"Every industry is being disrupted by software, and so demand for software talent, engineering talent, has just been growing up," said Barrese. "So it's getting more competitive."
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A case in point, San Jose, California-based PayPal may find itself vying with payments processor Visa for the needed workers. On Visa's last earnings call, CEO Charlie Scharf said the San Francisco-based company "plans to add 1,000 technologists and engineers in the U.S."
How strong is demand for IT workers? In the third quarter, Burning Glass Technologies Labor Insights reported about a 10th of the 6 million job openings in the U.S. were IT related, and demand for these skills is only expected to grow. The Bureau of Labor Statistics estimates 700,000 new IT jobs will be created from 2012 to 2022.
Along the multi-industry demand being created by disruptive software, other factors are at play in creating this shortage of IT workers. Older employees are aging out, too few college graduates major in computer science or engineering, and new technologies like the cloud require a different skill set than what some companies had looked for a few years ago.
"What you were taught in college five years ago has now shifted to something new and different because technology is always changing and we are finding new, efficient ways to do programming and language, " said Aimie Aronica, Paypal's senior director of technology engagement.