IT Job Market to Maintain 2018 Hot Streak
More than 107,100 new IT jobs were created last year and a similar number will be added this year, while median compensation will increase to the $97,000 range.
That’s according to Janco Associates. Initially it reported that only 80,000 new jobs were added in 2018; however, the U.S. Bureau of Labor Statistics adjusted its number significantly for the last two months of 2018.
Some 48,400 more IT jobs were created last year than in 2017.
Janco’s Victor Janulaitis
“Hiring for IT professionals continues unabated,” said Janco CEO Victor Janulaitis. “The economy is generating demand for more IT professionals. CIOs are creating new jobs that address the increased focus on security, data privacy, internet-based operations and digital automation. Blockchain applications are continuing to demand more resources as seamless information flow is prime operational objective.”
The only dampening factor is the recent downturn in the equity markets, which seems to have turned around, and the slowdown in China’s economy, he said. However, if a trade deal is negotiated in the near term, that will not be an issue, he added.
“In addition, technology mega-corporations like Apple, Google and Facebook are faced with a prospect of no-to-slow growth from international economic prospects and increased scrutiny due to privacy and security concerns,” Janulaitis said. “This could be a dampening factor on U.S. IT job market growth.”
Janco conducted several spot interviews with two dozen CIOs in January. All of those interviewed said they were actively recruiting for IT professionals for new development activities and replacements for those who have left in the last few months. Janco also found that several organizations have slowed the hiring process as they work to absorb the new hires.
“CIOs are optimistic that the economy will be one that will foster growth,” Janulaitis said. “2019 budgets for information technology are up in over 80 percent of organizations that we have surveyed. Most CIOs are looking to expand their middle management staffs along with increasing the headcount of experienced programmers, systems designers, security experts and mobile computing specialists.”
The median salary for all IT professionals based on Janco’s latest salary data is $93,077 — $2,628 higher than the same time last year. Supply and demand are working in favor of qualified IT pros, it said.
“Attrition rates within the IT function in many enterprises is higher today than in the past,” Janulaitis said. “IT pros now are much more mobile as they have the luxury of a great job market. For the first time in several years, CIOs are now dealing with staff retention issues. To combat this, many organizations have budgeted across the board increases in compensation for many key positions to minimize potential loss of key staff as the job market continues to stay hot.”
