Issue link: https://read.uberflip.com/i/1468039
April 2022 3 IT Labor Market Snapshot - Talent Challenges › The market for IT talent is tighter than ever. In January, the US tech unemployment rate hit 1.7%, with job openings outpacing hires by nearly 2-to-1 over the past year. › In response to the current talent shortages, large global employers are taking several steps to help attract, retain and develop talent. › Nearly 80% are increasing investments to expand remote working arrangements, as this is essentially a "must have" for IT talent. › A recent Boston Consulting Group study found 95% of IT workers are expecting to work remotely at least part time. › Nearly 2/3 of leading US tech companies' talent would prefer permanent work from home over a $30K compensation increase. › 60-70% are increasing investment in upskilling and reskilling programs as a strategy for filling key roles and creating more defined career paths for high performing talent. › Diversity programs are also a key investment areas as creating a more equitable and inclusive workplace culture strengthens their employer brand, increases access to talent and drives engagement. › Offshoring and outsourcing efforts are more mixed as the pandemic exposed risks to businesses that were overly dependent on a few markets. Global employers' planned changes in investment to address IT challenges (2021 survey) 6% 4% 2% 1% 1% 3% 17% 10% 6% 5% 7% 3% 26% 24% 47% 42% 51% 36% 6% 7% 12% 13% 17% 43% 0% 30% 60% 90% Outsourcing Offshoring Re-skill Existing Talent Increase Diversity Up-skill Existing Talent Remote Workers Decrease Significantly Decrease Somewhat Increase Somewhat Increase Significantly / % planning to: 4.6M IT Workers in the U.S. (2021) Up 60K YOY $47.20 Median Advertised Wage (Mar. 2022) Up 7.7% YOY Top In Demand Job Titles • Software Engineers/ Developers • Java Developers • Systems Engineers • DevOps Engineers • Full Stack Developers