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IT Executives in large organizations get greatest increases in compensation
eJobDescription.com website is the HR for Information Technology management
Compensation jumps for c-level IT executives in large organizations
The Mid-Year 2021 IT Salary Survey shows overall compensation for executive in large organizations has increased by 3.16%. At the same time, compensation for all IT professionals has only increased by 1.08%.
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IT job market expanding for now
All of the IT jobs lost due to Covid-19 have been recovered
We see hiring in the IT job market spiking up for the next two quarters. We do have some concerns about the overall job market in the first two quarters of 2022. Two factors in employment are the inflation rate and how business will react to any spending and tax programs. That along with the move away from energy independence and increase in international political uncertainty may have a material dampening effect on IT job market expansion.
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IT Job Market Shakes off Covid Losses
All the jobs lost during Covid are recovered
The IT job market has recovered from the 100K plus jobs lost when Covid struck There now are over 3.655 million jobs for IT pros in he US.
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Employment picture improves in most states
States with the Lowest Unemployment -- Full Employment States
Several states have lowered their unemployment rates. At the start of the shutdown there were 14 states with unemployment rates less than 4.5%. In March there were 17 states with rates below 4.5%, 10 states with rates lower than 4.0% and 6 states at full employment (rates lower than 3.5%).
All of the low employment rate states with low unemployment numbers saw a reduction in the unemployment rate except for one (Iowa) which had the same unemployment rate as in the prior month.
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High Unemployment States
7 States have unemployment rates 8% or greater
Highest unemployment states are those that had an overall unemployment rate of 8% or higher. In January 8 states had the highest unemployment rates (8.0% or higher) - an improvement from August which had 10 states with unemployment over 10%. The highest unemployment rates in January were Hawaii - 10.1%); California - 9.0%; New York - 8.8%; New Mexico - 8.6%; District of Columbia - 8.4%; Connecticut - 8.1%; and Nevada - 8.1%. In those 8 states, only 1 (Bew Mexico) had a higher unemployment rate than the prior month.
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IT Job Market to grow 3 times faster than US job market
Forecast - Ten Year Growth of Jobs for IT Pros
Computer occupations as a group are projected to grow about 3 times as fast (11.5% - 531,200 jobs) as the rest of the job market between 2019 and 2029. Three computer occupations (Information Security Analyst 32.2%, Sofware Developers, Quality Assurance Analysts 21.5%, and Testers 15.4%) all poised to grow at rates above 15.0 percent over the next 10 years.
The latest BLS forecast is for a loss of over 20,100 jobs (-9.4%) for computer programmers. Janco agrees that due to AI and automation of the programming function pressure will result in less demand for computer programmers. However, the firm does not necessarily agree there will be a loss in the total number of computer programming jobs.
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IT Job Maket will improve significantly
IT job market prospects are tied to the US national employment data
As more people go back to work, the IT job market will begin to improve significantly.
There are 13 companines that are currently have openings for over 25,000 positions. There are:
- Instacart looking to hire 300,000 contract workers over the next three months.
- McDonald's hiring about 260,000 people this summer.
- Amazon hiring more than 100,000 people.
- UPS hiring more than 100,000 people for open positions.
- Albertsons Companies hiring 50,000 people across their companies for open roles.
- CVS Health hiring 50,000 employees to serve in various capacities across its business.
- Walmart hiring 50,000 workers for its distribution and fulfillment centers.
- FedEx hiring 35,000 people for essential roles.
- Allied Universal hiring more than 30,000 people for open positions.
- Taco Bell hiring 30,000 people to work at its restaurants.
- Ace Hardware hiring 30,000 people to work in its stores nationwide.
- Lowe's hiring 30,000 employees to meet the demand created by the coronavirus.
- Dollar Tree, which is also the parent company of Family Dollar, hiring
25,000 workers for its stores and distribution centers.
Walgreens hiring 25,000 employees for permanent and temporary roles.
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Employment Picture Improves
Covid Kills US Labor Market but it is recovering
COVID-19 shut began its impact on the overall unemployment rate with jump up 0.9% to 4.4% and a loss of over 700,000 jobs at the start of the shutdown. Then in April the unemployment rate skyrocketed to to 14.7% only to drop to 13.3%.
Between California and New York alone almost 3 million jobs were lost.
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IT salaries - flat
Salaries are flat and and hiring new employees is non-existent due to shutdowns
116,000 IT professionals were laid-off or terminated in April and May due to the Covid-19 shut-down. In June, the loss of IT jobs was halted. Hiring is expected to resume in the late 3rd quarter of this year Salaries are expected to increase at that point.
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2020 H-1B visa applicants not impacted by Presidential Declaration
Current H-1B visa applicants not impacted by Presidential Declaration
Comppanies in the US can employ foreign workers on H-1B visas only if they can demonstrate to the U.S. Department of Labor by filing a Labor Condition Application (LCA) that they cannot find U.S. workers with the necessary skills. DOL certified around 468,000 LCAs relating to new, existing, or transferred H-1B visas in 2019. In 2019, 188,123 three-year visas were issued or renewed, while the number of new H1-B visas remained capped at 65,000.
This executive order stops the Department of State from issuing certain new work visas to enter the U.S., but it does not cancel or affect the status of foreign workers already in the United States. That means recipients of this years H-1B lottery already in the U.S. are in the clear: Their H-1B status will still take effect on Oct. 1 as they will not need to travel abroad to obtain a visa.
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