Compared to the current job market, IT professionals should recall the collapse of the dot-com bubble with a fondness for the good ol’ days.
That’s according to the latest bi-annual IT salary survey from management consultant Janco Associates, which has painted a dreary picture for tech workers. The firm called current conditions “a perfect storm” of company closures, layoffs, cost cutting, outsourcing, and retirees returning to work. That massive surplus of IT talent is matched by what the firm reckons is the lowest hiring demand it has observed in the 15 plus years it’s conducted the salary survey.
The study said that extensive layoffs, cost-cutting and hiring freezes have eliminated higher-priced positions, and in some cases lowered wages.