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IT talent in high demand

More research has recently surfaced that confirms what I've been seeing for many months in the Texas market -- the IT job market is hotter than the weather in Dallas! According to a recent report by the National Association of Computer Consultant Businesses (NACCB), the unemployment rate for IT professionals is less than half of the overall workforce, and the demand for IT services and talent remains very strong. This is due, I believe, to a number of factors. First, as a recent post on blog Job Pundit points out, an increase in security regulations is fueling the growth. A large number of our clients are seeking talent to help fulfill IT audit and compliance requirements driven by the Sarbanes-Oxley Act. A second driver of growth in the IT sector is the need for skills to lead corporate IT projects, specifically project manager talent that can oversee the entire lifecycle of such initiatives. Lastly, an up-tick in ERP implementation, specifically SAP, and an increased focus on SQM initiatives are both impacting the IT sector. Spherion has also seen continued evidence that we are no doubt in an employees' market for IT workers and they are very confident in their personal situations. Despite this confidence, our latest research shows that more IT workers are planning to stay in their jobs instead of venturing out into the hot job market. Our IT Employment Report found the likelihood that U.S. IT workers will look for a new job dropped nine percentage points to 39% in the second quarter of 2006. Don't get me wrong, that's still a really high number, but the drop was quite interesting to me. Also, these findings can be somewhat countered by the fact that most IT consultants want to stay consultants, even when offered a hefty full-time offer. Facing a unique combination of a tight job market, slowing efficiency gains, labor shortages at certain skill levels and an increase in labor compensation maybe more employers are placing increased emphasis on retaining skilled workers. It may be paying off...for now.