Indicators of Recovery in the Tech Job Market

Yes, the tech job market is still expected to have an upward trajectory in 2024. Here’s the data. 📈 2023 was an interesting year. Looking back, it’s easy to focus on the challenges—global economic slowdown, a looming threat of a recession, the Russia-Ukraine war, and mass layoffs at many of the big tech companies dominating the headlines. Yet, as we step into 2024, I think it is time to reflect on some of the good news and share some optimism for the look ahead.  Let’s start with the fact that despite the high-profile layoffs last year, the overall tech industry added 240,000 jobs, a 50% increase from the previous year. The momentum didn’t stop there: in March 2024 alone, we added another 203,000 jobs in the tech sector. The IT unemployment rate held steady at 2.4%, which is considered full employment by any measure. Here are a few more uplifting insights: 🖥️ The $245-billion IT services industry has implemented salary increases ranging from 10%-15% for specified roles, a testament to the positive outlook for compensation (TechFair.com). 🖥️ Net tech employment spanning tech industry and tech occupation employment, now totals over 9.6 million workers (CompTIA).  🖥️ 61% of tech managers planning to hire for new roles in 2024 (TechFair.com).  These statistics are not just numbers. They represent opportunities, growth, and the resilience of our industry. I hope you find these insights and our full IT Labor Trends report (linked in the comments below) helpful in navigating the labor market and informing your hiring and retention efforts.  Let’s keep pushing forward, embracing challenges and opportunities alike.  #Dexian #TechIndustry #Leadership #Innovation #CareerGrowth #TechTrends 

Key Insights for the Labor Market! Hiring jumps across industries while Tech hiring continues to stabilize: Hiring increased in 19 of 20 industries in December, an increase from 7 in the previous month. Industries with the strongest month-over-month growth were Retail (+13.5%), Technology, Information, and Media (+9.8%), and Manufacturing (+9.6%). Transportation, Logistics, Supply Chain and Storage (-1.8%), Oil, Gas, and Mining (+0.3%), and Entertainment Providers (+0.3%) were the weakest in terms of month-over-month hiring. And since June, hiring is up across nearly half the industries we measure with Retail (+18.6%), Wholesale (+18.1%), Administrative and Support Services (+17%), and Consumer Services (+15.5%) seeing significant acceleration. In 2023, Technology, Information, and Media led the way across all industries in hiring stabilization. While hiring slowed going into the summer, the sector saw increased activity in the last quarter of 2023 and culminated with positive gains in December. Hiring in Technology, Information, and Media is now up 11.6% compared to July (vs overall hiring which is virtually unchanged over the same period).

In the coming months, we will see an influx of new and returning workers join the labor force, especially with graduation season upon us. While stabilization in the pace of hiring could not come at a better time for new graduates, it will not negate the cumulative impact of the hiring slowdown over the last two years. Competition for jobs will be tougher this year, especially as professionals start to eye their next move and for new graduates. For example, from November 2023 through March 2024 we’ve seen an 14% increase in the number of job applications being submitted per applicant on LinkedIn. We look at the state of hiring in this month's US Workforce Report. 1. Overall, hiring slowed by 0.2% from March to April and 9.5% compared to April 2023 (the smallest year-over-year decline seen since August 2022), however the pace of hiring has only slowed by 1% since January. The majority of the slowdown still looks to be behind us, and stabilization in the pace of hiring is coming right in time for graduation season. However, there are still no signs of a mass pick up and hiring remains depressed compared to the last few years. Opportunities differ greatly from one industry to the next. 2. April saw a mix of hiring pickups and slowdowns across industries. April’s hiring gains included Transportation, Logistics, Supply Chain and Storage which posted strong net employment gains in April’s jobs report. Overall, 7 out of the 20 sectors saw hiring accelerated from March to April. Technology, Information, and Media continues to lead hiring stabilization, changing little from March to April (+0.3%) and only down -2.3% year-over-year (second only to Consumer Services). While the overall hiring rate has slowed 7.3% since July 2023, the hiring rate for Technology, Information, and Media has accelerated 7.2% within that same timeframe. 4. Hiring increased in 6 of the 20 metro areas we track in April. While hiring remains down in all metros we track compared to one year prior, new and old tech hubs Austin (-5.1%) and the San Francisco Bay Area (-6.3%) continued to put in the strongest year-over-year hiring performances. 5. Tapering off of the hiring slowdown has not translated into improved workforce confidence. In fact, we have seen LinkedIn member confidence in finding and holding a job recently dip to some of its lowest levels over the past few years based on LinkedIn’s Workforce Confidence Index. Without any signs of reacceleration on a broader scale, the cumulative effect of the hiring slowdown since Spring 2022 looks to now be meaningfully weighing down workforce confidence. For more insights, check our May Workforce Report coming out this week as well as our monthly newsletter - State of the Labor Market - from LinkedIn's Economic Graph. Many thanks to all the folks who make this possible Danielle K., Weesie Thelen, Shadin Al-Dossari, Anne Trapasso, Amie Wong, and Allie Lewis! #linkedin #hiring #egdata

