Recession hounded the year 2008. Here I will talk about just two issues, business and job market. Former was bleeding so the later was murky.
The problems of this year had culminated in August last year with large number of sub-prime defaults in US. The home-owners faced foreclosures and problems transmitted from housing lenders to entire financial sector. Retail, aviation, IT and outsourcing was to follow. Good number of techies and financial wizards got extra leisure time; some made suicides out of boredom, while some faced postponement of their marriages.
The economy has globalised. If west sneezes east catches cold. The business houses declared losses and started cutting cost for flexing their muscle. The pre defined economic notions altered. Sovereign funds of gulf and Singapore funded the financial institutions. Bank of England issued rescue package to UK banks, Federal Reserve was kind enough to provide $750 billion of emergency bailout. Even the big three of Detroit came out in the streets with begging bowl. Generosity prevails!
Job market was hit hard. United Nations predicted that 20 million people around the world will go jobless. This proved to be prophetic. Every day we saw the news of retrenchment under the caption ‘Corporate Layoff’. A few companies were hiring and gates opened for only quality workforce. Some PSU banks in India announced their recruitment programmes in big number.
Lets see what is there in store for the companies and the youth with skills and qualifications as a new year gift. Be positive and stay calm.
The problems of this year had culminated in August last year with large number of sub-prime defaults in US. The home-owners faced foreclosures and problems transmitted from housing lenders to entire financial sector. Retail, aviation, IT and outsourcing was to follow. Good number of techies and financial wizards got extra leisure time; some made suicides out of boredom, while some faced postponement of their marriages.
The economy has globalised. If west sneezes east catches cold. The business houses declared losses and started cutting cost for flexing their muscle. The pre defined economic notions altered. Sovereign funds of gulf and Singapore funded the financial institutions. Bank of England issued rescue package to UK banks, Federal Reserve was kind enough to provide $750 billion of emergency bailout. Even the big three of Detroit came out in the streets with begging bowl. Generosity prevails!
Job market was hit hard. United Nations predicted that 20 million people around the world will go jobless. This proved to be prophetic. Every day we saw the news of retrenchment under the caption ‘Corporate Layoff’. A few companies were hiring and gates opened for only quality workforce. Some PSU banks in India announced their recruitment programmes in big number.
Lets see what is there in store for the companies and the youth with skills and qualifications as a new year gift. Be positive and stay calm.
