Many headlines have focused on tech companies that are losing their talent. But the numbers tell a very different story.
In November, there were 35,132 job openings in the finance and insurance industry, according to CompTIA’s analysis of the US Bureau of Labor Statistics (BLS) jobs report released Dec. 2. CompTIA, an IT industry group, found that technology companies added workers for the 24th straight month – 14,400 workers in November, and employment in the technology sector increased by 207,200 this year. “There are still far more employers hiring tech talent than they are dumping,” says Tim Herbert, director of research at CompTIA.
“The finance and insurance industry had the second highest volume of tech job openings,” Herbert says. For example, companies such as Humana, Capital One, Elevance Health, Edward Jones, Citi, Travelers and Wells Fargo are in the top 25 tech job postings for the month, he says. The highest volume was in the traditional tech job category of professional, scientific and technical services, with 41,188 job openings, according to the analysis.
I asked Herbert if tech job listings for finance and insurance were up since January. “Generally, yes, but mirroring the trend seen across many industries, there was a significant increase in postings during the second quarter, leading to record levels of hiring activity,” he explains. “Volumes of vacancies then stabilized at more normal ranges. But for the finance and insurance sector, year-to-date volumes are 442,147 compared to 326,698 for the same period last year, representing a 35% year-on-year increase. .
The three employers with the most tech job postings in November were Humana (4,951), General Dynamics (3,386) and Capital One (2,716), according to CompTIA findings. By comparison, big tech companies like Apple had 1,791 tech job openings and Amazon had 1,516.
Humana’s chief financial officer, Susan Diamond, said on the company’s third quarter 2022 earnings call that machine learning techniques have played a role in advancing analytical models and, in turn, improved sales and retention forecasts. CEO Bruce Broussard mentioned that Humana creates a culture focused on workflow efficiency and technology adoption.
Capital One also highlighted the importance of technology. “One of the real benefits of our technology transformation has been allowing us to create a lot more sophistication, more data, more machine learning and other things in the credit underwriting process,” said Rich Fairbank. , CEO of Capital One, during his third quarter earnings call.
Meanwhile, Apple CEO Tim Cook recently told “CBS Mornings” that the tech giant is “very deliberate” when it comes to hiring. “That means we’re still hiring, but we’re not hiring across the business,” Cook said. Amazon, no. Number 10 on CompTIA’s list may still be hiring, but last month CEO Andy Jassy announced that the company would begin laying off employees in multiple departments. Amazon joins other Fortune 500 tech companies like Meta and HP Inc. implementing significant layoffs.
But as a potential recession looms, will tech professionals turn to roles at financial institutions that some might call less glamorous than a role in Silicon Valley? “It’s hard to say for sure how tech professionals rate their preference for working in different industries,” Herbert says.
But he offered this advice based on CompTIA’s research: “If companies in the finance and insurance industry can offer compelling technology work as well as job stability, job flexibility, or career growth, for example, we can reasonably infer that technology professionals will consider them. job opportunities.
Ways to woo tech professionals, for sure.
Until tomorrow.
Sheryl Estrada
sheryl.estrada@fortune.com
Big deal
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Courtesy of SpendEdge
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