Tag: labor market

Why The Demand for Tech Jobs Will Only Get Stronger

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Opinions expressed by Entrepreneur contributors are their own.

In the world of big tech, there have been many hiring freezes and recent layoffs. Many worry that layoffs in this realm signify an impending national economic crisis. Yet, there is hope for tech workers and jobs outside traditional tech giants. Companies outside of big tech are scooping up tech talent to develop their tech infrastructures.

All in all, don’t expect a slowdown in Information Technology (IT). What you should expect is a redistribution.

Related: Why The Consumer Tech World Is Too Focused on Electronics

Current layoffs and “cooling off” in IT hiring are a drop in the bucket amid a global shortage of IT talent

Three major jobs in the ICT industry are a software developer or engineer, user support specialist and systems analyst. Other positions include project managers, systems engineers, systems administrators and network engineers. High-profile tech layoffs and hiring freezes are masking the job growth and demand that remains in the job market. Many companies outside of the tech sector are hiring tech workers for their digital transformation processes. As a result, the growth rate outside big tech firms is minimally affected.

Some tech firms’ layoffs, such as those at Stripe and Meta, result from over-hiring. This happened as part of the tech boom that emerged during the COVID pandemic in 2020 and has less to do with the state of our economy. Raising capital is increasingly difficult as these tech firms’ public market valuations decrease. Therefore, they’re switching from a hyper-growth mode to an efficient growth mode.

Globally, there has been a shortage of tech workers for a while. Management consulting firm Korn Ferry predicts we’ll be short over 85 million tech workers globally by 2030. That’s $8.5 trillion in lost annual revenue. Since technology is rapidly becoming a fundamental element in every operation within any company, there will always be a shortage of highly skilled tech workers, no matter how many companies hire and pay more.

Related: What the Future Looks Like for Fresh Graduates in the Tech Industry

Fundamental demand for IT continues to grow

There is too much work worldwide to build new digital products, rebuild old systems, take advantage of cloud tech and automate human-dependent processes.

Tech job postings are higher by 25% this year as aerospace, finance and healthcare companies are vying to hire tech talent. And since 2020, tech talents worldwide have been finding work in Canada, specifically in Toronto and Vancouver. One reason for this could be the Trump administration’s tricky immigration policy. Why jump through hoops to work in the US when neighboring Canada has looser guidelines and available work?

Canada’s tech job growth rate has been outpacing that of the United States. This continues even as cities such as Seattle and San Francisco have tech giants hiring masses of workers.

Layoffs and freezes will unevenly affect different sectors

While big tech firms will slow down, other industries (e.g., travel and healthcare) will take advantage, meaning more resources will come in.

Every laid-off tech worker has a job waiting for them in the United States or elsewhere. Remote work, burgeoning since 2020, has extended the job market and made it possible for people to work anywhere.

Frankly, some bloodletting is healthy

Compensation and perks in big tech and Silicon Valley have reached crazy levels. Many believe that the Valley is losing its unique aura. Silicon Valley talent may not be a good fit for “Main Street” and may have little interest in working in such an environment. They will have to adjust, leading to a healthier, adaptable and sustainable tech workforce in the long term. Silicon Valley and New York City, traditional major tech hubs, are cooling down and cutting costs. However, states like Pennsylvania, Arizona, Texas and Florida are seeing tech industry job growth.

It’s also important to keep the Eastern European IT picture in mind. What is happening now is that Eastern Europe, which was traditionally considered to be the main competitor, is in turmoil because of the war in Ukraine. Although still working and available, Russia and Belarus are no longer in the picture, and Ukraine is a high risk. Poland, Romania, Serbia and Portugal are becoming more expensive because of war and the reduced talent market. This is helping India, always a big IT outsourcing hub, benefit.

Conclusion

Labor market conditions are only getting better. Tech is the backbone of every company, whether in consulting, healthcare or aerospace. Displaced big tech workers will turn to companies in other sectors where they’ll still be paid well and expected to work similar jobs. IT jobs were hot and still are because of the law of supply and demand.

Every company wants to hire the best tech talent. However, there’s only so much talent to choose from. It can get pretty competitive when another company can lure away the tech workers that one company has been eyeing. Let the tech talent wars continue.

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Dmitry Bagrov

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January 19, 2023
American workers can expect bigger raises next year, despite a looming recession

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It’s the most wonderful time of the year: corporate budget season. Or in some cases, budget re-adjustment season.

