IT Salaries Fall -- Hiring at All Time Low
IT Salaries Fall -- Hiring at All Time Low - As the economy continues to languish, IT salary trends offer little hope to both working and unemployed IT professionals, as companies cut wages and fewer high-tech positions become available due to attrition.
Janco Associates has released data from its 2009 Mid Year IT Salary Survey that proves compensation for high-tech workers isn't improving, but declining as more companies prepare themselves for a long economic recovery. Preliminary data that Janco has reviewed for the third quarter of 2009 and budgets for 2010 show the same disturbing trend.
"The current economic climate with its cost-cutting mind-sets, business closures and extensive outsourcing has put such a great pressure on the IT job market that overall pay has been impacted," said Victor Janulaitis, CEO of Janco, in a statement. "Added to that, many baby-boomers who had planned on retiring in the next few years are not leaving the job market and you have more potential employees than positions available. "
Enterprises that participate will be sent a summary of the January 2010 IT Salary Survey when it is released.
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Free Fall in Job Market -- Is It Over Yet?
Since November of 2008, IT employment has declined by nearly 250,000 jobs, or 6 percent, after peaking that month at 4.058 million jobs. However, only 1,100 jobs were lost in August, or a .03 percent decline.
The U.S. Commerce Department has reported that the U.S. economy grew by a 3.5 percent annual rate in the last quarter.
In the past few weeks more layoffs continue to be announced. Just this month alone Adobe announced 680, Sprint another 2,500, and Electrinic Arts 1,500 to note a few.
IT employment is in a trough and so is the pay, according to Janco Associates a Park City UT based research group that studies IT compensation. (see IT Salary Survey). Janco said ". . . in 2009 compensation for IT professionals has been cut by the largest amount in nearly two decades. For example, the government index of real average weekly earnings down 1.9 percent since its high point last December. And the average workweek - now down to 33 hours - is the shortest on modern record. "
Jobs board Dice.com reported 53,400 jobs posted curretntly as compared with 75,600 in November of 2008. IT jobs continue to move overseas. Janco predicts that recovery will not happen in IT until eary in 2011.
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