IT execs fear job losses

 

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By Nicole Kobie

Posted on 13 Oct 2008 at 17:54

According to a new study, 91% of IT executives are worried they may lose their jobs as the credit crunch bites.

The survey of a 1,000 IT execs, conducted by the Chartered Management Institute, found that 63% of workers believe their work is more stressful, while 41% have lost sleep over economic worries.

IT pros who do lose their jobs could find it difficult to get back into work. Nearly 37% of the firms questioned had frozen recruitment, though the study revealed those still in work are more likely to receive additional training, as this is seen as a long-term of keeping the business competitive.

However, the situation appears to be nothing new, with 91% of workers saying they'd been through redundancy before. This translates to nearly 66% saying they'd be willing to take on a new job even in these troubled times.

Companies must also look long-term, according to the study. Some 68% of execs feel that innovation is the best way to keep ahead in a recession, and just 39% believe cutting costs is key.

"It is vital that the UK's leaders remain composed in the face of growing economic pressure because knee-jerk reactions will only serve to exacerbate the problem," says Jo Causon, director of marketing and corporate affairs at CMI. "It's easier to manage when times are good, but the current climate is a real test of how strong the UK's leadership credentials really are."