A workforce that has been predominantly homebound for the last year and a half has led to a surge in online communications and the necessity for cloud computing and all of its applications. It has become such a booming field that major companies are finding difficulty hiring the number of engineers necessary to keep up with the expansion, reports The Wall Street Journal.
Within the tech sector, the demand for web operations and engineers to facilitate cloud operations has now become the highest-demanded, most aggressively sought-after job. Competition for talent has become so fierce that applicants are currently being made offers within days or hours of their interviews, according to Brio Systems Inc.’s CEO Boris Lipchin.
“We have to just say ‘no’ more often to business rather than take business that we don’t think we can, in good faith, execute well and reliably on,” Lipchin said, speaking on the shortage and how it has impacted business.
Cloud computing has been a rapidly growing sector, and the advent of the COVID pandemic only hastened the need for personnel within the field. Between 2017 and 2020, the amount of postings for cloud computing jobs grew 90%, and it continues to have the highest demand of any field within the tech sector; postings for jobs in other tech sectors were only up 20% over the same time period.
“Cloud computing remains the number one most sought after skill,” said Megan Slabinski, a district president at recruiting firm Robert Half. “The demand has never been higher.”
Applicants with cloud computing skills are currently receiving an average of two to three strong offers, recruiters said, with packages that have stock options and that are worth hundreds of thousands of dollars. Many times, due to competition, smaller companies and startups simply can’t afford to hire the top tier of talent and are instead taking on employees who might have fewer skills and are training them.
Amazon has recently announced that it has a goal of helping to train 29 million people in cloud computing globally by 2025.
WisdomTree Invests in Cloud Computing
Cloud computing continues to profit and have exponential growth opportunities as the world becomes increasingly more digital. The WisdomTree Cloud Computing Fund (WCLD) provides investors pure-play exposure to companies that provide cloud-based software.
WCLD tracks the BVP Nasdaq Emerging Cloud Index, an equally weighted index comprised of companies that derive the majority of their revenue from software provided via the cloud. That could mean remote delivery, or a cloud-based business model that is subscription-, transaction-, or volume-based.
WCLD offers multi-cap exposure to emerging, fast-growing companies within cloud software and services. Holdings include Asana Inc. (ASAN) at 2.40%, Bill.com Holdings Inc (BILL) at 2.22%, and nCino Inc. (NCNO) at 2.03%.
WCLD has an expense ratio of 0.45%.
For more news, information, and strategy, visit the Nasdaq Portfolio Solutions Channel.