Short-term gain for Long-term pain.  Wait….where is my nose again?

Almost all indicators are pointing towards a bumpy 2023, but not the Technology Indicators. There are only a few economic scenarios that would actually result in a reduction of Technical Development/Innovation.

U.S. employers added 263,000 jobs in November up from 261,000 in October, while the unemployment rate remained unchanged at 3.7%.

The Canadian economy added 10,100  jobs in November, decreasing from 108,000 in October, while the unemployment rate declined by 1% from 5.2% to 5.1%.

Movinging into 2023 Technology Hiring is poised for significant growth.  Highly Skilled Tech Staffing remains a top concern for North American and European Executives as represented by a REDUCTION in the November Tech Unemployment rate to 2%, from 2.2% in October.

Despite significant Tech Layoffs in the period ended November 30, 2022 by;

Meta (approx. 11k)

Twitter(approx. 3k)

Stripe (approx. 1k)

Coinbase (approx. 1k)

Shopify (approx. 1k)

Microsoft  (approx. 1k)

Netflix (approx. 500)

Snap (approx. 1k)

…several others

the Severe Shortage of Highly Skilled Tech Labor resulted in GROWTH in the sector by approx. 137,000 positions for a Net Monthly Increase of approx. 20,000 jobs (having lost approx. 116,000 due to layoffs).

With so many options available to Tech Employees, those companies that provide Environment’s of Nurture and Psychological Safety are attracting Key Personnel and achieving the benefits of Employee Retention, and Cultural Resilience (see our article): https://lnkd.in/eRJ2JTKE

Investment in Technical Capabilities is a Long-term Commitment.

Sources:

U.S. Bureau of Labor Statistics

Statistics Canada – Labor Force Survey

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