Current scenario and current job market

How was the global economic meltdown affected your industry – globally and in India?

Most large corporations in the US and across the globe have slowed spending owing to the current economic meltdown. This has a direct impact on the IT services industry where companies have seen that customers have started shying from signing up new projects. Though the IT companies are able to hold on to most of their current / committed long term engagements, new products are difficult.

Till a year back companies were investing heavily on HR. What will be the trend now according to you?

The new hiring will be limited. Companies will have to put up a situation now where more work can be handled with current or less number of people. This requires the existing people to be retooled on newer and different technologies. So the HR investments will continue but will be focused on the existing employees.

Employer branding will continue to have its appeal as it will be important to bring in new talent and retain employees. Employees are primarily looking for ‘Safer’ avenues (where they have more job security) and such security can be offered to a great extent only by companies that have good brand equity. It is advisable to stick to your job under current global economic scenario.

Even you have to leave your existing job follow the principle given in the ensuing paras. It is well understood that the relationship between the employer and an employee is one that is fundamentally based on mutual trust, confidence, good faith etc. Hence, the relationship should not simply grind to a halt following the end of an employee’s tenure in a particular company. It is prudent to keep good relationship with the ex-employer even after leaving the job. A healthy relationship with the ex-employer can help in several ways including information sharing and job opportunities in the future.

What does around comes around and the same applies to the corporate world, which even though given its size is a small ecosystem.

Hence, it is advisable for all employees to maintain contact and good relations with their ex-employers, which typically would mean keeping in touch with their managers, peers, HR or other senior members. Some of the benefits are:

1) One of the obvious direct benefits is towards getting a good reference for the future, which is a common practice wherein the performance in previous organization is checked by any future employer.
2) It is also a good networking tool, more so in the same industry. It always helps to know as many people, as you never know they may be your managers or peers or clients in future organizations.
3) Of late, there has seen a trend of organizations open to hiring back good talent which has left them in the past with a clean chit. Hence, it is advisable not to burn bridges, as a backup plan.
4) In the current scenario, even if an employee is laid off, he or she should not take it personally and continue to maintain a good relationship. This would help in getting a good reference letter, payout of the severance package, counseling resources outplacement help if available and an opportunity to join back when the business scenario improves.

It is both important and advisable to ensure one keeps good relations with ex-employers, and for a host of reasons. Today’s ex-employer could be tomorrow’s employer, stakeholder, reference, or a customer. There is no point in burning bridges, especially in today’s highly networked business world. Our advice would always be to leave an employer on good terms and maintain this, whenever possible.