Has the jobs recovery begun?
The first two months of the quarter were sluggish, with wages sinking to 31.06 at its lowest point, before rising in March and ending the quarter at 31.78. That’s an increase of 1.02 percent from the same time last year, representing a 2.34 percent positive index movement.
It’s important to keep in mind that while the Yoh Index improved, the job market is still facing impediments. Don’t forget that the BLS announced earlier this month that the unemployment rate sits at 9.7 percent.
In fact, IT employment is still being restricted by tightened belts and suspended IT upgrades and modernizations. However, there are three areas that we expect to fuel technology wages for temporary talent:
- Security. The level of threat, as demonstrated by international attacks on Google, proves that even the most technically advanced corporations are susceptible to risk.
- Cloud computing initiatives. A trend that has only been accelerated by the recession and the need to embrace the promises and efficiencies of a Web 2.0 world could also fuel IT labor demands as SaaS platforms and architecture purge costs from the IT ecosystem.
- Consumerization of IT. The increasing tendency of workers to incorporate personal technology into their employers’ IT infrastructure can also open the door to job creation. The release of the iPad (bought by 300,000 consumers in one day) resulted in employees showing up to work that Monday fully expecting IT to support their new productivity toy. The problem? Few, if any, IT professionals had seen or reviewed the device, let alone developed strategies to integrate and support the new tool. Temporary technical workers could form the frontline in the battle to effectively integrate consumer technologies into corporate IT platforms.
Check out the cumulative performance of the Yoh Index since its inception in 2001, and stay tuned to The Seamless Workforce for a more in-depth analysis of the results later today.