Job Market Benchmark and What to Expect in The Coming Months
The Coronavirus pandemic continues to impact the overall economy, including the technology industry. While a rebound from the massive downturn in March and April continues, albeit slowly, the recent spike in cases across the county is cause for concern by many. Any company needs to be aware of the current COVID-affected job market to help devise the right staffing plan for the rest of 2020.
With an eye towards successful hiring throughout the remainder of the year, here are a few insights on the current technology job market. Leverage this information to ensure your company is ready to make the right hire when necessary. After all, knowledge helps formulate the right strategy.
The Unemployment Rate Remains High
While the overall unemployment is lower than its peak a few months ago, it’s still at a historically high level. As noted earlier, the recent spike in COVID-19 cases is helping to keep many unemployed workers from searching for a new job. Still, the current unemployment rate of 11.1 percent is significantly less than the 32.1 percent predicted by the Federal Reserve for Q2 of 2020.
A survey of US-based workers in the spring revealed their uncertainty about the current job market. One-third of those surveyed are worried their companies will go out of business, with nearly one-quarter expecting to lose their position. However, while the hospitality, entertainment, and travel industries are hard hit, many parts of the IT world have stayed relatively immune to the pandemic’s economic downturn.
Fewer New Technology Job Postings
Relatively immune doesn’t mean the technology industry is showing no effect from COVID-19. In fact, a recent report noted nearly 20 percent fewer software development job postings compared to this time last year. However, many other business sectors had significantly higher drops in their number of available positions, especially the aforementioned hospitality industry.
Additionally, remember that many IT job roles that were in demand before the pandemic remain so in the current market. These include software engineers with experience in machine learning, information security professionals, and mobile app developers. With the work from home model currently in vogue, companies also enjoy a wider talent pool for tech pros.
Ultimately, a partnership with an experienced technical staffing agency helps your organization forge the right hiring strategy for these difficult times.
When searching for a great IT employment agency as a partner, look no further than the team at Digital Prospectors. As the top technical staffing agency in Boston, we provide the great candidates you need to achieve higher levels of success. Schedule a meeting with us as soon as possible.