Are you fresh out of school, ready to take on your first job? Or maybe you are a seasoned professional who’s considering a mid-career transition, and want to explore the job market? In either case, you couldn’t pick a better time than right now to start your job search. This is what Andrew Doyle, the founder of The Doyle Group, had to say about the current landscape:
“In over 20 years in the business, I have not seen a hotter candidate-driven market, even compared to the dot com boom of 2000!”
Powerful words indeed, especially for those of us old enough to remember the wide-open job market at the turn of the century!
The point is, now is not the time to settle for a job that you’ll only tolerate, but never become passionate about. Now is the time to search for your dream job! The odds have never been better for you to find that perfect position. Find a job that offers competitive wages, flexible scheduling, and a healthy work/life balance.
Let’s discuss in more detail five key reasons why you should start your job search now.
Reason 1: The Law of Supply and Demand is on the Side of Candidates
In today’s job market, there is a high demand for talented employees who can fill crucial IT roles within growing organizations. However, the supply currently is not meeting the demand! In fact, one study found that for every open position on the market, there are only 0.7 unemployed Americans available to fill it. That means there are going to be plenty of open positions to go around.
This is especially true in the context of IT roles. Research indicates that IT organizations are facing a 13.8 percent attrition rate within their workforce. Therefore, you can expect many IT positions to be open in the next several months.
Reason 2: IT Roles are Key to Automation and Innovation
The only way existing companies will stay relevant in their respective sectors is through automation or innovation. For either strategy, employers must leverage cutting-edge technology to keep pace with the competition.
What does this mean for jobseekers? Simply put: it’s a good time to be an IT professional! In fact, the U.S. Bureau of Labor projects that computer and information technology jobs will grow 13 percent between 2020 and 2030. That’s significantly faster than the average for all occupations. This will mean the addition of over 667,000 new jobs. Additionally, we’ll see increased demand stemming from greater emphasis on cloud computing, the compilation and storage of big data, and information security.
As an added bonus, you can expect IT jobs to pay better than average, with the median annual salary for IT occupations $97,430 in May 2021. That’s twice as high as the median annual wage for all occupations ($45,760). In fact, the average salary for tech jobs increased 6.9 percent between 2020 and 2021 alone!
Reason 3: There’s Increased Flexibility in Terms of Scheduling and Work Environment
Remote and hybrid work schedules were gaining momentum even before the onset of the COVID-19 pandemic. However, spring 2020 saw them become dominant business models, at least for a span of several months. Now, in a “post-pandemic world,” employers and employees alike have a certain comfort level with the work from home (WFH) and flex work models.
According to a LinkedIn survey conducted by The Doyle Group, some 92 percent of workers polled have moved to a hybrid or remote environment. (Realistically, many IT roles don’t require the employee’s physical presence within the office anyway.) What this means for your job search is a golden opportunity to find work with flexible scheduling, and potentially a 100 percent remote environment.
Reason 4: The Market is Bursting With Opportunities Right Now
According to an article by Gartner, the total annual employee turnover rate in the United States will likely increase by nearly 20 percent from the pre-pandemic average (31.9 million employees quitting pre-pandemic compared to 37.4 million in 2022). For individual organizations with turnover rates of 20 percent before the pandemic, that means a jump to 24 percent in 2022. In other words, a workforce with 25,000 employees would likely see the departure of 1,000 additional workers every year.
With so many employees resigning from their positions, there will continue to be gaps to fill throughout the IT industry. The market is virtually bursting with employment opportunities right now. And they are available in all shapes and sizes, including flexible contract work, full-time roles, part-time roles, consulting projects, freelancing work, etc.
Reason 5: You Could Find Your Dream Job
With all the information discussed above in mind, it’s clear to see that the current state of the job market could be the “perfect storm” of circumstances that opens the way for you to find your dream job. Consider these points for a moment:
- There is a ridiculously low ratio of unemployed Americans to open positions (0.7 to 1).
- Organizations are experiencing exceptionally high turnover rates in computer and IT roles.
- There is outstanding potential for growth in the tech industry.
- IT roles are paying better and offering more flexibility than ever before.
When you add it all up, it leads to one inescapable conclusion: the time is ripe to look for a position that aligns with your goals, values, and worth as an employee.
If you’d like to explore helpful suggestions on how to take full advantage of the current market and make your job search a resounding success, be sure to check out our practical resources and guides at The Doyle Group today.