A critical part of modernizing subway signaling in a cost-efficient manner is upgrading legacy train cars with new technology. Traditional networking methods to connect train and signaling components would make upgrading more expensive than buying new trains. The Signaling Challenge calls for reliable, cost-effective strategies that can accelerate the aggressive timeline of the MTA’s Fast Forward Plan and efficiently allocate the $7 billion included for signal modernization on six train lines in the 2020-2024 capital plan.

Companies with relevant solutions to the Signaling Challenge can learn more and apply at transitinnovation.org by Feb. 3, 2020.

The MTA will select the most promising companies who apply to present their ideas at the Signaling Demo Day on March 13, 2020.

Technologies identified at the Signaling Demo Day which successfully address key objectives may be eligible for Test & Evaluate contracts. These contracts support the research and development of new technologies prior to the procurement phase, allowing the MTA to test and customize innovative products in the transit environment.

“The use of Test & Evaluate contracts allows the MTA to utilize an under-leveraged procurement method to test the reliability of new technology,” said Steve Plochochi, NYCT Senior Vice President of Procurement and Supply Chain. “The upcoming Signaling Demo Day is great opportunity for the MTA to identify innovative new ideas that advance our efforts to modernize the subway’s outdated signal system.”

2020-2024 Capital Plan Signal Modernization Program 

Over the next five-year Capital Program, the MTA will award signal modernization contracts for the following six line corridors, with contract awards beginning in the second half of 2020.

The following lines have been selected as part of the program:

• Queens Boulevard Line East ( from Kew Gardens-Union Turnpike to Jamaica 179 St and Jamaica Center Parsons/Archer)
• Crosstown ( from Court Square to Hoyt-Schermerhorn)
• Lexington Avenue ( 149 St-Grand Concourse to Nevins St)
• Fulton ( from Jay St to Euclid Av)
• Astoria ( from Astoria Ditmars to 57 St-7 Av)
• 63 Street ( from 21 St-Queensbridge to 57 St-6 Av)

The signal innovation summit underscores the MTA’s commitment to innovation and transformation and supports the agency’s highest priority: upgrading its outdated signaling system. For more information on the historic 2020-2024 Capital Plan, please visit:  https://new.mta.info/capital/2020CapitalProgram