Tech Hiring Stays Sturdy, Regardless of Considerations Over Affect of Charge Hikes

Tech firms within the U.S. added 14,400 staff in November, marking two consecutive years of month-to-month job development within the sector, in accordance with CompTIA’s evaluation of the newest U.S. Bureau of Labor Statistics (BLS).

Tech jobs in all trade sectors elevated by 137,000 positions, and whereas job postings for future hiring slipped in November, they nonetheless totaled practically 270,000, led by IT companies and customized software program improvement, and information processing, internet hosting and associated companies.

Tim Herbert, chief analysis officer at CompTIA, is wanting on the newest Bureau of Labor Statistics Employment State of affairs report as a “excellent news, dangerous information” scenario.

“On the one hand, it supplied reassurance concerning the stability of the tech jobs market and a sign there may be nonetheless loads of employer demand,” he stated. “However, it makes it seemingly that the Federal Analysis will proceed with charge hikes to sluggish the financial system.”

From his perspective, the large concern is that the fed overshoots and plunges the financial system right into a recession.

This could then seemingly have a spillover impact into tech hiring in a extra pervasive means, extra than simply hitting sure varieties of tech firms as seen in latest headlines.

“Nevertheless, even with the uncertainty of the final a number of months, IT employment has held up effectively,” Herbert identified.

Tech Firms Add 207K Jobs

Employment at tech firms (each technical and non-technical employees) has elevated by greater than 207,000 jobs this yr, and the unemployment charge for tech occupations in all industries is 2%.

The group’s evaluation additionally uncovered that 30% of all tech jobs postings had been for positions in rising applied sciences, akin to synthetic intelligence (AI), or in roles that require rising tech abilities.

“We proceed to see fairly just a few trade sectors which are stepping up tech hiring, which offsets layoffs in different sectors,” Herbert stated. “Whereas some firms are lowering staffing, others see this as a chance to increase their tech groups.”

Herbert factors to the finance and insurance coverage and manufacturing sectors as two examples, noting that the finance and insurance coverage sector had the second highest complete of tech job postings final month, behind solely the skilled, scientific, and technical companies sector.

“To date this yr, tech hiring by finance and insurance coverage firms is up about 35% over final yr,” he stated. “Manufacturing is up about 50% over 2021.”

Many of those positions are in areas requiring abilities distinctive to the precise trade, he stated.

“Monetary and insurance coverage firms usually have customer-facing web sites and apps. They handle delicate information,” Herbert stated. “They pay shut consideration to information developments.”

It makes “excellent sense,” he stated, that these firms are actively hiring software program builders, cybersecurity specialists, methods analysts, community engineers, and IT undertaking managers.

The identical is true in manufacturing, the place there are lots of related methods – robotics, software program, analytical methods – that require a broad vary of technical job abilities.

Huge Demand for Software program Builders and Engineers

The report additionally discovered openings for software program builders and engineers accounted for about 28% of all tech jobs postings in November.

Demand for IT help specialists, methods engineers, IT undertaking managers, and community engineers was additionally stable, Herbert identified.

“There’s a nonetheless loads of uncertainty, however we do not need to utterly ignore the excellent news,” he stated. “For IT execs, there may be nonetheless loads of alternative in firms with secure enterprise fashions. There are issues, however as we head into the brand new yr, all issues thought of, we’re in fairly fine condition.”

Regardless of the continued robust demand for IT professionals throughout the nation, bulletins in latest months of main layoffs from tech giants together with Twitter, Fb dad or mum Meta, Salesforce, and ride-hailing firm Lyft have rekindled issues of a slowing IT job market.

Nevertheless, demand for certified IT professionals stays robust, and that is unlikely to vary anytime quickly, in accordance with trade consultants.

Concerning the writer

Tech Hiring Stays Sturdy, Regardless of Considerations Over Affect of Charge HikesNathan Eddy is a contract author for ITPro In the present day. He has written for Widespread Mechanics, Gross sales & Advertising Administration Journal, FierceMarkets, and CRN, amongst others. In 2012 he made his first documentary movie, The Absent Column. He presently lives in Berlin.

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