ESP IT Summer 2024 Letter from Aaron Stratman, President and CEO
To our valued customers and partners in the Twin Cities Technology Community:
As we move through 2024, I wanted to take a moment to update you on the state of the industry, share some recent achievements, and announce important changes within our leadership team.
Industry Overview
ESP is off to a stronger than expected start to the year, primarily fueled by a healthy mix of client industry verticals coupled with a strong customer base from mid-market to enterprise scale. The IT and Engineering sectors continue to evolve rapidly, driven by technology advancements and holding steady demand for skilled professionals. Despite economic uncertainties, the Twin Cities area has shown resilience, and positive signs of growth in the near future.
Our partners at TechServe Alliance, who track national industry data, have shown the second quarter IT industry hiring is essentially flat across the country, and slightly inching down month-over-month through the Spring. When analyzed on a yearly basis, the IT job market contracted by 0.41%, or a loss of 21,900 positions nationwide, though the loss continues to narrow.* We’re bullish on the second half of the year with many clients reporting an uptick in hiring, headcount forecasts, and improved project spend.
We’re not quite back to the post-pandemic hiring boom that we saw immediately following the pandemic, but we are fully optimistic about the counterweight of significant investment happening in IT initiatives driving many of our customers growth. Whatever the second half of the year brings, our team is always here to help lead the way with our partners as they plan their talent strategy and technology investment for the future. Through our 55 years in business, we’re proud to have partnered with some of the top technology brands in the Upper Midwest.
Highlights from the First Half of 2024
For the second year in a row, I am thrilled to share that ESP has been honored with the 2024 SIA Best of Staffing award. This prestigious recognition is a testament to the hard work and dedication of our incredible staff. Their unwavering commitment to customer excellence ensures that we continue to meet and exceed your expectations.
In addition to this, we are excited to announce the release of our 2024 Salary Survey Guide. This annual resource, offered to our core customers and partners, provides comprehensive insights into salary trends and benchmarks within the IT and Engineering sectors. We believe this guide will be an invaluable tool for your strategic planning and talent management efforts.
Leadership Transition
Last, but certainly not least, it is with mixed emotion that I announce the retirement of our longtime CEO, Bob Hildreth. Bob’s journey with ESP began in 1986 when he purchased the company and embarked on a mission to transform it into one of the largest privately held staffing firms in the region. Bob’s visionary leadership steered ESP through significant milestones, including the dot-com bubble burst, the Great Recession, and the global pandemic.
Over his 35 years of leadership, Bob has built ESP into one of the most trusted brands in the IT staffing industry throughout the greater Midwest. His dedication and passion have left an indelible mark on our company and the industry as a whole. We wish Bob the very best in his retirement and offer our sincere thanks and gratitude for his outstanding service and achievement.
As Bob transitions to his new role as Chairman, I am honored to assume the role of President and CEO. I look forward to continuing Bob’s legacy of excellence and driving ESP towards new heights of success.
Thank you for your continued trust and partnership. We are excited about the future and remain committed to supporting your technology staffing needs with the highest level of service.
Warm regards,
Aaron Stratman, President and CEO, ESP IT
*Data provided by TechServe Alliance, Spring 2024