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.

Comments

Shanmuga said…
True Anna.
Now people would start sensing the reality and start exploring jobs which were considered low-end earlier.
11:59 AM
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.
10:41 PM
Post a Comment

Popular posts from this blog

BOOK REVIEW : Games Indians Play (Guest post by Sai Madhav)

Image
This is a guest post by my friend Sai Madhav. I have been trying to pull him into blogging :) Title: Games Indians Play review Author: Raghunathan Vocabulary of the book: Very good I initially thought the book is about consumers–traders who try to maximize their rewards/returns in this pragmatic world. However, I realized soon, that the book is about social life in conjunction with psychology and philosophy. Raghunathan believes that we, the Indians, need self-regulation in the fist-place rather than regulation by external factors (i.e. law/government). He proved that behavioral economics, Game theory etc are nothing but the phenomenon we encounter in our daily lives, from which we fail to grab positive results.One interesting aspect which the author highlights is, Intelligence is not about quick returns but maximizing rewards by sustaining relationships. His analogy between Gita and Game theory is commendable. With the examples he quoted (about Indian politicians / executives / adm
Read more

My first post

For quiet some time I have been thinking of starting a blog. At last I am doing it today. I have named it "Kirukkal" which means "Scribble" in my mother toungue Tamil (A South Indian language).
Read more

Mohammed Yusuf - Noble price speech

Some time back I wrote a blog about ‘Muhammed Yuguf and Microcredit’ where I gave my perspective on the excellent work he has done. This December 10 th he received the Noble peace price for his revolutionary micro-credit implementation in Bangladesh . I got a chance to read his inspirational noble price speech, which is really wonderful. The total speech was very good and I personally liked the following points: On poverty: “World's income distribution gives a very telling story. Ninety four percent of the world income goes to 40 percent of the population while sixty percent of people live on only 6 per cent of world income. Half of the world population lives on two dollars a day. Over one billion people live on less than a dollar a day. This is no formula for peace. Poverty is the absence of all human rights. The frustrations, hostility and anger generated by abject poverty cannot sustain peace in any society. For building stable peace we must find ways to provide opportunitie
Read more