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IT Jobs Market Down But Not Out

Some online job boards are seeing a steep decline in the number of IT jobs employers and recruiters are posting. The good news for your IT career? Executives at these job boards don't anticipate IT unemployment and job losses to be nearly as bad as 2001 and 2002.

By Meridith Levinson

November 25, 2008 — CIO — The number of IT jobs being posted to online job boards is shrinking as CIOs institute hiring freezes, former financial services giants eviscerate their IT staffs, and a steady stream of technology companies announce layoffs.

Tom Silver, the SVP and CMO of Dice.com, an online job board geared toward IT pros in their mid-20s to mid-40s, says that the number of IT jobs advertised on his site had been holding steady at between 85,000 and 90,000 jobs until the September-October time frame, when the number of ads for IT jobs dipped significantly. "We've seen a drop of roughly 20 percent versus where we were last year," he says. "We're now around 70,000 jobs on the site."

The big markets for tech jobs—NYC, Silicon Valley, Chicago and Dallas—are experiencing the most significant declines in IT job opportunities, says Silver. Job opportunities are down 30 percent in Silicon Valley year over year, 25 percent in New York, 24 percent in Dallas and 21 percent in Chicago, according to Dice.com's data.

At ExecuNet, a career network for senior business and IT leaders, President Mark Anderson says demand for executive-level IT jobs has declined by 18 to 20 percent.

As bad as the IT employment situation is now, neither Silver nor Anderson think it's going to be as ugly as it was in 2001 and 2002 because there hasn't been the huge run-up in IT hiring that preceded the bursting of the Internet and Y2K bubbles.

"Unemployment for tech professionals is now around 3.5 percent, which is about half of what the national average is for unemployment, according to the Bureau of Labor Statistics," says Silver. "In '01 and '02, unemployment was greater among tech professionals than among the national average. That's not going to happen this time because when companies rehired in '04 and '05, they didn't rehire at the same rate that they did in '99 and 2000. As a result, we don't expect to see a similar kind of drop off in 2009 as we saw in 2001 and 2002. Technology is still a good place to be. If you have strong skills, you're in demand."

Where you can find available IT jobs

One job board that is seeing an increase in ads for IT jobs is Vault.com. A spokesperson for that company says postings for tech jobs has increased more than 20 percent over the past three months, and that tech jobs are now the fastest growing industry for Vault. Technology ranks sixth in total jobs posted on Vault.

 

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