Why Companies Invest in Technology During a Recession: Insights and Strategies
IT skills can prepare you for better times. It's time to act with greater urgency, sharper focus, and more hunger than ever before.
Why Acting Now is Essential in the Face of Uncertainty
As the "R" word lurks behind the curtains, companies are making the necessary adjustments to ensure business continuity. They are investing in efficiency and data science technology. Why do companies invest in technology during a recession, and why do they need tech workers?
Digital technology can help cut costs. Companies prioritize "self-funding" transformation projects that pay off quickly, such as automating tasks or adopting data-driven decision-making.
IT investments make companies more agile and therefore better able to handle the uncertainty and rapid change that come with a recession. However, flexibility comes with serious costs. Digital technologies create much more flexibility around product changes, volume changes, etc.
When revenue and sales are down during a recession, the opportunity cost of investing in IT costs less. It frees up the operating budget to fund IT initiatives without dampening sales.
Empowering Your IT Career: Strategies to Stand Out and Secure Job Opportunities
More than six in 10 organizations (63%) plan to hire new IT talent over the next 12 months. "Organizations may have precautionary designs, but they don't have the people to execute them." - Insight Canada
There are several steps you can take to remain valuable and take advantage of the changes in the industry. Here are just a few:
Get cloud-based skills: To stay ahead of the game, invest your time in upskilling through cloud training. The areas that are particularly useful to get a handle on include cloud data management and migrations, as well as cloud infrastructure management.
Hands-on approach to learning: Combining technical learning with actively working on projects will show employers that you will be a valuable resource for them from day one, which gives them speed to execute their projects and significantly reduces their onboarding cost.
Get business analytics skills: Business analytics is a crucial capability to minimize risks and improve operational efficiency during difficult times. Organizations invest significant resources to make the right decisions based on data such as customer preferences, trends, and so on. They will require human capital to manage and lead their business analytic strategies.
Thriving in the Digital Age: Embracing Technology and Agile Practices for Sustainable Growth
Companies that make an investment in digital and data technology, analytics, and agile business practices will be better able to understand the threat they face and respond more quickly. While we anticipate a slowdown in the pace of overall hiring, employers will still be concentrating on hiring technical roles to better anticipate market pressures and customer needs.
