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What’s Happening In The Tech And IT Sectors, According To Staffing Experts
The tech and information technology sectors are dynamic, continually evolving and viewed as lucrative areas for both employees and businesses. Despite the wave of tech layoffs, which have amounted to nearly half a million job cuts since 2022, IT positions remain among the most in-demand roles in the global job market, according to ManpowerGroup’s recent Employment Outlook survey. Although these sectors are hot, they are currently facing a talent gap, with a shortage of workers specializing in IT, data science and cybersecurity.
To gain insights into the fast-changing, tech labor market and the overall workforce, I spoke with Ger Doyle, head of Experis U.S., a staffing company that is part of ManpowerGroup, a Fortune 500 company.
Doyle has an extensive background in IT and engineering. He began his career as an engineer and advanced through various leadership positions globally, including serving as the chief information officer and senior executive roles at a number of high-profile organizations.
Some of the recruiting services provided by Experis include offering skilled IT professionals on a temporary and project basis to meet its corporate client needs, and permanent recruitment placements with qualified candidates. The company also offers expertise in managing business-critical IT projects implementing new solutions.
A Cautionary Tale: Sam Bankman-Fried Sentenced To 25 Years For Defrauding FTX Investors
FTX co-founder Sam Bankman-Fried will serve 25 years in prison after being convicted of defrauding his customers, investors, and lenders.
He faced up to 110 years. Prosecutors argued for a sentence of 40 to 50 years, while Bankman-Fried's lawyers asked for six and a half years.
Sentences for white collar crimes have varied in recent years, from 150 years for Bernard Madoff to 11 years for Elizabeth Holmes.
The 32-year-old Bankman-Fried, in his final statement before the judge, said what happened at FTX "haunts me" and that "I made a lot of mistakes."
As CEO, "I was responsible at the end of the day."
McKinsey Pressures Staff To Get Promoted Or Get Lost
McKinsey & Company is raising the “up or out” pressure on some U.S. consultants, people familiar with the matter told Bloomberg, with the management consulting firm warning staff last week they are running out of time to gain promotions.
Bloomberg reported that memos were sent to some engagement managers and associate partners in North America reminding them the average time to gain a promotion in their roles is two-and-a-half years.
The “up or out” policy is used by many management consultancies, where staff are expected to get promoted within a specific timeframe or exit the firm.
The memo is the latest signal McKinsey is looking to slim down its headcount after a period of significant expansion and low attrition rates.
Amazon's Senior Employees May Not Get A Cash Pay Raise This Year
Amazon said on Wednesday its senior employees, whose compensation includes more stock-related awards than cash, may not receive a cash pay raise this year.
"For this year's compensation cycle, we are prioritizing cash base pay increases for employees whose compensation is weighted more heavily in base pay as opposed to stock," an Amazon spokesperson said in an emailed statement.
Some of these top employees' compensation, however, will meaningfully exceed that of last year due to growth in the e-commerce giant's stock price over the past year, the spokesperson added.
The stock surged 81% in 2023, and climbed over 18% so far this year, as of last close.
Despite the strong performance, Amazon began the year by shedding jobs across several divisions. Aiming to slash costs, the company had cut more than 27,000 jobs and trimmed stock awards last year.
The pay raise matter was first reported by Fortune.
Why The U.S. Could Be On The Cusp Of A Productivity Boom
Over the last 15 years, weak capital investment in rich countries has held back productivity growth. But that may be about to change.
The pathway to higher incomes and standards of living rests on economies finding ways to deploy their labor forces more productively.
The dearth of productivity growth over the last couple of decades has held back incomes in the U.S. and other rich countries, according to a report out Wednesday from the McKinsey Global Institute, the research arm of the global consultancy.
The authors are optimistic that a confluence of factors will make the years ahead different. The rise in global interest rates and inflation are evidence of stronger global demand. Many countries are experiencing labor shortages that may incentivize more productivity-enhancing investment. And artificial intelligence and related technologies create big opportunities.
How To Get A Job In Tough Times: All The Advice You Need To Succeed From A Top Executive Recruiter
There’s an old saying, “Tough times make tough people.” In this book, Jack Kelly will help guide you every step of the way in your job search to ensure that you stay strong, resilient and positive, and get that great, new job.
