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Deloitte Says Y2k Staff Transitioning Will Take Massive Retraining

August 03, 2000

Deloitte Research has released its Millennium Top 10-a list of the top 10 fundamental changes in the banking and securities industry.

Included in the top 10 is something Deloitte calls Square Pegs into Round Holes. This is explaining the idea of shifting staff from programming for Y2k to the Internet.

Many people believe that the IT employees that have been focusing on Y2k for the past few years will be transitioned to Internet projects. Deloitte, however, believes quite the contrary and points out that many of the Y2k programmers are COBOL programmers, an older language used in legacy systems, which is not being used in company's Internet strategies.

The report points out that with thousands of IT staff hired for the Y2k-related skills, firms must undertake massive retraining or shed existing staff as they look elsewhere for the skills they need. As one Deloitte consultant points out, I think a lot of people are going to be toast.

The report also emphasizes that hiring IT talent is easier said than done. Spending for internal staff at U.S. banks is projected to grow to $11 billion by 2002.

- Wall Street & Technology Online

http://www.planetit.com/techcenters/docs/enterprise_apps/news/PIT20000803S0013

-- (Dee360Degree@aol.com), August 04, 2000

Answers

Anyone have any thoughts on -- possibly some of the Cobol programmers realized this when they made the Y2K fixes and just maybe they built in job security time sensitive glitches?

-- PHO (owennos@bigfoot.com), August 04, 2000.