Companies like BNY and their consulting sidekicks have perfected the art of “economic development,” which mostly means convincing state and local governments that a few hundred cubicles and a ribbon‑cutting justify millions in tax incentives. McKinsey brings the playbook, BNY brings the headcount projections, and suddenly the state is handing out credits like party favors to “stimulate regional growth.”
Once the incentives are locked in, the hiring machine kicks in. States love when companies hire local graduates, and companies love it even more because those hires help them unlock annual tax credits tied to job‑creation commitments. New grads from state schools are especially attractive: they’re local, they’re eligible for incentive programs, and—let’s be honest—they’re cheaper than experienced workers. Salaries vary, but the pattern is predictable: new grads cost less, and incentive‑eligible hires cost even less to the company once the credits hit.
Who negotiates all this? At BNY, it’s typically a mix of Corporate Real Estate, Government Affairs, and Tax/Finance, working quietly behind the scenes to secure incentives without ever mentioning them to the employees whose jobs justify the credits.
And how do new grads help? Simple: every qualifying hire checks a box on the state’s incentive scorecard. The state gets “job creation.” BNY gets tax credits. And the new grads get… well, a selfie with Fabs and welcome to the Bounce House - North Campus.