Few Jobs Created in 2023
IT Job Market grew by 700 jobs in CY 2023 versus 267K in CY 2022
Park City - UT - e-janco.com - Janco reports that the job market for IT Pros took a turn for the worst in 2023 with only 700 jobs added in the calendar year - at the same time there are 88K unfilled open requisitions for IT Professionals. On the bright side in the 4th quarter of 2023, 21,300 jobs were added. Janco will be publishing it full set findings on Substack (https://itmanager.substack.com/).
The BLS made adjustments to the number of IT jobs initially reported for October and November. They adjusted the number of jobs initially added in October (added 2,700 jobs) and November (added 1,800).
The CEO of Janco, M. Victor Janulaitis said, “Based on our analysis, the IT job market and opportunities for IT professionals are poor at best. In the past twelve months, telecommunications lost 26,400 jobs, content providers lost 9,300 jobs, and other information services lost 10,300 jobs. Gainers in the same period were computer system designers gaining 32,300 jobs and hosting providers gaining 14,000. Currently, there are almost 100K unfilled jobs with over 101K unemployed IT Pros - a skills mismatch.”
The CEO added, “CIOs in large enterprises, experienced Artificial Intelligence and Machine Learning IT Professionals remain in high demand. Salaries for those professionals are well into the low six figures. Salaries for management positions with AI skills are in the $150K to $250K range. Experienced managers and developers are getting offers in the $125K to $165K range. “
Updated with the latest data
AI is slowing the growth of many entry-level positions within IT, especially in customer service, telecommunications, and hosting automation. CIOs and CFOs are looking to improve the productivity of IT by automating processes and reporting where possible. They are focusing on eliminating “non-essential” managers, staff, and services. Experienced coders and developers still have opportunities. The highest demand continues to be for AI, security professionals, programmers, and blockchain processing IT Pros. The move to AI applications is reducing demand for many entry-level positions in IT.
According to the latest BLS data analyzed, there are now just under 4.2 million jobs for IT Professionals in the US. Layoffs at big tech companies continued to hurt overall IT hiring in 2023. CIOs are looking at a troubling economic climate and are evaluating the need for increased headcounts based on the technological requirements of their specific business operations. At the same time, with a mean total compensation of $100K for IT Pros, IT will continue to be a target for budget cutting.
To assist in managing these troubled times, Janco has just released an update to its CIO Management Tool Kit. See https://e-janco.com/it-management-toolkit.html. This tool kit has been updated to reflect changes to the IT Infrastructure caused by AI, compliance mandates, and the current economic environment - including WFH and Cloud processing. It meets all the mandated security requirements and best practices.
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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