a 'white-collar recession'
Tech Jobs Are Mired In A Recession
White-collar hiring is in a huge slump. Here's who's getting hit the hardest.
·
7.1k reads
·
The Lede
By all the standard economic measures, America's labor market looks fine. But ask white-collar professionals who are actually looking for a job, and they'll tell you horror stories. As Business Insider's Aki Ito wrote last spring, that's because the job market has essentially split into two distinct tiers. Even though hiring has held up well for lower-earning workers, it has plunged for people earning six figures or more. We're in the midst of a white-collar recession.
Key Details
- New data from LinkedIn — which tracked how often its users landed new jobs — shows which white-collar jobs are being hit the hardest.
- The most surprising feature of the job freeze is the pullback in tech. Hiring has plunged 27% in IT, 32% in quality assurance, and 23% in product management.
- Why has tech slammed the brakes on hiring? One reason is that tech companies, panicked by the Great Resignation that followed the pandemic, hired way too many professionals.
