Press Release - January 30, 2009
STATE OF THE MARKET ADDRESS
January 30, 2009 - New York, NY - As the President of an executive search firm I am asked on a daily basis about the state of the technology talent market and whether or not any hiring is taking place at the executive level. My answer is an unequivocal "yes".
Industries such as financial services are responding to the changes taking place in our economy by consolidating and reinventing themselves. To support this new paradigm many of their current technology leaders are being replaced as different skill sets and business knowledge come into demand.
Other industries such as insurance, healthcare, entertainment, and telecommunications are making greater investments in their technology than they ever have before, and will be bringing onboard new technology leadership to deliver their new vision of technology.
No one will deny that our economy is going through a severe correction. But the most positive and irrefutable fact about technology is that it will always be a key component of every company's success - no matter what industry that company is in or whether the economy is booming or just positioning itself for a recovery. The new and uncharted world of regulatory regulations demands new technologies and architects capable of delivering strategic and pragmatic plans for the preservation and storage of their companies' data.
I've learned through my 25 years of experience in the search business that there will always be a need for talented technology leadership - what has constantly changed over time is where those opportunities open up. As legacy technologies have become obsolete, newer more effective technologies and those able to implement them have always then come into demand.
In tough times such as we are experiencing today having a productive technology environment and business savvy technology leaders are often the differentiating factors that enable a company to survive and thrive while others in the same industry are either losing significant market share or even more sadly are driven out of business.
I see many bright spots in the technology executive talent market. As part of our nation's economic recovery plan industries such as insurance, healthcare, and telecom will be required to do significant and immediate upgrades to their technology environments. They have just begun the process of adding the talented leadership necessary to meet these deliverables.
Additionally, as companies within the financial services industry strive to rebuild this important sector of our economy their ability to automate their business processes and to market effectively to their customer base will become even more critical. Moving forward, especially if they require an influx of economic recovery funding, these companies will have to maintain a strict adherence to what will be newly imposed regulatory guidelines - technology will, of necessity, be an essential component in their compliance.
The President stated in his Inaugural Address that the United States is not prepared to cede its status as one of the world's economic leaders. I believe that the great minds and dedication of our technology leaders will significantly contribute to the restoration of our economic health and national prosperity.