IT job market grew by 155,300 - largest expansion of IT Job market since DotCom
2022 IT Job Market growth on target to exceed that number – Salaries will increase dramatically
Park City – UT– e-janco.com –Janco reports that 2021 job growth exceeded 2020 by 188,500 jobs. The three-month moving average trend for the creation of IT Pros jobs continues to trend up. According to the latest BLS data analyzed by Janco there are now 3.76 million jobs for IT Professionals in the US. For 17 months in a row there has been an increase in the number of jobs added to the IT job market. The hiring of IT Pros is robust. This is true across all industries.
The CEO of Janco Associates, Inc., Mr. M. Victor Janulaitis said, “In the last quarter of 2021, CIOs continued to expand IT staffs, however not as many candidates were hired due to the lack of qualified IT Pros. From data that we have reviewed, shutdowns resulted in fewer computer science candidates graduating from universities and trade schools. Those in the pipeline for those degrees is reduced as well. “
Janulaitis added, “Based on our analysis, the IT job market and opportunities for IT professionals will be robust. Even with inflation and the uncertainties caused by new outbreaks of Covid variants, CIOs are posturing to hire more staff and expand technologies to address blockchain processing and security applications. The worst is over and now the focus will be on retaining existing staff and add new capabilities to the IT infrastructure.”
He said, “The inflation threat is real and salaries for new hires need to be higher – we estimate 6-10%. At the same time, salaries for existing staff are not keeping up with inflation and salary pay range compression is occurring. Those factors, along with the reluctance to get back in the office, are driving attrition rates up in many IT functions. “
The CEO added, “Janco just released its 2022 IT Salary Survey. We have found that in 2021, actual IT salaries for existing IT staff and middle managers increased by just over 2% (not keeping up with inflation) while new hires are paid 5-6% more than existing staff. That salary disparity is a driver of employee dissatisfaction and an increase in attrition rates.”
Updated with the latest data
IT Job Market will have shrunk by an average of 4,900 jobs in CY 2024
There are approximately 71K 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 October 2024
Latest YTD IT job market data - IT job Market Growth in first nine months of 2024 under performed the same period in 2023. Subscribe to our Newsletter to get this information delivered to your inbox as soon as it is released. SUBSCRIBE
Janulaitis added, “To help CIOs and HR managers we have launched our CIO and IT Manager Newsletter. We will publish on articles on at least a weekly basis to identify issues that CIOs and IT management need to focus on. It will be a paid subscription offering. In addition to the articles, paid subscribers will receive complementary copies of selected Janco IT Infrastructure offering as they are released. Also, they will be offered special pricing for Janco’s compensation and HR related products.”
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.
