It is a perfect storm for IT pros, they are in high demand and salaries have remained relatively flat for the past 18 months. Many IT pros have been working from home and finding that their careers are not tied to a single company. Rather they are tied to the skills they have and those who are willing to pay them the most.
The 2022 IT Salary Survey shows that salaries have stayed flat for staff members regardless of the size of the firm they work for. In addition, the study shows that fringe benefits have been cut by many organizations. The only plus is that Working From Home has reduced the expenses of going to the office.
Job growth in 2021 exceeded 2020 by 188,500 jobs. The three-month moving average trend for the creation of IT Pros jobs continues to trend up. There are now 3.76 million jobs for IT Professionals in the US. For 17 months in a row, there has been an increase in the number of jobs added to the IT job market. The hiring of IT Pros is robust. This is true across all industries.
In the last quarter of 2021, CIOs continued to expand IT staff, however, not as many candidates were hired due to the lack of qualified IT Pros. Shutdowns resulted in fewer computer science candidates graduating from universities and trade schools. Those in the pipeline for those degrees are reduced as well.
IT job market and opportunities for IT professionals will be robust. Even with inflation and the uncertainties caused by new outbreaks of Covid variants, CIOs are posturing to hire more staff and expand technologies to address blockchain processing and security applications. The worst is over and now the focus will be on retaining existing staff and adding new capabilities to the IT infrastructure.
He said, “The inflation threat is real and salaries for new hires need to be higher – we estimate 6-10%. At the same time, salaries for existing staff are not keeping up with inflation, and salary pay range compression is occurring. Those factors, along with the reluctance to get back in the office, are driving attrition rates up in many IT organizations.
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