@iancng
Let me tell you something that my teacher told you.In IT Companies,the backbone is IT workers (insert No shit Sherlock meme here) and without them company cannot function.But you don't see much companies shutting down because of abundance of IT professionals.That is why when there is a Lay off in the company,IT people are sent out first.Because it is easy to hire an IT pro.
But like @BlueChinchillaEatingDorito said,people with MBA's are the ones who pull the trigger.
But in any engineering company, persons with a Diploma are the backbone.Hence there are less jobs for people with Engineering degree and more jobs and demand for people with diploma although the pay is low.