High-tech Drops the Rebound

Apparently, reports of the rebound of the high-tech industry are greatly exaggerated. The high-tech job sector lost nearly 60,000 jobs in the first quarter of 2005, the biggest drop since Q4 2003, according to a report issued earlier this week by outplacement firm Challenger, Gray and Christmas. That figure was almost double the job cuts that took place during the first quarter of 2004. (see http://www.mlive.com/business/ambizdaily/bizjournals/index.ssf?/base/abd-1/1113280800141650.xml

There was much optimism at the end of 2004, but if you're doing any job hunting, you probably haven't seen much movement this quarter. Most high-tech companies are holding still, and major mergers such as Oracle-PeopleSoft have cost thousands of jobs. And things aren't likely to get better -- SBC is promising to cut about 13,000 jobs if its merger with AT&T is approved, and Qwest has said it would have to cut as many as 15,000 people if it wins its effort to acquire MCI.

The bottom line? Be nice to your boss, and stop complaining. If you're in high-tech and you've got a job, you should count your blessings.