How many career opportunities exist in technology?

 

Businesses are attracting IT professionals in droves as CIOs offer flexible work alternatives, such as a mix of in-office and remote work, as well as increased pay.

According to fresh statistics from IT employment consultancy Janco Associates, the size of the IT job market increased by 17,000 in April.

According to the firm's recent study article, 43,200 jobs have been added to the IT Job Market in the last three months, a rate of increase that surpasses 2021.

The IT Job Market will grow by 213,100 jobs in 2021. This not only replaced the employment lost during the epidemic, but it also increased growth to levels higher than before the outbreak. (Janco's information is based on data from the US Bureau of Labor Statistics – the BLS.)

"According to Janco's interviews with both CIOs and HR experts, hiring for IT specialists is at an all-time high." "This, despite inflation and the threat of an economic slump," Janco remarked. "All indications point to further expansion."

While all IT positions lost during the pandemic have been restored, the newest numbers show that recruiting IT specialists is currently hampered by a scarcity of skilled workers.

According to the CompTIA industry association's April monthly tech employment report, the IT industry created 12,300 jobs from February to March 2022. In terms of new roles offered, software developers (3,613) and systems engineers/architects (3,126) lead the pack.

According to CompTIA, the most sought-after occupations are software developers and engineers, with over 115,000 job postings across the United States. IT project managers, IT support professionals, systems engineers and architects, and network engineers and architects are also in great demand.

"By all accounts, the start to the year for IT employment has been extraordinarily good," said Tim Herbert, chief research officer at CompTIA. "The arms race in attracting and maintaining IT talent clearly poses direct and indirect problems to organisations.

According to CompTIA's analysis of the most recent labour market statistics, the unemployment rate for tech occupations fell to a near-record low in March, as tech businesses gained workers for the 16th consecutive month and employer job ads for tech roles reached 400,000.

"The already tight labour market has just gotten tighter as competition for IT talent approaches near-record levels," Herbert said in a statement. "Any organisation who is still following the traditional hiring playbook should reconsider their approaches to recruiting and retention."

In March, there were 19,000 new IT positions in the United States. The unemployment rate for technical jobs is 1.3 percent, the lowest since June 2019 and almost one-third of the current national unemployment rate (3.6 percent ).

According to Janco, around 138,000 new IT positions would be produced in 2022. In the United States, there are presently over 3.85 million IT employment openings. Janco reported 3.72 million IT positions in the United States as of December 2021.

"According to our study, the IT employment market and possibilities for IT experts will remain strong, although not as extensive as in the fourth quarter of 2021," Janco CEO M. Victor Janulaitis said in a statement. "Based on market conditions, CIOs are still threatening to employ more people and extend technology to handle blockchain processing and security applications." Recent events, higher energy costs, and the threat of high inflation, on the other hand, will impair IT employment market development."

According to the BLS, employment in computer and information technology jobs is expected to expand 13% from 2020 to 2030, faster than the national average. According to the BLS, IT is expected to generate around 667,600 new jobs, with demand for those professionals arising from a growing emphasis on cloud computing, big data collecting and storage, and information security.

In January 2021, the median annual salary for computer and information technology jobs was $94,729, greater than the median annual wage for all occupations ($45,760). In January 2022, the median pay for IT workers had risen to $96,667, a 2.05 percent increase.

According to Janco, new IT recruits in the fourth quarter of 2021 were paid 5% to 6% more than existing workers.

"We discovered from multiple CIOs that hikes for new recruits in the 9 percent to 12 percent range were not unusual," Janulaitis explained. "It is not uncommon for highly talented and experienced IT professionals (with more than ten years of experience) to be given salaries of $125,000 or more. Salary disparities are a source of unhappiness and an increase in turnover among current employees."

According to the US Bureau of Labor Statistics, hiring of IT experts is at an all-time high, with 197,000 more IT positions created this year than at the same time last year (BLS).

According to IT employment firm Janco Associates, the IT job market has grown in each of the last eight months.

"As demand for IT talent rises, information-technology experts say they are increasing remuneration packages and flexible work alternatives to broaden the pool of possible job candidates," M. Victor Janulaitis, Janco's CEO, noted on the company's website.

CIOs are offering flexible work choices, such as a blend of in-office and remote work, to recruit employees and retain existing tech professionals. According to Janulaitis, the median wage for IT workers is likely to rise to between $96,000 and $97,000, up from little over $94,600 in January and $95,600 in June.

