Effect of Recession on our Jobs

CBlazer · 31st January 2009, 21:42

Quote:

Originally Posted by gkrishn

My guess would be TI...

They have announced a world-wide job cut last week. Although they are known for their people friendly policies, I'm sure there will be some impact in India.

It's not about "not firing" anymore, but about the sensitivity with which it is done.

Sowmya · 31st January 2009, 23:03

I believe this recession will effect Indian Economy. Many companies are just waiting for some excuse to have a Cost Cutting. In my company (One of the top 10 Indian IT) has taken huge steps to Cut Cost. But with this recession we should learn some thing.
Like VFM. We does not think about the money VS what we are getting.

extreme_torque · 1st February 2009, 00:15

Paid cabs with no A/C in summers, paid food, no snacks and no pay rise for this year.... I hope we get out of this asap.

vivekiny2k · 1st February 2009, 02:53

many client's have asked to cut rates and and even hold payments for a while. which means no hikes but company is absorbing the loss for now. we are not a public company and I have a newfound respect for the management.

ramki067 · 2nd February 2009, 13:49

Just Friday, 200 people worldwide have been fired from our company. 6 people in Bangalore office! Don't know what the situation will be in coming days.

Thinking of what alternatives can we do if we come into such situation. :(

lohithrao · 2nd February 2009, 14:04

Ramki sad, but the fact is many are living in this fear....even in my organisation few people are fired last month ...not sure who else is in the list

During coffee/lunch breaks we keep discusiing about alternatives trust me havent found 1 till now:( heheh

anujmishra · 2nd February 2009, 14:07

My company posted first loss in quarter since 2000 from when it started posting quarterly result. However my division was in profit in quarter ended December 2008 but other divisions of company posted loss. Due to good result in first three quarter of 2008 overall company was in profit. (First three quarter profit last quarter loss in 2008)

But we are certainly not sure what would be result in 2009. Sure first quarter is very watchful and it will decide future course of action in our company.

Digital Vampire · 2nd February 2009, 14:18

Many Indian IT majors including the one which I work for are doing this silently but the numbers seems to be a few hundreds every few weeks or so atleast in my company. They comfortably call it performance based pruning which removes bottom 5-10% every year. But I know for certain that the number of people shown the door this season is certainly many times the yearly performance based cuts. Seems like the Indian IT companies dont have the balls to admit that they are in trouble.

kewlferrari · 2nd February 2009, 15:01

No bonuses and no salary increase this year. Work with an American MNC in Gurgaon. No gains for cracking the targets this year but I guess keeping a job is more important for the time being.

five46 · 2nd February 2009, 17:06

Was working for a xyz stock broking company from 2006-2008. In mid 2008 got a job from a abc AMC in which I saw an opportunity to upgrade my kitty of skills, also a decent monetary hike in times of turmoil was very attracting.

I had failed to keep it in the back of my mind that I would be on probation for six months in the new company and in case of lay offs, mera number to pakka rahega.

As feared, recession aur internal conflicts ka double blow resulted me in being jobless. It's about three months now, job markets are very slump, but still I think that this is a good time-out that I've got; keeping my hunt alive...!

BomBatt · 2nd February 2009, 19:22

Recession has hit me hard too.

It has never been this hard to earn from stock markets. Thin volumes and volatile movements and If you happen to be in the wrong stock at the wrong time, earnings of couple of months disappear within minutes !

Somehow managed to survive so far without any majore accidents. Surprisingly, of late, I am thriving in the chaos like Satyam

mb_jg · 3rd February 2009, 00:11

One of our clients announced 7k job cuts in the US last week. All their Expo stores closed.
This thread is getting scary by the day. Not that I want to run away from reality, but it's just too depressing knowing nobody is safe.
God help us all!!!

Nitin · 3rd February 2009, 03:53

Quote:

Originally Posted by mb_jg

This thread is getting scary by the day. Not that I want to run away from reality, but it's just too depressing knowing nobody is safe.
God help us all!!!

Truth is...there is nowhere to run! No matter where you go,the effect of the recession will follow.

mmmjgm · 3rd February 2009, 07:21

I've seen three to four major "recessions" caused by the US economy, first was the Indian black friday, then came the dot com bust, that hit hard, then came 9/11, and a couple here and there.

Forget running from the recession, the one to adapt fastest to the changing scenario will survive and thrive.

Worst comes to worst, you could change a career, your parents will yet love you, you will yet have friends, it will just give you a learning phase and a struggle in terms of your career.

The rich and the poor and the middle class all have to deal with it. There's no escaping what we all need to do. Hey T-bhp won't shut down either.

Cheers and god bless,

M M

given2fly · 3rd February 2009, 13:37

Kind & heartfelt words, MM. May God bless those affected soon...

