Labor Market Still Going Strong
LaborIQ author and economist, Mallory Vachon, Ph.D., reviewed the most recent labor statistics as of January 6, 2023. The economy exceeded economists’ expectations by adding a solid 223,000 jobs in December. The labor market continues to add jobs at a very robust pace. The 223,000 jobs added by employers in December suggest the labor market […]
IT Leaders Adjust Budgets As Economy Shifts
Johanna Ambrosio, CIO and Contributing Writer of CIO.com, just published an update based on this year’s State of the CIO survey. Despite economic uncertainty, IT budgets will likely hold steady over the next couple of years, with CIOs reporting key investments in security, analytics, automation, cloud, and IT talent. Budget planning during uncertain economic times […]
IT Pro Holiday Survey On State Of The Tech Job Market
In late September of this year, SolarWinds, a leading provider of simple, powerful, and secure IT management software, unveiled the results of a new survey examining the state of the technology job market amid industry-wide labor shortages and hiring challenges. The survey, released to coincide with the eight-annual IT Pro Day holiday, found that despite a potential economic downturn, […]
Summer 2022 State Of The Tech Labor Market
With the summer months quickly passing, the IT Avalon team is still seeing a steady stream of open tech positions. While 2022 has brought headwinds of high inflation, rising interest rates and supply chain disruptions, digital transformation projects and other IT initiatives are for the most part staying on track in the second half of 2022. (Staffing Industry) Despite predicted layoffs and hiring freezes, the tech labor market appears to be largely unaffected and the layoffs have not been enough to move the labor market. As of August 2022, workers are still in the driver’s seat with seemingly unlimited opportunity (CNBC)
Looking back a bit, annual reports have by this time allowed us to get a good glimpse of IT staffing performance in 2021. In the 2022 Update of IT Staffing Gross Margins Trends, SIA reported that of 11 tracked publicly traded IT Staffing companies, three companies set period highs in gross margin in 2021. Average margin among the tracked group of companies was 22.5% in 2021, up from 21.3% in 2020 and the highest since 2015. The increase between 2020 and 2021 was the highest in all years tracked to date. (Staffing Industry)
Clearly, the year 2021 was a record year for IT staffing and 2022 continues to see the following trends (JOBMA):
- Talent dominates as candidates continue to reign
- Remote work culture is the candidate’s priority
- Technology tools are expected to become even more prevalent
- The focus is on valuing skilled workers
- Immigrant employees are welcomed
The greatest challenge for IT staffing firms is finding enough qualified candidates for the opportunities available. Companies who are securing top-tier talent have focused on improving the candidate experience, and we can attest that these companies are more favorable for candidates. In our next post, we will share our insights into which strategies are seeing the greatest ROI.
In summary, the IT labor market is as strong as ever. Candidates have an opportunity to secure new opportunities with more flexibility than ever. Companies that continue to focus on improving the candidate experience are seeing the best results in this challenging market.
About IT Avalon
IT Avalon staffs IT And Engineering projects nationwide for top-tier businesses across all industries. We thoroughly screen qualified candidates based on your specific needs to ensure the candidate is the right fit, the first time, every time. IT Avalon goes beyond the job description to find and place the best technical contractors and contractors-to-hire. Our clients love receiving higher quality candidates in less than half the time of other firms.
We work nationally and have hubs in most major cities in the US. We have a 95% talent retention rate and our seasoned recruiters have an average of 15 years’ experience. Please visit us at itavalon.com to learn how we can make your hiring process easier!