Yes its a question that can not be answered. Every doubt you get about the life of a IT employee in 2009 is a question mark forever. IT is dependent on other sectors heavily for its existence. In the era of recession where all sectors are going down, IT has obviously got affected. Especially Indian IT which is dependent on the outsourcing by companies in developed nations is badly hit. As people start saving money instead of spending them in US and Europe, Companies in those nations get hit first. As their profits start decreasing, these companies look at decreasing their costs.
Yes outsourcing does help them in doing it (reason why NASSCOM is still confident on Outsourcing), but they will try to pressurize the IT co's to make the outsourcing over efficient and to offer them at cheaper prices. This will continue to happen until clients of our IT co's get profits like earlier. People seem to be very confident that Situation will be back to normal by mid of 2010. But I dont think so. This time it will take long to get back to normal. Once people go in saving mode, making them think of spending again needs lot of efforts. This is what has been happening in India for generations. Since some generations Indians were in savings mode. They thought that they dont have enough money. But once they started getting money, they slowly went into spending mode and India is presently in spending mode. But now if people feel that they need to save money as cash flow is going to decrease, it will take generations to make them spend it. Thats why recovery of recession will not be a rapid process . Going into recession happens rapidly but not the recovery will do.
Now as clients to pressurize your company to reduce costs, your company will investigate its operational costs first. Till now IT companies have been spending lavishly on travelling. So, they will try to decrease travelling as much as possible. They will ask you to use other modes of communication like phones and VOIP services . They will reduce people oscillating between onsite and Offshore. They will reduce power usage and try to decrease other perks which they give you normally like snacks and food. AC's will be switched on only in official office timings (9 AM - 6PM). Number of working hours will be increased as companies can get billing for extra hours thus by increasing revenue. Human resource department will be asked to postpone promotions of people. Forget about hikes completely (Wish that you atleast get the salary you are promised of earlier :-) ). These operational costs are for increasing the margin internally in thecompany. To client also, they need to show that they are trying to decrease his costs. So they will say they will get the entire work done from offshore as much as possible. They will ask all teams to decrease the number of people working in onsite under the Name Offshore Leverage. Companies are looking for a offshore leverage of 90% all over these days. The companies will make employees dance to their tune saying weare doing all this to keep your jobs safe.
IT employees have tobe in a condition where they can not demand anything from the company ,if they want to have their job safe . Stay happy with what your companyoffers. Companies have good advantage of the present situation .Attrition rate will decrease very much as people are not finding jobseasily in market like earlier .But as the situation starts improvingattrition will touch high rates as all frustrated employees keep movingbetween companies . But IT guys companies have developed enoughworkforce by training large number of freshers to deal with attritionproblems . So if you say I am going to leave the company , they willjust say " yes Please ".