One of the most common questions our founder, Mark Phillips, gets lately is, “Is the edtech market changing?” Everyone is worried about the economy and a potential recession, especially with inflation rates higher than they’ve been in years. So where do we really stand right now?
Mark says that, at least for the edtech industry, there’s nothing unusual in the overall job market except big layoffs at big tech companies, and those aren’t really affecting the edtech sector other than at giant companies like Zoom and on Google’s education side. For smaller startups, we’re just not seeing anything in terms of layoffs. The economy is strong and growth is good. Growth could be better, but it appears that we’re not anywhere near a Recession.
A recent NBC News article stated that, “Despite a wave of high-profile layoff announcements, most workers are still employed. Last week, the Bureau of Labor Statistics reported that the number of people filing for unemployment benefits fell to a nine-month low of 186,000. The unemployment rate remains at 3.5%, the lowest in a half-century. And there are about 10.5 million job openings.”
That means from an employment-industry standpoint, the economic climate is still really favorable for career development, job searches, and hiring.
One of HireEducation’s client companies just went back to hiring all in-person employees, but their business model calls for that more than most. Mark still expects to see a mostly remote/hybrid workforce for the foreseeable future.
So for all of us in the edtech industry, take a deep breath, and enjoy the “job-seekers’ market” while it lasts. Talent continues to be in the driver’s seat.
Are you one of the people looking to fill one of those 10.5 million job openings? We would love to chat with you! Give us a call at 877-HIRE-EDU.
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