IT Job Market Explodes with Robust Hiring by CIOs
IT job market in the U.S. has added an average of about 13,000 positions during each month of 2021 so far, up from a typical monthly average of between 5,000 and 8,000 jobs
Information-technology leaders say they are boosting compensation packages and flexible work options to widen the pool of prospective job candidates, as demand surges for tech talent.
The IT job market in the U.S. has added an average of about 13,000 positions during each month of 2021 so far, up from a typical monthly average of between 5,000 and 8,000 jobs.
(Note: Interview published in the Wall Street Journal - CIO Journal section on Sept 9th - Article Link
Monthly Job Market Growth
Growth in the IT job market has been largely driven by the push towards digital initiatives including e-commerce during the pandemic, as well as the need for Cybersecurity and Compliance experts.
IT Job Market - January 2024
There has been a major shift in the creation of new IT Jobs - AI and economic slowing are the drivers. The IT Job Market shrank by 57,400 jobs in FY 2023. This number is subject to change as the BLS can adjust the data for December.
BLS data shows there were 10.9 million unfilled jobs at the end of July, when the Delta variant surge started, exceeding the 8.7 million Americans who were unemployed and seeking jobs that month.
Analysis of BLS data by Janco Associates
101.1 million individuals do not want a job now
The Labor Force Participation Rate remains below the level prior to Covid-19 Pandemic.
To recruit employees and retain existing tech staff, CIOs are offering flexible work options, such as a combination of in-office and remote work (WFH). The median salary for IT professionals is expected to grow to between $96,000 and $97,000, up from just over $94,600 in January and $95,600 in June.
Most CIOs have not recruited at this rate before. Janco attributes the hiring push of some CIOs to meet their company's goals to recruit talent related to security, compliance and cloud computing, Those IT jobs are difficult ones to fill.
IT management needs to play a pivotal role in recruiting and retaining talent in the competitive job market. CIOs are going to keep reinventing how, where and what they offer to employees, whether it's our benefits, flexibility or locations.