Global meltdown hits hiring in India

Are there companies who are currently hiring? Are companies finding a way to endorse attrition by choice rather then necessity? Find out more in this article from Times of India:

The global financial meltdown claimed its first casualty in Los Angeles on Tuesday with a 45-year-old NRI killing five members of his family before taking his own life.

That’s an indicator of the turmoil that families are going through owing to economic hardship. In September alone, 169,000 people lost their jobs in the US. This is more than double the tally for the first eight months of the year, with the US economy losing an average of 75,000 jobs each month. 

Employment has diminished for nine consecutive months, eliminating 760,000 jobs, according to the Labor Department’s report. Over the last year, the unemployment rolls swelled by 2.2 million to 9.5 million.

On Friday, Goldman Sachs forecast that the jobless rate would reach 8% by the end of next year, the highest in 25 years. India has also started feeling the heat. Sandeep Chaudhary, business head at Hewitt Associates says the outlook for the next 12 to 18 months ranges from cautious to pessimistic as the ripple effect of the US financial crisis hits the country. 

“Going forward, the environment looks more difficult as the impact spirals from the financial services, IT/ITeS and export sectors to the manufacturing and consumer goods sectors”, agrees Naresh Malhan, MD, Manpower India. 

According to Malhan, mega projects and expansion plans are being reviewed, with the corporate sector now focused on managing costs and reducing borrowings. “We are just at the beginning of the problem
in India. I expect January to June 2009 to be the worst period. Early signs are emerging from the way budgets are now being designed, with hiring decisions only passed if the need is critical and travel either completely discouraged or downgraded to economy class only”, says Sunit Mehra, managing partner, Hunt Partners India. 

“The recent downturn is weighing on the minds of employers. They are not conducting widespread layoffs; yet, there is not much appetite to add staff either,” says Jeffrey A Joerres, chairman & CEO of Manpower Inc.

Advertisements

One Response to Global meltdown hits hiring in India

  1. Radhika says:

    Due to economic slowdown the job layoff is happening but still there are a lot of opportunities in Management, Hardware, Software, Education line. If you have the quality with you, then no need to worry. Upload your update CV and grab the opportunities. http://naukriforwomen.com is the first Indian job portal site for Indian women…….

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: