At least for application and system development. This is a "long term" activity most easily exported to India and such places. There are mostly opportunity costs if this work is delayed or even scrapped.

Unless the company is going tits up, only critical, "hands on", operational IT work is safe from vanishing. Even then, you can find your employer has sold you to an outsource firm like EDS.

So, that means gathering Microsoft, Novell, Cisco, Red Hat, etc. certifications.

My 2 karbovanets.