How has the credit crunch effected the IT industry
Below is a MRR and PLR article in category Business -> subcategory Careers.
Impact of the Credit Crunch on the IT Industry
Overview
Despite anticipated challenges due to the economic downturn, IT job opportunities and salaries in London have risen. This contrast stems from the complex dynamics at play in the IT field amid financial uncertainty.
IT Job Trends
The IT industry traditionally sees high turnover, with positions frequently advertised online. A survey by The IT Job Board revealed that 62% of IT professionals have been in their current positions for two years or less. Contrary to expectations, the number of IT jobs advertised in London has grown, along with salary prospects compared to pre-credit crunch levels.
Job Security and Salaries
Despite economic concerns, 69% of survey respondents felt secure in their current roles, and 70% expected salary increases within the year, though 54% anticipated only modest raises. A mere 2% foresaw salary reductions, underscoring confidence in their employers.
The Celre Computer Staff Salary Survey reported a 4.8% increase in basic IT salaries and a 5.7% rise including bonuses by May 2008. Mark Crail, Celre's managing editor, noted that IT salaries continue to surpass inflation rates, highlighting companies' struggles to recruit and retain skilled IT staff.
Challenges and Global Opportunities
However, IT workers in London's financial sector express concerns about the impacts of outsourcing, offshoring, and the credit crunch, potentially limiting entry-level opportunities. Financial industry experts worry about the high costs of maintaining in-house teams, possibly leading to a consolidation of technologies and job losses.
Adding to the challenge, a study indicated that 66% of 4,967 UK IT professionals are exploring opportunities abroad, lured by benefits offered in global IT roles despite London's competitive salaries.
Conclusion
While the credit crunch poses significant challenges, the IT industry in London remains resilient, with rising job numbers and salaries. Yet, global competition and structural shifts in the financial sector present ongoing hurdles.
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