If you’re running a business in 2020, making predictions for the post-pandemic workplace is no easy task. Staying up to date on tech news and hiring trends is yet another layer of understanding industry growth as a whole. Health care companies, digital asset management platforms, and shipping and distribution are only some of the rapidly growing industries in Colorado. Some of this growth is due to accommodating changes caused by the virus.
Companies within these industries are actively seeking talented and qualified individuals to build inventive products despite an overall slow in hiring. As a recruiting partner, we have unique insights into the struggles and successes of our clients that are growing their teams. More recently, some of our clients have struggled with fighting an economic downturn and budget cuts while still needing strong engineers to continue serving their customers.
The seasons are shifting, and the tech industry is as well. This post will provide observations of what we are seeing in the market, and predictions for the post-pandemic workplace. From an increase in contract hires to the election impacting hiring, we can expect the following factors to influence the rest of this year.
First, one shift we have observed is a rise in contract hiring versus direct placement opportunities. Companies are leaning on the speed and efficiency of contractor onboarding to grow more rapidly. Many positions are also open to hiring full-time after a contract period. Contract work incorporates a strategy for flexibility, in which businesses can have a trial period before committing, and this approach can also save money.
One aspect that’s important to note, the legality of hiring contractors is still an essential part of avoiding citations and fines from the IRS. Check out our online resource on this topic, and if you have remaining questions on hiring contractors, contact the BWBacon team here. From our observations, contract work is likely to continue into the hybrid post-pandemic workplace model.
During presidential election years, Americans tend to speak more openly about politics, and this year is no exception. Regardless of where you stand, an increase of talking about politics at work can be distracting, stress-inducing, and downright tense. 57% of workers say they have talked about politics while on the job from a recent Glassdoor poll.
Additionally, from research firm Gartner, 47% of people say the 2020 presidential election has impacted their ability to get work done. It should come at no surprise that cascading events surrounding a global pandemic would have lasting effects on how people feel about the economy, and the government’s response on the local and federal level.
In terms of the stock market, “increased or decreased confidence in the country’s economy can influence investments and lead to market fluctuation.” Reduced confidence can compel people to invest less money, resulting in slower economic growth. The bottom line is that election years cause fluctuations and underlying conflict that may impact economic growth and hiring.
At this point, most of us are familiar with the predictions on how extended remote work will change the post-pandemic workplace. Facing these concerns and adjustments in real time will go beyond imagining a world where no one works in an office anymore.
In reality, there are many people who want increased remote work, but do not want to lose their office spaces all together. Humans are social beings, so eliminating offices completely sounds like a glum, isolating resolution only a handful of people would truly prefer. Creating a fusion of remote work and opportunities for people to collaborate safely in person will be the biggest challenge for companies returning from remote work down the line.
On the flip side of those of us who miss our coffee pot conversations in the office, there is a growing sentiment that ultimately, employees should be able to decide where they get their work done. As the long-term deployment of remote work has seen great success, people working from home want agency in navigating their own schedules, and to work when it is best for them.
Developers and engineers across Denver and nationally are actively seeking remote-only positions, and this informs how companies will hire moving forward. Already we have seen our clients adapt roles that were partially in-person to be fully remote. One substantial benefit of expanding roles for remote work is that it expands the candidate pipeline for talent working outside Colorado as well as in state.
In preparing your business for the rest of the year and next, take the temperature of your employees. And we don’t just mean literally. Gauging how people feel about the virus, remote work, and returning to the office safely will inform decision-making for the post-pandemic workplace.
August was a busy month for growing tech companies and startups across Colorado. The Colorado Inno tracked nearly $130 million in equity funding across eight deals, smashing July’s total of $65 million through 11 deals. This is great news for the Colorado economy as a whole, as top tech innovators are still bringing on crucial personnel to drive production.
Notably, Brandfolder, a Denver digital asset management company is being acquired by Smartsheet, based out of Washington and Denver, for $155 million. Brandfolder currently has clients such as Slack, Lyft and Mastercard that utilize their digital content assessment and organizational platform. Smartsheet’s goal is to build on their current collaboration tools using Brandfolder’s technology for workflow management and digital content organization.
Another interesting player in August’s rounds of fundraising is local startup Stedi. Based out of Boulder, Stedi specializes in B2B transactions through a unique messaging platform, and raised $50 million in equity funding from 11 investors last month. And finally, providing insights into gamer purchasing behavior, Lootcakes was backed by Denver gaming VC Konvoy Ventures for $2 million. Based out of Seattle, New York, and Denver, Lootcakes tracks in-app purchase receipts for those playing free-to-play games, and uses their purchase preferences to boost rewards and customize gameplay.
The old saying, the only constant is change comes to mind when envisioning the details of the post-pandemic workplace. If you are expanding your engineering team during this time, consider working with a recruiting partner to accelerate your search for top qualified individuals. Hiring trends in tech and fluctuations in our economy change as quickly as the weather here in Colorado, but we are happy to report most of what we are seeing is encouraging. Denver will continue to hold its status as rising tech hub, as we see more national companies look towards the Centennial State for its culture of growth and innovation.
Here at BWBacon Group, we know and live what you are experiencing as an employer or job seeker in Denver, Boulder, Dallas, San Francisco, New York City or any of the other cities we work in. We believe great recruiting starts and ends with understanding people.
If you have any questions about living, working or playing any of the areas we serve, please contact us. We are happy to help. Seize the day, every day, that’s what we say!