SAN LEANDRO, California, January 7, 2015 /PRNewswire/ --
- December SMBeat Report Reveals Overall Net Job Growth Across U.S. Markets More Than Doubled Year-Over-Year
TriNet (NYSE: TNET), a leading cloud-based provider of HR services, today announced the findings of the December issue of its TriNet SMBeat. The SMBeat report is a monthly analysis of small business employment and human capital economic indicators. December's report features an analysis of overall net job growth for 2014. A key finding of this month's report is that technology and professional services were the hottest growing sectors for the year, with an annual net job growth of 49% and 26%, respectively. For the technology sector, this is nearly twice the growth rate when compared to 25% in 2013. Professional services witnessed the greatest year-over-year increase as 2013's annual growth rate was only 8%.
This growth trend for technology jobs will likely continue into the new year as the forecast for the first half of 2015 looks bright for IT workers. According to CIO.com, 87% of Chief Information Officers say they will add more staff, whether to fill vacant roles or new positions. As a result, companies should expect there to be upward pressure on salaries and benefits, making it necessary for companies to employ better engagement and retention strategies if they want to hold on to key talent.
Below are the key findings of the December 2014 TriNet SMBeat Report. All data related to net job growth and losses is sourced from TriNet's population of more than 10,000 clients and approximately 273,000 worksite employees in the U.S. This month's report showed that:
- The TriNet population as a whole finished December with a 22% net job growth, more than double the 2013 growth of 10%.
- In the top vertical area of net job growth, technology, Atlanta experienced a nearly 75% increase in annual net job growth. This is nearly double the 37% growth the area achieved last year.
- Los Angeles's technology sector annual net job growth was nearly 61% in 2014, surpassing all other tech hubs except for Atlanta. This is well in excess of Los Angeles's 2013 annual net job growth of 34%.
- Another city represented in the technology sector is Boston, with 57% annual net job growth in 2014. This is more than double its 23% increase in 2013.
- Net job growth this year for both Silicon Valley and the New York metro area technology sectors was 49%. Though the year-over-year increase is significantly higher for Silicon Valley, which only saw a 14% annual net job growth in 2013. The New York metro area only inched up slightly from last year's new job growth rate of 40%.
- Rounding out the technology group is the Denver/Boulder area with 25% annual net job growth. This is nearly double 2013's annual net job growth of 13%.
- In professional services, New York state led the vertical with 40% annual growth, up from 2013's annual new job growth rate of 6%. California followed behind with a net job growth rate of 30%. This is up from 2013's net job growth rate of 8%.
- Construction was the only vertical market to grow more slowly this year than in 2013. It experienced a net job growth of 13% this year compared to last year's growth of 15%.
- Texas led the construction vertical with almost an 11% annual growth in 2014. This is significantly lower than the 55% growth rate in 2013.
- Another slow sector, manufacturing and mining, only fared a little better than construction this year. It moved from its 2013 annual net job growth rate of 5% to 7% in 2014.
- Georgia's manufacturing, mining and other industry topped the geographies considered here in 2014 with 9% annual net job growth. This shows substantial improvement for Georgia over last year's net job decrease of 6%.
1. Sharon Florentine "6 IT workforce predictions for 2015," CIO.com December 15, 2014 http://www.cio.com/article/2859558/careers-staffing/6-it-workforce-predictions-for-2015.html
For more information on TriNet, follow us on Twitter, LinkedIn, YouTube and Facebook.
TriNet is a leading provider of a comprehensive human resources solution for small to medium-sized businesses, or SMBs. We enhance business productivity by enabling our clients to outsource their human resources, or HR, function to one strategic partner and allowing them to focus on operating and growing their core businesses. Our HR solution includes services such as payroll processing, human capital consulting, employment law compliance and employee benefits, including health insurance, retirement plans and workers compensation insurance. Our services are delivered by our expert team of HR professionals and enabled by our proprietary, cloud-based technology platform, which allows our clients and their employees to efficiently conduct their HR transactions anytime and anywhere. For more information, please visit http://www.trinet.com.
TriNet, Ambitions Realized and the TriNet logo are registered trademarks of TriNet. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.