2002 4th. Quarter Executive Moves

IT and engineering promotions are up in the fourth quarter while IT new hires are flat and the engineering new hire market falls.

IT and engineering promotions are up in the fourth quarter while IT new hires are flat and the engineering new hire market falls.

Darien, Connecticut -- (Business Wire) January 9, 2003 -- While the number of executive IT new hires was flat from the third to the fourth quarter, the number of promotions soared; IT promotions grew more than 160%. Chief Technology Officers and Vice Presidents of Engineering looking for new positions struggled in the fourth quarter as the number of new hires fell 30% and promotions increased 55%.

According to Phil Schneidermeyer, TIAs Managing Director, While some of the increase in promotions can be attributed to year-end reviews, some of the growth may be attributed to a companys short-term strategy and in other cases, a long-term strategy. According to Schneidermeyer, in terms of long-term strategy, perhaps companies are finally seeing the results of their succession planning efforts. On the short-term side, costs associated with new hires, going to the outside for executives while laying off the rank and file, as well as smaller IT budgets and staff may be driving some promotional decisions. Finally, the data may suggest that contrary to often quoted expert opinion; companies are not taking advantage of the war for talents ceasefire.

On the engineering side, as companies focus more on revenue generation than new product development, a decrease in hiring coupled with the promoting of Directors to Vice Presidents may be another cost reduction effort. That is, eliminating a layer of management. Perhaps even more disappointing, Schneidermeyer notes that for the IT or Engineering executive in transition fourth quarter data sends a mixed message. More internal promotions equates to fewer job but at least the executive IT job market appears to be stabilizing."

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