Even with hiring on the upswing CFOs are forecasting lower spending for IT with the exception that some critical security projects be completed
Forecast IT spending is on long term trend down - CIOs are faced with a delima, they are being told they they need to get some short tem projects completed, they can hire a "few people", but they are not allowed to increase their spendng. IT budgets are forecasted to be only 3.8% higher than last year according to a recent survey by CFO magazine. That is supported by recent interviews that Janco has had with over 80 CIOs. CIOs have not yet been the green light to iincrease their capital budgets. Howerver they do have a green light to hire more staff with the caviot that they get some important short term things accomplished.
This chart is not the originally published one, rather it is updated with the current data based on the analysis by Janco Associates, Inc. For the latest IT Employment Data click here.
Out of 100 technology CFOs surveyed by an accounting firm BDO, 67 said they've increased spending on cybersecurity measures in the past year. The findings suggest the CFO's growing role in the cybersecurity discussion, and the realization that adequate cybersecurity requires more robust tools. This is the area where CFOs are directing CIOs to complete projects
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Historic IT Job Market Growth Trend
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Data as of May 2023