Employment Scene Looks Rosier As 2009 Comes To an End

• Thursday, December 31st, 2009

Though the year began on a shaky note, last two months saw the job scene improving by leaps and bounds. In fact, 2009 went much beyond the most optimistic predictions.

Of course the situation in India was never as bad as that in the US and other western countries hit badly by economic downturn. But the ripples were evident here as well, though pay cuts and job losses were minimal. The restriction on new recruitment was one of the worst fallouts of meltdown.

Things are gradually returning to normalcy at the end of the 2-year long trauma and heartburn.

After years of bullish run, 2009 was significant in infusing some sort of sanity in the job market. The gloomy phase brought home the realization that short-term goals are detrimental to career growth. Obsessive focus on compensation brought on the downfall of the entire system. A more realistic single-digit growth seen throughout the year has brought in more stability in the job scene than ever before.

The maximum brunt of recession was felt in the financial services sector. Many banks and NBFCs closed down loss-making units, thus resulting in a number of job losses in the sector. The debt capital market was the least affected. The second quarter has brought in much cheer with better hopes for the third quarter.

IT, ITeS and telecom sectors, that were experiencing growth plateaus in the first half of the year, are looking forward to moderate and realistic hiring by yearend. Hiring is expected to improve during the course of 2010.

The news has generated much cheer on the occasion of New Year to employees and across Indian campuses.

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