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 one of the top financial analysts working today. His book "Overdrawn: The Bailout of American Savings" was a prescient look at the anatomy of the nation's S&L crisis, long before the word "bailout" became part of our daily lexicon. He's a Pulitzer Prize-nominated writer and reporter, lauded by the Columbia Journalism Review for his aggressive style. His 30-year track record as a leading tech analyst has garnered him rave reviews, too. Today he is the editor of the monthly tech investing newsletter Nova-X Report as well as Radical Technology Profits, where he covers truly radical technologies – ones that have the power to sweep across the globe and change the very fabric of our lives – and profit opportunities they give rise to. He also explores "what's next" in the tech investing world at Strategic Tech Investor.