As the technology industry and broader economy are hit with a perfect storm of inflation, rising interest rates, recession fears and Russia’s war in Ukraine, some tech companies that have been aggressively hiring now are laying off workers across all functions, with others moving to cut costs, planning to slow or pause hiring.
Still demand for IT workers remains strong.
Employer job postings for new tech hiring totaled 505,663 in June, up 62% from the same month a year ago, according to analysis of the recent jobs report by CompTIA. The unemployment rate for tech occupations is 1.8%, compared to the overall national unemployment rate of 3.6%.
Asked by a reporter for CNN Business to address the situation, Harley Lippman, Genesis10 CEO, said that one trend he sees emerging is a greater tendency to hire contractors rather than permanent employees because of the flexibility it provides companies. "Work still has to get done," he said. Genesis10 CEO Harley Lippman was recently recognized as a Best CEO for Diversity and a Best CEO for Women by Business Insider. Staffing Industry Analysts consistently recognizes Genesis10 as a Top IT Staffing Firm.