Compensation of IT companies

Thursday, December 11, 2008

Best time to hire for India Inc

The recession and slowdown in kicking in .Even as companies worldwide resort to layoffs or freeze hirings as part of cost-saving measures to counter the economic slowdown, Deloitte
Consulting believes the current turbulence actually presents India Inc with its best opportunity to enrol good people in their organisations. There's a lot of talent available in the market now and companies can indulge in cherry-picking. Most importantly, salary expectations are presently reasonable and jumping jobs will also not be on the top of a potential employee's mind for at least for a year or so.
Incidentally, attrition has already dropped significantly in the IT and BPO arenas since the financial crisis started spreading and companies began adopting a zero-tolerance approach. At the same time, the manufacturing segment has once again started catching the fancy of engineering graduates. India, despite the expected drop in growth, is likely to come out of the slowdown quicker than the industrialised West and should thus utilise the present crisis to put its house in order. Some people here are actually talking themselves into a recession and pulling down sentiment further. The present econominc climate presented governments with an opportunity to become more efficient by pushing through administrative reforms that would not have been possible if there was no economic crisis. There is no magic strategy that will turn the present global financial crisis into an unalloyed positive. However, governments worldwide can find the seeds of long-term advantage in the decisions they make now. The long-term effect of the meltdown could be positive with governments and policy-makers rebuilding their way of operation and not focusing only on short-term gains.

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