IT Job Market expands - IT Labor Market get younger according to Janco Associates, Inc.
December 09, 2019 (PRLEAP.COM) Business NewsPark City UT www.e-janco.com Janco Associates - 88,100 new IT Jobs created in the first eleven months of 2019 - Gen Z and Gen Y (Millennials) now make up 47% of the IT Labor Market. With retirements of Baby Boomers and the advancement of Gen Xers, the complexion of the IT workspace is changing. The new generation of IT Pros looks younger. At the same time the IT Job Market continues to expand.
The CEO of Janco Associates, Inc., Mr. M. Victor Janulaitis said, "Over 88,100 new IT jobs were created YTD as of November 2019. That is well on target to create a total of 98K to 100K new jobs for the year." He added, "At the same time, as younger individuals become CIOs, they tend to hire direct reports that are in their age groups. There still will be older IT specialist that have legacy skills who will remain in the workforce for some time. However, management positions for them will be limited at best. Blockchain, DPT, and applications on the Internet will be manned by IT pros who are in the 30 to 40-year-old age groups."
Janulaitis said, "Gen Y (Millennials) and Z make up over 47% of the total labor force, Gen Xers are 37%, and Baby Boomers have shrunk to only 16% of the total labor force."
The CEO also said, "The BLS added 5,800 new jobs to its initially reported September and October employment data for IT jobs." In addition, he added, "We are now completing our interview of CIOs for our January 2020 IT Salary Survey. They say that the time to hire new employees now closer to 3 to 4 months from the time the position is approved, and the individual is on staff. In 2018 the time for the same process was closer to 2 to 3 months. As a result, we have reduced our forecast to just over 90K new IT jobs versus our earlier reported 100K forecast."
Growth of IT Job Market
In the first 11 months of 2019 88,100 new IT jobs were created. Janco estimates that over 10,000 additional new IT jobs will be created in the remaining month of 2019. The total number of new jobs created in 2019 will be approximately 98,100. The IT job market is now at the point where the number of openings exceeds the number of individuals qualified to fill the positions.
The CEO said, "Compliance will be more of an issue in 2020 than this year with the new CaCPA mandates that go into effect on January 1, 2020. One other factor will be the move towards Blockchain and DLT technology. To that end, Janco released a major update to its Compliance Management Kit and a new Blockchain Job Description Bundle last week. We believe that many of new positions created in 2020 will be driven by both compliance mandates and Blockchain applications."
The CEO said, "With the high demand for IT Pros, the career opportunities outlook for IT professionals continues to be bright. Over the long term we feel that more individuals will look at IT concentrations at the university level. Also, professional trade schools will be able to expand the scope of their training and certification programs. The risk that companies face will be to validate the qualifications of new entrants into the IT job market as IT Pros."
More information on the IT job market
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® and Templates including IT Infrastructure Policies and Procedures, Disaster Recovery/Business Continuity Template, Security Template, IT Job Descriptions, and its semi-annual IT Salary Survey.