Global meltdown has its effect in each and every industry. It is also affecting the growth of different sectors. So now every company is thinking about cutting down its operating cost. They have started to kicking their employees out of the company. The situation for the freshers, who have just completed their degree, is worse. The are not able to get a starting job. The job scale for the new job seekers is down by 19% this year.
Global Meltdown-A nightmare for job seekers!!
- Thread starter udit
- Start date
Yes probably this is the worst time to get graduate as all the sectors are badly affected by this global meltdown..
These days every company is trying to cut cost thereby laying off people and now one can very well imagine that that already employed people having experience are being kicked out so there is absolutely a very little chance for a fresher to get through..isn't it
These days every company is trying to cut cost thereby laying off people and now one can very well imagine that that already employed people having experience are being kicked out so there is absolutely a very little chance for a fresher to get through..isn't it
The job market is horrible across the board right now and just about every country is some how affected. I think that people should still go get there degree for when the economic crisis gets better and the job market picks up. Until then I think people should get a job where ever they can and cut back spending.
Unemployement in India is godgifted. Job market is facing drop as most of companies are decreasing manpower due to economic crisis and market's worst conditions. On other hand more and more engineers and doctors are passing out, so where to employ them.
Government should take some serious action regarding unemployemnet.
Government should take some serious action regarding unemployemnet.
Agreed.
My daughter graduates with a Masters Degree this year. I suggested she stay one more year to get a PHD.. by the time she gets that, the job market may be turning around and her opportunities would be better.
She said, "Yeah, I thought of that!"
But it looks like she has a job lined up. She is very lucky (and very very very smart in her field). And she wants to work before she gets her PHD so this works out for her.
But for most this is a hard road they face after college right now.
My daughter graduates with a Masters Degree this year. I suggested she stay one more year to get a PHD.. by the time she gets that, the job market may be turning around and her opportunities would be better.
She said, "Yeah, I thought of that!"
But it looks like she has a job lined up. She is very lucky (and very very very smart in her field). And she wants to work before she gets her PHD so this works out for her.
But for most this is a hard road they face after college right now.
I agree with you people that freshers are facing a lot of problems to get a job,big brands have laid off a lot of people companies like kingfisher and jet have done on a mass scale and citibank followed the chain and as soon as Indian economy was getting on its feet again the satyam giant stood in the way and now small investors are running away from the market,another problem is that the world bank is also not showing faith in the indian companies as the veil of ban just lifted from wipro's face.A lot of b scools are also facing big problems in placing their candidates and the cherry on the cake is that there is no placement but almost all colleges have increased their fee by 15-20%.
If I understand the workings of the World Bank Properly. Much of their lending depends on support and guarantees from leading nations such as Britain, US, France and others.
If these nations are not in a position to guarantee certain types of loans, this will increase the risks; and the world bank would be put in a position to take a more conservative approach to loans. It may also reduce the available funds they have for lending.
This has to have a huge negative effect on developing countries, especially African nations that have problems with stability.
Am I right about this?
If these nations are not in a position to guarantee certain types of loans, this will increase the risks; and the world bank would be put in a position to take a more conservative approach to loans. It may also reduce the available funds they have for lending.
This has to have a huge negative effect on developing countries, especially African nations that have problems with stability.
Am I right about this?
Due to the so called "Meltdown" which is true in a global sense, students are finding it hard even to get projects for their summer internships and that too without stipend, let alone the final placements. We just hope that the situation stabilizes soon. The worst effect of this scenario is on the employees who are been laid off, all their future planning related to their growth expectations have perished.
It's also a nightmare for people that already had jobs previously.. I don't remember the exact statistic, but I believe a lot of the jobs in the U.S. were cut just because of the situation with the global economy and the stock market. I feel for those people trying to get jobs though, must be pretty hard. As for me, I still have my full-time job, and I'll be damned pissed if I lose my only job.
Here in the UK thousands of people are left without jobs due to the current economy.
Also due to this and the way the country is right now and our struggles it's unlikely to improve anytime soon but this gives me reason for great concern.
The UK announced that they will soon stop all State Benefits for those who refuse to go to training or refuse to take a job offer whether they like the job or not.
For me it just seems like things are going to get worse before they get better and I can see the UK being sunk into major poverty.
Also due to this and the way the country is right now and our struggles it's unlikely to improve anytime soon but this gives me reason for great concern.
The UK announced that they will soon stop all State Benefits for those who refuse to go to training or refuse to take a job offer whether they like the job or not.
For me it just seems like things are going to get worse before they get better and I can see the UK being sunk into major poverty.
Rick said:
I don't think it will be to the extent of poverty, (not like Africa) but I admit we're in a really bad situation right now. Almost every country are having people left without jobs, UK is one of them, and I agree about how you said it will get worse before it gets better. It'll probably take a really long time (maybe about 5 years) before we recover from this "global meltdown".. just remember what happened during the Great Depression.. I mean it didn't just get "fixed" in a matter of 1 year, and we need to give things time and make the best out of what we can while we can.