It’s the time when companies start to get realistic about what’s ahead for the coming year, particularly during the first quarter. And while that’s already playing out for some companies in the form of layoffs and hiring freezes, there is some good news for some employees heading into 2023.

Next year’s raises should be even higher than 2022 payouts, according to WTW’s annual salary budget planning report, based on survey responses from 1,550 U.S. organizations fielded in October. Despite the threat of an impending economic downturn, companies estimate they’ll be increasing their average workers’ salary 4.6% next year, up from the 4.2% the average worker received in 2022.

“As inflation continues to rise and the threat of an economic downturn looms, companies are using a range of measures to support their staff during this time,” Hatti Johansson, research director of reward data intelligence at WTW, said in a statement.

Boosting salary budgets is proving especially critical as companies continue to struggle to attract and retain employees. Three-quarters of organizations admitted to hiring and staffing issues—a number that’s nearly tripled since 2020. The continued tight labor market is the primary reason about 68% of companies opted to increase salary budgets.

But that pressure to pay well is a balancing act. About seven in 10 companies said they spent more than they’d planned to on salary increases and compensation adjustments over the last year. In order to fund pay increases, one in five are planning to raise prices on their products while 12% expect they will need to restructure and reduce staff headcounts.

And yet, despite the historic pay increases that organizations have doled out in recent years, compensation has not kept pace with inflation. National wage growth during the third quarter of 2022 increased 4.7% year over year, according to the PayScale Index. Yet, as of the end of September, real wages—which factor in the effect of inflation—are actually down 3% year over year.

For organizations struggling to make the math work if workers keep playing musical chairs with jobs and employers, WTW’s Lesli Jennings recommends focusing on the overall employee experience, not just providing pay increases. Two-thirds of companies surveyed have already provided workers with more flexibility and 61% have sharpened their focus on diversity, equity, and inclusion policies and programs.

“By focusing on health and wellness benefits, workplace flexibility, careers and DEI, organizations can position themselves as the employer of choice for their current and prospective employees,” Jennings says.

Our new weekly Impact Report newsletter will examine how ESG news and trends are shaping the roles and responsibilities of today’s executives—and how they can best navigate those challenges. Subscribe here.

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Megan Leonhardt

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November 18, 2022
Orlando Workers Treat Tourists to Holiday Magic and Earn More With Instawork
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The flexible work app matches a network of on-demand hourly workers with Florida businesses

Press Release
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Nov 17, 2022
SAN FRANCISCO, November 17, 2022 (Newswire.com)
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Instawork, the leading platform for connecting businesses with skilled workers, announced today the platform’s availability to hourly workers in the Orlando area looking to earn higher wages during the magical holiday season and beyond.

In Orlando, the average hourly pay rate on the Instawork platform is $17 per hour, a vast improvement over the state’s minimum wage of $11 per hour. That steep increase gives Sunshine State residents a way to pay for pricey additions to their household budgets during the holidays. Residents can easily get started by downloading the Instawork app, creating a profile, and finding work opportunities with businesses across the Orlando area.

While Florida recently increased its minimum wage by a dollar as part of its six-year plan to bring the minimum wage to $15 by 2026, flexible workers who join Instawork won’t have to wait years to achieve the increased level of income. They have immediate access to higher pay rates as this is particularly important with current inflation and a recession looming.

More than 48,000 people in Orlando have already downloaded the Instawork app and are working to staff business locations across the area. Common roles for Instawork in Orlando include prep cook, event server, warehouse associate, general labor, and counter staff/cashier.

The news comes following Instawork’s announcement that over 1 million people have joined the app in recent months leading up to the holiday season to fill shifts in the first post-covid holiday season.

“Orlando is a top destination for travel, particularly at the holidays,” said Kira Caban, Instawork’s Head of Strategic Communications. “At this very expensive time of year, local workers can help businesses provide a fantastic customer experience while they make more money. When it comes to holiday gifts, travel costs, and special meals, the difference in pay can be a huge help for families.”

Pros can easily create a profile, find a shift that matches their skills and interests, and start working in as little as 24 hours.

