Technology is everywhere you look and no matter which business sector you are a part of, technology is one of the driving forces behind the success of your business. In 2011, the technology sector is forecasted to show one of the largest comebacks from the ill-fated U.S. economy. This has many CFO's talking about the future of their own businesses and how technology will play a role in their own comebacks.
Investments in the technology sector are speculated to rise as are the number of employment opportunities in the field. CFO's in the technology sector are predicting a 9% increase in full-time job openings in their industry. The 9% increase would steadily contribute to the overall 3 million jobs projected to hit markets in 2011.
Where is Technology Happening?
This may come as a surprise to some, but Washington D.C. seems to be attracting those from near and far with a stake in the technology industry. Seasoned professionals set the stage in the 90's by establishing home bases for AOL and Network Solutions in the area. Younger generations moving up the technology minded ladder are steadily following suit.
What sets Washington D.C. apart from other popular technological centers around the United States?
As new generations, firms, and companies both large and small are taking over the area, they are bringing with them entrepreneurial skills and an increase in venture capital dollar investments. Five major components are turning Washington D.C. into the heart of technology based companies.
· Ranked 8th in the nation when it comes to venture capital dollars being invested.
· Ranked 6th in the nation when it comes to venture capital dollars being invested in Information Technology.
· Experts in technology including developers and engineers call Washington D.C. home. Many technological experts migrated to the area to develop and test different technological products for the United States military. Many have chosen to remain in the area and branch out in both the private and public sectors.
· Employment is on the rise in the area. Job seekers are flocking to the area and are finding employment opportunities that are not available elsewhere.
· Visibility is greater in the D.C. area then in other large hubs like New York and Chicago. Businesses are receiving more exposure and are being rewarded financially by investors supplying dollars and the media providing a spotlight to get these businesses noticed.
A Spike in Salary - For years, recent college grads have struggled to find employment upon emerging from college with a four year degree. Many businesses were not hiring and if they were, they were not offering a substantial salary.
College graduates entering into the field of technology now have something to look forward too, especially those with engineering degrees in their pockets. According to the National Association of Colleges and Employers (NACE) who conducted a survey amongst employers, the average job salary being offered to college graduates is on the rise. Starting salaries are expected to average about $50,034 which is up 3.5% from 2010.
The average beginning salary being offered for electrical engineers starts around $61, 690. In comparison to last year, the average salary jumped 4.4%. It has been proposed that a 3.8% spike in mechanical engineers will be hired this year as opposed to last and with an average starting salary at around $60,598.
What This All Means - Even amidst a still shaky economy, businesses are expected to recover. Employers are continuing to visibly show their optimism for a comeback in 2011 in the technology sector by expanding their businesses, creating more jobs and hiring additional employees. Investors have jumped onboard the bandwagon and are slowly but surely beginning to reinvest money in the industry.t
~ Written for us by our associate Gary Sorrell, Sorrell Associates, LLC. Copyright protected worldwide. All rights reserved