Hiring managers in technology markets are in a war for talent. In an ideal world, they seek high-impact professionals with technical skills and practitioners with domain and industry skills. But in the reality of today’s tight job market, candidates with these skills are few, and the talent shortage has put increased pressure on wages to rise.
Professionals in technology know that this is a simple case of supply and demand. The lead factor driving the demand for talent is the relatively low unemployment rate in many industries and geographies. In fact, in 2006 the domestic unemployment rate was at a five-year low.
To get a better idea of where the domestic technology talent market stands right now, let’s see where we stood in 2006.
In the United States, wages in the high-tech field grew steadily during mid-year when compared to the same months in 2005, according to the quarterly compensation index, Yoh Index of Technology Wages. Wages rose 0.1 percent in July and slightly higher (1.4 percent) in August. Wages increases in the high-tech sector then jumped another point to 2.4 percent in September, the most recent month for which there are statistics. All these increases made careers in technology even more appealing to professionals across the US.
If you are at the top of your industry, expect to receive increased compensation packages by companies that are serious about landing the best talent. The shortages of talent with expertise in specific fields give pros like you the ability leverage and negotiate wages. There will be nationwide demand for candidates with specialized technical skills, specific domain and industry experience.
The need for higher compensation packages are going to be most prevalent in technology services and device manufacturers in the hardware space, occupational health and case management in the health care market and clinical research and R&D in the pharmaceutical, medical device and biotech spaces.
With several new areas of expertise that have emerged in the technology space, employers are looking for experts with advanced SAP skills. This is creating a niche in the market for the crème de la crème in SAP. Other specialties that there will be a strong demand for in 2007 include:
- Business Objects Developer
- CRM Project Manager
- Firmware Engineer
- Hardware Engineer
- Java Developer
- Mechanical Designer
- MS Developer (.NET, C#)
- Oracle (Functional/Technical) Consultant
- Oracle DBA
- Project Manager
- SAP (Functional/Technical) Consultant
- SAS Programmer
- Systems Architect
Check out the complete list of hot skills in over fifteen US markets from Atlanta to Seattle on yoh.com.
Posted by Jim L.