Experienced IT Pros Harder to find as demand rises
Experienced IT Pros Harder to find – A major research firm has just published our forecast for US tech employment and compensation (2019 US Tech Talent Market Outlook). It has some foreboding news for CIOs and for tech vendors: Tech talent will be harder to find and more expensive over the next two years.
The median salary for IT Professionals continues to rise. Currently, it is $93,077 and Janco forecasts that it will be around $95,000 by the end of this year. Experienced IT Pro harder to find as demand increases.
At the same time, they found that the supply of tech workers has largely kept up with demand. But the current data available for 2018 suggests that wage growth is starting to accelerate. This supports the finding in the latest IT Salary Survey from Janco Associates, Inc.
This acceleration poses a special threat to CIOs, who could find themselves paying premiums for certain tech roles in high demand.
Top 10 Blockchain Challenges – Janco Associates conduct a survey of IT Blockchain Project Managers in large and mid-sized corporations. 178 PMs participated in the study. All of the managers had been operating in that role for over one year and several had been project managers for well over five years. They all had at least 5 project team members and the largest project had over 60 IT professionals on it.
Top 10 Blockchain challenges are associated with the importance and priority of the associated development and implementation activities
Top 10 challenges identified by Janco are:
Coordination Internal/External requirements, specifications, and activities – 63%
Overworked with Manny work weeks that were well over 60 hours – 53%
Understaffed with scores of open requisitions that remained unfilled for months at a time – 51%
Changes in specifications both on the data and requirements that were moving targets – 47%
Changes coming too fast as more was done the rate of change increased at an ever-increasing rate – 42%
Technology New & Rapidly Changing as tools and available resources/tools keep evolving – 42%
Scalability of applications designed into the infrastructure architecture – 41%
Deadlines not agreed on and set arbitrarily by individuals not involved with the day-to-day development – 39%
Staff turnover as key members of the team are burned out and or hired away -34%
Staff skills gaps as many team members did not have all of the skills and experience necessary to complete tasks in a timely manner – 34%
The IT job Market Expands to over 3.5 million jobs in the US. The jobs are divided up with 61% of the jobs in Computer Systems Design and Related Services; 21% Telecommunications; 9% in Data Processing, Hosting and Related Services; and 9% in Other Information Services.
In 2018, the total nimber of new jobs grew by 79,800. That was 21,000 more new jobs than were created in 2017.
IT Job Market expands as the economy continues to improve
This expansion of the job market is now twenty months in the making. The expansion is one of the reasons that IT salaries are going up.
In interviews with both CIOs and HR professionals since the election, Janco has found CIOs to be more optimistic about the probability of increased IT spending and hiring. The data on the number of IT jobs created in the prior two months was increased by the BLS.
The three month moving average for IT job market growth trend for IT Professionals is up dramatically. That metric is the change rate in increase and/or decrease in the total number of new hires. What it means is that CIO and HR recruiters are continuing to hire at a rate that is higher than in prior months. When that metric falls below zero then hiring demand will fall back to previous levels.