31st January 2009, 23:03	#152
Sowmya BHPian Join Date: May 2007 Location: Bangalore Posts: 493 Thanked: 19 Times View My Garage	I believe this recession will effect Indian Economy. Many companies are just waiting for some excuse to have a Cost Cutting. In my company (One of the top 10 Indian IT) has taken huge steps to Cut Cost. But with this recession we should learn some thing. Like VFM. We does not think about the money VS what we are getting.
	() Thanks

1st February 2009, 00:15	#153
extreme_torque Senior - BHPian Join Date: Feb 2005 Location: Melbourne Posts: 4,376 Thanked: 5,105 Times	Paid cabs with no A/C in summers, paid food, no snacks and no pay rise for this year.... I hope we get out of this asap.
	() Thanks

1st February 2009, 02:53	#154
vivekiny2k Senior - BHPian Join Date: Feb 2005 Location: cincinnati, jabalpur,chennai Posts: 1,264 Thanked: 209 Times View My Garage	many client's have asked to cut rates and and even hold payments for a while. which means no hikes but company is absorbing the loss for now. we are not a public company and I have a newfound respect for the management.
	() Thanks

2nd February 2009, 13:49	#155
ramki067 BHPian Join Date: Sep 2006 Location: BANGALORE Posts: 610 Thanked: 35 Times View My Garage	Just Friday, 200 people worldwide have been fired from our company. 6 people in Bangalore office! Don't know what the situation will be in coming days. Thinking of what alternatives can we do if we come into such situation. :( Last edited by ramki067 : 2nd February 2009 at 13:50.
	() Thanks

2nd February 2009, 14:04	#156
lohithrao Senior - BHPian Join Date: Feb 2007 Location: Kudla/Mangaluru Posts: 3,204 Thanked: 225 Times View My Garage	Ramki sad, but the fact is many are living in this fear....even in my organisation few people are fired last month ...not sure who else is in the list During coffee/lunch breaks we keep discusiing about alternatives trust me havent found 1 till now:( heheh
	() Thanks

2nd February 2009, 14:07	#157
anujmishra Senior - BHPian Join Date: Jun 2008 Location: Bangalore Posts: 1,290 Thanked: 492 Times View My Garage	Quarterly Loss! My company posted first loss in quarter since 2000 from when it started posting quarterly result. However my division was in profit in quarter ended December 2008 but other divisions of company posted loss. Due to good result in first three quarter of 2008 overall company was in profit. (First three quarter profit last quarter loss in 2008) But we are certainly not sure what would be result in 2009. Sure first quarter is very watchful and it will decide future course of action in our company.
	() Thanks

2nd February 2009, 14:18	#158
Digital Vampire BHPian Join Date: Jul 2004 Location: Utopia! Posts: 595 Thanked: 105 Times	Many Indian IT majors including the one which I work for are doing this silently but the numbers seems to be a few hundreds every few weeks or so atleast in my company. They comfortably call it performance based pruning which removes bottom 5-10% every year. But I know for certain that the number of people shown the door this season is certainly many times the yearly performance based cuts. Seems like the Indian IT companies dont have the balls to admit that they are in trouble.
	() Thanks

2nd February 2009, 15:01	#159
kewlferrari BHPian Join Date: Apr 2006 Location: Delhi Posts: 175 Thanked: 16 Times	No bonuses and no salary increase this year. Work with an American MNC in Gurgaon. No gains for cracking the targets this year but I guess keeping a job is more important for the time being.
	() Thanks

2nd February 2009, 17:06	#160
five46 BHPian Join Date: Oct 2007 Location: L-O-S-T!! Posts: 636 Thanked: 714 Times	Was working for a xyz stock broking company from 2006-2008. In mid 2008 got a job from a abc AMC in which I saw an opportunity to upgrade my kitty of skills, also a decent monetary hike in times of turmoil was very attracting. I had failed to keep it in the back of my mind that I would be on probation for six months in the new company and in case of lay offs, mera number to pakka rahega. As feared, recession aur internal conflicts ka double blow resulted me in being jobless. It's about three months now, job markets are very slump, but still I think that this is a good time-out that I've got; keeping my hunt alive...!
	() Thanks

2nd February 2009, 19:22	#161
BomBatt BHPian Join Date: Aug 2007 Location: Bangalore Posts: 208 Thanked: 35 Times	Recession has hit me hard too. It has never been this hard to earn from stock markets. Thin volumes and volatile movements and If you happen to be in the wrong stock at the wrong time, earnings of couple of months disappear within minutes ! Somehow managed to survive so far without any majore accidents. Surprisingly, of late, I am thriving in the chaos like Satyam
	() Thanks

3rd February 2009, 00:11	#162
mb_jg BHPian Join Date: Feb 2006 Location: Pune Posts: 485 Thanked: 124 Times	One of our clients announced 7k job cuts in the US last week. All their Expo stores closed. This thread is getting scary by the day. Not that I want to run away from reality, but it's just too depressing knowing nobody is safe. God help us all!!! Last edited by mb_jg : 3rd February 2009 at 00:12.
	() Thanks

3rd February 2009, 07:21	#164
mmmjgm BHPian Join Date: Nov 2004 Location: BOM, PNQ, DXB Posts: 398 Thanked: 30 Times	I've seen three to four major "recessions" caused by the US economy, first was the Indian black friday, then came the dot com bust, that hit hard, then came 9/11, and a couple here and there. Forget running from the recession, the one to adapt fastest to the changing scenario will survive and thrive. Worst comes to worst, you could change a career, your parents will yet love you, you will yet have friends, it will just give you a learning phase and a struggle in terms of your career. The rich and the poor and the middle class all have to deal with it. There's no escaping what we all need to do. Hey T-bhp won't shut down either. Cheers and god bless, M M
	() Thanks

3rd February 2009, 13:37	#165
given2fly BHPian Join Date: Oct 2007 Location: Pune Posts: 213 Thanked: 0 Times	Kind & heartfelt words, MM. May God bless those affected soon...
	() Thanks