If you need parallels between our softening economic conditions and the job market as a whole, consider this depressing fact: after hitting all-time highs in 2007, hourly wages for highly skilled technology professionals dropped year-over-year during the first quarter of 2008.
Yep, tech professionals. There is no denying the market’s sluggishness after you skim the Yoh Index of Technology Wages. Tech professionals’ salaries are falling, with wages dropping 2.7% in the first-quarter, when compared to the same period in 2007.
Jim Lanzalotto, vice president of strategy and marketing for Yoh, points out that “this drop in wages this quarter, coupled with April’s negative Bureau of Labor Statistics report on employment, paints a very lackluster picture of the economy.”
“However, this continues to be a skill-driven market and we’re still seeing pockets of strength in the tech sector, such as SAP, Oracle, security, and product development, and software and hardware engineers,” says Lanzalotto.
If the strength found in these sectors permeates the weaker sectors of the market, there is a chance that it could ultimately produce stronger wage growth for the second half of 2008.
The Yoh quarterly report also identifies the top job titles in highest demand. Based on conversations with more than 9,000 hiring managers in over 15 major metropolitan areas, Yoh says the following roles have appeared most frequently nationwide:
- Civil Engineer
- Clinical Research Associate
- Firmware/Embedded Engineer
- Java Developer
- Mechanical Engineer
- .Net Developer
- Oracle DBA
- Project Manager
- SAP® Consultant (Functional/Technical)