I have received four resumes this week from excellently qualified IT professionals who have been retrenched recently.  I expect there will be more over time and more businesses cut back on software development and in-house support.

The current global economic situation could bring to an end the IT skills shortage.  If that does happen, the implications will be felt in many areas – employer / employee loyalty may (should) improve, there will be a bigger pool of candidates from which to choose, graduates will find it tough and project costs will stabilise, possibly leading to a surge in new project development. 

The skills shortage has made taking on major new projects challenging.  The new world could be an excellent opportunity for major advancement.