IT jobs won’t be affected by Wall Street crisis yet

by Editor 9/22/2008 4:51:00 PM
The IT job market has not yet felt the impact of the Wall Street crisis, and high tech professionals whose skills are in demand today will still be in demand once the crisis is over, say the IT employment specialists at Robert Half Technology.

John Estes, vice-president of strategic alliances at Robert Half, says: “There’s going to be more high-quality high-tech people on the street. A lot of these people are high-dollar folks, and they may not be quite as happy as they were before.”

Estes thinks that it is still too early to predict the effect of the collapse of investment banks on IT job markets. He believes that the situation will work its way out in time as people who lose their job now find a new one.

Last Thursday, the State of New York, where many of the IT jobs in the financial sector are located, reported that its unemployment rate jumped from 5 to 5.8 percent in a single month. It is the biggest monthly leap in 30 years.

Estes points out that high-paid IT specialists may need to move from New York City to positions that pay less than those in the investment banking sector and that this could lead to “culture clashes.”

The Charlotte Oberver columnist Doug Smith comforted the Merrill Lynch employees who may decide to move to Charlotte with the following words last week:

"Those New York City dudes will be reporting to a Southern Bank in a city where NASCAR rules and pork barbecue is cuisine. I bet those Merrill Lynch investment bankers will like it."

Find the latest IT consulting jobs on our job board.

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