CIOs are on a major hiring spree in a tight IT Job Market according to Janco
Forecasts over 107K new IT jobs will be added in 2019
Park City – UT – Park City, UT — https://e-janco.com – IT Job Market is now the tightest it has been since the dot com bubble. There now are more position openings than qualified professionals available to fill them. CIOs and HR departments are adjusting starting salaries and fringe benefits in order to facilitate hiring qualified IT Pros. This, in turn, is causing some compression of pay grades for some key positions which has a direct impact on staff turnover. In order to help CIOs and HR professionals address the hiring and retention issues they are facing, Janco has just released an update to its IT Hiring Kit (see https://e-janco.com/ithirepack.htm).
IT Job Market will have shrunk by an average of 4,900 jobs each month in CY 2024
There are approximately 58K unemployed IT Professionals. The IT job market shrank by over 48,600 jobs in CY 2023. Overall that is a flattening of the long-term growth rate pattern of the IT job market. Based on our data and forecast models, there will be no growth in the IT Job Market in the calendar year 2024.
Data complied and forecast updated by Janco Associates with data as of November 2024
Growth of IT Job Market
In the first 5 months of 2019 34,600 new IT jobs were created. Janco estimates that 93,400 new IT jobs will be created in the remaining 7 months of 2019.
Data complied and forecast created by Janco Associates June 2019
The CEO of Janco Associates, Inc., Mr. M. Victor Janulaitis said, “With 40,300 new IT jobs created in the first 4 months of 2019, the market is the tightest that is has been since the early 2000s. New positions associated with “big data”, blockchain, and distributed ledger technology are in especially short supply.” He added, “The shortage of qualified IT professionals is across the board with programmers and business analysts of all stripes are also in high demand. For example, both coasts a Data Scientist can name their only price with median salaries over $120K.”
He added, “Janco sees high demand for IT Professional staff and middle managers who have experience on mobile devices and applications which move data closer to the consumer of the information. AI and robotics specialists are seeing many new opportunities as SMBs move towards automation to address the especially tight overall labor market with the 3.6% unemployment rate. The unemployment rate is the lowest it has been in over 30 years with over 35 states being at full employment levels.”
“Based on our current data, Janco believes that the IT job market will continue to expand. In addition, demand for consultants and contract employees will be above average. We see an increase in demand for consultants in the last two quarters of this year. Many will be used to augment staffing where there is a shortage of required skills.”
Janco’s President added, “Telecommunications continues to be soft. Last month the size of that sector shrank for 21% to 20%. Outside service providers picked up the slack as that sector is now 10% of the IT job market. “
The CEO stated, “In our monthly discussions with CIOs and recruiters we are seeing more frustration as it becomes more difficult to find qualified individuals. Everyone is concerned that as they fill positions the individuals are qualified and will remain with them for some time.”
Current IT Hiring Plans - IT Job Hiring Stalls
With the move towards Artificial Intelligence, the treat of an economic downturn, inflation, high energy cost, and the continued wars will continue dampen hiring for IT pros over the next few quarters. Subscribe to our Newsletter to get this information delivered to your inbox as soon as it is released. SUBSCRIBE
IT Hiring Kit Update Released
The updated IT Hiring Kit was just released. It comes with: 1) Interview Hiring Guide with sets of best practices, questions to ask and not ask, background check process, screening, and interview process; 2) latest IT Salary Survey; and 3) 324 IT Job descriptions from CIO to Blockchain Developers. Also available is an update subscription service for a 1-year to a 2-year time period.
The CEO said, “With the current growth of the IT job market and most enterprises planning on expanding the impact of technology external and internal operations, the outlook for IT professionals is the brightest it has been in several years.”
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.
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