” We will work….even for peanuts”

“Greater the height,stronger the fall”
As I was going through old magazines,I came to notice an article in a magazine,in July 2007.Actually the topic was a survey report on ‘Salary trends in 2007′ which was headlined “We wont work for peanuts”.The article further viewed -’Have talent,get money-that’s the simple formula in an India buoyed by economic growth and globalisation.’
The point in reviewing this old report here is to compare the shining past of the country with the uncertain present.Just an overview of the drastic changes happened to our economy in recession time.(As per Govt.sources,India is a country which is only affected by the after effects of recession,and is not in pure recession).
I would like to extract a few quotings from the article and compare it with the present scenario which has happened within a span of 6 months….
• The article viewed “The Banking and financial Services
and is the hottest today.Salaries are rising with hikes upto 60 percent”
-And now,in February 2009, some Banks were even on the verge of breakdown and others had to face huge losses due to US Subprime Crisis and undervalued CDOs.All banks
became reluctant to give loans and their entire workforce in the Retail banking sector are in no man’s land.Many Banks already started acting either by cutting the jobs or by cutting the wages.
• In that article, an IT industry expert’s then true opinion was”Now the guys don’t look below Rs 2-3 lakh a year”
-And now,in February 2009,Many IT and BPO firms had job cuts and salary
cuts.As many lost their jobs,the work force supply increased and more skilled professional are available at lower salaries ranges and adding more to the issue,freshers are not placed as there are many experienced hands already available,overall leading to unemployment.
• The most astonishing part in the article,if read now,is that of the Aviation sector,which is entirely reciprocated now.At that time-”Airline companies are offering a retention bonus,apart from salary,ie a chunk of salary is paid at the end of the year to ensure the loyalty for that year at least.”
-And viewing now,this is one industry which was hit by recession much earlier.To add more,the country witnessed the huge protest against the large jobs cuts made by an airline company.This sector also faced severe wage cuts and the latest news in this regard was a Rs 80k cut from the salary of pilots of an Airline company.
The fact is that every sector which boomed in the last few years is hit severely.And if this is the scene in a country which is only affected by the indirect effects of recession,what would be the situation in a recession hit country????
Now the situation is that what everyone needs,above a salary hike,is a security in the present job.No company is hiring further,and even trying to curtail their work force …
So in all respects, time has come to re change the earlier heading as-” We will work….even for peanuts”.