Mark S. Mandula’s Post

Running into challenges filling your technology roles? Unemployment rates in the tech space continue to fall below the national average. Message me to schedule time to review our jobs report and the 2025 Salary Guide from Robert Half so you have the numbers you need for the new year! #roberthalf #technologyjobs #hiring #jobsreport #2025salaryguide

What's going on in the Bay Area job market? The Bay Area job market and pay have dropped from peak 2022. Per SFGate, the good news: "Workers in the Bay Area received the highest average tech pay of any American metro." The bad news: "but also withstood the largest year-over-year drop at 15.25%." Pay decline was due to area layoffs. Comp dropped 26% for people who changed jobs in 2023, compared to no change for those who stayed put. Laid off workers often found jobs relatively quickly but for less pay: "Even among scores of layoffs, many tech workers didn’t stay unemployed for long. But their pockets felt the damage." Industries with biggest pay drops for tech workers: real estate, software, retail, ecommerce, construction and consumer products. Biggest gains: aerospace and defense. (written with 100% natural intelligence, 0% AI)

How does the news we see every day get reflected in data? When looking through the employment statistics for the UK coming from the World Bank and originally from ILO, we can see the trend in rising unemployment, fuelled by the still continuing layoffs, hiring freezes, and the general economic downturn. Whenever we see news stories about the market, the economy or the state of the tech industry, we refer back to our data to try and see how what’s happening can be explained through data. It helps contextualise and ground in reality. Plus, looking at the bigger timeline, we know the line will go down eventually! Explore all of our data related to employment globally on and on the national level (🔗 in the comments)

I've been asked by a well-known financial magazine to chime in what's going on in the labor markets from the perspective of a person who has recently retired from a large Fortune 500 company, and now has started their own business. This is a free-lance gig for me, and if they accept my article then there will be small honorarium. First off, I am gratified that I even showed up on their radar, let alone being invited to be a contributing author, and it could be a springboard to other things. So after doing some research from various sources, and based on my own experience, here is what I’ve discovered thus far: -         It is expected that ~6,300,000 people will retire and leave the workforce each year from 2024-2027 (personally I pulled the trigger this year in June). -         The BLS (Bureau of Labor Statistics) is also estimating that hiring will slow slightly, with an estimate of adding 130,400 new jobs per month. If you annualize this, it turns out to be 1,564,800 which sounds great. -         However, simple math will show that 6,300,000 people will retire and leave the workforce, which will leave us with a net negative of -4,735,200 in the labor force participation rate. -         Over the next 5 years we will have 31,500,000 people retire from the workforce, while only adding 7,824,000 jobs over the same time period. I am hoping my network can help me make sense of these numbers. Please no political posts. These will be immediately deleted. This is a serious situation and would appreciate any of your thoughts on how to mitigate this. It cuts across all sectors and frankly I am ambivalent whether it is on manufacturing, technology, construction, health care, etc. I think the important point is what we need to do to make up the short fall of available talent and where the focus should be.

In February, job openings in the U.S. maintained stability despite a rise in layoffs, reaching the highest level in almost a year. According to the Labor Department's report on Tuesday, the number of available positions edged up slightly to 8.76 million from a revised 8.75 million in January. However, the "quits rate," representing the pace at which employees voluntarily left their jobs, remained sluggish, reflecting levels not seen since 2020. Coupled with a slight increase in layoffs to 1.7 million, this suggests a softening of the labor market, contrasting with the record 12.2 million openings reported in March 2022 https://lnkd.in/dSXp62P #jobopenings #bls #staffing #unemployment #employment

📈 Key insights from the August JOLTS (Job Openings and Labor Turnover Summary) report show a stable job market: -Job Openings: Remain at 8.0 million, a decline of 1.3 million compared to last year, with notable increases in: Construction: +138,000 State and Local Government: +78,000 -Hires: Consistent at 5.3 million, reflecting steady recruitment. -Total Separations: Down to 5.0 million, with voluntary quits at 3.1 million (down 159,000), indicating employee caution. -Layoffs & Discharges: Stable at 1.6 million, with slight decreases in healthcare. These developments suggest that while there are opportunities, employee hesitance requires organizations to focus on retention and engagement strategies. Read more in the comments. #JobOpenings #EmployeeEngagement #VTNE #Vaco

📊 The September 2024 JOLTS data shows a generally stable labor market, but with some key trends emerging: - 7.4 million job openings, showing a year-over-year decrease of 1.9 million - 5.6 million hires, unchanged from the previous month, with a 3.5% hire rate - Total separations remained at 5.2 million, with 3.1 million quits and 1.8 million layoffs/discharges.  https://lnkd.in/evCtN4fw 🔍 What’s notable: The increase in layoffs and the drop in quits may indicate that employees are holding onto their jobs longer, while employers in certain industries are adjusting their workforces. #LaborMarket #JOLTS #JobOpenings #HiringTrends #LaborForce #VTNE #Vaco

📉 The labor market is stagnating, especially for white-collar workers. Employers are hesitant to let workers go but are also not eager to hire. 🤔 Why it matters: The cooling labor market might help control inflation, but it frustrates job hunters. Employed individuals feel stuck in roles they no longer want, while the unemployed struggle to get hired. 📣 What they're saying: "The stagnant job market is driving people crazy," says career coach Phoebe Gavin. The hiring process has become a marathon with complicated tests and lengthy stages, with employers not budging in negotiations. 🔍 Zoom in: According to the latest JOLTS data, job openings are at their lowest in three years. Layoffs are low, and so is the unemployment rate, which the Federal Reserve aimed for with rate hikes. 💼 The bottom line: Professionals are no longer in a job hopper's paradise. Most who want to work are eventually finding jobs, but the journey is much more challenging. #JobMarket #EmploymentTrends #Hiring #CareerChallenges #LaborMarket

If You’re Having A Hard Time Finding A White-Collar Job, Here’s Why By Jack Kelly The number of Americans applying for unemployment benefits has surged to the highest level in more than eight months. Initial claims for unemployment benefits increased by 22,000 to 231,000 the week ending May 4, up from 209,000, the United States Department of Labor reported Thursday. The data indicated a higher rate of unemployment for professional and business services workers, while claims for Americans working in manufacturing were down. The U.S. white-collar job market is currently experiencing a slowdown. Compared to the overall labor market, white-collar workers are seeing a significantly slower growth rate. The U.S. economy added a dismal 175,000 jobs last month, the lowest rate in six months, according to the Bureau of Labor Statistics. Well-paying industries, such as finance, technology and professional services, are being adversely affected, while blue-collar, skilled labor jobs are relatively secure. Notably, not all white-collar jobs are hurting, as there are pockets of needs in various sectors. There is still a high demand for healthcare, government and certain skilled tech professionals, such as AI-related software engineers.    Read full story here: https://lnkd.in/ehmwDx4S

Our Winston Technology August 2024 Hiring Update is Live! Key Takeaways/Facts: It was not a good month, as total non-farm payroll employment increased by 114K in July, down from previous months totals over 200K. Tech occupations declined by 14K, however the tech unemployment rate fell to 3.2%. There was good news today however, as the number of Americans filing for jobless benefits during the first week of August came in lower than analysts expectations and sparked a rally on Wall Street that alleviated last week's selloff following the July jobs release. Analysts believe we remain on track for an interest rate cut in September. #winstonwisdom #jobsreport #techjobs #learnmorein2024