Monday, June 17, 2024

Tech Job Landscape, Compensation, and AI Lead the News Headlines in 2024

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National security headlines help us to remember recent events and shape what the DoD / IC landscape look like moving forward in the months to come.

For this episode of the Security Clearance Careers Podcast, the content team runs through some of the top breaking news over the last month.

The tech industry job cuts this year have puzzled many, given the substantial cash reserves of numerous firms. Despite a slowdown in the pandemic, layoffs continue, with 209 tech companies eliminating 50,312 jobs since January, as reported by Key players like Alphabet, Amazon, and Microsoft have also followed suit, driving tech sector job reductions to levels reminiscent of the dot-com bust. Though some anticipated relief this year, the high number of cuts persists, leaving employees struggling in what was once a thriving job market. The primary reason behind this trend? Stock prices. Layoffs can elevate share values, leading companies to sustain this pattern. This situation might become the new norm in tech employment, with workers growing accustomed to it and investors content. Only time will reveal if this trend endures.

During a year characterized by inflation and budget uncertainties, companies made decisive moves by introducing substantial salary increases. In 2023, successful candidates saw a significant 6% rise in their compensation, raising the average cleared salary to a record high of $114,946. For the second consecutive year, 67% of respondents noted an increase in their base pay. “The state of the national security job market remains strong,” said Evan Lesser, Founder and President of ClearanceJobs.

During the recent DoD 2024: Defense Data and AI Symposium, led by the Chief Digital and Artificial Intelligence Office in Washington, D.C., the Pentagon presented the objectives required to sustain its “DoD AI Hierarchy of Needs.” The strategy emphasizes quality data, governance, insightful analytics and metrics, assurance, and responsible AI.

On January 29, 2009, the Lilly Ledbetter Fair Pay Act was signed into law by then-President Barack Obama. The act aimed to enhance the enforcement of equal pay laws. The Biden administration recently commemorated the 15th anniversary of a significant federal pay equity law. Additionally, they emphasized the need for new measures to address pay gaps among federal employees and employees of federal contractors. According to a statement released by the White House on January 29, women workers still earn an average of 84 cents for every dollar earned by men. The disparities are even more pronounced for many women of color, resulting in significant financial losses over their lifetimes. In a move to promote pay equity, the White House issued two Executive Orders targeting the federal workforce and employees of federal contractors.

Katie Helbling is a marketing fanatic that enjoys anything digital, communications, promotions & events. She has 10+ years in the DoD supporting multiple contractors with recruitment strategy, staffing augmentation, marketing, & communications.
Favorite type of beer: IPA. Fave hike: the Grouse Grind, Vancouver, BC. Fave social platform: ClearanceJobs! 🇺🇸

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