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IT Pro unemployment rate greater than national unemployment rate
eJobDescription.com website is the HR for Information Technology management
BLS cuts 16K IT jobs from the initially reported in January in addition to 53,200 cuts made in January
The overall unemployment rate for IT pros in February fell to 4.3% from 5.5% in January. Also, the number of open unfilled IT positions rose from 154,000 to 211,000. This data implies hiring IT Pros could be on the upswing, but needs to be tempered as the IT unemployment rate of 4.3% is still higher than the overall US unemployment rate of 3.9%.
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Demand High for C-Level IT Pros
Median Salary over $209K
As technology takes a leading role in many enterprises there are now twelve c-level titles that are appearing within many World-Class IT functions. . The most frequently seen position titles are:
Chief Information Officer (CIO)
Chief Information Officer - Small Enterprise or SBU (CIO)
Chief Artificial Intelligence (CAIO)
Chief Compliance Officer (CCO)
Chief Data Officer (CDaO)
Chief Digital Officer (CDO)
Chief Experience Officer (CXO)
Chief Information Security Officer (CISO)
Chief Mobility Officer (CMO)
Chief Product Officer (CPO)
Chief Security Officer (CSO)
Chief Technology Officer (CTO)
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Shortage of IT Pros real
Shortage of IT job pros limiting CIO technology implementation plans
According
to a several reports, CTOs are seeing a talent shortage as the biggest barrier
to the adoption of most new technologies. This means that in the majority of
cases, IT leaders who want to deploy a new tool to boost business outcomes
anticipate that the lack of suitable workers to implement the technology will be
problematic at some point. In the US there are over 8.9 million enterprises that have any employees. In that population, the number of companies that have teleworkers has increased from 23% to 77%. That is a rise of over 4.6 million organizations that now have teleworkers in their workforce since before the pandemic.
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Hiring of IT Pros Continues to slow - AI driving this
Hiring of IT Pros contines to slow
In Feburay of this year the growth of the IT job market and hiring of IT pros was robust. Since the, there has be a steady decline in the number of new IT jobs created from a 12 month moving average of 20,650 new jobs created for IT Pros in Feburary to 7,842.
What once was one of the hottest job markets now is feeling the pain of the recession. Part of the driver has been the elimination of entry level positions with the implementation of AI applications.
One of the new postions that has driven this is the Chief AI Officer (CAIO). The CAIO is not only an AI expert but also a seasoned operational manager. As the role is transformational, the CAIO is responsible for the adoption of AI and machine learning across the entire business. As with most senior executive titles, the responsibilities are set by the organization's board of directors or other authority, depending on the organization's legal structure. The CAIO is responsible for AI across the entire enterprise and its operations. One of the primary objectives of the role is to reduce head counts.
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AI Displacing Entry-Level IT Jobs
September there were 117K unemployed IT Professionals
The 2023 IT jobs market remains rocky.
There was a 4.3 percent unemployment rate for IT professionals in September, surpassing the overall U.S. unemployment rate of 3.8 percent. It was a poor showing for IT employment prospects.
AI is displacing some IT Pros and eliminating some entry level positions as tools for AI are enhanced in ChatGPT, Natural language procession (NLP), TensorFlow (Google), Image Processing, PyTorch (Facebook), generative AI content creation, Midjourney, AI chatbot, Model tuning, and Sable Diffusion.
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Ways to verify candidate's information
Ways to verify candidate's information
The most important aspect of any business is recruiting, selecting, and retaining top people. Research shows those organizations that spend more time recruiting high-caliber people earn 22% higher return to shareholders than their industry peers. However, most employers do a miserable job selecting people. Many companies rely on outdated and ineffective interviewing and hiring techniques. This critical responsibility sometimes gets the least emphasis.
The job interview is the driving force in the employee selection process. While the job interview may not deserve all of the attention that the job interview receives, it is still a powerful force in hiring.
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Manager Artificial Intelligence Salary
Salary Manager AI median $134,100
The Manager AI helps implement infrastructure that advances the
strategy for AI and ML across the enterprise. The Manager AI is a thought leader
on the application of AI in the enterprise's industry, with an initial focus on
guiding engineering processes for the safe, effective, and ethical
implementation of AI and ML. The Manager of Artificial Intelligence and Machine Learning is one of the hardest positions to fill today. Based on our Salary Survey data the national median salary is $134,100. The overall salary range is between $96,500 to $279,000.
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80,000 IT Pros unemployed
National Unemployment Rate (3.6%) versus IT Pros Unemployment Rate (3.1%)
Historically the unemployment rate for IT Professionals and those in the Information field is less than that of the national average as reported by the Bureau of Labor Statistics (BLS). Janco reviews this data and includes it in its process of forecasting the growth of the IT Job Market.
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Pay Grades for System Analysts defined
Pay grades for System Analyst job classes released
The pay grades for the system analyst have been released by Janco. Several subscribers to Janco's IT salary survey asked for this data to assist them in their recruiting process. The System Analyst job class has five unique job descriptions. The pay grades that were set are for the System Analyst I, II, III, IV, and V which fall within the Professional Job Family of the IT Job Family Classification & Pay Grade System.
The chart below is at the macro level and is current for a Midwestern distribution organization with revenuses of $234 million. Based on industry and location these salary ranges are different.
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Over 34% of IT Work Force did some WFH
WFH & Telecommuting environment
A growing number of enterprise employees now are telecommuting - ranging from ad hoc work from home due to the pandemic and temporary family situations to full-time telework/home work arrangements. In fact, a recent survey found that 87% of the North American and European enterprises (companies with 1,000 or more employees) responded that a significant portion of employees spend 20% or more of their working time telecommuting or working away from the office.
- On days they worked, 34 percent of employed persons did some or all of their work at home and 69 percent of employed persons did some or all of their work at their workplace.
- The share of employed persons who spent time working at home on days worked decreased slightly from 38 percent in 2021 to 34 percent in 2022.
- Workers with higher levels of education were more likely to work at home than were those who had less education.
- On days they worked, employed men worked 32 minutes more than employed women. This difference partly reflects women's greater likelihood of working part time.
- On days they worked, employed women were more likely than employed all of their work at home--41 percent of women, compared with 28 percent of men.
- Many more people worked on weekdays than on weekend days: 81 percent of employed persons worked on an average weekday, compared with 29 percent on an average weekend day.
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