Effect of Recession on our Jobs

[lambuhere1]

Hi

I was wondering if IT is the only one effected by the recession in here.

Currently, I know a couple of companies who are imposing leave from 25 Dec to Jan 4 compulsorily.

I know another company that has asked employees to work half a day and get paid only half salary

Any more impacts seen in here

[hemanthisgreat]

IT is not the only one affected. It seems other sectors like garments and real estate are majorly affected. Many major construction companies have laid off many people.

[ramie2400]

33% cut in my salary October/November/December will be a sacrifice to the company,whereas 33% pay-cut made in September will be reimbursed in March 09',the fun part Tax and other deductions calculated on the full salary,anyone not performing or drop in quality of work will be kicked out without prior notice,no increments even to people working more than a year with the firm and no demands or expectation in any kind of festival Bonus or gifts

[deadguy25]

There is a ripple effect in the other sectors too.

Though there is recession, hotels haven't reduced cost of Idli, Vada, Dosa, etc??

[snaronikar]

I'am in manufacturing and it is affected here. Its a US MNC and you can imagine. We Indian arm are showing around 25% growth and BRIC countries is also showing growth. But all the money is being pumped into US as it is recession out there. In a message of our CMD (from US), he is speaking about cutting jobs, salaries, compulsary leaves etc for next year.

The recession is there in every industry and not only in IT.

[maverick030581]

I reckon the recession has affected ALL industries and sectors.Shipping,real estate,retail,automobiles,IT,you name it.Everything is in chaos at the moment,no one knows how long it will last.The recession has had a cascading domino effect on every industry as can be evidenced by the fact that consumer spending has gone down drastically.That has affected every sector directly and indirectly.Even the job market is in slowdown mode.I work in the HR dept and my own company has stopped recruitment at most levels completely,and indefinitely.All my friends in HR in other firms across various industries have also stopped hiring with some even laying off people and shutting operations in some states.

[finneyp]

Most of the IT Cos are impacted!
Heard Infy asked some of its employees who were on bench not to come to office, but will be paid half salary.

[maddy42]

My friend works in the mechanical sector and now they have to travel by their own transport and no flights to travel between cities. They use taxis nowadays.
He also needs 4 approvals for any taxi bookings and phone calls from the phone are monitored. No customer entertainment also.

[amitoj]

Touched a raw nerve there buddy!
The company i work for is actually up for sale!!

EDIT: well, not exactly for sale, but all the IT work is to be outsourced to some other service provider. It was in the papers too.

[nikkibike]

Am in power generation and distirbution industry! Till Oct last we had job visibility of 3 months and now it is down to just 1 month. The down fall is in a steady pace and seems badly hit in all sectors of industry. Many sectors are yet to realise the depth and real face of the situation!!!

As per the experts in the industry, this is going to be the biggest economic turmoil after World War II, incase if the situation doesn't improve atleast in the second quater of 2009!

Wondering what would be the fate of recent investors!

[sajo]

In IT , and our American client can no longer afford having onsite resources. They are all being sent back starting starting from today.
To cover up, there are talks of having a resources working in the night starting from January. Some people from neighbouring teams around have been told to go on a compulsory leave starting today till the first week of Jan.

[sanjayatarizona]

Recession has affected everyone, especially us folks in manufacturing.Nowhere to sell and hence nothing to produce.
In my current dept which i head we have had to reduce headcount from 40 to 18 and the work load has skyrocketed. The pressure to cut costs has been so high, the discussions are to be heard to be believed, every penny is accounted for and no bonuses even for the performers.
On top of it i have had to fire a number of folks.There is no way to do this dispassively,especially with colleagues you know have a wife and dependent kids and this has completely taken away my sleep for the past couple of months. The term stressed out is an understatement . I hope nobody else here is put in this predicament.

I need a drink...

[DCEite]

I envy the people in Civil services.
Those Bunglows, 6-8 cars, pets, chauffeurs, servants...

Uffff
Sometimes i wonder why i did this damn Computer engineering, wasting my 4 years, including an year preparing specifically for entrance exams.

[Rocky_Balboa]

We have had paycuts, perks taken out, people thrown out, no hikes this year and next year...

[narayan]

I head this from one of my friends in the IT industry - a few of his colleagues encountered a strange problem when they were at work one of these days - their systems got shut down and would not start again..

the HR manager then walked by and told them - game over - go home !