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October 21, 2015Linium Index of High-Tech Hiring Forecasts Technology Job Growth in New York’s Capital Region
Nearly two in three Capital Region companies expect to add technology-‐based jobs during the fourth quarter – and more than three in four say they are optimistic about continued high-‐tech job growth over the next year – according to the Linium Index of High-‐Tech Hiring, released today during a news conference held at Transfinder in Schenectady. The first-‐of-‐its-‐kind index reflects the results of a survey conducted by Linium, the region’s leading recruiter for technology positions, which captured responses from hiring managers at 65 companies across the region.
The Linium Index found that 63 percent of companies added tech jobs during the third quarter, and an equal number expect to do the same in the fourth quarter, with only one company planning to reduce its tech workforce. Asked about expectations for high-‐tech job growth over the next year, 77 percent described themselves as optimistic or very optimistic; no respondents expressed pessimism about the future. And, 69 percent of respondents view the regional economy, including the tech sector, as better or much better than the national economy.
The challenge, according to the survey, will be finding skilled workers to fill the growing complement of tech jobs. Three in four hiring managers reported that recruiting employees for tech positions was challenging or a significant challenge, with more than half, 52 percent, pointing to a skills gap as the biggest factor affecting their ability to hire. And, more than four in ten employers said they are looking outside the region to bolster their recruiting efforts.
“The results of the inaugural Linium Index of High-‐Tech Hiring demonstrate that the Capital Region’s technology sector is on the right track, producing jobs today and promising more for tomorrow,” said Miriam Dushane, Linium Recruiting’s Managing Director for Upstate New York. “The challenge will be to ensure that those jobs can be filled with an educated and trained workforce that will enable the region’s tech growth to continue.”
“I am proud of the efforts that have taken place in the Capital Region to attract established technology companies and to help lay the groundwork for so many startups to launch,” said U.S. Rep. Paul Tonko. “Our region’s role as a leader in the clean energy and innovation sector has helped to create and sustain high-‐tech jobs that will enable New York to be competitive in the 21st Century global economy. And when new jobs are created in the technology space, the rest of our local economy and households benefits as well. The future is bright, but today’s findings show there are still challenges that we must confront, including support for STEM education programs to bridge the skills gap. At the federal level, we have an important role to play to help ensure the Capital Region is a place businesses and individuals turn to as they start, grow, hire, expand and thrive.”
“Our region has successfully transitioned from an emerging to a recognized technology sector,” said Capital Region Chamber Chief Executive Officer Mark Eagan. “Tech Valley’s success breeds continued growth in investment and jobs.”
“We are very optimistic about future growth at Transfinder. With nine straight years on Inc. magazine’s fastest-‐growing companies list, we are looking forward to number 10,” said Joe Messia, Chief Operating Officer at Transfinder. “To do that requires hiring the best tech talent and that continues to be a challenge. It is my top focus—finding the best developers. We will find them, and we’re hopeful we’ll find them in Tech Valley.”
The tech field showing the fastest-‐growing number of opportunities is Information Technology (IT), according to more than half of hiring managers responding to the survey. Of the opportunities in IT, 58 percent pointed to development as the greatest demand, followed by infrastructure, business intelligence and mobile.
The survey results reflect the outlook at small, medium and large-‐sized companies, with an even distribution of responses from each segment: 17 percent of respondents employ 10 or fewer; 15 percent employ 11 to 50; 19 percent employ 50 to 99; 20 percent employ 100 to 199; and 29 percent employ 200 or more.
Launched to assist companies in better understanding the technology job market, and to help them develop strategies to recruit and retain a top-‐notch workforce, the Linium Index of High-‐Tech Hiring will be issued on a quarterly basis. The next index, to be released in January 2016, will assess the tech job market for the first quarter and expectations for the year ahead.
