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Average salaries higher at “fast-growing” Upstate companies, survey finds

By Eric Reinhardt

Date:

Students from Le Moyne College’s Madden School of Business conducted the latest Upstate CEO Report that Syracuse–based nonprofit Upstate Venture Connect (UVC) commissioned. (Photo provided by Le Moyne College)

SYRACUSE, N.Y. — “Fast-growing” companies across upstate New York have average salaries that are up to 60 percent higher than the average salary in a typical upstate metro area.

That’s according to the 3rd annual Upstate CEO Report that Syracuse–based nonprofit Upstate Venture Connect (UVC) commissioned.

A “faculty-guided” student team from Le Moyne College’s Madden School of Business conducted the survey and compiled the results for analysis, the school said in a news release. CEOs from more than 170 upstate New York companies responded to the survey.

“Scalable companies targeting national and global customers are distributed across our region,” Nasir Ali, CEO of UVC, said. “They don’t often show up on traditional economic development metrics, but clearly have an outsized impact on our communities.”

Report findings

Scalable companies are “often in the newer industries and building products for national and global customers.” Survey respondents in this category plan to hire six to seven entry level people on average in 2019 and two-thirds of those positions require a college degree, the release stated.

Survey results indicate that scalable companies have more employees, higher average pay, more aggressive hiring plans, and are “more likely” to receive outside financial support than companies whose primary focus is local customers.

These results “confirm similar trends” found in two prior Upstate CEO Reports, per the release.

The 2018-19 report includes a number of recommendations that academic, private, and public-sector leaders can implement to “enable the creation and growth” of more scalable companies. They include strategies to “build greater links” between fast-growing company leaders and the students on campus. They also include approaches to increase the pool of private and public financial support needed for such firms to achieve their objectives.

Rochester–based Fast Tracking Solutions (FTS) provided financial support for the 2018-19 Upstate CEO Report. “We believe that talent is the key to fostering significant growth across upstate New York,” Thomas Carpitella, CEO of FTS, said in the release. “FTS is dedicated to helping our clients find and retain exceptional talent for all levels of the enterprise.”

The work on the survey represents the “latest connection” between the Madden School and Upstate Venture Connect. Besides the survey, Le Moyne has hosted the StartFast Venture Accelerator each summer since 2014, along with “various initiatives” with the Keenan Center for Entrepreneurship, Innovation and Creativity, one of three “centers of excellence” at the Madden School.

If you would like to review the UVC’s Upstate CEO Report, click here.

Contact Reinhardt at ereinhardt@cnybj.com

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