The U.S. job market is currently showing a mix of signals, indicating a cooling trend while still maintaining strength post-pandemic. In April, employers added 175,000 jobs, leading to moderate and steady hiring, with the unemployment rate slightly increasing to 3.9%. Despite this uptick, the job market remains stronger than pre-pandemic levels, with the ratio of job openings to unemployed workers still higher than before the pandemic. This suggests that the labor market is tight, with pay gains for job switchers surpassing those who stay in their current roles. Additionally, the tech hiring market displayed signs of recovery in April, with IT unemployment dropping to 2.8% and technology companies adding nearly 4,300 workers. This indicates a positive trend in the tech sector, with strong demand for skilled IT workers and IT spending projected to reach $5.1 trillion this year. Overall, while there are indications of cooling in the job market, the U.S. job market remains robust post-pandemic, offering growth opportunities in various sectors.

Microsoft CEO Satya Nadella championed a security-first strategy in an employee memo. The company is overhauling its security processes to prioritize secure design, default security, and secure operations. This initiative aims to enhance security measures after a series of high-profile attacks, emphasizing the importance of technical and operational rigor.

Three things to know today

00:00 US Job Market Shows Signs of Cooling Yet Remains Strong Post-Pandemic

06:13 Microsoft's Security Overhaul: CEO Satya Nadella Champions 'Security First' Strategy in Employee Memo

08:32 Canalys Forecasts: 60% of PCs to Be AI-Capable by 2027, Boosting Opportunities

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Kaseya recently made headlines with the introduction of a new subscription-based offering called Kaseya 365. This comprehensive package is tailored for managed services providers and comes at a competitive price, starting at $3.99 per endpoint per month. The Kaseya 365 subscription encompasses a variety of essential features such as RMM, antivirus, EDR, MDR, patch management, ransomware rollback, and endpoint backup, all consolidated into a single license. This pricing strategy by Kaseya marks a significant reduction that could potentially create competitive pressure for other vendors in the market.

The launch of Kaseya 365 also introduced the Partner First pledge, designed to address partner concerns by offering more flexibility and affordability. This pledge includes initiatives like providing products in one-year and three-year agreements, enabling partners to switch between backup solutions through the FlexSpend program, offering catastrophic client loss protection, and implementing a Price Lock Guarantee to safeguard against price increases.

The provision of child care benefits can significantly impact employee retention rates, productivity, and work absences. A study by the non-profit Moms First, mentioned in a podcast episode, revealed that companies offering child care benefits experience higher employee retention rates and increased productivity. Working parents often struggle with child care costs and access, leading to decreased productivity. By providing child care benefits, companies can see a return on investment through higher retention rates, improved employee satisfaction, and reduced work absences.

The cost of recruiting and training new employees is typically higher than retaining existing ones. By offering child care benefits, companies can cover the cost of these benefits by retaining just 1% of eligible working parents. Additionally, child care benefits have been shown to enhance recruitment and retention as much as paid time off and health insurance benefits. Employees receiving child care support are more likely to stay with their company, experience increased productivity, and report higher job satisfaction.

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Evergreen's investment thesis revolves around the concept of long-term ownership and decentralized operating models, which they believe are ideal for the Managed Service Provider (MSP) space. Co-founder Ramsey Sahyoun emphasizes their goal of establishing a lasting home for businesses rather than engaging in quick turnovers. This strategy mirrors the Berkshire Hathaway model of holding businesses indefinitely, albeit on a smaller scale.

The decentralized operating model enables Evergreen to run acquired MSP businesses independently while still benefiting from shared best practices and collective scale. This approach ensures that businesses maintain close relationships with customers, a critical factor for customer retention and business growth in the MSP industry.

Drawing from their experience with acquiring and managing MSPs like Executech and Wolf Consulting, Evergreen has witnessed the transformation and shift to managed services, making MSPs more recurring, profitable, sticky, and rapidly growing. These characteristics align with Evergreen's investment thesis of long-term ownership and decentralized operations, making the MSP niche an attractive investment opportunity for the company.

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