IT Jobs: No "Widespread Worry"?


The Wall Street fallout might not be so bad for IT pros. But they say the overall IT job market isn't so great to begin with. Late last week, Don Sears pointed out one positive from the Wall Street fallout (at least for IT hiring): with all those skilled IT pros losing their jobs at financial firms, tech firms have a new talent pool from which to fish.

That should be heartening for all those cast out of Wall Street institutions. But a bigger question, as Don alluded to, is knowing what's happening to IT on Wall Street now.

David Foote, CEO and research chief at Foote Partners, told Computerworld that financial firms, as well as airlines, automakers, housing and distribution firms will face bigger expense pressures, thanks to the fallout. And those that came out as victors (firms like Bank of America that gobbled up competitors in the melee) will likely be scaling back due to consolidation of their staffs.

Side note: financial firms have long been one of those most innovative users and creators of IT--what's next for them?

But then comes this from Foote:

Bottom line, considering tight credit, oil prices, and overall consumer confusion and pessimism, plus the lag time between business decisions and direct labor market effects, we won't see much IT workforce reduction or jobs shifted to outsourcing for the next few quarters. After that, thousands of permanent IT professionals will be incrementally cast off, but many will likely find new employment, join the ranks of the "partially employed" or return to school.

So it sounds like 2009 might get ugly. Well, maybe not for IT services firms, but that's been a growing trend.

The rest of that excerpt goes like this:

This isn't a big deal, though, considering that the overall size of the U.S. IT workforce is approximately 4 million. Some independent consultants may suffer, but larger IT services firms will continue to hire to fill demand. Job losses will be industry-driven, surgical and well thought-out this time. Overall, IT departments remain cautiously optimistic.

Hmmm. It's nice to hear that any potential layoffs will be "well thought-out," since often times they're really just wholesale budget cuts without much strategic thinking involved.

The whole Q&A provides a nice perspective on the IT job market stands, and where it'll go in the near future.

I just wonder how that jibes with what IT workers tell us again, and again, and again...


4 Comments for "IT Jobs: No "Widespread Worry"?"

  • Cent August 27, 2013 2:56 pm

    , people are going to be more speclaiized with the way too many job advertisements seem to want expertise in all sorts of marginally related disciplines. For instance, some adverts I browse want embedded developers with everything from Qt to the Linux kernel, from assembler to .NET, from SPI and I2C to SIP/H.323, from FPGA Verilog to Python skills. Some even ask for hardware design experience and PCB layout skills too. Then the advert says 1-2 years experience (LOL) which is code for a low-ball salary. (Worse, when they get no qualified local applicants, they have a perfect excuse to outsource overseas!)It makes me wonder what kind of hodge-podge product they could possibly be trying to create. Yet this article promotes specialization in the future. That does not compute for me. So sorry, we're fresh out of one-person engineering teams!

  • Kurt L October 07, 2008 12:01 pm

    HEY we have a job opening!!! Check out: GIS Programmer/Analyst, Energy Services Division: To apply, click here: https://home.eease.com/recruit/?id=56667 Location: Kansas City, Missouri

  • Z.Akunler October 07, 2008 9:35 am

    The writer is out of touch with reality. Rose-tinted glasses may be the cause. We are in a global economic downturn, for every IT job posted, there are hundreds of applicants if not more. So, if you are an IT employee, sit tight and hope that you will keep your job.

  • NordoniaNate October 03, 2008 5:06 pm

    Bad economic times equals more tech jobs moved outside the USA... I just watched over 100 "right-sized" and the work shifted offshore. Keep drinking the Kool-aid if you really, really believe the jobs are going to come back, drink some more. Once they leave they are NEVER coming back.

Leave a Comment