IT Job Market Contracts as Economy Slows
Employment conditions have decayed over the summer
IT Job Market Contracts as Economy Slows - If you're employed in the IT space you might want to consider yourself lucky.
Despite the fact that it is one of the stronger spaces for employment, even the IT sector is not immune to the economy, reported market research firm Janco Associates.
The company compared 2010 data on employment obtained by the Bureau of Labor Statistics with data from 2009, and found a .66 percent decrease in the total employment of IT professionals. Although certain areas did see growth, especially system design - which had a 5.51 percent increase - and IT services - which saw a 2.33 percent increase - the growth wasn't enough to counteract the contraction in the telecommunications and data processing services areas, which saw a decrease of 5.43 percent and 2.52 percent, respectively.
The latest numbers show how quickly the economy can revert to one of contraction, the firm noted, as its Mid-Year 2010 IT Salary Survey released in July showed that hiring had increased and salaries were steady - and rising in some sectors.
"Many now fear a second dip in the economy and are much more cautious and concerned that the recovery will not be strong enough to support increased IT spending," noted Victor Janulaitis, Janco CEO.
According to the survey, the mean compensation, including bonuses, for all IT executive positions in large enterprises for 2010 is $143,378, a slight increase from $142,753 in 2009, and $125,079 in midsized enterprises, a slight decrease from $126,031 in 2009. Overall compensation for all IT professionals rose slightly to $78,210 from $77,690. However, there was a 13 percent decrease in the number of employees receiving personal performance bonuses and a 7 percent decrease in those receiving enterprise based performance bonuses.