Technology Jobs Rise 2.6 Percent in New York, San Francisco
San Franciscans in technology enjoy the highest salaries in the nation, $17,000 more on average.
SAN LEANDRO, Calif. (February 24, 2012) – New York created 2.64 percent more tech jobs last month, while the San Francisco Bay Area followed closely with a 2.56 percent differential, both outperforming other tech hubs around the country. TriNet’s SMBeat also discovered that San Francisco tech workers enjoy the highest salaries in the industry: $115,000 vs. mid-$90,000 for the other tech hubs, an average salary increase of $17,000.
Moving from technology trends to overall employment trends, January data from the U.S. Bureau of Labor Statistics showed the creation of 243,000 jobs for the U.S. economy. This represents only a 0.18 percent increase over December’s employment levels. By contrast, TriNet’s clients saw their employment levels grow 1.78 percent in January, nearly tenfold that of the national average.
TriNet industry sectors adding jobs at a rate above the TriNet average include Information Technology (+2.3 percent), Personal Services (+2.2 percent), Professional Services (+1.9 percent) and Retail/Wholesale (+1.9 percent).
Though hiring fell 8.8 percent from December to 2.98 percent for January, total terminations decreased 34.7 percent to 1.2 percent, nearly equally split between voluntary quits and involuntary discharges. This dramatic reduction in terminations offset the weaker hiring, resulting in a net improvement for the job creation rate, which is up 24.5 percent month over month.
From a salary perspective, the average wage of employees terminated was $99,040, vs. wages of $90,232 for new hires. This shift means that new hires are earning 8.9 percent less ($8,808) than the employees they are replacing or supplementing.
The complete report is available here. Regular readers will notice an updated format, as each report now features a rotation of in-depth features, with special reporting on topics such as annual bonuses, salary trends by job title and industry, benefit funding selections by industry, and regional employment conditions, just to name a few. Under the hood, TriNet has also overhauled its analytics engine to now perform multi-dimensional analysis on its proprietary data set. This allows the company to uncover new levels of insight into employment trends. Additionally, TriNet has improved its statistical models to better account for seasonality effects and to increase forecasting accuracy.
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. 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 online at http://www.trinet.com/smbeat.Technical questions can be submitted via email to firstname.lastname@example.org.
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.
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