Shortage of IT Professions Drives Starting Salaries Higher according to Janco
March 11, 2019 (PRLEAP.COM) Business NewsPark City, UT - https://www.e-janco.com – Janco Associates - Many IT positions go unfilled as the supply of qualified IT pros is well short of the number of openings. CIOs and HR departments are now starting to adjust up the starting salaries. This, in turn, is causing some compression of pay grades for some key positions.
Janco forecasts an additional 89,000 IT jobs will be added in 2019 and Median Compensation for IT Professionals will increase to at least $97,000.
The CEO of Janco Associates, Inc., Mr. M. Victor Janulaitis said, "Qualified ERP professionals and Blockchain application specialists are in very high demand as more organizations are looking for seamless information flow as prime operational objective. With this skills shortage, many projects are missing key early benchmark dates." He added, "This shortage is not limited to these skill sets, programmers and business analysts of all stripes are also in high demand."
The CEO stated, "With the IT Job Market being so volatile, The BLS continues to adjust prior months employment data. For example, in January they adjusted the number of IT Job up by over 55,000 and in February they made a downward adjustment of 13,500. That has resulted in our having to depend on our monthly discussions with CIOs and recruiters to arrive at our forecast for future IT job market growth."
The CEO said, "The political turmoil and lack of any material progress on the trade talks with China and the EU adds a level of risk on the direction of the economy. However, even with all those factors in play there still is positive IT job market growth. CIOs are still planning on expanding the size of their organizations."
Most of the hiring that is occurring is at staff levels. Based on our current data we believe the hiring that will be done this year will be completed by June or July. Demand for consultants and contract employees will still be above average, however, there is a tendency to move towards in-house staff. This data is compiled by reviewing public data, open/filled positions at our client organization, and interviews with selected CIOs, Recruiters and our clients' internal HR staffs.
The CEO added, "The median salary for all IT Professionals based on our latest salary data is $93,077. That is $2,628 higher than the same time last year. Supply and demand are working in favor of qualified IT professionals. We forecast that the median salary for all IT professionals will be in the $97,000 range by the end of 2019 – a $4K increase." More information on this available on our web site https://www.e-janco.com/salary.htm.
In order to assist its clients, Janco has just released it 2019 version of the IT Hiring Kit - https://www.e-janco.com/ITHirePack.htm. the Kit contains the over 300 full IT job descriptions, the 2019 IT Salary Survey, and the Interview and Hiring which is packed full of electronic forms and best practices.
Analysis of the revised BLS data on the IT Job Market shows that in 2018 there was an addition of 104,600 new jobs versus the 107,100 initially reported. In any case that is 45,900 more new jobs that were created in 2017.
The CEO of Janco added, "IT and HR recruiting managers are optimistic. They are focusing on additions to the IT staff as they seek to fill in missing skill sets. However, the recent stock market moves (both down and up) and the lack of a consistent picture of what is going to happen on the international front causes concern."
Janco is an international consulting firm that follows issues that concern CIOs and CFOs and publishes a series of IT and business infrastructure HandiGuides® and Templates including a Disaster Recovery/Business Continuity Template, Security Template, IT Job Descriptions, and its semi-annual IT Salary Survey.