Low unemployment makes the competition fierce for companies looking to hire. Minnesota’s unemployment rate of 3.2% is below the national average of 3.6% and the national IT unemployment rate in 2018 averaged 1.9%. Within IT, some unemployment rates nationally are even lower: Computer Systems Admin: 1%, Database Administrator: 1.1%, and Software Developer: 1.9%.
Retaining talent is continuing to prove to be difficult and expensive: nearly 70% of tech employees would move to a new company for the same pay or as little as a 15% pay raise in 2019, according to a Dice survey. Compensating above market value may be essential to getting the skilled workers needed for your projects. Perhaps equally important is providing training, tuition reimbursement, and other opportunities for skills advancement and exposure to new technologies.
The “Gig Economy” continues to impact the availability of IT professionals for full-time roles as well, and it is growing three times faster than the traditional workforce. Many IT pros, recognizing the high value of their skills in this market and appreciating the flexibility and opportunity to use the latest technologies, have moved to consulting. For those wanting the best IT pros on their projects, considering adding IT consultants to your team, rather than competing for the few full-time employees out there, could be a good and faster strategy.
Our annual salary guide presents data compiled from ESP’s recent placements, as well as national and local research. We monitor and analyze hiring trends, including compensation and benefits in order to best serve you. For any further questions about our salary guide, or anything about the IT Industry, contact us at 612-337-3000.