San Francisco Leads Technology Employment Growth in Bay Area
San Jose/South Bay Boasts Highest Salaries
SAN LEANDRO, Calif. (May 22, 2012) – TriNet’s SMBeat, a detailed analysis of trends in key human capital economic indicators for small businesses, reports that San Francisco leads technology sector employment growth in the Bay Area at 3.14 percent, however trails in average salaries at $108,000. The Peninsula also had strong employment growth at 3.04 percent with average technology salaries of $121,000. The South Bay/San Jose area trailed in job growth at 1.55 percent, but leads the area in average salaries at $130,000.
The U.S. Bureau of Labor Statistics announced the creation of 115,000 new jobs for the US economy in April, which was well below expectations. Translated to percentage terms, this represented only a 0.09 percent increase over March employment levels. By contrast, TriNet member company employment levels increased 1.46 percent, almost seventeen-fold that of the national average.
During April, overall hiring rates at TriNet companies jumped 21.4 percent up to 3.5 percent. Total terminations decreased 8.7 percent to 2.04 percent (split between 1.23 percent voluntary quits and 0.83 percent involuntary discharges). A strong hiring rate of 3.5 percent combined with a lower termination rate of 2.04 percent drove the large jump in employment growth.
TriNet industry sectors adding jobs at a rate above the TriNet average in April included Information Technology (+2.13 percent) and Retail/Wholesale (+1.47 percent).
The complete report is available here.
SMBeat provides a detailed analysis and a predictive forecast for trends in key human capital economic indicators for small businesses. All reported statistics are seasonally adjusted unless otherwise indicated. All reported months begin 7 days prior to the beginning of the current calendar month and end 7 days prior to the beginning of the next calendar month. TriNet generates payroll information by tracking real-time movements within its base of approximately 5,000 entrepreneurial businesses whose employees earn approximately $100,000 in annual base salary. These companies fall primarily into three broad industry segments: technology, professional services, and financial services. SMBeat aggregates and reports data reflecting compensation, hiring and retention (both involuntary terminations and voluntary resignations), and also provides ongoing analysis of contributing factors to these trends, including regional, industry and seasonal variables. Additional details can be found on the company’s SMBeat web page http://www.trinet.com/smbeat. Technical questions can be submitted via email to email@example.com.
TriNet is a trusted partner to small businesses, providing critical HR-related services on an outsourced basis. TriNet’s solutions help contain costs, minimize employer-related risks and relieve administrative burden to keep an entrepreneur’s focus on core business functions. From employee benefits service and payroll processing to high-level human capital consulting, TriNet's PEO expertise is integrated with every facet of a client’s business. TriNet specializes in serving fast-moving companies in fields such as technology and financial services, who recognize that top-quality employees are the most critical competitive asset. For more information, please visit http://www.trinet.com.
Contact: Matthew Meigs, 510-875-7320, firstname.lastname@example.org
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