The technology jobs sector boasts a surprisingly low unemployment rate. This month, the Federal Reserve predicted that overall unemployment would remain at or above 8 percent for the rest of 2012; but as of May, the computer and mathematics sector of technology jobs stood at an exceedingly low 3.5 percent. This low rate is down further from the 4.2 percent unemployment rate back in January 2011. At that time, the overall unemployment rate was 8.5 percent, which proves that technology jobs are still in high demand and there is still a talent shortage.
Companies offering technology jobs are trying to squeeze more productivity out of a shrinking workforce, says Bodhi Ganguli, an economist with Moody’s Analytics. “Businesses are laying-off workers and haven’t been rehiring, so they’re spending money on technology that will make the remaining workers more productive,” he explains.
“We’re in the early innings of an IT baseball game,” says Ray Rothrock, chairman of the National Venture Capital Association. “I think IT, broadly stated, is still the king of the hill [for job growth.]” After spiking at 12 percent growth in the late 90s, technology jobs have been growing by a healthy 6 percent annual rate each year since. Cloud computing, healthcare and IT systems management are all bright spots for future hiring.
While the demand is high, this isn’t to say that getting technology jobs is a walk in the park, either. The labor force is still very competitive and hiring managers are extremely picky about who they select. Often times, HR departments are looking for an impossible combination of skills from their employees. The jobseekers that gather the most education, the most internship experiences, and the most job skills will have the best prospects, simply put.