The technology sector has been steadily growing in the past decades. The turn of the millennium brought about a number of advancements that also provided for the fast turnover of technological innovations. The same, however, may not be said of the technological workforce. The technology labor sector is growing as much as the sector is.
Due to the growing supply in technological products, a need which encompasses all other industries, the demand for technology specialists and workers also increased. According to the US Department of Labor, for instance, the information technology (IT) industry is expected to have 68% increase in its output growth between the years 2002 and 2012. (High growth industry profile: Information technology, 2006) However, 90% of IT workers work in non-IT related companies and get or receive non-IT trainings for such jobs.
With the supply of IT workers decreasing and the demand growing, the shortage for IT workers have become a dilemma for many IT companies. This has brought about a surge on the salary and benefit structures for IT workers. With the increase in benefits, the expenses of IT companies increase as well. Because of competition and the saturation in the market, prices of technological products continue to drop, especially with its high turnover rate. Thus, despite the shortage of skilled personnel to handle IT jobs, the IT industry is undoubtedly going up
Considering the expansion of the industry, more people are aspiring to get trainings for IT-related jobs. More schools are also offering trainings for IT-related jobs which in effect also uplifts the IT education sector. The demand for raw materials being used in the industry also increased, and the industries that surround technology-based companies were also uplifted. The availability of jobs it brought also paved the way for better spending power for the workers.
The IT industry is on a steady, albeit steep, climb. With proper management the industry is sure to continue growing, and as it grows the labor market and the country will benefit as well.
High growth industry profile: Information technology, 2006. Retrieved September 5, 2007, from http://www.doleta.gov/BRG/Indprof/IT_profile.cfm