These are boom times for the overall workforce in the U.S. – and independent contractors as well.
A record 150 million Americans had jobs at the end of August, the last month for full data. That's an increase of 2.3 million jobs in just one year.
Plus, there's also a record 6.9 million openings just waiting to be filled. And a 3.9% unemployment rate is one of the best we've seen in decades.
Now, when we spoke on Sept. 26, I told you of a great way to play the rise of the independent workforce.
After all, this group is growing much faster than the overall jobs boom. As I noted, that's a rising market with a lot of profit potential.
But today, I want to talk about the opportunities that are waiting on the flip side of that investing coin.
In others words, I want to introduce you to a tech leader that has the right products to help employers manage their growing number of workers… and stands ready to meet a very target-rich market.
I'm talking about a fast-moving firm that's doubling its sales every two years.
Why Workday Is Growing So Fast
If all our employment tech leader did was keep pace with the economy, it would be in a big uptrend. Second-quarter GDP was a decade-best 4.2%. August was the 95th consecutive month in which American employers hired more people than they fired, the longest streak on record.
Here's the thing: All those new jobs are great news for tech investors on two fronts.
First is the fact that it signals a strong economy eight years into the recovery.
Second, all those new workers require employers to go through a wide range of steps to integrate them. Each of these new hires will need at least some of these items covered – personnel files, training, tax forms, health benefits, overtime sheets, and 401(k) plans, just to name a few.
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For many human resources (HR) departments, integrating all those forms and tracking systems takes hours and can costs thousands of dollars for each new worker.
About the Author
Michael A. Robinson is a 35-year Silicon Valley veteran and one of the top technology financial analysts working today. He regularly delivers winning trade recommendations to the Members of his monthly tech investing newsletter, Nova-X Report, and small-cap tech service, Radical Technology Profits. In the past two years alone, his subscribers have seen over 100 double- and triple-digit gains from his recommendations.
As a consultant, senior adviser, and board member for Silicon Valley venture capital firms, Michael enjoys privileged access to pioneering CEOs and high-profile industry insiders. In fact, he was one of five people involved in early meetings for the $160 billion "cloud" computing phenomenon. And he was there as Lee Iacocca and Roger Smith, the CEOs of Chrysler and GM, led the robotics revolution that saved the U.S. automotive industry.
In addition to being a regular guest and panelist on CNBC and Fox Business Network, Michael is also a Pulitzer Prize-nominated writer and reporter. His first book, "Overdrawn: The Bailout of American Savings" warned people about the coming financial collapse - years before "bailout" became a household word.
You can follow Michael's tech insight and product updates for free with his Strategic Tech Investor newsletter.