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Tech Industry Outlook for 2023

The coronavirus pandemic significantly impacted the tech industry for the past few years. Although the use of technology increased in many areas, such as videoconferencing platforms, it also decreased in other areas, such as the Internet of Things (IoT).

Understanding the tech industry outlook for 2023 provides insight into how your industry and company may be affected. This lets you strategically plan and hire employees in line with your expectations.

Learn about the tech industry outlook for 2023 and how your company may be impacted.

Internet of Things

IoT Analytics estimates there will be 30 billion IoT device connections by 2025. This averages out to be four IoT devices per person.

International Data Corporation’s 2020 Worldwide Internet of Things Spending Guide estimates global IoT spending will attain a compound annual growth rate of 11.3% during the 2020 to 2024 forecast period. This data indicates the steadily growing use of IoT.

IoT devices are popular in the form of connected lights, smart refrigerators, and other items in smart homes. Smart glass, activity trackers, and other wearable technologies also use IoT applications. Urban safety monitoring, traffic and waste management, and water distribution in smart cities use IoT technologies as well.

Security is the top concern for IoT-connected devices. Hacks, data breaches, information leakage, and other attacks are common. Because IoT-connected devices do not come with security features, these features must be added.

5G Networks

5G networks offer faster transmission speed than almost all home broadband. As a result, what used to be done only through computers can now be done with smart devices.

IoT devices can interconnect more smoothly using 5G networks than 4G networks. Also, 5G networks let drones, autonomous cars, and smart cities carry out more complex operations than 4G networks.

Currently, 5G networks are available only in certain countries and areas. Also, greater bandwidth means less coverage and more signal drops. Additional cells must be built to support the network’s high speed. Plus, the networks may be unable to penetrate walls and other materials.

Chatbots

Chatbots simulate conversations with humans. These bots use artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) to provide customer service for companies.

Chatbots are being used by more businesses than before. These bots serve as responsive, intelligent, conversational agents. They significantly decrease the amount of time and money spent on answering questions and filling customer requests.

Chatbot development is impacted by developments in NLP. As a result, customers may become frustrated when chatbots give limited or repetitive answers.

Chatbots with robust and complex functionalities are costly. Therefore, companies may not have the budget to use them as customer service tools.

The IT Labor Market Will Be Tight

If you need help hiring tech professionals, include RightStone in your process. Find out more today.


Should You Ditch the 40-Hour Work Week?

 

According to the September 2022 Digital Etiquette: The Reinventing Work Report from Adaptavist, 58% of workers want the 40-hour work week to end. Also, 47% want a 4-day work week. Additionally, approximately 60% of respondents say the quality of work should be used to measure productivity rather than the number of hours worked.

This research shows how workers are shaping and adapting to their workplaces. The survey covered issues such as collaboration, communication tools, health and well-being, and the future of work for both hybrid and onsite workers.

The results indicate the changing shift from traditional workweeks to modern setups that better fit employees’ needs. This indicates that hybrid and remote work should be here to stay.

Discover why the 40-hour work week should be shortened to meet modern-day employee needs.


Changing Employee Needs

When the 40-hour work week began, most women stayed home to provide childcare, cook, clean, and run errands. Today, this concept no longer is reality.

According to an April 2022 news release from the U.S. Department of Labor Bureau of Statistics, 70% of women who are mothers currently engage in paid work. Most of these women also handle the majority of childcare and household needs.

Working for 40 hours each week while trying to maintain a household puts unreasonable stress on employees. This increases the odds of employee burnout. As a result, the 40-hour work week must change to accommodate the changing needs of the workforce.

Increasing Employee Burnout

A 2021 joint report from McKinsey & Company and LeanIn.org showed that 42% of women and 32% of men were experiencing burnout. Although many employers recognize growing employee exhaustion and overwhelm, the issue of burnout continues to worsen.

A significant source of employee exhaustion is the drastic changes in sleep patterns resulting from chronic stress due to the coronavirus pandemic. Many employees are staying up later to take time for themselves. This interferes with the ability to get productive sleep.

Another source of employee exhaustion is mothers who put in increasing hours of both paid and unpaid work each week. Lacking time for necessary self-care and sleep increases feelings of overwhelm and depletion.

