Is the Worst of Recession Over for IT Pros?

According to the Yoh Index of Technology Wages, wages in the IT sector show signs of stabilizing, giving hope that the worst of the economic recession may be over for technology professionals. Pay for IT professionals increased by slightly more than 1 percent during the second quarter of 2009 compared with the same period in 2008. During the first six months of 2009, in fact, technology wages have remained steady. The small trend upward is causing industry watchers to be cautiously optimistic about an economic recovery and increased hiring of high-tech workers. Even in a competitive hiring environment, however, recruiters and hiring managers say they are still finding it difficult to fill positions requiring certain high-tech skills.

Outplacement firm Challenger, Gray & Christmas recently reported that the number of monthly job cuts in September fell to the lowest level since March 2008. Job cuts were down 13 percent from 76,456 in July 2009 and were 30 percent lower than in September 2008. The electronics, telecommunications and computer industries were among those with fewer job cuts announced. Moreover, each of the three high-tech industries also announced hiring plans. Computer companies reported plans to hire 3,150 new employees; electronics vendors intend to add 1,145 positions, and telecommunications providers announced plans to hire 750 employees. The downward trend in planned job-cut announcements is a possible sign that employers feel more optimistic about business conditions.

From CIO.com