How many Jobs are Available in Technology?
How many Jobs Available in Technology
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As per the latest data, all the IT jobs lost during the pandemic have recovered, but the lack of qualified persons hampers the recruitment of IT professionals.
Nevertheless, the IT job market continues to expand. According to IT employment consultant Genco Associates, in the last year, more than 11,000 new IT positions have been added every month. (Janco based its information on data from the US Bureau of Labor Statistics.
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About CompTIA Industry Association
The April monthly tech jobs report released by the CompTIA industry association showed the tech industry added 12,300 jobs from February to March 2022. Software developers (3,613) and systems engineers/architects (3,126) led the pack in terms of new positions available.
According to CompTIA, software developers and engineers are far from the most in-demand positions companies need to fill, with more than 115,000 job postings across the US. IT support specialists, project managers, systems engineers and architects, and network engineers and architects are also in great demand.
CompTIA’s Chief Research Officer
“By all accounts, this was an exceptionally strong start to the year for tech employment,” said Tim Herbert, CompTIA’s chief research officer. “The arms race in recruiting and retaining technical talent undoubtedly challenges employers, directly and indirectly.”
The unemployment rate for tech occupations fell to a near-record low as tech firms added workers for the 16th consecutive month and employer job postings for tech positions exceeded 400,000 in March, according to an analysis of the latest labour market data by CompTIA.
Rate of Tech Occupations
“The already tight labour market has just gotten tighter as competition for technical talent reaches record levels,” Herbert said in a statement. “For any employer that relies on the old hiring playbook, it is time to rethink its approach to recruitment and retention.”
IT jobs increased by 19,000 across the US in March. The unemployment rate for tech occupations is 1.3%, its lowest level since June 2019 and nearly a third of the current national unemployment rate (3.6%).
Janco estimates that over 138,000 new IT jobs will remain created in 2022. There are now over 3.85 million positions in the US in the IT job market. As of December 2021, Genco reported 3.72 million IT positions in the US.
IT job market and opportunities for IT professionals
“Based on our analysis, the IT job market and opportunities for IT professionals will remain positive but will not broaden within the scope of the last quarter of 2021,” Genco CEO M. Victor Genulitis said in a statement. “CIOs are still posturing to hire more employees and expand technologies to address blockchain processing and security applications depending on market conditions. However, recent developments, increased energy costs and high inflation have stood noted. Fears will hurt IT job market growth.
According to the BLS, employment in computer and information technology occupations remains projected to grow 13% from 2020 to 2030, faster than the average for all occupations. According to the BLS, cloud computing, the collection and storage of big data, and those workers with a greater emphasis on information security remain projected to add about 667,600 new jobs in IT, according to the BLS.
The median annual wage for computer and information technology occupations was $94,729 in January 2021, higher than the median yearly wage for all domains ($45,760). In January 2022, the median salary for IT positions increased to $96,667 –about 2.05%.
“In conversations with several CIOs, we learned that increases for new employees in the 9% to 12% range were not unusual,” Janulitis said. “It is not uncommon for IT professionals who are highly skilled and experienced (over the age of 10) to be offered salaries at $125,000 and above. Pay disparity dissatisfaction and increasing job loss rates among existing employees is the reason.
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According to the US Bureau of Labor Statistics (BLS), IT professionals have been recruited at a record pace this year, with 197,000 more IT jobs than last year.
According to IT employment consultant Genco Associates, every IT job market has grown in the past eight months.
“Information-technology leaders say they are increasing compensation packages and flexible work options to widen the pool of potential job candidates, as demand grows for tech talent,” said M Victor Genulitis, Genco CEO, on the company’s website.
CIOs offer flexible work options to entice employees and retain existing technical staff, such as a combination of in-office and remote work. The median salary for IT professionals remains expected to rise between $96,000 and $97,000, from just $94,600 in January and $95,600 in June, Janulaitis wrote.
Cloud Computing and BLS Data
In all job markets included, approximately 100 million working-age people were excluded from the labour force in November 2021, based on BLS data. According to BLS data, most are still in school, retired, sick or disabled and unable to work. But, those excluded from the labour force also include 471,000 “frustrated workers”, representing an increase from 460,000 last month. Reasons not to rejoin the workforce were the continued impact of vaccine mandates, travel restrictions and new virus variants.
According to the job-search company Joblist, about 34.4 million people have quit this year as they reevaluate their work lives. And, around 34.4 million people have left their jobs this year during 2021 as they review their work lives. A recently published survey of 26,000 employees by Joblist showed that nearly three-quarters of respondents said they were actively thinking about leaving.
Microsoft Corp and IT Job Market
According to a Work Trend Index study by Microsoft Corp, about 46% of the remaining workforce is considering leaving work because they are not being allowed to work remotely.
According to the Genco Associates website, “There are 94.438 million who do not want to work at all. It increased about 612,000 persons from the same month last year.”
Another reason for the steady decline in labour participation rates is the retirement of baby boomers.
Overall, however, the IT job market in the US added an average of about 13,000 positions during each month of 2021, against the typical monthly average of between 5,000 and 8,000 jobs.
Job growth in the US IT industry had slowed and declined in October, with just 4,800 positions added, according to BLS data from Jenko Associates. It was down from the 8,900 positions added in the revised figures for September.
Delta Versions and Pre-Pandemic Conditions
IT job growth has been up for 15 consecutive months, though it was uneven during May. Before the delta version and the talent crunch, US IT job growth was strong in the first year: August saw an increase of 25,400 new jobs, on the heels of nearly 18,500 in June and 9,900 in July (all are revised figures), Recovery from the pandemic reflecting continued business. I secured an average of 13,000 new jobs every month in 2021.
IT job positions in the US look like pre-pandemic conditions: more positions than candidates. Businesses would have filled more IT positions in September had they found enough qualified candidates, Genulitis said. He said that finding web developers, cybersecurity, and also compliance professionals is one of the hardest jobs for CIOs and also are causing HR to focus more on IT staff retention.
Janulitis said the talent shortage had put even more pressure on businesses to raise salaries — and US IT salaries were already on trend in 2021.
Genco still expected more IT job growth in 2021 – there were 189,000 new positions in 2021 as of October 31, with two more months of recruitment left in the year – compared to any previous year, due to jobs lost more epidemic than The previous high was 2015 when 112,500 new posts stood created. In 2018, 104,600 new IT positions were added; In 2019, the increase was 90,200; And also in 2020, the industry lost 33,200 positions.
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Genco estimates that there are now 3.72 million pro-IT jobs in the US
The monthly tech jobs report released by the CompTIA industry association also showed slow recruitment growth in October. CompTIA calculated 8,300 new US tech sector jobs last month, compared to 18,700 in September, 26,800 in August, 10,700 in July and 10,500 in June. According to CompTIA data, the US tech sector’s job numbers remain well above their March 2020 peak of 4.76 million, up from just 4.81 million in October 2021.
CompTIA counts technical and also non-technical positions in tech vendors, with approximately 44% being technical and 56% non-technical; Genco looks after IT positions in all industries, including software developers.
CompTIA calculated the projected unemployment rate for the tech sector at 2.1% in October, down from 2.2% in September but 1.5% in August and July. According to the BLS, the national unemployment rate stood at 4.6 percent in October, up from 4.8 percent in September. The current technical unemployment rate is within its 2018-19 low, ranging from 1.2% to 2.4%.
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