India, the world’s second-most populous country and home to the world’s second largest workforce (469 million workers), has a problem. Sure, the ongoing economic slowdown and the accompanying woes ” rising inflation and interest rates, a weakening rupee and stalled investments ” will inevitably take its toll on jobs. Yet, a wide section of CXOs, HR honchos and employees that ET Magazine spoke to reckon that this is the worst job market since liberalisation in terms of severity, duration, sweep and scale.
Even the sudden crash precipitated by the global financial crisis five years ago and the aftershocks on the employment front appear less severe than the current scenario.
“In 2008, India never really saw gloom and doom. It was also very short. This time I cannot even begin to describe the mood. It is the most difficult job market that I have seen,” says Arun Das Mahapatra, partner-in-charge, Heidrick & Struggles India, a global executive search firm. His firm has always been growing at 15-20% over the years but Mahapatra says this year he would be happy if he is able to do as much business as he did a year ago.
Chosen excerpts by Job Market Monitor. Read the whole story at
via Why the current slowdown may be the worst ever for job-seekers – Economic Times.
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