CURRENT JOB MARKET IN INDIANovember 2nd, 2008 Posted by VFreshers
The current job scene in India is not very encouraging just like all over the world. The case is the same for the blue-collared workers and the white-collared ones. The blue-collared workers need to upgrade their skills in vocational training. Most of the blue-collared workers work as temporary workers and in the unorganized sectors. However, although there are many of them around not many have employment opportunities.
The employability factor, of these workers, also need to be considered. Do they meet stringent industry standards? In order to address this deficit the government has tied up with various vocational and technical institutes to upgrade the workers in these skills.
A few months ago the job market for white-collared workers was booming. Every student even before he graduated had an Entry Level job waiting for him. He got to pick and choose the employer depending on various factors such as the salary, the perks offered to him, the growth potential, the kind of training the company will offer him, whether he will get any offsite opportunities and of course overall job security that the job could offer him.
Same was the case for experience hands. If you were not satisfied with your work conditions or your manager all you had to do was float your resume to a few consultants and you would have landed yourself another job even before you could have said Jack Robinson. Every company was in the revamping mode and they needed loads of people. Attrition levels were real high and no one remained unemployed for long.
However, given the US recession scenario things don’t seem the same any longer. Every company is talking about cost cutting and making every penny go the longer way. What better way then to cut staff and just have enough people to do the work. Hence, no buffer staff waiting in the wings and people waiting on the bench any longer. Although the BPO and ITES services still need people but most of them are at only entry level. If you are an experienced person there is not much on offer.
Industries that were considered to be the sunrise industries a few months ago are no longer considered that. Therefore industries such as real estate, finance, insurance are not hiring at the moment. Same is the case of automobile industry too. There aren’t many new buyers and hence manufacturing has been slowed down.
Let us look at what happened to the aviation industry. Unprecedented fuel costs and ripples were felt far and wide. When the management could not downsize or right size as they call it by getting rid of temporary and contractual workers due to the legal repercussions that they would have to face they reinstated them. However, a few days later they come up with salary revisions especially for pilots.
Retrenchment and the pink slips are here to stay. There are some companies to opt for a golden handshake for their employees and henceforth go ahead with contractual employments most of the time. Although there are lots of legal laws in place employers always tend to find a way out.
Some of the IT firms that issued joining letters to graduates have deferred from them. They have asked them to wait till further intimation as they haven’t got any new projects and the staff on hand can easily handle the projects.
Although some foreign firms still seem to continue to flock to India for its cost advantage there is definitely a visible slowdown.