Here we go again. Stocks are falling worldwide, most major markets are hovering at their lowest levels in almost 5 years and fears of a global recession are increasing. Large corporations and small companies alike are announcing plans for layoffs, putting projects on hold and making preparations for significant budget cuts.
In the midst of all the gloom and despair, those of us in IT need to remember that we’ve been through this before. And if we position ourselves appropriately, we can not only survive, but maybe even thrive in the current 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. In an article on the hot IT jobs in 2002, eWeek stated:
“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.”
Those 2002 must-have skills included database, security, networking and development.
Fast forward to 2008 and Baseline magazine had a similar lead in an article on in-demand IT skills:
“Even in tough economic times, employees with the right skills will always be in demand in the IT industry…”
Those “right skills” included security professionals, wireless network engineers, and application developers.
And in an article on the most recession-proof IT jobs in 2008, Computerworld 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.”
If you compare the 2002 and 2008 articles, you see a common thread throughout the years: the demand for IT skills such as network engineering, application/software development, information security and database administration remains constant. No matter what state the economy is in, companies need these skills to (1) connect with their suppliers and customers, (2) develop and enhance revenue-generating products and services, (3) protect company assets and insure regulatory compliance and (4) manage enterprise data for cohesive financial analysis, productive sales campaigns, and effective customer service. As these are the lifeblood of business, IT skills are always in demand.
Granted you may need to relocate, enhance your skillsets, or join an IT services outsource company to keep up with the demand, but unlike some jobs, IT skills are crucial for the success of a business – no matter what market conditions exist.
Many economists see the current market volatility continuing for the foreseeable future, yet 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 right skills.
Economic uncertainty can bring both threats and opportunities. 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 and new marketing opportunities. The current economic situation will have an impact on some IT jobs; however it will also increase the demand for those skills that are essential for the survival of a business. By positioning ourselves appropriately, we in IT stand a chance to survive – and maybe even thrive – in these uncertain times.
