The Global Credit Crunch and Your Information Technology Career

With the ongoing upheavals in Global Financial Markets, it’s a given that large numbers of Information Technology (IT) folks are in the firing line (literally), such is that sector’s dependency on advanced computer systems and networks.

For some (I’m thinking particularly of those at Lehman Brothers) there is the likelihood of redundancy and dilemmas about whether to even try and find a similar well-paying job in IT Finance.

No easy task in the current business climate.

For others (e.g. Merrill Lynch, Bank of America, Halifax Bank of Scotland, Lloyds TSB, AIG) there’s uncertainty about when and how reorgs and layoffs will be weighed up and implemented in the months ahead.

The standard advice to update your resume and start working (or waking up!) that personal network of contacts still applies. Most self-starters will already be on top of those tasks.

But there are two other areas where urgent attention is also warranted:

  1. Immediate Review and Elimination of Unnecessary Personal Cash Expenses:

Alas, this will be painful for some of those around you from children hoping for yet another (now) expensive birthday present and rippling all the way out to those at your fav coffee shop, gym or other good times treat.

Start tracking and writing down every single one of these expenses for the next 10-15 days. Spend nothing without first noting it. Then go through what this has cost you with your nearest and dearest (as appropriate) and stop-zap-eliminate any that are not necessary to your immediate survival for the next few months.

Caffeine-addiction is beyond the scope of this blog(!) but at the very least you will become aware of where your hard-earned dosh is going on a day-by-day basis.

  1. Make copies of your last 2 or 3 Personal Reviews (by your Manager)

The idea here is to begin a private strategy and tactics review of what you have achieved (and possibly neglected) these past 12-18 months, and then incorporate those strong points into some personal and career goals for 2009 and beyond. And to have this done by Halloween or sooner!!

Why bother doing this when no one from the Government down is at all sure how and when the so-called credit crunch turmoil will end?

Well, it goes back to what we career coaches love to reflect on i.e. change, and the client’s response to planned and unplanned derivatives of such events.