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Financial Turmoil Darkens the Employment Prospects of Economies

Author Name: Anurag Bhullar



With everyone talking about the impacts of the global recession that have severely hit many economies of the world, the aftereffects are yet to be experienced. India might not have experienced the hardest of times due to financial crisis but its waves are certainly influencing the job market.

The students are experiencing dreadful campus placement situations, candidates who were earlier dreaming about a vibrant career are forced to take up low-paid jobs and to look for higher studying opportunities.

Companies have put the appraisals and pay hikes on hold, employing cost saving strategies to the extent of job-cutting, and have stopped hiring new candidates. Employment outlook has definitely hurt by the current economic situation; it has fallen to 19 percent this quarter. The much hyped retail sector is facing serious problems after the crisis, with a hiring average of 11 percent, down by 32 percent as compared to the last year trends.

 
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