Impact of Global Economic Meltdown on Jobs in India

Indian Job Market is witnessing a slump as the jobs that were available in huge numbers are not available at all. Even though, job seekers are leaving no stone unturned for acquiring a job, yet they are not able to secure a job for themselves.

This trend is going to continue in the days to come as the situation is showing no signs of recovery leading to the escalation of problems for the job seekers. The Global Economic Meltdown that has hit India is equated to the Great Depression that happened in United States of America. The job market is badly hit, great players like Satyam, Microsoft and Converges downsized their strength to fight this crisis situation.

Recession has hit every sector, first that came under its grip was Infrastructure and Banking sector, slowly and steadily the effect snowballed on other sectors like Media and BPO (Business Process Outsourcing), that were considered to be the most secure sectors.

Retrenchment is another factor that is a by-product of recession; the consumer's purchasing power has become weak, since their income is sufficiently reduced due to the Global Economic Meltdown.

Hoarding has also become a common phenomenon: the goods purchased are not getting the market where they could be sold as consumers have become thrifty. This leads to a growing sense of insecurity in the minds of the employees as they become the soft target to be slashed in the name of retrenchment.

Employers should devise methods to make their employees feel secure as their productivity makes the organization stand in good stead; various workshops should be organized or conducted to help them overcome this situation of uncertainty and help them win their trust and faith within the organization. Also, employees are the human capital of the company and it is the responsibility of the employer to make them feel cared and wanted and these workshops help in cementing a good employer-employee relationship.

These are the tumultuous times, but you should have to keep your faith strong to overcome this crisis situation. Indian Economy is as robust as Chinese Economy and has the ability to bounce back harder and stronger. So, hope for the best, you are surly able to traverse these times.

Written By:

Team Gobananas