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IT unemployment hits record high of 6%
A management site for IT
Hiring of IT Pros has has slowed
IT unemployment hit a new high in August as organizations shift their focus to artificial intelligence, an IT consulting firm Janco Associates reported.
Six percent of IT professionals were out of work in August, up from 5.6% the month before, according to the Sept. 6 report that analyzed U.S. Labor Department data. That's even as the overall U.S. unemployment rate dipped to 4.2% in August. The IT jobless rate has surpassed the national benchmark for seven of the past eight months.
IT unemployment hasn't been this bad since the dot-com bubble burst in the early 2000s but is now being driven by a pivot from traditional IT positions to AI and cybersecurity.
The roles that are most in demand right now are roles where candidates have expertise in security, AI and the cloud.
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- IT unemployment hits record high of 6%
CIOs are seeing previously unheard-of compensation increases
CIO Compensation and Technology C-Level Positions almost double the mean compensation of lower level IT Pros
The Wall Street Journal reports that chief information officers are seeing previously unheard-of compensation increases for increasingly taking on AI-related responsibilities.
According to WSJ:
- CIO compensation increased 7.48% on average among large enterprises and 9% among midsize enterprises over the past year - the biggest gains among information-technology job categories, according to salary data from consulting firm Janco Associates.
- Overall, CIO and chief technology officer compensation is up more than 20% since 2019, with boosts to base pay and, more often, equity packages.
- The gains indicate growing investment by enterprises in AI strategies and corporate tech leaders becoming more visible as they are increasingly tasked with new AI-related responsibilities.
- ChatGPT caught a lot of incumbent CIOs by surprise, and no one wants to be left behind.
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- CIOs are seeing previously unheard-of compensation increases
Is BLS data being manipulated?
BLS cuts the number IT jobs from the initially reported
The BLS continues to adjust the number of IT jobs initially created in previous months. They have adjusted down by over 13,000 jobs in seven of the last 12 months. This in turn inflates the number of jobs reported in the current month.
The BLS adjusted the number of IT jobs initially reported for December and November. They updated the number of jobs initially added in December (reduced number jobs) and January (reduced mumber jobs).
Before Adjustment
After adjustment
- Is BLS data being manipulated?
Chief Digital OfficerJob Description Released
Chief Digital Officer Now in over 50% of all enterprises
The most mature and most data-fluent organizations are now using data to determine new business opportunities and new products to develop as well as how to be more efficient, more productive and more competitive. CDO's purpose is to break down barriers that remain between IT, the data function and the business units.
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- Chief Digital OfficerJob Description Released
AI and Machine Learning IT Pros are in Demand
AI Expertise goes mainstream with the moves towards the Artificial Intelligence and Machine Learning
AI and Machine Learning Specialists top the list of fast-growing jobs. Next are Sustainability Specialists, Business Intelligence Analysts and Information Security Analysts, and Renewable Energy Engineers.
Prompt engineers can earn a six-figure salary - up to $335,000 a year. That's because prompt engineering is needed to improve human-machine interaction with genAI tools; learning about the foundational technology - large language models (LLMs) - provides the best possible responses to queries.
The Manager AI provides the strategic direction on compliance for the design, development, and implementation of AI models into operational workflows, including helping draft and review the procedures that support a compliance system. Additional responsibilities may include guiding AI teams with project planning, system architecture, risk management, verification & validation, and continuous monitoring.
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- AI and Machine Learning IT Pros are in Demand