As a result, burnt-out employees tend to feel less empowered, be less productive, and not perform their best at work as compared to other employees. They also have lower odds of being promoted.

Leaving behind the 40-hour work week would give employees more time to take care of their personal needs. This would increase employee engagement, productivity, and performance.

Reducing the weekly number of hours worked also would elevate employees who are mothers into more senior roles. This is especially important for companies that have few women in leadership positions.

Want Help with Your IT Staffing?

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Tips to Be an Effective Listener for Your Contract Employees

 

Do you want to develop better relationships and improve productivity among your contract employees? Would you like to reduce misunderstandings and conflicts as well?

One of the best ways to accomplish these objectives is by actively listening. This involves consciously understanding the words your contract employees use and the message they provide. It also includes checking your understanding before replying.

Actively listening during conversations builds trust and credibility between you and your contract employees. The more you learn from these conversations, the more you can show you want to understand and support your contract employees.

Contract employees who feel listened to and respected typically perform their best. They also are likely to want to return to your company for future opportunities after the end of their contracts.

Implement these tips to more effectively listen to your contract employees.


Give the Speaker Your Complete Attention

Focus entirely on what your contract employee is saying.

  • Look at the person who is talking.
  • Pay attention to the speaker’s body language to determine how they may feel.
  • Mentally repeat the words you are hearing.
  • Focus on the words and emotions being shared.
  • Ignore the distractions around you.
  • Wait until the speaker is done to reply.

Display Proper Body Language

Show you are engaged in what the contract employee is discussing.

  • Maintain an open, interested posture.
  • Smile and use other expressions.
  • Nod and gesture when appropriate.
  • Include “yes,” “uh huh”, and other verbal comments.

Clarify Your Understanding

Reflect on what you believe your contract employee is telling you.

  • Paraphrase with “It sounds like you are saying…” or “What I am hearing is…” to ensure you understand the message.
  • Periodically sum up the speaker’s comments.
  • Ask questions to gather additional information.
  • Remain non-judgmental and patient.
  • Manage your emotions.

Reply Appropriately

Be open, honest, and candid with your response.

  • Take a moment to think before you speak.
  • Stay open-minded and patient as you consider different aspects of the situation.
  • Remain clear, empathetic, and respectful.
  • Be open to further discussion.

Looking for Contract IT Employees?

Contact RightStone to fill your contract IT staffing needs. Reach out today.


3 Reasons to Hire a Contract Worker to Join Your IT Team

The way we work requires agility, particularly in the world of  IT. If your response doesn’t match the market reality, you put your whole organization at risk.

IT agility is your IT system’s ability to respond to external changes, and part of your agility comes from your people. That’s what IT contractors continue to be an increasingly popular choice for businesses.

Here are three reasons why hiring a contract worker is the right move for your IT team.

You Need Specialist Skills for a One-Off Project

You already have a few IT generalists and maybe even a security specialist. But your existing team may not have the skills and tools needed to complete a vital project.

If you need help with rolling out a cloud computing campaign, setting up an ERP, application development, or data center management, a contractor might be the best option. These projects usually occur over a set timeframe, which means you can hire a contractor for the project’s duration without worrying about finding work for them when you’re done.

You Need to Hire Quickly

Do you need to roll a project out in the next few weeks or months? Have you been given a hard ‘go live’ date by company leadership?

Hiring a full-time employee takes weeks or even months, depending on the skills you need. Contractors take less time to bring on board because they are a once-off investment. Plus, many of today’s top IT talent prefer to work as contractors, so you aren’t limited to candidates currently looking for a new job or getting ready to leave their current post.

The hiring process is more nimble, which means you can complete your projects on time.

You Need an Extra Set of Hands without the Expense

Hiring a new employee costs more than a salary: they have benefits, spend weeks going through onboarding, and can come with huge hiring expenses.

A contractor comes with a fixed fee, no need to pay benefits, and strict end date. So you can remain in control of your human capital costs.

Hiring a contractor makes sense for many companies, particularly when you have project-based work and a strict deadline. But just because you choose the contractor route doesn’t mean you can’t afford to find the right candidate.

 

Are you looking for an IT contractor? At RightStone, we place the right IT consultants with the right clients using our RightStone 360 process. Get in touch to learn more about how we match technical requirements and personalities.


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