The CSR spells doom and gloom – unless you’re in IT or telecoms
There has been so much doom and gloom over Osborne’s Cuts that it’s really getting quite depressing. The Labour Party is warning of a double-dip depression, the Unions are threatening outright industrial war, and every company in the country is saying ‘we can help, just buy our products or rent our services and we can help you make money out of the cuts’.
So Paul Winchester’s comments are worth repeating in full:
When it comes to IT and telecoms, the private sector will easily make up the jobs lost in the public sector. The private sector job market is in rude health and the industry is big enough to take care of itself. There is no reason to imagine the pace of consolidation envisaged in the Budget will undermine the recovery.
The IT industry employs one in twenty of the country’s workforce. If we assume roughly 490,000 public sector workers are going to lose their jobs over the next four years as a result of the review, that’s about 6,125 IT professionals every year leaving the public sector.
At first glance that looks bad – but if the growth experienced in the first three-quarters of this year continues, the private sector will hire a further 7,500 IT professionals in the fourth quarter of 2010 alone. Q3 2010 saw a 12% year-on-year increase in the number of roles we had on our books. So the private sector should be more than capable of finding jobs to replace those lost in the public sector, and the redeployment of people to more productive activities will improve economic performance, and in turn generate more employment opportunities.
Paul Winchester, managing director of IT and telecoms recruiter Greythorn
I write about IT. And telecoms (if you like). Am I safe, please?