"Most CIOs have never recruited at this rate. Janco relates some CIOs' recruiting effort to meeting their company's aims to acquire talent linked to security, compliance, and cloud computing. Those IT roles are challenging to fill "He stated.

90,200 new IT jobs were created in 2019. As a result of the worldwide epidemic. In comparison, 33,200 jobs will be eliminated in 2020. Almost 150,000 new positions will be added to the IT employment market by 2021.

According to Janco Associates, based on BLS statistics, almost 100 million working-age adults were excluded from the labour force in November 2021, when all employment markets were included. According to BLS data, the majority are still in school, retired, ill or disabled, and unable to work. However, those removed from the labour market include 471,000 "disappointed workers," up from 460,000 last month. The persistent impact of vaccination requirements, travel limitations, and new virus variations were among the reasons given for not re-entering the workforce.

According to Joblist, over 34.4 million people have resigned their employment this year as they rethink their work life. According to a recent Joblist study of 26,000 employees, over three-quarters of respondents stated they were actively considering resigning. Furthermore, around 34.4 million individuals will abandon their occupations this year in 2021 as they rethink their professional life.

According to Microsoft Corp.'s Work Trend Index survey, almost 46 percent of the remaining workforce is considering quitting since they are not permitted to work remotely.

"There are 94.438 million people who just do not want to work. This is an over 612,000 increase over the same month previous year "according to the website of Janco Associates

Another factor contributing to the continuous decline in labour participation is the retirement of baby boomers.

Overall, the IT employment market in the United States has gained an average of roughly 13,000 positions per month in 2021, up from an usual monthly average of between 5,000 and 8,000 roles.

According to BLS statistics contained in Janco Associates' calculations, job growth in the US IT industry stagnated and took a fall in October, gaining only 4,800 employees. This was a decrease from the revised September data, which showed an increase of 8,900 posts.

The highly contagious delta version of COVID-19 continued to impede overall employment growth in October, mostly owing to slowdowns in the restaurant, entertainment, and service sectors.

Prior to the delta variation and the skills bottleneck, US IT employment growth was greater earlier in the year: August showed a surge of 25,400 new positions, after roughly 18,500 in June and 9,900 in July (all corrected statistics), suggesting continued corporate recovery from the pandemic. In reality, IT employment growth has been consistent for 15 months, albeit it has been uneven through May. So far in 2021, I have created an average of 13,000 new employment every month.

In the United States, the IT employment market remains much as it was before the pandemic: there are more openings than candidates. According to Janulaitis, firms would have filled more IT roles in September if they had found enough competent individuals. Finding web developers, cybersecurity and compliance experts remains the most difficult challenge for CIOs, he says, prompting HR to focus more on IT personnel retention.

Because of the skills scarcity, firms are under even more pressure to raise wages, according to Janulaitis, and US IT salaries are already on the rise in 2021.

Janco nevertheless anticipates 2021 to have more IT employment growth than any prior year, with 189,000 new roles in 2021 as of Oct. 31, with two months of recruiting left in the year, more than making up for jobs lost due to the pandemic. The previous peak was in 2015, when 112,500 new jobs were created. In 2018, the sector added 104,600 new IT positions; in 2019, the rise was 90,200; and in 2020, the industry lost 33,200 employees.

According to Janco, there are presently 3.72 million IT professional positions in the United States.

The CompTIA industry association's monthly IT employment report also revealed decreased hiring growth in October. According to CompTIA, there were 8,300 new US tech-sector positions last month, down from 18,700 in September, 26,800 in August, 10,700 in July, and 10,500 in June. According to CompTIA statistics, the US IT sector's job counts continue above their March 2020 record of 4.76 million, with a slight increase to 4.81 million in October 2021.

CompTIA estimates both technical and nontechnical roles at tech suppliers, with around 44 percent being technical and 56 percent being nontechnical; Janco examines IT positions in various industries, including software developers.

CompTIA assessed the IT sector's unemployment rate in October to be 2.1 percent, down from 2.2 percent in September but up from 1.5 percent in August and July. The current tech unemployment rate is close to the lows of 2018-19, when it varied from 1.2 percent to 2.4 percent. According to the BLS, the national unemployment rate was 4.6 percent in October, down from 4.8 percent in September.