Categories Other Industries

Honeywell ditches New Jersey for North Carolina, to attract top talent

More and more Wall Street firms are realizing the importance of having their headquarters in areas where it is easy to find and retain talent. Less than a month after Amazon (AMZN) announced its new twin-headquarters, industrial conglomerate Honeywell International Inc. (HON) is shifting its base from New Jersey to Charlotte in North Carolina.

The management believes the new location would give the company more exposure while making employee recruitment more efficient. It goes without saying that proper accessibility is a key factor when it comes to retaining talent.

It is expected that the new headquarters will have around 500 new jobs in the next five years, in addition to the 200-odd senior executives to be moved from the current headquarters. Around 100 job positions of the Safety and Productivity Solutions segment will also be shifted.

The management believes the new location would give more exposure while making employee recruitment more efficient

As per the plan, some of the main activities will continue in New Jersey where approximately 1,000 employees will be retained in multiple locations. The formalities in this regard are expected to be completed by next week. By retaining the workforce in New Jersey, Honeywell remains eligible for incentives offered by the state authorities under an existing agreement.

While it is bad news for the state of New Jersey, a Honeywell spokesperson made it clear that the location change was not due to any issues with the authorities.

Honeywell beats earnings estimates; revises guidance

Earlier, General Electric (GE) had shifted its headquarters from Connecticut to Boston so as to escape the high living costs and the corporate tax levied by the state authorities.

Honeywell shares lost about 2% since the beginning of the year. The stock, which hit a record high in September, traded slightly higher Friday.

 

Listen to publicly listed companies’ earnings conference calls along with the edited closed caption text

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

One thought on “Honeywell ditches New Jersey for North Carolina, to attract top talent

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment
Loading...

Cancel
Viewing Highlight
Loading...
Highlight
Close
Top