The economy and the future of IT

Although financial storms continue to blow through the US economy, there are a few key factors that Peoplebank believe will combine to cushion the ICT sector from any recessionary impact. Despite the current atmosphere of uncertainty, I think we have good reason to be confident in 2009.

Moving forward to even greater demand

In Australia, there’s likely to be intensifying demand for ICT skills in 2009 as a number of planned projects are confirmed to proceed. Many of Australia’s most significant businesses have confirmed with Peoplebank that they will go ahead with major ICT projects in the New Year.

In the banking sector, each of the big 4 banks is undergoing core systems upgrades, of which the CBA upgrade alone will cost around $580 million.

Large-scale rollouts are also planned for the utilities and telecommunications sectors, as are a number of Federal Government projects from February onwards. These will help underpin ongoing demand in the sector.

The skills shortage continues

Despite the tightening economy, we are still seeing key shortages in both the private and public sector for Java and .NET skills. In the ACT alone the Federal Government has an ICT skills shortage of 25% across-the-board, especially in the Java and .NET sectors.

With one in four roles remaining un-placed, those with skills, certifications and experience will continue to enjoy the flexibility to pick and choose between projects in 2009, especially in the contract space.

Greater demand for business skills in 2009

In the current market, we are seeing increasing demand for versatile IT professionals who can offer a mixture of strong technical skills combined with finely tuned business skills.

In recent years, the typical job profile has grown from less than 10 criteria (mainly technical or qualification-related) to about 15, with the additional requirements centering around business case analysis, presentation skills, etc.

Summary & top six tips

In summary, far from it being a ‘doomsday’ scenario, there’s plenty of potential upside in the year ahead including planned projects by the major banks and the utilities sector.

My top six tips/recommendations for all IT contractors are…

1. Focus on skills development and ensure your qualifications are up-to-date, especially in Java and .NET technologies which are set to continue being in-demand for 2009.
2. Undertake broader business training such as communication/presentation skills to improve your versatility and give yourself an edge when it comes to securing your next contract role.
3. Stay positive! Fear can turn into a negative spiral which makes things seem much worse than they really are.
4. Stay focused on your long-term career goals and continue developing your skills and knowledge – there will always be demand for skilled, qualified, versatile IT contractors, no matter how tight the market gets!
5. Keep yourself front-of-mind with management and demonstrate your value on a day-to-day basis by putting your hand up for extra work and going the extra mile on every project you undertake.
6. Brush up on your interview techniques and make sure you know how to sell your skills and experience effectively to potential employers.

By Peter Acheson, COO of Peoplebank Australia