The recession is beginning to hit home. Yesterday a cousin sister of mine got laid off. It was a devastating blow for this mother of teenage children. There was no warning and as per the terms of her contract she got her one months notice pay and they even allowed her to take leave for the notice period. Her Christmas was totally ruined. Luckily her husband still retains his job for now.
After the initial shock, the intrepid lady took a cool look at her situation and logged onto a popular job portal. She found several jobs. Though they did not pay the type of salary she was drawing, they were better then nothing. By evening she had an interview call and she is more than sure of taking the job though it pays her 45 % less.
There is a another scenario to this situation. My uncle a Small and Medium Scale (SME) businessman has been struggling to get good people for jobs for a long time now. The buoyant market made it impossible to take on even B grade b-schoolers. He just could not afford the type of salary they wanted or were being offered by big business houses. Today he is a happy man. He has not one but three MBA’s working for him at a salary he can afford to pay them. The MBA’s on the other hand are pragmatic and content with the 50% reduction in their salaries at the new job. They were similarly laid off, but seem strangely happy with their current situation.
The two examples taught me a valuable thing. That all is not lost. There are jobs out there though they may not pay very well. And people, who have lost jobs, should not despair but ride the gloom out with whatever is on offer. Depressions come and go and when the market is buoyant again, things will look up. We Indians are long used to frugality and depression should not be a scary word for us. Jobs are not disappearing. They are out there. Though they may be a lot less attractive pay-wise. But the economic boom has ensured that even at a lower price, jobs at still available for the taking! So take heart folks. All is not lost...yet! :)
Wishing you all a very Merry Christmas and a Prosperous New Year!
I am off for the hols :)
14 comments:
Very interesting point you highlight about the small scale sector! For now, India does have a larger small scale sector than the US which is for the most part ruled by national chains. But the flip side to that is that many small scale businesses provide their products/services to large scale businesses. So that might offset the extent to which they can act as buffers.
As you very rightly pointed out, Indians are a frugal lot that is only recently opening up to consumerism. So we can always dip into our savings a little bit in times of crisis. Most Americans, on the other hand, live on credit, and hence are much harder hit. But its funny that the Indians in the US are just as worried about the economic crisis :D That's because we also have a tendency never to be content with our savings :) One can always find a reason to feel insecure!
Nice cheerful message to end the year :)
Off for the hols eh? Well, I wish you a joy-filled christmas and a happy and relaxed 2009! :)
Positive thought :). true highs and lows have their own plus and minus.
Tough times never last......hopefully!
Wishing you a merry Christmas and a very happy new year!
Btw....you have been awarded....
http://almostsunday.blogspot.com/2008/12/hard-teacher.html
Cheers
Rakesh
I agree with you... I have frenz who are working with Lehman. They are just playing games in office due to no work..but are not ready to change the job. Reason is simple that other small companies will not give them the match pay. I seriously feel bad..since its not always salary but satisfaction at the end of the day..but i guess they are happy!!!
I've made quite an ass of myself by criticizing and ridiculing Govt employees. Whatever be the work ethics and situation, they seem to be the only group who are sitting pretty.
hard times ahead...Merry Xmas and Happy New Yr to all! :)
Every pessimistic scenario has an optimistic side, as I've observed here. :-)
A recession is a time to start anew. To realize that it's time to work harder, to focus on new goals and to shift priorities.
My point is, the recession is good! :D
Very nice insights about the crisis. Hope the govt's also think like this and make positives out of the bad situations we're currently standing in. Very nice message from you. Happy xmas.
Nice Post. Wishing you Merry Christmas and Happy New Year.
"Strangely happy" - I wonder why... either the relief of having a paycheck to fall back upon or the independence of a smaller setup or maybe both...
That apart, at least India has strong domestic demand that can sustain economic growth albeit at a slower pace that we got used to in the last 2 years...unlike the US which is overextended on all fronts and screwed everyone else linked up to the US markets... check out this take on why/ how India is not as badly hit as it might have been - http://www.nytimes.com/2008/12/20/business/20nocera.html
Reddy Steady Go! apparently worked.
Happy Hols, Anjali - heres to loads of plum cake and wine!
I know times are bad....
Dont worry...just enjoy the holidays :)
hey..had read this post earlier but couldnt comment due to a "technical snag" :) hope you are enjoying your holiday and had lots of appam and stew :) merry christmas..hugs.
Very nice post .. its all about making the best of what we have ...
Merry Christmas Anjali.. and have a great time :)
You need just one job and if you keep your ears and eyes open you can find that out even at the peak of recession. That is what I believe. Nice thoughts
Thank you everyone for your comments. Apologies for the late reply. :)
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