Hourly professionals (Instawork Pros) using Instawork experience:
- Work flexibility: build schedules around personal lives and income goals
- Financial stability: view shift earnings before you work
- Unlimited income potential: work as little or as much as you want
- Get paid quickly: ability to get paid the same day
- Unique and exciting work opportunities
Businesses that rely on Instawork Pros range from nationally-recognized hotels and restaurant groups to some of Orlando’s favorite local hot spots and sports venues. These businesses are consistently matched with quality, reliable Pros to fill available shifts and deliver valuable services. The Instawork platform encourages both hourly workers and businesses to rate each other on a five-star scale after each shift to help match future shifts with those who are best qualified.

Businesses using Instawork experience:
- Quick access to qualified workers in their community
- Improved operational efficiency with quality and reliable staffing
- Increased customer loyalty due to happier staff and better experiences
- Time saved on administrative tasks, returning focus to other top priorities
Instawork is currently staffing businesses in more than 30 markets across the U.S. and Canada. Those interested in learning more about Instawork should visit www.instawork.com or download the app.

About Instawork
Founded in 2016, Instawork is the leading flexible work app for local, hourly professionals. Its digital marketplace connects thousands of businesses and more than three million workers, filling a critical role in local economies. Instawork has been featured on CBS News, the Wall Street Journal, The Washington Post, Associated Press, and more. In 2022, Instawork was ranked in the top 10% of the country’s fastest-growing companies by Inc. 5000 and was included in the Forbes Next Billion Dollar Startup list. Instawork was also named the 2022 ACE Award recipient for “Best Innovation,” one of the “Best Business Apps” by Business Insider. Instawork helps businesses in the food & beverage, hospitality, and warehouse/logistics industries fill temporary and permanent job opportunities in more than 30 markets across the U.S. and Canada. Follow us on Twitter, Instagram, LinkedIn, and Facebook.

Source: Instawork
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November 17, 2022
Kansas City Workers Earn More Using Instawork Ahead of Holidays
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The flexible work app matches a network of on-demand hourly workers with Missouri businesses

Press Release
–

Oct 13, 2022
SAN FRANCISCO, October 13, 2022 (Newswire.com)
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Instawork, the leading platform for connecting businesses with skilled workers, announced today the platform’s availability to hourly workers in the Kansas City area looking to earn higher wages during the holiday season and beyond.

In Kansas City, the average hourly pay rate on the Instawork platform is $17.20 per hour, more than 50% over the state’s minimum wage of $11.15. That increase gives Show-Me State residents a way to pay for added expenses to their household budgets during the upcoming holidays by downloading the Instawork app and staffing business locations across the area.

More than 23,000 people in Kansas City have already downloaded the Instawork app and are working to staff business locations across the area. Common roles for Instawork in Kansas City include general labor, warehouse, event server, and prep cook shifts.

The news comes following Instawork’s announcement that over 1 million people have joined the app in the last six months leading up to the holiday season to fill shifts in the first post-Covid holiday season.

“From gifts to groceries for special meals, the holidays can be an expensive time of year, particularly for those making minimum wage,” said Kira Caban, Instawork’s Head of Strategic Communications. “With Instawork, Kansas City workers can quickly increase their income, allowing them to enjoy this special time with their families even more.”

Pros can easily create a profile, find a shift that matches their skills and interests, and start working in as little as 24 hours.

Hourly professionals (Instawork Pros) using Instawork experience:
- Work flexibility: build schedules around personal lives and income goals
- Financial stability: view shift earnings before you work
- Unlimited income potential: work as little or as much as you want
- Get paid quickly: ability to get paid the same day
- Unique and exciting work opportunities
Businesses that rely on Instawork Pros range from nationally recognized hotels and restaurant groups to some of the city’s favorite local hot spots and sports venues, including in Kansas City. These businesses are consistently matched with high-quality, reliable Pros to fill available shifts and deliver valuable services. The Instawork platform encourages both hourly workers and businesses to rate each other on a five-star scale after each shift to help match future shifts with those who are best qualified.

Businesses using Instawork experience:
- Quick access to qualified workers in their community
- Improved operational efficiency with quality and reliable staffing
- Increased customer loyalty due to happier staff and better experiences
- Time saved on administrative tasks, returning focus to other top priorities
Instawork is currently staffing businesses in more than 30 markets across the U.S. and Canada. Those interested in learning more about Instawork should visit www.instawork.com or download the app.

