What Can Wall Street Learn From the Tech Industry's Job Stability?

ByJesse Marrus

According to MSNBC's The Bottom Line, those who work in the technology sector had a good year in 2011. Most notably, they were (apparently) much less likely to lose their job.

Just three years ago, tech companies announced that they would eliminate more than 174,000 jobs in 2009 - the industry's peak number, The Bottom Line said. The amount of "planned jobs cuts" dropped in 2010, and as of 2011, they were reduced to just 37,038. While still a significantly large number of jobs were lost last year, the improvement is no doubt impressive. It shows that the tech sector is making real progress. And it should make those on Wall Street ask themselves: what can we learn from the technology industry?

Without question, market differences have to be considered. Right now, technology is booming. The world is shifting from bulkier, DVD-drive laptops (and occasionally desktops) to lighter and faster portable machines, as well as tablets. Smartphones are slowly replacing the need for other devices. In accordance with these changes, tech companies are experiencing a wondrous boom as consumers rush to buy the latest and greatest gadgets from their favorite manufacturer.

The financial community hasn't been so lucky. Wall Street does not have any new or groundbreaking products to intrigue the masses. Rather, the financial community still makes a large part of its money from the same services it has been providing for generations. This makes it tough for the sector to reignite customer excitement. Consequently, Wall Street has had to struggle through the hard times and hope the economy recovers - and that things eventually return to normal.

But is there anything the sector is missing? Is there anything that the financial world could learn from technology?

For starters, how about some innovation? If it can't be an entirely new product, how about a creative or innovative way of offering an existing product or service?

Second, the tech industry hasn't been afraid to branch out. Most recently, we've seen hands-free devices, touch screens, social networking, and a plethora of other tech features hit the auto industry. Previously, this was an industry that tech companies barely cared about. Perhaps it's time for Wall Street to behave in a similar matter and reach out to fresh markets and industries.

Finally, Wall Street needs to improve its image. As of this writing, the Occupy Silicon Valley movement is not nearly as strong as Occupy Wall Street. Why? Because in Silicon Valley, people don't perceive there to be as many problems that need fixing.

But Wall Street has something Silicon Valley does not: a growing community of financial professionals that populate StreetID, a financial career matchmaking site. With StreetID, current job seekers and those looking to move on in the future can sign up for a free account and make a direct connection with relevant candidates and employers.

Jesse Marrus
jmarrus@streetid.com
646-783-7580

Article Source:http://EzineArticles.com/?expert=Jesse_Marrus

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News and Society: Economics
Jesse Marrus

Email Address:SubscribeEconomics Article FeedFind More ArticlesSearchSimilar ArticlesGet A Life, Not Just A Job!Go Back to SchoolInvesting in Real Estate Like a StockRecent ArticlesHow To Solve The Homeless SituationProgressivism Isn't Progress, VIIIHow Secure Is Your "Secure" Job?A True Comparison Of Increasing Debt Between Bush And Obama AdministrationsHow To Compete With ChinaWould Einstein Think Us Insane?What Will Happen If Greece Defaults?A Cluster of (Minor) ErrorsThe US Recovery Is Producing SurprisesA Sigh Of Relief For The Economic Status Of The USSubmitted On January 23, 2012. Viewed 0 times. Word count: 423.

MLA Style Citation:
Marrus, Jesse".".23 Jan. 2012EzineArticles.com.26 Jan. 2012 .APA Style Citation:
Marrus, J. (2012, January 23). . Retrieved January 26, 2012, from http://ezinearticles.com/?What-­Can-­Wall-­Street-­Learn-­From-­the-­Tech-­Industrys-­Job-­Stability?&id=6835863Chicago Style Citation:
Marrus, Jesse "." EzineArticles.com. http://ezinearticles.com/?What-­Can-­Wall-­Street-­Learn-­From-­the-­Tech-­Industrys-­Job-­Stability?&id=6835863EzineArticles.com© 2012 EzineArticles.com
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