Number of IT Jobs Created tied to US Unemployment Rate
Janco had data and analyzed the growth and decline of the IT Job Market since the 1990s. One of the more interesting correlations is the number of IT jobs created (or lost) is tied directly to the overall unemployment rate and the number of states at full employment levels versus high unemployment levels. Covid put a spotlight on this and will provide Janco with a more refined set of rules for its forecasting model on IT job market size.
Hiring IT Pros is the first cut in a downturn
When the pandemic struck and enterprises of all sizes cut costs, one of the first areas impacted were new hires in IT and secondarily terminations and layoffs of existing IT staff. The graphic above shows what happened during the shutdown phase of the pandemic. It took almost 6 months for the hiring of new IT Pros to recover to normal levels.
With data Janco generated its most recent forecast for the IT Job market for 2022. There is a caveat, if a recessionary downturn starts any time this year, much of the growth of the IT job market could be lost.
IT Job Market Growth preceded
the 2022 recovery
As the US economy recovered, pressure was placed on the technology functions of organizations. Demand for IT Pros exceeded supply and CIO had to quickly have the resources to implement solutions that reduced operational costs and improved productivity.
HR and staffing issues were added to the challenges that CIO had to face.
Top CIO Management and Planning Priorities - 2022
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