About Instawork
Founded in 2016, Instawork is the leading flexible work app for local, hourly professionals. Its digital marketplace connects thousands of businesses and more than three million workers, filling a critical role in local economies. Instawork has been featured on CBS News, the Wall Street Journal, The Washington Post, Associated Press, and more. In 2022, Instawork was ranked in the top 10% of the country’s fastest-growing companies by Inc. 5000 and was included in the Forbes Next Billion Dollar Startup list. Instawork was also named the 2022 ACE Award recipient for “Best Innovation,” one of the “Best Business Apps” by Business Insider. Instawork helps businesses in the food & beverage, hospitality, and warehouse/logistics industries fill temporary and permanent job opportunities in more than 30 markets across the U.S. and Canada. Follow us on Twitter, Instagram, LinkedIn, and Facebook.

Media Contact
Kira Caban
Head of Strategic Communications
kcaban@instawork.com

Source: Instawork
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October 13, 2022
Instawork Offers Houston Workers Ability to Earn Higher Pay as Texas Economy Slows
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The flexible work app matches a network of on-demand hourly workers with Houston businesses

Press Release
–

Oct 6, 2022
SAN FRANCISCO, October 6, 2022 (Newswire.com)
–
Instawork, the leading platform for connecting businesses with skilled workers, announced today the platform’s availability to hourly workers in the Houston area looking to earn higher wages while enjoying consistent, reliable economic opportunity.

The announcement comes after economists at the Federal Reserve Bank of Dallas released a report last week concluding that mounting evidence points to an economic slowdown for Texas, adding that the numbers could signal a recession is coming.

During this challenging time, Instawork offers the ability for Houston workers to more than double their pay. In Houston, the average hourly pay rate on the Instawork platform is $14.80, while the state’s minimum wage of $7.25 has remained the same since 2008.

“During periods of economic uncertainty, Instawork provides hourly workers with economic stability,” said Kira Caban, Instawork’s Head of Strategic Communications. “Workers in Houston know that they can easily find ample work opportunities through our platform while enjoying work flexibility and higher income potential.”

More than 85,000 hourly workers in Houston have already downloaded the Instawork app and are taking advantage of the opportunities it provides, staffing more than 300 business locations across the area.

Common roles in Houston include general labor, warehouse associates, event servers, and line cooks.

Pros can easily create a profile, find a shift that matches their skills and interests, and start working in as little as 24 hours.

Hourly professionals (Instawork Pros) using Instawork experience:
- Work flexibility: build schedules around personal lives and income goals
- Financial stability: view shift earnings before they work
- Unlimited income potential: work as little or as much as they want
- Get paid quickly: ability to get paid the same day
- Unique and exciting work opportunities
Businesses that rely on Instawork Pros range from nationally recognized hotels and restaurant groups to some of the city’s favorite local hot spots and sports venues. These businesses are consistently matched with high-quality, reliable Pros to fill available shifts and deliver valuable services. The Instawork platform encourages both hourly workers and businesses to rate each other on a five-star scale after each shift to help match future shifts with those who are best qualified.

Businesses using Instawork experience:
- Quick access to skilled workers in their community
- Improved operational efficiency with quality and reliable staffing
- Increased customer loyalty due to happier staff and better experiences
- Time saved on administrative tasks, returning focus to other top priorities
Instawork is currently staffing businesses in more than 30 markets across the U.S. and Canada. Those interested in learning more about Instawork should visit www.instawork.com or download the app.

About Instawork

Founded in 2016, Instawork is the leading flexible work app for local, hourly professionals. Its digital marketplace connects thousands of businesses and more than three million workers, filling a critical role in local economies. Instawork has been featured on CBS News, The Wall Street Journal, The Washington Post, Associated Press, and more. In 2022, Instawork was ranked in the top 10% of the country’s fastest-growing companies by Inc. 5000 and was included in the Forbes Next Billion Dollar Startup list. Instawork was also named the 2022 ACE Award recipient for “Best Innovation” and one of the “Best Business Apps” by Business Insider. Instawork helps businesses in the food & beverage, hospitality, and warehouse/logistics industries fill temporary and permanent job opportunities in more than 30 markets across the U.S. and Canada. Follow us on Twitter, Instagram, LinkedIn, and Facebook.

Media Contact
Kira Caban
Head of Strategic Communications
kcaban@instawork.com

Source: Instawork
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October 6, 2022