- The U.S. tech jobs market shed an estimated 128,000 IT positions in November, according to CompTIA's review of U.S. Bureau of Labor Statistics (BLS) data.
- In the tech sector, employers reduced their payroll last month, by 8,600 net jobs in technical and non-technical positions. Prior to November, tech sector hiring had seen increases in three of the past four months.
- As digital pressure for businesses grows, demand for tech talent remains unchanged, according to Tim Herbert, EVP for research and market intelligence at CompTIA, in a release. However, "rising uncertainty undoubtedly affects hiring decisions," Herbert said.
Tech hiring contracted at the start of the pandemic, as did the business world at large. Slowly, as shock began to fade, tech hiring showed signs of recovery, but industry cannot yet grasp the full impact of the crisis as uncertainty lies ahead.
In the New Year, tech employers must contend with the challenge of securing enough talent to grow, while adapting to the uncertainties the pandemic could bring. Leaders and markets are placing some hope on the roll out of coronavirus vaccines that can help bring the pandemic under control. But realistically the impact of vaccines won't be realized until the spring.
Tech sits alongside finance and other professional services in a category that Indeed calls "paused" businesses. These are higher-wage areas of the economy where people can work from home, said Jed Kolko, chief economist at Indeed, in a report.
Under pressure from digital demands, but shocked by financial uncertainty, employers become more likely to hold onto staff in the hopes that the economy can recover. "In contrast, a restaurant is more likely to lay off people and quickly rehire if business picks up," Kolko said.
In 2021, one of the essential roles a CIO can play is aiding in talent retention and attraction, as companies they support strive to more rapidly respond to the digital demands they face