First and foremost, job opportunities still exist. InformationWeek Research's Evolving IT Priorities Study, a quarterly examination of how current business conditions shape IT operations, finds that only a fraction of 300 business-technology managers interviewed say hiring is on hold. Of the 151 executives who say they're working at businesses that have been negatively affected by today's economic climate, three in five say recruiting is frozen; this reflects little change, compared with three months ago, when 56% said recruiting was on hold.
Few companies are resorting to cutting the compensation of IT and business personnel. Only one in 10 of the companies that say they've been negatively affected have taken such cost-cutting measures, according to the study.
While it would be logical to expect a reduction in work hours because of the slowing economy, it turns out that a jump in work hours is much more common. Almost 30% of participants in the third wave of this quarterly study say workers logged more hours in the last three months; 18% of respondents in the second quarter reported logging longer hours from April to June, more than the 11% of respondents that reported work-hour reductions in that quarter.
It's unclear whether increased work hours are the result of increased workloads as an outcome of layoffs or stepped-up commitment to IT and business initiatives. Regardless, this is a clear indication that despite the economic turmoil, people continue to do their part in keeping their company's productivity flowing.
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Layoffs Cloud Job Picture
Networking has never been more important for workers looking for a change in employment. Print advertising and online job postings that promote vacancies are slim pickings, to say the least. And although InformationWeek Research found that companies remain reluctant to turn away from IT and business talent, layoffs have spiked in the last three months as a result of the difficult business climate. Where one-third of participants polled in the second quarter reported fellow workers had been pink-slipped as a result of economic conditions, 44% of managers report layoffs during the last three months.