IT job market remains sluggish at best
Hiring of IT Pros has slowed, Janco predicts that just over 111,000 new IT jobs will be created in the US job market in 2016
Park City - UT - www.e-janco.com – IT job market remains sluggish at best in March report by Janco - Janco's analysis of the latest employment data from the BLS does not bode well for IT Pros. First, for the second month in row the BLS has provided lower revised numbers for total new IT jobs created in 2015 - currently the BLS says that 112,500 new IT jobs were created in 2015 versus the 125,700 that was initially reported in the BLS's January data release. At the same time Janco's analysis of the BLS data shows that the moving average of new IT jobs created continues to fall and remains at a growth rate that is less than 1%. The CEO of Janco, M.V. Janulaitis said, "The second adjustment down for the number of jobs created in 2015 by the BLS reinforces our belief that there will be limited growth in the IT job market for the foreseeable future. "
Latest YTD IT job market growth
The CEO added, "The recent negative moves in the stock market, forecast of a possible recession, along with the plummeting of Internet stocks has many CIOs and CFOs worried. As a result, many CIOs and CFOs have halted new IT initiatives which do not have strong executive management support. They are demanding benefits to be proven with meaningful metrics. " To that end Janco has just released Version 5 of its "Metrics for the Internet, IT and Service Management HandiGuide" - More information can be found at https://www.e-janco.com/metrics.htm.
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.
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.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. Currently there are approximately 145K unfilled positions.
As confirmation that a slowing of the IT job market, one software architect, who deals with leading edge productivity solutions and is looking for a new position, said, "Finding opportunities for IT professionals is difficult at best. Only those with the latest skills and extensive experience are even given interviews. "
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Janco found that 14,600 new IT jobs were created in first two months of 2016 versus 24,000 in 2015 in the same time period. In addition, Janco's interviews of 73 CIOs in the last few weeks have them being much more pessimistic than they have been as group in some time.
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 also said, "Instability is not a friend of IT expansion. In periods like the one we are going through , CIO and IT Managers are pushed to cut costs and often see a reduction in necessary IT infrastructure spending in areas like training, software and hardware upgrades, and elimination of non-essential consultants, staff and IT initiatives. "
The CEO also said, "On the plus side, CIOs report they are still allowed limited incremental spending for IT related activities, but they are required to have good business cases with support from the operational side of their enterprises. Few IT initiatives are being approved to upgrade technology for the sake of IT's desire to have the latest new thing. "
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Janco is an international consulting firm that follows issues that concern CIOs and CFOs. The firm publishes a series of IT and business Infrastructure HandiGuides® and Templates including IT Infrastructure Policies and Procedures, Disaster Recovery/Business Continuity Template, Security Template, IT Job Descriptions, and its semi-annual IT Salary Survey.