📰 In this issue

🔹 Tools Board: Exclusive for our community

🔹  Industry Pulse: Current trends and future prospects in tech

🔹 Skill Spotlight: The money-driven motivation behind upskilling

🔹 Career Moves: The Big Stay: Why workers are settling In for 2024

🔹 Tech Corner: The intersection of AI and energy

🔹 Work-Life Integration: Law gives workers the right-to-disconnect

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📰 Industry Pulse

Current trends and future prospects in tech

The tech job market is currently in a state of flux, influenced by various economic, political, and technological factors. Recent data from the Federal Reserve indicates a slowing economy, which may lead to interest rate cuts. While this economic shift might not directly impact tech roles, it adds another layer of complexity to an already multifaceted situation.

The current tech and cybersecurity job market presents a paradoxical picture:

The given: Demand for AI expertise is skyrocketing. Professionals are rapidly upskilling, focusing on GenAI and AI skills to remain competitive. Certain geographic areas, particularly those with a strong federal presence like Washington, D.C., continue to see high demand for cybersecurity professionals.

Those are two niche areas. Despite these bright spots, many skilled tech professionals across various specialties are finding it tough to secure long-term, career-advancing positions. There are short-term gigs and project work is out there, but stable, long-term roles remain elusive for many.

Tech companies are being selective in their hiring and in some cases implementing freezes, but state and local government tech jobs seem less affected. You could be getting paid less, but it might make sense to consider a transition to the public sector.

The wild cards -

The potential for interest rate cuts following the Fed's data on economic slowdown might impact corporate hiring decisions, potentially leading to more cautious hiring practices in the tech sector.

The upcoming US election adds another layer of uncertainty. Different administrations could implement policies that either stimulate or constrain tech sector growth, affecting job availability.

AI is creating new job opportunities, but also automating certain roles. This dual effect could reshape the tech employment landscape, potentially reducing demand for some traditional tech roles while increasing demand for AI-related skills.

Last comment here - Borderless hiring for tech jobs is creating a lot more competition in the market. There are a lot of very talented people all over the globe, expanding the talent pipleline.

LOOKING AHEAD

The tech job market is at a critical juncture. While some indicators suggest a slowdown, particularly in the private sector and risk management roles, others point to continued growth, especially in AI-related fields. The upcoming US election and potential economic and fiscal policy shifts add further uncertainty to this landscape.

The key for tech professionals will be adaptability. Those who can pivot to in-demand skills, particularly in AI and cybersecurity, are likely to find ample opportunities. Additionally, considering roles in the public sector or in emerging tech hubs outside traditional centers could provide new avenues for career growth.

As we navigate this "age of AI," the tech job market will likely experience periods of adjustment. However, the fundamental importance of technology in our economy suggests that skilled tech professionals will continue to be in demand, albeit in evolving roles and potentially new sectors.

📎 Related Resource

• Emily Peck on the U.S. Job Market and the Economy

🏫 Skill Spotlight

Learn to Earn: The money-driven motivation behind upskilling

We all know the importance of continuous learning and skill development has never been more apparent. A recent survey of knowledge workers reveals some intriguing insights into the current landscape of professional development and upskilling.

Morning Consult conducted two surveys: one of learning and development leadership and another of full-time employed adults. The findings highlight the critical role of skills development in addressing talent retention and readiness for future disruption. Here are some takeaways;

The good news is that an overwhelming majority of employees - 83% to be precise - recognize the critical role that ongoing skills development plays in their job performance. This awareness reflects a workforce that understands the need to adapt and grow in an ever-changing professional environment.

However, there's a significant gap between this recognition and action. Despite the high value placed on skill development, only about half of the surveyed employees have actually completed any formal education or training outside of work in the past five years. This disparity raises questions about the barriers preventing workers from pursuing further education.

When it comes to motivation, show me the money.unsurprising. Increased earning potential is the primary motivator for 64% of employees considering additional education or training. Career advancement opportunities come in as the second most significant factor, cited by 44% of respondents. These statistics underscore the pragmatic approach many professionals take towards upskilling - it's seen as a means to tangible career benefits rather than purely for the sake of learning.

Interestingly, when it comes to choosing where to acquire new skills, employees show a strong preference for in-house training. A substantial 41% of workers would look to their current employer first for building job- or industry-specific skills. This is in stark contrast to the mere 17% who would consider a community college, or the 14% who would turn to a university for the same training. This preference for employer-provided training could be seen as an opportunity for companies to boost employee retention and satisfaction through robust in-house development programs.

Despite the clear benefits and interest in upskilling, barriers still exist. Time constraints emerged as the most significant hurdle, cited by 42% of employees. This is closely followed by a lack of motivation, which affects 35% of respondents. These obstacles suggest that for training initiatives to be successful, they need to be designed with flexibility in mind and presented in a way that ignites employees' motivation to learn.

When it comes to the content of training programs, relevance is key. Employees emphasized that the most important aspects of an effective training program are its relevance to their work (58%) and opportunities for practical application (41%). This indicates a desire for targeted, applicable learning experiences rather than broad, theoretical knowledge.

Lastly, it's worth noting that one-third of employees report seeking out skills development or training opportunities only on an as-needed basis. This just-in-time approach to learning suggests that many workers are reactive rather than proactive when it comes to their professional development.

These findings paint a picture of a workforce that recognizes the importance of continuous learning but faces real-world challenges in pursuing it. For employers, this presents both a challenge and an opportunity. By addressing the barriers to learning and providing relevant, flexible training options, companies can not only boost their employees' skills but also increase job satisfaction and retention in an increasingly competitive job market.

