Kroll Consulting Survey: Israeli Hi-Tech Companies Expanding Operations in the US
NEW YORK, March 14, 2023 /PRNewswire/ -- A comprehensive survey was carried out in February 2023 by the global executive recruitment and consulting company Kroll Consulting. The survey gathered inputs of global job openings by Israeli tech companies.
With over 6,000 active startups, Israel, 'the start-up nation' is ranked as the country with the highest number of start-ups per capita and one of the countries with highest number of companies listed on NASDAQ after the United States.
The survey screened new job openings posted during February by 116 Israeli high-tech companies employing at least 100 employees and up to ten thousand employees, including most of the Israeli unicorns and tech companies listed on the NASDAQ.
Analysis of the data has indicated that in contrast to global mass layoffs by American tech giants and a 32% drop in high tech job openings in Israel compared to the start of 2022, 78% of the Israeli hi-tech companies that were surveyed opened new jobs in the United States or in Europe during February,75% of them opened new jobs in the US, mainly for sales, marketing and customer facing positions. Among the large and medium-size companies that were surveyed, including "unicorns" an public companies, 91% of the companies opened new jobs in the United States or Europe in February.
91% of the new jobs opened by Israeli companies in February for employees located in Israel were R&D and technical positions and only 9% sales and marketing or customer facing positions.
With a total of almost 5,500 new jobs openings February, 53% were opened in the US, 21% were opened in Europe and only 26% in Israel offering a total of 2904 new jobs for employees in the United States and 1157 new jobs for employees in Europe.
Ronit Kroll (CEO, Kroll Consulting): "The economic tech crisis combined with uncertainty due to Israel's legal reform pushes Israeli Hi Tech startups to accelerate establishment of operations outside of Israel as pressure for organizational restructuring comes from concerned VC's and board of directors".
"We currently notice a growing trend of Israeli Hi-Tech companies transitioning leadership positions, especially sales and marketing operations and customer facing positions mainly to the US, but also to European hubs, like London. Many of the companies are funded by American VC's. As Tech earnings hit the pause button on market rally and with uncertainty in Israel due to judicial transformation debates, VC's and investors of the Israeli Tech companies are looking at ways to deal with the growing competition and instability in Israel demanding growing focus and presence in the largest potential market - the US. This trend has been developing in the last two years, but has grown stronger in the last months"
Kroll Consulting is a global executive search company.
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SOURCE Kroll Consulting