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Which IT Pros are impacted the most by the 5.9% unemployment rate for IT
eJobDescription.com website is the HR for Information Technology management
IT Unemployment rate hits 5.9% - which jobs are impacted the most?
From our interviews, data, and analysis, we see that many organizations are looking to improve their bottom lines. To facilitate that they see that the IT function has some of the highest costs per FTE (full-time equivalents). That includes contractors and consultants. The mean compensation for IT staff now is $103,692 across all organizations. If you add contractors and consultants that number gets closer to $150K.
CIOs are focused on using AI to automate functions like customer support, exception reporting, and routine management of legacy applications. As that occurs the number of FTEs is reduced. To accomplish that CIOs need to hire or retain consultants/contractors who can "quickly" develop and deploy AI/ML solutions. E-commerce and B2B linkages are areas of particular focus. Individuals with those skills and experience are in high demand and quickly find jobs. Traditional legacy IT pros are another case and the high unemployment rates hit them directly.
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Janco CEO quoted in the Wall Street Journal
The CEO of Janco was quoted in the May 6th edition of the Wall Street Journal.
While CIOs typically play that role (CTO - Chief technology Officer), assigning primary technology responsibilities to a CTO could reflect a commitment to integrate technology further into core operations and product, said Victor Janulaitis, CEO of consulting company Janco Associates. "CTOs tend to operate more at the board level and deal with the overall strategy of the business," he said.
IT Pro unemployment rate greater than national unemployment rate
BLS cuts 16K IT jobs from the initially reported in January in addition to 53,200 cuts made in January
The overall unemployment rate for IT pros in February fell to 4.3% from 5.5% in January. Also, the number of open unfilled IT positions rose from 154,000 to 211,000. This data implies hiring IT Pros could be on the upswing, but needs to be tempered as the IT unemployment rate of 4.3% is still higher than the overall US unemployment rate of 3.9%.
Demand High for C-Level IT Pros
Median Salary over $209K
As technology takes a leading role in many enterprises there are now twelve c-level titles that are appearing within many World-Class IT functions. . The most frequently seen position titles are:
Chief Information Officer (CIO)
Chief Information Officer - Small Enterprise or SBU (CIO)
Chief Artificial Intelligence (CAIO)
Chief Compliance Officer (CCO)
Chief Data Officer (CDaO)
Chief Digital Officer (CDO)
Chief Experience Officer (CXO)
Chief Information Security Officer (CISO)
Chief Mobility Officer (CMO)
Chief Product Officer (CPO)
Chief Security Officer (CSO)
Chief Technology Officer (CTO)
Shortage of IT Pros real
Shortage of IT job pros limiting CIO technology implementation plans
According to a several reports, CTOs are seeing a talent shortage as the biggest barrier to the adoption of most new technologies. This means that in the majority of cases, IT leaders who want to deploy a new tool to boost business outcomes anticipate that the lack of suitable workers to implement the technology will be problematic at some point.
In the US there are over 8.9 million enterprises that have any employees. In that population, the number of companies that have teleworkers has increased from 23% to 77%. That is a rise of over 4.6 million organizations that now have teleworkers in their workforce since before the pandemic.
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