From Computerworld, October 20, 2008...
David Foote, CEO and chief research officer at IT workforce research consultancy Foote Partners LLC evaluates the fallout from the turmoil in the financial sector.
How many IT pros have lost or are in serious danger of losing their jobs because of the Wall Street upheaval? People lose or quit their jobs for all sorts of reasons, so estimating how many have or will become unemployed based just on the turmoil in the financial services sector is tricky. But compared to overall direct job losses, only a small portion will be IT workers.
That's encouraging. In general, how will IT jobs be affected? Clearly, the pressure on corporate expenses has gotten more acute, especially in the banking and financial services, auto, airlines, and housing industries. Bank of America and the other beneficiaries in the recent investment bank acquisitions will of course be consolidating operations and analyzing their IT workforce bloat, with labor reductions expected further down the road. Embattled Wall Street firms will start high, shedding high-salaried, midlevel IT management first, and fast. But in their general IT populations, there are such rich skill sets. I think many IT pros, if cut, will find new jobs, though at a lower salary, in a different industry and maybe not locally.
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