Company boards more willing to cut own pay than reduce IT budgets

When asked what budgets they would be reining in, company peripherals, such as Christmas and summer parties, are most in danger (83 per cent). Cutting investment in the supply chain was another priority for businesses looking to make cost savings (63 per cent).

Tony Grace, Chief Operating Officer of Virgin Media Business, said: “As we attempt to become the ‘technology centre of Europe’ it’s encouraging that businesses are appreciating the value delivered by their IT teams. A lot of the time, a good IT team is one you don’t notice. They’re unsung heroes. The hardware works, the services are reliable, and their advice is sound. Because they’re quietly brilliant, it’s easy to forget how important they are until it all goes wrong.

“Businesses are also seeing that investment in good IT not only helps the here and now, but will be hugely important as new technologies come in. Businesses are identifying that IT can support future growth and tackle inefficiencies within their organisations.

“These results are a shot in the arm for CIOs that have seen their budgets squeezed since the economic downturn. IT teams have been showing real ingenuity with their budgets and working out ways of adapting to the current climate. It’s this innovation that’s highlighted their worth to board-level executives who now see them as integral parts of the organisation.”