After showing some improvement in the first half of this year, the tech job market has fallen again.
That’s according to the most recent Index of Tech Wages released by IT staffing firm Yoh. After increasing in the first two quarters of 2010, tech wages fell in the third quarter. Tech pay fell 7.8% compared to the same time last year, dipping from an average of $32.33 per hour in 2009 to $29.81 this year.
The reason? Yoh places the blame on two factors. First, analysts claim, more IT employees have started taking lower paying jobs because they don’t expect to get better offers in the near future.
Also, companies have shifted away from strategic projects that require specialized skill sets and are focusing more on simple maintenance, which requires workers who don’t make as much.
Yoh’s report did offer some good news, both for IT employees and managers who want to hire new staffers soon. According to Yoh, companies’ profits have increased, and it’s only a matter of time before they start investing in new IT projects or restart initiatives that were shelved when the economy went sour.
When that happens, more firms will have budgets available to hire skilled tech workers.
Yoh also suggests companies take advantage of the current suppressed wages by hiring skilled staffers now. Especially if specific skills are needed (or will be soon), now could be a good time to find employees that meet those needs.