I speak to a lot of #salesforce pros and hiring managers every week and as the tech landscape continues to shift, Salesforce professionals are adapting to new challenges and opportunities. Here’s some of the insights I've found in the past few months based on what’s happening in the Salesforce ecosystem: 🤕 Recovery from Layoffs: The tech industry faced significant layoffs in early 2024, but there are signs of recovery. Companies are rehiring and adjusting their workforce to meet demand. Keep an eye on job boards and networking events for fresh opportunities. 📚 Upskilling Remains Crucial: With job saturation still a concern, professionals must focus on upskilling. Consider setting yourself apart by learning more about technologies that compliment Salesforce like #netsuite, #aws, #oracle, #sap, #dynamics365. Consider joining more online communities and attending virtual workshops. 🖥 Remote Work and Flexibility: The pandemic accelerated remote work adoption. Salesforce companies are increasingly open to remote roles, allowing professionals to work from anywhere. Highlight your remote collaboration skills in your job search. 🏢 Industry-Specific Expertise: Niche roles continue to thrive. If you’re passionate about a specific industry (e.g., healthcare, finance, or retail), consider specializing in technical solutions tailored to that sector. 🤖 AI and Automation: Artificial Intelligence (AI) and automation are no longer buzzwords—they’re integral to Salesforce. Companies seek professionals who understand AI-driven tools, chatbots, and predictive analytics. 💭 Trailblazers and Thought Leadership: The Salesforce influencer market is booming. Engage with thought leaders, share insights, and contribute to the community. Your Gaggle Social: Tech Networking & Hiring & LinkedIn profile should reflect your thought leadership and passion for the ecosystem. Remember, the Salesforce journey is dynamic. Stay curious, network, and adapt to the evolving landscape. 🌟

Job openings hit a milestone in today's #JOLTS report from the U.S. Bureau of Labor Statistics. Openings fell to 8,053,000, which brings the ratio of job openings to unemployed workers to 1.24, which ties pre-pandemic levels from 2018–2019. This ratio rose over 2 in 2022 at the peak of the "labor shortages" era. While this measure itself is imperfect, the milestone does reaffirm that the job market is in a controlled descent, cooling down after several hot years and avoiding a recession in a way that some forecasters didn't think was possible. Elsewhere in the report, the quits and hires rates were largely unchanged in April and remain below their pre-pandemic peaks from 2019. The reduction in quits & hires alike over the last 2 years likely explains why some workers feel the job market is sluggish & especially tough for new/returning workers. Additionally, layoffs fell to 1,515,000, the lowest level since December 2022 when the recent rounds of tech layoffs were first starting to capture headlines. This data is more volatile, but it also reaffirms that layoffs remain solidly below pre-pandemic averages. #economy #news

📊 Insights on the IT Labor Market: Recovery and Growth 📊 As we transition into Q2 of 2024, it's worth noting the gradual resurgence taking place within the IT labor market. While cautious optimism prevails, there are discernible signs of recovery that point towards steady growth in the coming months. Key observations include: 📈 Steady Recovery: Following a period of turbulence, there's a noticeable uptick in hiring activity across various segments of the IT industry. Companies are cautiously expanding their teams to meet evolving business needs. 💼 Increasing Opportunities: The demand for IT professionals remains resilient as organizations prioritize digital initiatives. Job opportunities are emerging, particularly in areas such as software development, cybersecurity, and data analytics. 🔍 Talent Shortage Concerns: Despite the positive indicators, addressing the ongoing talent shortage remains a challenge. Employers continue to face difficulties in finding candidates with the requisite skills, highlighting the importance of talent development and retention strategies. 📅 Projected Growth: Looking ahead, projections suggest a trajectory of gradual growth throughout 2024 and into 2025. As businesses focus on digital transformation efforts, the demand for skilled IT professionals is expected to remain steady. In navigating this landscape, adaptability and continuous skill enhancement are crucial. Whether you're a job seeker exploring new opportunities or an employer refining talent acquisition strategies, a measured approach will be key to success. Let's stay informed and agile as we navigate the evolving dynamics of the IT labor market. #ITIndustry #TechTrends #JobMarket #DigitalTransformation #CareerGrowth #TechJobs #Opportunity #FutureOfWork Let's connect and share insights on these developments. 🌐🤝

Let's face it: The JOLTS Report out today was a bit of a snooze fest. But it did help us take stock of the current low-churn labor market. With just 3.6% of workers being hired each month (down from 3.9% before the pandemic), 2.1% of workers quitting jobs each month (down from 2.3%), and 1.0% of workers being laid off (down from 1.2%), the market is more attractive now for Americans who already have jobs, but less attractive for those who are unemployed. The lower rates of hires and quits call into question the accuracy of the job openings count, which is still 27% higher than before the pandemic. Surely, if there truly were that many more job opportunities, workers would be switching jobs and companies would be hiring workers at higher rates than before. While topline JOLTS indicators were relatively flat, there were some interesting movements at the industry level. Here are some highlights: - Retail job openings and quits fell substantially. The declines suggest that the labor market in retail is cooling. With consumer spending holding strong, the decline is likely driven by structural changes in the economy, such as shifts to e-commerce and to self checkout. - Information sector job postings surged. The increase could signal the beginnings of a turnaround in tech, where job growth has been sluggish and layoffs have been widespread. - Small businesses continue to generate rising shares of job openings. Since the pandemic, business starts have risen, likely due to the decline in startup costs brought about by the shift to remote work. Today’s JOLTS data suggests that the trend is continuing.