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

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.

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