It is indeed a Monday. While sitting in Interstate gridlock for over an hour due to a multi-car wreck, I hear the even more stifling news that the Dow is down over 500 points and the index is under 10,000 – the lowest it has been in over 4 years.
My own small portfolio has dwindled from a potential cruise fund for me and the wife to a long-term college investment for my newly-born granddaughter. If all goes well, in 18 years it will be back up to the levels of last November.
And yet in the midst of the gloom and despair, we in IT need to remember that we’ve been through this before. And if you position yourself appropriately, you can not only survive, but actually thrive even with today’s economic situation.
In 2002, the dot-com crash was wreaking havoc with IT careers; however there were still opportunities for those with the right skills. eWeek magazine noted this in the article on Hot IT Jobs for 2002:
“Given the sagging economy, there aren't many enterprises hiring techies these days. But despite the gloom, some jobs remain hot.
“That’s because certain skill sets are must-haves in enterprises' arsenals. For example, as companies continue their e-business expansions, they must have database experts who can handle the flood of data produced by new, enterprise-wide technologies.
“Security experts are also essential to help companies protect systems externally and internally. Networking experts who can build and support the infrastructure that runs any technology project are crucial. Also vital are Internet/ intranet developers, who create and integrate the customised applications that power digital infrastructures.
“Because they represent IT skill sets that are still in demand with businesses now and that will continue to be so as businesses rebound from the economic slump, eWeek chose these four titles, senior Internet/intranet developer, database administrator/database manager, network engineer and corporate security manager, to profile as hot IT jobs for 2002.”
Fast forward to 2008 and Baseline magazine had a similar lead in their article about IT careers in demand:
“Even in tough economic times, employees with the right skills will always be in demand in the IT industry…”
Baseline selected the following 10 titles as representative of what they saw as jobs in demand for 2008 based on current supply and business demand
· Senior Level Java/J2EE and .NET Developers
· Application Development Managers
· Security Professionals
· Architects of All Stripes
· Talented IT Managers
· Business Technology Professionals
· Infrastructure Pros with Strong Backgrounds in Virtualization
· Web 2.0 Developers
· Wireless Networking Experts
In another article, CIO Insight stated:
“If you want to stay employed in IT amid the economic uncertainty, look for jobs in software design and development, networking and systems administration, software implementation analysis, testing and quality assurance, database administration and general IT management with cutting edge mobile IT and Web 2.0 skills.
“Those are the hottest IT job fields today, according to a new report on the "Top 20 Most Recession-Proof Professions," released late last week by McLean, Va.-based online job placement firm JobFox.com.”
The fact is that economic uncertainty is a part of life anymore. From dot-com crashes to terrorist attacks to sub-prime mortgage scandals the economy is no longer a stable environment. As globalization continues and the economies of individual countries become more and more intertwined, the roller coaster ride will continue as the impact of economic issues in one country will reverberate throughout the globe.
Many analysts believe the current market volatility will continue for at least the next few years with economic upturns and downturns becoming a part of life. But even with this volatility, business will continue as it is an adaptable entity that can morph as needed to meet market demands. And as business continues, so will job opportunities continue for those with the skills that are in demand.
Looking at the 2002 eWeek article and the 2008 Baseline/CIO Insight articles a few common items stick out. The demand for specific technical skills such as network engineering, application/software development, information security and database administration remain constant. No matter what the economy, businesses need these skills to (1) connect their business both internally and externally with customers, (2) develop or enhance products and services, (3) protect their data and insure regulatory compliance and (4) manage their data for cohesive financial analysis, productive sales and marketing campaigns, and effective customer service – all of which are the lifeblood of a business.
A drop in the stock market can result in both lost savings and low-cost investment opportunities. Market downturns can result in both lost revenue for some companies and new marketing opportunities for others. The current economic situation will have an impact on some IT jobs; however it can also increase the demand for those skills that are essential for the survival of a business. By positioning themselves appropriately, IT professionals can survive – and even possibly thrive – in these uncertain times.
