The Chartered Management Institute (CMI) has compounded fears for businesses in the IT sector after publishing research today that showed managers and business leaders were very nervous about the coming 12 months.
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According to the CMI's figures, 28% said they were downright pessimistic, while 22% said they were uncertain about what next year will bring.
Naturally, the economic climate and the knock-on effect of cashflow problems were blamed for the decline in confidence, with 42% concerned about falling credit limits and 27% fretting over the costs associated with making redundancies.
Most worrying of all, 81% of managers surveyed in the IT industry thought the recent drop in interest rates would do little to raise spending levels, with the majority of respondents concerned that efforts to kick-start the UK economy were doomed to failure.
There were some bright spots and plenty of evidence that the IT industry is still highly motivated to succeed, said the CMI, citing high levels of interest in taking up new training programmes and vendor accreditation schemes and keen interest in building "transferable skills" to weather the storm.
"No one should be surprised at this level of uncertainty," remarked CMI director of marketing and corporate affairs, Jo Causon. "[But] now, more than ever is the time to invest wisely because if organisations think that developing competence is expensive, they should also consider the cost of failure and mistakes."
The institute surveyed just over 1,200 IT managers and business leaders.