Careers In High Demand 2016 – Although unemployment remains low, it has fluctuated over the past six months. A phenomenon that leaves some technology industry experts at a loss trying to understand what the new normal could become.
Last month, tech unemployment rose along with the overall U.S. unemployment rate, from 3.5% in July to 3.8% in August, according to new data from the U.S. Bureau of Labor Statistics (BLS). At the same time, total nonfarm employment across all markets rose by 187,000 jobs in August.
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The mixed messages in last Friday’s jobs report also had consequences for the technology industry and the workforce, according to an analysis by industry group CompTIA.
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Unemployment in the tech sector fell from 2.3% in June to 1.8% in July, as tech companies and employers in other sectors add workers following a wave of mass layoffs in the tech sector.
However, the latest report from the BLS shows that employers across the U.S. economy have cut tech jobs by about 189,000 jobs, pushing the unemployment rate for tech jobs to 2.1% — nearly the same as the unemployment rate in June , according to CompTIA.
“The usual caveats about monthly fluctuations in labor market data apply,” said Tim Herbert, head of research at CompTIA. “The differences between strong and lagging tech jobs reports are certainly confusing, but the overall macro growth trend in the size and breadth of the tech workforce remains stable.”
Employer job postings for future technology hires (a separate category tracked by CompTIA) reached nearly 208,000 in August, a slight decline of 1.4% from the previous month. But vacancies for information security analysts increased by 19% from July to August to more than 12,000 vacancies. Other jobs in high demand include software developer, technical support specialist, computer systems analyst, and data scientist.
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“With ‘pandemic paranoia’ about hiring still prevalent, companies are continuing to retain employees given how difficult it is to rehire workers,” said Becky Frankiewicz, president of the North America region of global employment agency ManpowerGroup. “The essential workers we valued during the pandemic may not feel as important, as real-time job openings for blue-collar positions such as operations and logistics/maintenance and repair fell 43% month over month,” according to ManpowerGroup’s real-time data.
“This Labor Day is a great opportunity to celebrate the resilience of American workers,” he said. “While we are seeing a slowdown, the labor market remains healthy and we are optimistic about the future.”
Positions in emerging technology fields or jobs that require new technology skills, such as artificial intelligence (AI) and data science, made up 23% of all technology sector openings in August. Of emerging technology job postings, 37% are AI-related, with California, Texas, New York, Massachusetts, and Virginia showing the highest number of AI-related job postings.
New data from IT staffing company Experis shows that more and more companies surveyed are adopting or planning to adopt new technology in their recruitment processes. This is because more than three-quarters (78%) of IT organizations report difficulty finding talent with the right skills – the highest figure in 17 years.
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According to Experis, 58% of entrepreneurs believe AI and virtual reality will create jobs, not kill them. Additionally, cybersecurity, technical support and customer experience remain high-priority IT workforce areas. Half of companies say they are training and upskilling their current workforce to address workforce issues.
“The integration of AI, machine learning, VR/AR and other emerging technologies is rapidly transforming the industry and driving the need for an adaptable workforce,” said Experis Senior Vice President Ger Doyle. “We are seeing companies take advantage of these new technologies and many are looking to recruit or upskill existing talent to take advantage of the potential for increased productivity. Smart entrepreneurs know that they must embrace digitalization.
The unemployment rate for tech sector jobs fell from 2.3% to 1.8% in July as technology companies and employers in other industry sectors added workers, according to an analysis of U.S. Bureau of Labor Statistics (BLS) data.
This is the lowest unemployment rate in the technology sector since January, according to CompTIA, a nonprofit organization for the IT industry and workforce.
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The overall U.S. unemployment rate also fell slightly last month to 3.5% from 3.6% in June, according to BLS data. About 187,000 nonfarm jobs were added, less than the average monthly gain of 312,000 over the past 12 months. According to the BLS, employment increased in health care, social security, financial activities and wholesale trade in July.
