Not only are companies cutting pay or conducting they are also reducing benefits, Janco reports, such as personal and company bonuses.

"Since 2006, there has been a continued reduction in the fringe benefits paid by companies of all sizes. In the case of 401Ks, many companies have stopped providing a contribution to those plans for their employees," according to the report.

Another factor impacting demand for IT professionals is the fact that many high-tech workers are or re-entering the workforce post retirement.

"There is now a surplus of seasoned IT professionals available. For the second time in less than 10 years, retirements are being put off because of the downturn in the stock market and the resultant reduction in savings available to support IT professionals as they retire," Janco's report reads. "Added to this is an influx of retirees looking to get back into the job market due to the massive reduction in their investment portfolio."

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