The June 2015 jobs report revealed an alarming sentiment. The number of recorded discouraged workers was the highest its been since the 1970's. With a number of factors contributing to the shrinking workforce population, select industries are feeling the pinch for talent more than ever.
There is a large population of unemployed workers that have simply stopped looking for work. While the exact reason isn't clear, one could conclude that the increase in discouraged workers is partially attributed to a constant flood of candidates applying to too few positions. This combined with out-of-work individuals going back to school and those who had to pick up part-time work while waiting for a full-time job are fueling te rising discouraged workforce population.
One industry that continues to exceed job critics’ expectations however is the Information Technology sector. A constant on our list of in-demand jobs, the IT job market shows no signs of slowing down; with a projected 20% growth rate through 2020 according to ComputerWorld.
This is mixed news for candidates looking for IT jobs. Yes, opportunity is abundant, but so is the competition. Using Wanted Analytics, a real-time, global business intelligence platform for talent supply data, we found out of the 5,075,816 total open jobs in the U.S., 8% of those openings are in Information Technology. As far as getting your foot in the door, anticipate seeing an average of seven candidates for every open position with the stiffest competition in Project Management, Java Development and Software Engineering openings.
From the prospective of the employer, the news reads positive so long as your recruiting processes are effective in weeding out unqualified candidates. Otherwise, the time-to-offer and time-to-hire rates are going to take much longer, and likely cause big back-ups in your IT recruiting efforts. But, that’s not the only concern.
Information Technology (IT) Job Stats
Provided by WantedAnalytics
In-Demand Jobs Outlook Infographic
Besides inconsistencies in the number of jobs available relative to the talent pool, there is a widespread mismatch in the salaries offered. According to the chief economist at Indeed, Tara Sinclair, "Wages aren't simply high enough to entice workers." Sinclair also reported a growing number of job postings on Indeed for the month of June. Leading to the belief that employers wish to hire, but are not appealing to the candidate expectations.
To win over top talent, recruiters need to do their homework. Understand the most up-to-date market values for offer salaries as well as the demand for the position you are recruiting for. By setting realistic expectations for hiring managers and candidates, you’re likely to fill the position faster; saving both time and money.
To look ahead, use our Jobs Report In-Demand Outlook Infographic to learn which industries are in the top three for expected growth, and what you should be mindful of when interviewing and hiring these candidates.
Click here to download the full infographic