Employment in professional, scientific and technical services continued to rise in July, with 24,000 positions filled, according to BLS data.
Companies in the technology sector have expanded their workforces by 5,432 employees, according to an analysis of BLS CompTIA data. Leading the way in recruiting new IT employees are custom software services and system design; as well as the production of PCs, semiconductors and components.
According to a mid-year analysis by business consultancy Janco Associates, IT salaries are also rising as more companies invest in IT. In recent years, the emphasis has been on e-commerce and mobile computing. And as cyberattacks and data breaches increase, CIOs are looking to harden their sites and lock down access to data to protect all their electronic assets, according to Janco Associates.
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The only drag on July’s numbers was company vacancies for technology jobs, which fell from 236,000 in June to 204,400 in July.
“Given the pace of technology adoption, the market remains quite tight for technology talent,” Tim Herbert, head of research at CompTIA, said in a statement. “This remains an environment in which employers must supplement their recruitment efforts with proactive talent development strategies.”
While the decline in unemployment rates in the technology sector is quite significant, Herbert said it is not unusual for unemployment rates to fluctuate. “Over the last 5.5 years since January 0, 2018, the technology sector unemployment rate has risen or fallen by half a point or more from the previous month 27 times, which amounts to 40%,” he said in an email On
By comparison, national unemployment had the same variation of 22 times, or 33%. Herbert said.
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“Unfortunately, the Bureau of Labor Statistics does not provide data at a sufficiently granular level to identify the technological job categories that drive changes in the unemployment rate,” Herbert said. “The company’s job posting data shows that its recruitment activity is broad-based and covers all major job categories in technology.”
How the BLS tracks job seekers is also important; it only monitors people who are actively looking for work, Herbert said.
“There may be scenarios where certain segments of workers are not included in the unemployment rate because they have postponed their job search – perhaps to reevaluate their job search strategies, to pursue additional training, to recharge their batteries to charge and so on,” he said. said. “This could have the effect of artificially lowering unemployment.”
But there is a difference between the long-term unemployed, who may not have the skills needed in the labor market, and those who voluntarily postpone their job search. “I think tech workers in these positions often fall into the latter category because most have the requisite skills,” Herbert added.
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Janco Associates paints a rather bleak picture of the IT jobs landscape: IT jobs have shrunk by 5,500 jobs to date. This figure differs from the 125,900 jobs created in the same period in 2022.
The number of vacancies for IT professionals shrank from more than 200,000 in December to more than 120,000 at the end of July, according to Janco’s latest report. The report states that IT job market growth stalled in January, with 2,600 job losses and other losses piling up in subsequent months.
“Based on our analysis, the IT labor market and opportunities for IT professionals are poor,” Janco CEO M. Victor Janulaitis said in a statement.
In the second quarter of 2023, the jobs most hurt were computer systems design (down 10,500); telecommunications (-5,500); content providers (down from 4,700); and other information service providers (decrease of 6,600). Janulaitis said.
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Many roles, especially in telecommunications and cloud providers, are being automated and eliminated, he said. CIOs and CFOs are looking to increase IT productivity by automating processes and reporting where possible and focusing on eliminating ‘non-critical’ managers, staff and services.
“Experienced programmers and developers still have a chance. “The greatest demand remains for security professionals, programmers and IT professionals who handle blockchain,” Janulaitis said.
As part of efforts to increase return on investment, CIOs are looking to consolidate the cloud service providers they support.
“This will impact employment prospects at these providers,” Janulaitis said. “Many CIOs and CFOs still widely believe that an economic downturn will occur. This affects all decisions around hiring new IT professionals and increasing technology-related expenses. This affects the salaries of IT professionals and has a major impact on the remuneration of IT managers.”
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Meanwhile, software developers and engineers, IT project managers, data analysts, IT support specialists and emerging technologies are in highest demand, according to CompTIA. Positions in emerging technology areas, or jobs requiring new technology skills, accounted for approximately 23% of all technology sector vacancies in July.
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