📎 Related Resource

• Happiness comes easier when money is not a priority

• Money remains top priority for job seekers

🚀 Career Moves

The Big Stay: Why workers are settling in for 2024

The job market landscape is shifting, with a noticeable trend towards job stability emerging among knowledge workers. A recent survey by Robert Half, , reveals a significant decrease in job-seeking intentions for the latter half of 2024.

Only 35% of workers are planning to look for new employment in the coming months, a big drop from almost half last year. Ok, now we have. So now we have a new term - "Big Stay," is persisting despite the abundance of job openings in the market. This doesn’t necessarily apply to tech tho - “job openings”

What's driving this trend towards stability? The survey points to high levels of job satisfaction as a key factor. What a difference a couple of years make. Now three quartersof people report being generally happy in their current roles, with 85% citing a good work-life balance. Wow! The top contributors to job satisfaction include competitive salaries with regular merit increases, flexible work arrangements, fair workloads, positive work culture, and supportive management. Where are these people working?

For employers looking to attract talent in this climate, there are some deal-breakers, like, if a company doesn't list a salary range in the job description , requires full on-site work with no remote options , doesn't emphasize company culture, or has a prolonged interview process (28%).

\With skilled talent at a premium and workers feeling content in their current positions, companies can't afford missteps that could deter potential candidates.

This shift in the job market underscores the importance for both employees and employers to stay adaptable. While workers are currently prioritizing stability, they're also preparing for future opportunities. Employers, on the other hand, need to refine their recruitment strategies to attract top talent in a market where workers are increasingly selective about making moves.

📎 Related Resource

• The Big Stay, what to expect in 2024

• The Great Resignation Is Now the Big Stay

💻 Tech Corner

The intersection of AI and energy

AI has created an unprecedented demand for electrical power, leading to a complex situation in the energy sector. So we wanted to address the emerging relationship between data centers and nuke plants.

Pure and simple - the power requirements for data centers is exploding. Current estimates suggest that data centers consumed approximately 4% of the total U.S. electricity in 2023, with projections indicating this could rise to between 4.6% and 9% by 2030. So as this power gets sucked off the grid there is a growing need to offset the demand with high-capacity power sources. That’s the question…the answer remains the bigger question.

In response to the expanding need, tech companies are now exploring partnerships with nuclear power providers, which offers several advantages for data centers like, providing consistent, round-the-clock, carbon free power generation.

But, let’s take a look at this a little closer.

By diverting existing nuclear power to data centers, existing power is being removed from the grid. This gets back to the law of supply and demand with increased costs for other consumers, as the fixed costs of grid maintenance would be spread among fewer users.

It is true that nuclear power is carbon-free, but reallocation of existing clean energy to data centers does not contribute to overall emission reduction goals. It effectively redistributes current clean energy resources rather than adding new sources to the grid.

Enter the gridlock in US policy and legal battles, which absolutely will play a part going forward. Current regulations most certainly are not adequately equipped to address these new power arrangements, leaving questions about oversight and consumer protection. This could play out over years.

Not only that, we have the debate about nuclear power’s role in a "green" energy future. The fact of the matter is about waste management and potential safety risks - is this truly a green energy source? This debate adds another layer of complexity to the issue of powering AI infrastructure.

Lastly, there is a lot at stake here on the global power stage. The ability to secure reliable, high-capacity power sources could become a significant factor in determining which countries or regions lead in AI development.

The increasing energy demands of AI technology present a complex challenge that sits at the intersection of technological advancement, energy policy, and environmental goals. As we move forward, it will be crucial to find sustainable energy solutions that balance the need for innovation with broader societal and environmental considerations. This situation underscores the importance of ongoing research into energy efficiency, alternative power sources, and grid management to support the continued growth of AI while minimizing negative impacts on energy systems and the environment.

📎 Related Resource

• White House backs nuclear for data centers

• AI, data center electricity demand could drive advanced nuclear investment

🧘 Work-Life Integration

Law gives workers the right-to-disconnect

We’ve all been there - the blurred lines between work and personal life. While "right to disconnect" laws are emerging globally, the real goal is effective work-life integration.

Let's be honest: working will never be as enjoyable as lounging around. If given the option, most people would rather follow their passions than spend a full day on tasks for someone else. This isn't surprising, yet many offices still try to push a high-pressure environment, like we can’t wait to jump right in.

There are laws that exist around the planet including Australia, Argentina, France, Italy, Portugal, and Spain, that allow you to disconnect. Now in California, Rep. Matt Haney introduced a bill, which guarantees California workers uninterrupted personal and family time by creating a “right-to-disconnect” from emails, texts, and calls after work hours. That ought to prove interesting, especially in a tight employment market.

Do yourself a favor though, prioritize self-care: Quality sleep, mindful eating, and personal time are crucial for peak performance.

Remember, true productivity isn't about being available 24/7. It's about bringing your best self to work and life. By integrating work and personal time effectively, you'll boost your career and well-being simultaneously.

With automation taking over boring tasks, the push for productivity is creeping into our personal time. So, it's more important than ever to protect our downtime.

Managers are on the front lines to make sure everyone gets the time and space to really chill out. By using time management and project tracking apps, they can keep an eye on workloads and make sure we're all done by the end of the day.

Executives need to walk the talk too—when the workday's over, it's time to go home. Don’t reward overwork unless you want more of it.

📎 Related Resource

• This is how many hours you should really be working

• From Work/Life Balance to Work/Life Integration

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