Yeah it really is a nightmare I guess, I can already tell you how many of my friends are left without jobs while I'm still having fun in university.. ^^
I'm just hoping I get a worthwhile job when I actually graduate, if not I will have spent so many years in school working for nothing, and that would really be disappointing wouldn't it.. >.> I wish you guys all the best of luck, and in 2 years I graduate, yay!
I'm just hoping I get a worthwhile job when I actually graduate, if not I will have spent so many years in school working for nothing, and that would really be disappointing wouldn't it.. >.> I wish you guys all the best of luck, and in 2 years I graduate, yay!
Were hardly struggling here in the UK but there are challenging times ahead for all of us. jobs are unstable and a lot of peeps are being repossessed as result of this the job situation is slowly balancing out and more people need to take second jobs to make ends meat
It is much worse in the US, I think.
First, we have lost more jobs. In February alone, I think we lost close to 750,000.
Second, our unemployment benefits are much lower than most European countries, and last for a shorter time, with no welfare type benefits following that period for most people.
Third, loss of a job usually means loss of medical insurance. Fourth, new university graduates come out of school with tremendous levels of debt which they must pay back. I've met people from the UK who say they really never have to pay it back. In the US, you must pay it, and you can't even get out of it by filing bankruptcy.
First, we have lost more jobs. In February alone, I think we lost close to 750,000.
Second, our unemployment benefits are much lower than most European countries, and last for a shorter time, with no welfare type benefits following that period for most people.
Third, loss of a job usually means loss of medical insurance. Fourth, new university graduates come out of school with tremendous levels of debt which they must pay back. I've met people from the UK who say they really never have to pay it back. In the US, you must pay it, and you can't even get out of it by filing bankruptcy.
It is as bad if not worse in the UK though since they are living on social welfare, the unemployed would be a heavy burden on the Government and make it even more unemployed, sort of feeds off itself. When I was in the UK in December I remember when I was travelling on a Sunday, the ticket counter had a notice up that said "Closed. We do not have staff". Totally depressed as well wherever I went. At least in the US with its capitalistic system (hopefully it will endure through the Obama years), people are more free to work on their own solutions.
The unemployment rate in the UK, as of March 18, is 6.5%. It was 8.9% in the US as of March 27. So it is not nearly as bad, and the unemployed in the UK have medical, and a welfare system that gives everyone housing and some money to live on.
Even if in the end the US economy ends up stronger, the people in the US will be worse off because of how much more this has hurt them. More people will have lost houses, run up debt way beyond their means to pay, had to give up their education, and have to dig themselves out of a big hole.
I always find these statistics fascinating. How are they calculated for example? What do they consist of, what are the methods of measurement? I was in the UK last December and again at end of January and friends who had been there observed how deep the depression was and how countless all the job losses. But you are totally correct, when one looks at the published stats, the US unemployment figures seem to have almost doubled from January 2008 to date (4.8 to 8.1 - seasonally adjusted figures) whereas the UK unemployment figures had only increased from 5.2% in January 2008 to 6.5% currently. Boggles the mind!
Where it really hurts
You should see them crying in the Philippines where OFW (overseas workers) are an important part of how people feed families and pay for medical services. Those who decry overly involved governments and social services would be pleased with the lack of interference with the medical system here which refuses to help anyone that can't pay.
And that includes even if you have medical insurance. No money up front, no doctor or surgeon. Your health insurance from where ever might be happy to pay after the incident or surgery, but that won't do you a bit of good.
Jobs are shutting down, Filipinos are coming home since in many countries they cannot stay if they don't have a job (working visa requirement). Australia is one, other Asian countries are sending them home. While it hurts in the USA, there are social services. Here there are pretty much none.
Watching the recession/depression hit here where there is little or no safety net, makes me appreciate some of the things I used to complain about.
You should see them crying in the Philippines where OFW (overseas workers) are an important part of how people feed families and pay for medical services. Those who decry overly involved governments and social services would be pleased with the lack of interference with the medical system here which refuses to help anyone that can't pay.
And that includes even if you have medical insurance. No money up front, no doctor or surgeon. Your health insurance from where ever might be happy to pay after the incident or surgery, but that won't do you a bit of good.
Jobs are shutting down, Filipinos are coming home since in many countries they cannot stay if they don't have a job (working visa requirement). Australia is one, other Asian countries are sending them home. While it hurts in the USA, there are social services. Here there are pretty much none.
Watching the recession/depression hit here where there is little or no safety net, makes me appreciate some of the things I used to complain about.
For me, the global economic crisis means a few things. Right now, every country has to look after their own. This World Government idea is nice and all, but lets do it when we can... you know afford too. Everything is crashing down on itself and politicians are worried about Future Elections, Going Green, and Globalization. I'm not saying cut ties completely. Trade is essentral and a good relationship is also. BUT countries can't be giving hand outs when they can't afford them. Countries shouldn't be spending money on projects (such as Universal Healthcare in the US) that they can't afford. This isn't the time for this. Sure there are great ideas and I would love to see them happen. But we should have acted on them BEFORE 2006. Now we have to wait. I'm sorry. Lets makes sure people have jobs. We need to be sure everyone is eating. It's just so stupid.
*sighs* Anyway.... that's what I think.
*sighs* Anyway.... that's what I think.
Similar threads
