Technology companies are in a pickle over the state of the tech sector.
That’s the conclusion of a new report by the Economic Policy Institute.
The institute says tech workers are “not just getting poorer and losing jobs, but in some cases are being left out of the recovery, leaving them worse off than they would be otherwise.”
Tech firms have struggled to keep pace with the rapid pace of technological change, and the institute’s report finds that they’re struggling to find the talent needed to keep up with demand.
That includes fewer women, minorities, and people of color, it says.
For example, the report says tech companies are “missing out on some of the best and brightest young minds who are in Silicon Valley,” and are “struggling to retain them.”
The report also says tech firms are “sick of the same old,” pointing to a shortage of people to fill jobs like marketing and customer service.
It also says that “companies are under increasing pressure to lower the cost of labor and lower wages in order to compete.”
In addition to the tech companies, the institute says the U.S. economy as a whole is losing out to the rapid growth of China, the United Kingdom, and Europe.
This is also reflected in a drop in the average income of U.s. workers.
The report notes that technology companies have struggled in the past, especially when it comes to their wages.
In 2015, the median hourly wage for tech workers was $17.71 in the United States, down from $24.50 in 2007, the year before the tech bubble burst.
It was also down from more than $24 an hour in 2006.