Overall IT Employment Improves Slightly; Finance and Insurance IT Still Down
58,300 IT jobs have been added in the last 12 months; the finance and insurance industry saw a loss of 23,000 IT jobs
Overall IT Employment Improves Slightly; Finance and Insurance IT Still Down - If the latest U.S. Bureau of Labor Statistics analyzed Inc. is any indication, information technology professionals are not seeing open positions in the insurance industry.
While the most recent data shows 58,300 IT jobs have been added overall in the last 12 months; the finance and insurance industry saw a loss of 23,000 IT jobs.
Janco CEO Victor Janulaitis said the overall IT job market will be soft for at least one more quarter, and there will be more churn in IT staff as CIOs accelerate their move to more flexible staffing models and cloud computing. CIOs are outsourcing more technical work, including managed IP services such as VoIP and VPNs. They are hiring more contractors for desktop and security services, and they are putting more applications such as remote backup in the cloud. At the same time, they are looking to hire IT people with business and analytical skills, such as risk management and project management.
CIOs report that they're having trouble hiring IT people because either they can't find IT professionals with the right business skills or they can't afford them, Janulaitis said.
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A robust hiring trend for IT Professionals - the recovery is slowing however, there are a number of jobs unfilled by IT Pros. The primary culprit is the lack of qualified individuals to fill the open positions. In our opinion, the IT Job Market is currently at no growth!
Based on BLS data analyzed by Janco in the first 3 quarters of 2022 an average of 200K IT jobs remained unfilled due to a lack of qualified individuals. In 2023 the number of unfilled jobs has fallen to around 100K.
The number of unfilled jobs trend line is down as the economy softens and CIOs and CFOs look to control costs and eliminate requisitions for positions that cannot be filled. There was a major pullback of the number of excess jobs for IT Pros occurred in December - layoffs have impact on number of unfilled jobs available for IT Professionals.
Health Care Financial Sector Employment