91,900 new IT Jobs created in 2019 - median salary up 4.9%
January 11, 2020 (PRLEAP.COM) Business NewsJanuary 11, 2020 - Park City UT –Park City UT - Janco - www.e-janco.com - With the expansion of the IT job market, retirements of Baby Boomers, the advancement of Millennials, the complexion of the IT work space is changing. The new generation of IT Pros looks younger and does not have the experience of the older generation. At the same time, new technologies are being implemented at an ever-increasing rate. Blockchain, DLT, and user experience applications are pushing the limits of many enterprises.
The CEO of Janco Associates, Inc., Mr. M. Victor Janulaitis said, "Approximately 91,900 new IT jobs were created in 2019. That is lower than the number of jobs created in 2018 (104,600 new IT jobs)." He added, "That is with a reduction in the number of telecommunications jobs by over 28,000. If that sector of the IT job market were excluded, the IT job market size would have been well north of 110K net new jobs."
The CEO said, "As demand has increased for seasoned IT Pros, salaries have gone up as well. Earlier this month when we released our 2020 IT Salary Survey, we found that median compensation for IT Professionals increased by 4.9% in 2019. Median Salaries for all IT pros is $94,535 up by over $4,400. In addition, we do not see that trend abating."
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."
Janulaitis said, "The BLS added new jobs to its initially reported October and November employment data for IT jobs." In addition, he added, "We have just completed our interview of CIOs for our January 2020 IT Salary Survey. A majority of the CIOs said the time to hire new employees is 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. We do still forecast just over 100K new IT jobs will be created in 2020. If that occurs then IT median salaries will continue to rise."
n 2019 91,900 new IT jobs were created. Janco estimates that over 100,000 additional new IT jobs will be created in 2020. 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 went into effect on January 1, 2020. One other factor is 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 the new positions created in 2020 will be driven by both compliance mandates and new 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."
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.