Largest growth in IT Job market since DotCom
Forecast that 150K jobs could be added by year end
Park City – UT– e-janco.com – Janco reports that 2021 job growth exceeds 2020 by 197,100 jobs YTD. 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 3.74 million jobs for IT Professionals in the US. For 16 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.
Updated
Layoffs abound and there no longer is robust hiring trend for IT Professionals - the economy is slowing. However, there are a number of jobs unfilled by IT Pros. The primary culprit is the lack of qualified individuals to fill the open positions. In our opinion, the IT Job Market is currently at no growth!
The number of unfilled jobs trend line is down as the economy softens and CIOs and CFOs look to control costs and eliminate requisitions for positions that cannot be filled. There was a major pullback of the number of excess jobs for IT Pros - layoffs have impact on number of unfilled jobs available for IT Professionals.
The CEO of Janco Associates, Inc., Mr. M. Victor Janulaitis said, “In the past 30 days, CIOs have had continued to expand IT staff, 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. “
He said, “The inflation threat is real and salaries for new hires need to be higher. Added to that is that salaries for existing staff is not keeping up with inflation. That along with the reluctance to get back in the office is increasing attrition rates creating opening that need to be filled. “
The CEO added, “Janco is in the process of completing the 2022 IT Salary Survey that will be released in the first weeks of the new year. We have found that actual IT salaries for existing IT staff and middle managers increased by just over 1% (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.”
IT Job Market Flat for FY 2024
There now are approximately 96K 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 IT job market.
Data complied and forecast updated by Janco Associates with data as of April 2024
Latest YTD IT job market data - IT job Market Growth in Q1 2024 out performs Q1 2023
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.
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