Will your IT job survive the financial meltdown?

More than 100,000 jobs expected to get the chop as companies look to eliminate redundancies and overlap.

Coming from a position of strength

The upside is that most of these at-risk financial IT workers have specialized financial skills that will continue to be in high demand from financial companies of all sizes on the prowl to pick up this talent. Such IT people have been eagerly courted, making the supply low; the financial crisis may give second- and third-tier companies a shot at this talent pool, and perhaps for less money than in the boom times. Such highly valued skills include working at the application level on algorithmic trading programming, complex event processing specific to a trading environment, order management, derivatives trading, and evaluation applications.

Although their skills are not easily transferable to other industries, "these are valuable jobs that you're not going to see going out the door," says O'Dowd. "Business analysts won't be going anywhere, either."

O'Dowd also predicts IT workers in business infrastructure, networking, and datacenters have at least a year of job security, as finance firms work through the heavy integration process caused by the current wave of consolidation. It'll take some time before these firms figure out their needs from here on out.

But after that, all bets are off. "Once they've evaluated their ongoing needs, you might see a spike in layoffs at lower-level IT positions," O'Dowd says. Still, O'Dowd contends such IT workers shouldn't have a problem finding work -- if not in finance, then in outside industries. "IT folks in the financial services industry deal with firms that demand the greatest amount of performance, scale, volume and speed," he says, "and they have the ability to see things in worst-case, stressed scenarios -- there may be a premium for folks like that."

That premium, though, may not be as rich as in the financial sector, warns Robert Half Technology's Estes. Salaries and benefits likely won't be the same.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Tom Kaneshige

Show Comments

Cool Tech

SanDisk MicroSDXC™ for Nintendo® Switch™

Learn more >

Breitling Superocean Heritage Chronographe 44

Learn more >

Toys for Boys

Family Friendly

Panasonic 4K UHD Blu-Ray Player and Full HD Recorder with Netflix - UBT1GL-K

Learn more >

Stocking Stuffer

Razer DeathAdder Expert Ergonomic Gaming Mouse

Learn more >

Christmas Gift Guide

Click for more ›

Most Popular Reviews

Latest Articles


PCW Evaluation Team

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?