Many of our client managers have recently asked us about the state of the St. Louis job market. We would like to address this question and share what we see happening from our perspective of the IT industry.
If NetEffects’ first quarter of 2010 is any indication to the overall St. Louis market health, things are really looking up!
We have seen a substantial increase in the amount of open positions at most of our clients, with overall job volume up 30% month over month. Bill rates are adjusting with the market as well, and the consultants know that. Overall increase in capital budgets have spurred an increase in IT initiatives.
We are starting to see people leaving positions for better pay, when this time last year there was very little movement at all.
Take the time right now to ask yourself: Of the people you have on staff that are critical to your operations, whether direct employees or consultants, could they be replaced at the same compensation for the same level of talent?
If the answer is no, then you will want to review those people and do what you can to ensure they are there for your project. The worst thing that can happen is to lose good talent with existing environment knowledge in exchange for a few dollars saved.
The economic conditions in 2009 affected the IT consulting industry with average annual revenues down by 10-20% for publicly traded firms. Smart companies took this time to review business process for increased efficiencies and reinvested in new business development.
New clients bring new challenges and opportunities to learn, which is always exciting.
As mentioned in the article written by TechServe Alliance featured in this e-Newsletter, the IT job market for 2010 has a bright forecast. Make sure to read the article – it validates what we are seeing.
There are over 60 million dollars in stimulus bonds funds available to St. Louis County Businesses. We have seen some of our clients utilize these great incentives.
In addition, St. Louis recently was recognized as being one of the top ten most affordable cities to operate a business. When enticing top talent to live and work in St. Louis, we are able to point to the lower cost of living and increased commerce like this article discusses.
While we know that St. Louis is not yet out of the murky recession waters, we do see a trend toward the positive. From our viewpoint, St. Louis IT is on the right track!