PRO Unlimited, the modern workforce management solutions provider, today announced new labor market trends for the modern workforce (i.e. non-employees, contractors, consultants) based on year-over-year comparisons across its robust database, which includes more than 30 billion data points. PRO’s data shows YoY growth in the technology sector as companies accelerate digital transformation, and strong hiring volume across the San Francisco Bay Area, as well as in Oregon and several midwest states, including Minnesota and Indiana.
“According to our latest data, all signs point to a strong recovery coming out of the pandemic and plentiful job opportunities to fuel the contingent workforce segment,” said Kevin Akeroyd, CEO of PRO Unlimited. “To stay competitive, companies need to embrace technology and business intelligence so they can better understand the market and attract the right resources for their business at the right place and at the right time. And our clients can achieve that through real-time data and insights via our DaaS and SaaS workforce solutions.”
Key trends surfacing based on YoY hiring comparisons and other data points in PRO Unlimited’s massive database include:
IT/Technology and Professional Services Drive Digital Transformation Projects
PRO’s analysis found a 31% increase in the number of project requests filled across the IT and technology job category in 2020, and this trend has continued in 2021, with a 36% increase YoY.
Healthcare Continues Strong Rate Growth, Consumer Products Rebounds
Bill rates in the healthcare industry continue to rise, increasing 45% from Q1 2020 to Q1 2021. COVID-19 drove a significant shortage in healthcare workers which resulted in an unprecedented increase in rates that are beginning to normalize as we emerge from the pandemic. Consumer products bill rates rebounded 23% in Q1 2021, perhaps indicating this sector is stabilizing.
Top 10 U.S. Cities for Hiring Professional / White-Collar Workers Based on YoY Hiring and Pay Rates
Cities with the largest volume of hiring include a mix of urban centers and suburban areas. Additionally, while many include large pay rate increases as the U.S. begins to emerge from COVID, some cities such as San Francisco saw a notable decline in average wages even though their hiring levels remained high:
- San Francisco, CA (-6% pay rate change)
- New York, NY (+16%)
- Beaverton, OR (+0.1%)
- Minneapolis, MN (+30%)
- Hillsboro, OR (+9%)
- Memphis, TN (+15%)
- Menlo Park, CA (+10%)
- Santa Clara, CA (+13%)
- Mountain View, CA (+14%)
- Indianapolis, IN (-2%)
Fastest Growing In-Demand Career Paths for the Modern Workforce
- Nursing Assistant
- Electrical Engineer
- Payroll Specialist
- Software Developer
- Customer Success Manager
- Customer Service Representative
- UI Developer
- Administrative Assistant
- IT Architect
While COVID-19 certainly impacted the entire contingent workforce market last year, PRO’s latest hiring figures also suggest a significant rebound and point to bright spots for new grads who will be entering the workforce this fall. Data points to growth in a mix of smaller cities (Bloomfield, CT, +11%) and urban centers (San Diego, CA, +11%), and economic opportunity in the healthcare, life sciences, technology, financial services and energy sectors, while hiring in Salt Lake City, UT (-11%) and Los Angeles, CA (-1%) continues to decline.
The data featured in this report is based on trends in PRO’s database – the largest, most accurate data repository ever assembled. Hundreds of the world’s most recognizable companies use PRO to manage their modern workforce of contractors, consultants and temp/non-employee workers.
PRO’s team of industry experts aims to provide actionable intelligence and insights with an impactful assessment of targeted global talent markets. PRO applies proprietary algorithms to aggregate, cleanse and anonymize data across a variety of internal and external data sources. PRO manages data on hundreds of thousands of workers annually across 51,000-plus unique roles globally, providing insights on rates, skills premiums, efficiencies, candidate supply/demand, hiring competition and the global competitive talent landscape.
The solution is backed by its multi-industry business rate intelligence platform and global job taxonomy across 160-plus countries and with input from 600-plus “Skills Village” compensation experts. This internal data ocean is combined with strategic partnerships that provide further access to industry-leading compensation data. The information is validated with data providers and local market compensation experts to augment the company’s data to ensure current, relevant market indicators that help with data analysis. The intelligence provided empowers an in-depth understanding of the competitive environment, talent pool, legal and regulatory impacts, workplace dynamics, and social/political factors as they relate to the global labor market.
Learn more by downloading the PRO Labor Market Report here. PRO Unlimited is scheduled to release its next installment of the Labor Market Report in August 2021.
About PRO Unlimited
PRO Unlimited offers the industry’s most comprehensive and holistic platform for contingent workforce management, and helps organizations around the world address the costs, risks and quality issues associated with managing the non-employee workforce. PRO’s platform consists of integrated SaaS software and services solutions that are built on the world’s most robust contingent workforce data set, spanning over 30 years. A pioneer and innovator in the industry, PRO’s platform provides solutions for the procurement and management of contingent labor, global rate intelligence, direct sourcing, 1099/co-employment risk management, third-party payroll, and diversity and inclusion. http://www.prounlimited.com