IT Job Market growth now flat - CIOs more cautious
CIOs are not as optimistic about growth of IT budgets as they were at the beginning of the year. Hiring now flat - few new IT initiatives have been approved
Park City UT -- https://e-janco.com -- April showed a slowing of growth of hiring in the IT job market as CIOs became more cautious. The last 3 months show an increase of just over 8,000 new jobs in the IT job market. From BLS data it is clear that aside from November 2014, IT job market growth has been averaging less than 10,000 new IT jobs per month.
Current IT Hiring Plans
The treat of an economic downturn, inflation, high energy cost, and the continued war in Europe will dampen hiring for IT pros over the the next few quarters.
Historic IT Job Market Size
Data complied by Janco Associates with data as of May 2023
The CEO of Janco Associates, Inc. , Mr. M V Janulaitis said, "For the most part, the number of new computer science and IT professional jobs has been flat this entire year. " The CEO added, "Many CIOs who were optimistic about the growth of IT budgets and staff in January, now have put hiring plans on hold except for 'must have' replacements and additions for specific areas where operational executives have approved budgets. " In addition, "There is very little appetite for new capital projects which are driven by the need for new technology or upgrades. CIOs are telling people to 'make due' with what they have. "
Expanding on his comments, Janulaitis said, "The recovery seems to have stalled and CFOs, whom almost half of all CIOs report to, have started to constrain any incremental spending. " The CEO of Janco said, "Based on our interviews of 98 CIOs in the last several weeks, we find that new hires are in the works for most organizations but they are for replacements. Few if any new IT initiatives have started in the last 30 to 60 days. This is definitely a signal that job prospects are mixed for IT Pros. " Janulaitis cautioned, "…traditionally when national elections are approaching, spending is curtailed until a better picture of what new economic policies will be in place is known. "
One area where there is some activity is in the standardization of IT job titles and pay grades. The CEO said, "We have seen significant interest in our IT Job Family Classification System and the alignment and standardization of pay grades. " See more information at https://e-janco.com/it-job-classification-pay-grade.html.
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.
The CEO added, "From a review of the latest BLS data, Janco has found that there was a net increase of approximately 24,300 IT jobs in the last three months and this shows a flat to downward trajectory in the growth of the number of new IT jobs of approximately 8,100 per month of the last three months. "
Janco is an international consulting firm that follows issues that concerns CIOs and CFOs and publishes a series of IT and business infrastructure HandiGuides® and Templates including a Disaster Recovery/Business Continuity Template, Security Template and IT Salary Survey.