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Recession makes India a luring job market
By
SiliconIndia,Monday, 04 May 2009, 20:43 Hrs
Bangalore: The recession has turned India a luring valley for job-seekers, with the country being the second fastest growing market and the companies here being bullish on hiring, unlike the other developed economies. A recent survey by Hewitt Associates (HEW) shows that more than 60 percent of companies in India are still hiring.
Despite the huge amounts of stimulus spending, many of the companies abroad are rescheduling the job structure by either removing it or by trying to adjust more work with less employees. The trillions of dollars that are being used in prime economies are mostly for projects that make no sense for a vast majority of white-collar workers, like what can a laid-off Wall Street banker do to rebuild roads and bridges? However, in India the scene differ as while the anxiety level remains high, 1 in 3 Indians is not worried about the economy at all. Many multi-national firms here are also bullish in the market, with PepsiCo (PEP) planning to spend $500 million. Universal Success Enterprises, a Singapore-based company, is injecting $17.5 billion in infrastructure projects while Norway's Telenor (TEL.BE) is investing $3.2 billion in Indian telecom. Over the next four years, Marriott International (MAR) also plans to build 24 new hotels in India and Panasonic (PC) is growing from 48 company-owned stores to 100.
The trend of growth is witnessed in Indian firms too. Firms like Reliance ADA Group, Bharti Airtel (BRTI.BO), the biggest wireless player in the country are expanding their presence. In terms of hiring, Indian Overseas Bank will be recruiting 1,200 people. Bartronics India, a technology firm, is setting up kiosks in New Delhi and has 6,000 positions. Insurance company LIC is planning to hire 45,000. South Indian Bank is opening 40 new branches and looking to hire 3,000.
Despite the huge amounts of stimulus spending, many of the companies abroad are rescheduling the job structure by either removing it or by trying to adjust more work with less employees. The trillions of dollars that are being used in prime economies are mostly for projects that make no sense for a vast majority of white-collar workers, like what can a laid-off Wall Street banker do to rebuild roads and bridges? However, in India the scene differ as while the anxiety level remains high, 1 in 3 Indians is not worried about the economy at all. Many multi-national firms here are also bullish in the market, with PepsiCo (PEP) planning to spend $500 million. Universal Success Enterprises, a Singapore-based company, is injecting $17.5 billion in infrastructure projects while Norway's Telenor (TEL.BE) is investing $3.2 billion in Indian telecom. Over the next four years, Marriott International (MAR) also plans to build 24 new hotels in India and Panasonic (PC) is growing from 48 company-owned stores to 100.
The trend of growth is witnessed in Indian firms too. Firms like Reliance ADA Group, Bharti Airtel (BRTI.BO), the biggest wireless player in the country are expanding their presence. In terms of hiring, Indian Overseas Bank will be recruiting 1,200 people. Bartronics India, a technology firm, is setting up kiosks in New Delhi and has 6,000 positions. Insurance company LIC is planning to hire 45,000. South Indian Bank is opening 40 new branches and looking to hire 3,000.
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Reader's comments (7)
1: Really its good time for the job seekers,its
been said that 2009-2012 would be a period of
mass employments.
And even during this recession time ,mass requirement is a big deal
And even during this recession time ,mass requirement is a big deal
Posted by: Anupam Rout - 05 May, 2009
2:Anupam, I don't know what do you do and how
long have you been working in which industry.
But the hard core fact is that we can not
talk about the experienced and the Top
Institution's product. There are million of
job seekers who are looking for the least
paid jobs.
If the companies are hiring - other hand they are also firing people. May be they are trying to get the benefit of recession.
If the companies are hiring - other hand they are also firing people. May be they are trying to get the benefit of recession.
Vijay replied to: Anupam Rout
post - 07 May, 2009
post - 07 May, 2009
3: i don't agree.. the companies may be hiring
but those who already had an experience with
the high collar jobs.. would not be lured by
the jobs which are basically looking out for
freshers or people willing to work at a much
lower pay.
Posted by: imran - 04 May, 2009
4:Hi Mr. Imran:
The current situation calls for skill rebuilding. As the market dynamics are so fast changing, one cannot survive with the existing skill sets.. So, there is still market for experienced senior professionals provided they are not outdated in terms of skills & knowledge...
The current situation calls for skill rebuilding. As the market dynamics are so fast changing, one cannot survive with the existing skill sets.. So, there is still market for experienced senior professionals provided they are not outdated in terms of skills & knowledge...
Nalli Surendra replied to: imran
post - 04 May, 2009
post - 04 May, 2009
5: Hi There,
I totally agree with what you said but still what about the professionals who have put in their 6-8 yrs in career setting up a profile and also running families. They cant survive with these low salary jobs to accuire new skill set. It means all their hard work has gone down the drains?
I totally agree with what you said but still what about the professionals who have put in their 6-8 yrs in career setting up a profile and also running families. They cant survive with these low salary jobs to accuire new skill set. It means all their hard work has gone down the drains?
Anjali replied to: Nalli Surendra
post - 04 May, 2009
post - 04 May, 2009
6: Change is imminent. Faster we adopt ourselves
to changing environment, faster will be our
growth. Infact, a person with 6-8 years of
experience should be in a position to
understand at a high level how things work
and any low level task he/she should be able
to adapt himself/herself into. And besides,
India is a country of entrepreneurs - why do
a job even after 6-8 years of experience -
infact one should be able to put that
experience to good use and become an
entrepreneur. The problem with the economy in
the last decade has been a focus only on ONE
particular aspect of business (conveniently
termed as "specialization") - which took away
from an intelligent Indian the "broader"
vision. Its time we used our genes like the
olden times, where India was a land people
used to visit from far and wide to learn
things from. There is no reason to live in
insecurity and fear - the time has come to
bring India back to its past glory by using
our superior intelligence.
Sanjay Gulabani replied to: Anjali
post - 04 May, 2009
post - 04 May, 2009
7: Agree with Sanjay. In short, \"Life is
Unfair, Deal with it.\" said by Bill Gates.
It is easier said than done, but we are
humans and all we can do is keep trying. All
those who have experience of 6-8-12 years can
use it to cope better with the circumstances
than the freshers who have just removed their
Graduation suits.
Bhavin replied to: Sanjay Gulabani
post - 05 May, 2009
post - 05 May, 2009
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