Thursday, October 16, 2008

India Layoffs

The famous dialogue "welcome to the real world!" from the Movie Matrix hit my head yesterday. I was watching all major news channels covering news about Jet Airways laying off 800 employees on a single day. Clearly the global financial crisis has hit India, starting with Aviation Industry.

Going forward I see it affecting multiple industries, which would result in major job cuts, downsizing and salary cuts. For yuppy Indians, who earned five digit salaries from day one need to face the ugly face of capitalism in coming days. No amount of crying, cribbing, protesting or complaining to political party would help during turbulent times. This is not a typical governmental setup, but the reality -- let us face it! Only who has the capability to adapt will survive during difficult times. Its high time we say Good bye to double digit salary growths and frequent job hopping.

3 comments:

Shanmuga said...

True Anna.
Now people would start sensing the reality and start exploring jobs which were considered low-end earlier.

Anonymous said...

The next 3 to 4 years will be difficult for those used to high incomes without needing to improve their productivity, or the productivity of their environment. The fact that many of these people have led consumerist lifestyles supported by debt will exacerbate the human costs. However, the system will be cleaned, and people will get more humble and focus on building value in their teams. And to get money, teams will need to create much more money before taking their share. This is the true value of capitalism, which is that capital flows to those who have the ability to produce value by using resources efficiently, and at the lowest cost. The key thing for capitalism to go greater good is to allow proper flow of information, and ensure that the quality of information that flows is good and authentic. If information is wrong, it becomes crony capitalism, which is why the western financial system is in a crisis today, and other countries are bearing the brunt.

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