February 15, 2010 by akhilendra

Jobs slashed

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Jobs are cutting down. Economic slow down have compelled corporate to rethink & reanalyze their hiring strategy. Recently, when jet laid-off its employees, there was a lot of noise regarding government’s role in securing jobs. Though, after a lot of chaos, these people were taken back. Naresh goyal managed to save these peoples. But the future of thousands of aspirants is not certain; many of them are now looking at various alternatives. People who have left their studies & were looking for a early career in aviation industry, are now going to back to colleges. But this laying off concept is here to stay. Though as per labour law, if a company wants to sack more than 100 people, it will have to take permission from government, but there are other legal ways to sack people.

With the economic slow down, companies which hired people aggressively, are now looking upon slimming their work forces. These companies expected a boom in future but now, as things are not very clear. They are looking at various cost cutting alternatives, job cuts being one of them. Though there are legal hurdles, but there are legal methods available to lay-off employees. Companies can sack people by hiring employee on probation. In India, laying off is never going to be easy, we as a individual are different. Our perception is different, when we see somebody sacking employee, we assume the individual or company to be a villain. Even Indian entrepreneur can’t behave like their western counterparts, in case of naresh goyal, who took the decision of taking back of those sacked employees. There are always humanitarian logics associated with it. A job is always, more than a job for us.

Political turbulence also doesn’t allow these acts. For them, it’s a matter of  their vote bank politics. No company wants to be at wrong side, no one want to spoil their company’s brand image. But, economic turbulence is certainly going to have impact on hiring practices of the industry. Companies are going to be skeptical about their expansion plans. They are not going to keep a large chunk of employees in buffer.

Industry has already reduced the hiring scale, for ex- satyam computers is going to reduce the numbers to 10000 from 15000. Industry is going to witness a huge slow down in hiring scale. Companies will be reducing their buffer & will try to utilize their current resources in more efficient ways. But its not only IT or aviation sector, it’s a phenomena which is going to affect all sectors. HR department of major companies are working upon getting the right number. This is probably the worst adverse affect of this economic crisis.

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