Economy: 'We're all doomed!' Well, not quite

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Economy in turmoil

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• Recession revisited: Will this time be different for IT?
• The R Word: Are you prepared for a recession?
• FAQ: The IT worker's Wall Street meltdown worry list
• How to stay employed if (when) a recession hits

Special: Economy in turmoil 

Computerworld - It's been a tumultuous year, and IT professionals have not been excluded from the heart-stopping excitement. What has surprised me immensely in the past month, however, is a sudden shift to pessimism. People's concerns about the companies they work for are melding with worries about 401(k) performance and mortgages, all amplified by the sense that the world is falling apart. "We're all freaking doomed!" has become the cry of the day.

How much of this worry is justified?

First things first. A lot of companies are in trouble. They've been having funding difficulties, and a second wave of budget cuts is starting to build. More major names than you might suspect have been on the brink of not making payroll as commercial credit has dried up. Contractors are being laid off as projects are shelved, and permanent staffers are worried that they'll be next. For some, that's true -- and finding a new job won't be as easy as it might have been a year ago.

But a fair number of companies aren't in trouble. That old saying about a rising tide lifting all boats seems to have an asymmetrical corollary: An ebbing tide drops each boat individually. If you work for a company whose markets and operating cash requirements are sound, your job is probably safe. One less worry.

Second, if you're an IT manager, pay attention to what's happening with your employees. They're probably stressed out about the same things you are: credit card balances, investment performance, mortgage payments and real estate values.

One way to handle stress is to begin sorting out your work ahead of cutbacks. Pull back from the 20 or more projects that your area has been working on and focus on just a few, the ones that will result in cost savings or potential revenue. That's a good way to hold onto funding.

And when you take ideas to senior management, present multiple approaches for getting them done. That will give them choices -- and make it more likely that one of those ideas will be funded.