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IT Job Market Shrinks by 12,000 in the last 3 months - 101K Unemployed IT Pros says Janco
The job market for IT Pros took a turn for the worse with 101,000 unemployed in November - at the same time, there are 100K unfilled open requisitions for IT Professionals.
By: Janco Associates
A major pullback of the number of excess jobs for IT Pros occurred in the 4th quarter of 2022 and continued through October of 2023 - economic slowing and resulting layoffs have impacted on number of unfilled jobs available for IT Professionals. In October the number of unfilled jobs for IT Professionals fell to 101K versus 148K in May of 2022 - 31%! Janco will be publishing its full set of findings on Substack (https://itmanager.substack.com/)
IT Pros Unemployment Rate versus National Unemployment Rate
There currently are over 101,000 unemployed IT professionals and the unemployment rate for IT professionals continues to rise.
The CEO added, "Experienced Artificial Intelligence and Machine Learning IT Professionals remain in high demand. Salaries for those professionals are well into the low six figures. Salaries for management positions with AI skills are in the $150K to $250K range. Experienced managers and developers are getting offers in the $125K to $165K range. "
IT Job Market Forecast
With this as a background, Janco revised its forecasts for a slight shrinking of the IT Job Market in 2023 by 25K to 30K. However, that number could exceed the losses of 2020 if there is more downward pressure on the US economy.
To assist in the recruiting process, Janco has just released an update to its Internet and IT Job Descriptions. Over 325 job descriptions are included and cover positions from the CIO to the Chief Artificial Intelligence Officer and Blockchain management and development teams. This tool kit has been updated to reflect changes to the IT Infrastructure caused by AI, compliance mandates, and the current economic environment - including WFH and Cloud processing. It meets all the mandated security requirements and best practices.
Janco is an international consulting firm that follows issues that concern CIOs and CFOs. The firm publishes a series of IT and business Infrastructure HandiGuides®