IT Jobs Tick Down in February Reflecting Ongoing Talent Shortage
The decrease in IT jobs isn’t due to a lack of demand; it’s a lack of supply.
While the overall employment picture was positive with 678,000 non-farm jobs added in February, IT employment ticked down modestly for the first time since August 2020.
The IT sector-related jobs showed an incremental decline of 0.04%, down 2,400 jobs, to 5,406,700 jobs in February, according to TechServe Alliance, the national trade association of the IT & Engineering Staffing and Solutions Industry.
On a year-over-year basis, IT employment was up 1.79% since February 2021, adding 95,200 IT workers.
Engineering employment grew by 0.20% sequentially to 2,670,500.
On a year-over-year basis, engineering employment increased by 3.42% since February 2021, adding 88,400 engineering workers.
“Since emerging from its low of ebb brought on by the pandemic, IT employment has been essentially flat for last seven months. IT employment ticked down modestly for the first time in more than 18 months, reflecting an extraordinarily tight supply of technical talent,” said Mark Roberts, CEO of TechServe Alliance. “It’s up to companies to formulate their talent acquisition strategies that meet the expectations of the talent in terms of compensation and return-to-work policies. Additionally, to be successful in this environment, companies must be creative and diversify their approach to sourcing candidates.”
Scott Horsely at NPR said, “A lot of employers say they would hire more people if they had more applicants. We did see the share of people working or looking for work in the U.S. shrink more during the course of the pandemic than it did in many other countries. But there's been some encouraging news on that front as well in this morning's report. Some 304,000 people came off the sidelines in February and joined the workforce. Jay Bryson, who's chief economist at Wells Fargo, thinks there could be more progress in the months to come.”
Source: TechServe Alliance