Northeastern Pennsylvania has a long track record of helping financial services companies grow and prosper. According to national site consultant Moran, Stahl and Boyer more than 20,000 local residents are employed in the financial services and insurance industry and the area is home to more than 20 major employers with operations that include corporate headquarters, back offices, data processing, software development, customer service, sales and other functions.

Altria Group, ALLTEL, Bank of America, Blue Cross/Blue Shield of NEPA, CIGNA HealthCare, Guard Insurance Group, Prudential Financial, Met Life and Sallie Mae are just a few of the companies with major office facilities in Northeastern Pennsylvania. For a complete list click here.

In recent years, Moran, Stahl and Boyer (MSB) and Wadley Donovan Group (WDG) have completed major analyses of the region's ability to attract and grow financial services companies. A few of the highlights of their reports are as follows:

• Firms that located offices in Northeastern Pennsylvania cited three main reasons for doing so:
  1. A good supply of qualified/educated labor with a strong work ethic
  2. Moderate and competitive operating costs, particularly for labor and real estate
  3. Quick access to New York City and other northeast metropolitan areas (Source: MS&B)
      
• Local workers were consistently rated from “above average” to “excellent.” The workforce was rated higher than comparable resources in the South, Midwest and West Coast (Source: MS&B)

• Turnover rates varied by employer and type of job, but in general, were considered lower than average for comparable situations. Employees are generally very loyal to their employers – more so than in other regions of the country (Source: MS&B).

• In terms of availability, quality and cost, Northeastern Pennsylvania 's labor market offers “one of the most cost-effective and productive opportunities for administrative support and front office functions in the Northeast” (Source: WDG).

• Labor costs are 22% below the U.S. average and as much as 40% less than Northern New Jersey and New York City (Source: WDG).

• Most office employers in the region have a 40-hour work week, which can translate to significant savings versus 35 hour and 37.5 hour workweeks typical in many other parts of the Northeast (Source: WDG).

Helpful Links

Moran, Stahl and Boyer Report – Click here to download a pdf of Moran, Stahl and Boyer's full report entitled, “Northeast Pennsylvania Resource Profile.”

Business Continuity - research by Penn's Northeast and others has determined that a New York City-based financial services company that moves a 500 job business continuity office from 100,000 square feet in Manhattan to 100,000 square feet in a Keystone Opportunity Expansion Zone in Northeastern Pennsylvania can save more than $89 million through 2013. Click here to download a pdf of Penn's Northeast's business continuity white paper.

Workforce Testimonials – Moran, Stahl and Boyer Senior Executive John Rhodes said, “It's almost like this area (Northeastern PA) defines what work ethic is. People come to work with an eagerness and willingness to get the job done.” For more workforce testimonials click here.

Education – Northeastern Pennsylvania is home to 18 college campuses with more than 54,000 enrolled students. Click here to learn more about the region's higher education institutions.

Training – from Customized Job Training to WEDNET to the Workforce Investment Act, there are several excellent programs that help Northeastern Pennsylvania 's new and expanding employers reduce their training costs. Click here for more information.

Real Estate – Penn's Northeast maintains a comprehensive database of available sites and buildings in the region. Click here to search for a property.

Employee Finder – Click here to find a free site where you can search employee resumes, post a job, search for a job and much more.