recession in india

recession in india Free Online Research Papers Global Recession has brought magnanimous amount of grief and anxiety to all workers all over the world. It has severely affected the lifestyles and the living conditions of people worldwide. Business closing down, great retrenchment and staggering percentage of unemployment mirror how recession affects our modern world. People are overly vacated with what are the jobs that won’t be directly affected by recession and how to stay afloat amidst this time of ordeal. According to the latest employment projections from United States Department of Labor, good tidings are on the horizon for all job seekers. Here’s the 5 stable jobs expected to experience employment frenzy through 2018. 1. Accountants and Auditors They provide vital services to companies and individuals who want to maintain solid financial footing by analyzing and communicating financial information, ensuring public records are kept, and preparing taxes. Recession resistance: Accountants and auditors held 1.3 million jobs in 2008, and that number is expected to increase by 279,400 over the next decade into 2018. Education: A bachelor’s degree in accounting, is the most widely sought-after qualification by employers. For upper-level positions, some employers might prefer a master’s degree in accounting or business administration. Average yearly salary: $65,840 2. Medical Assistants Providing needed assistance in the offices of physicians, podiatrists, and chiropractors, medical assistants handle administrative, clinical, or other specialized tasks. Recession resistance: The U.S. Department of Labor forecasts the number of medicals assistants will grow 34 percent from 2008-2018. Reasons: Medical advancements and an aging U.S. population. Education: Medical assisting certificate and associate’s degree programs provide academic and clinical training in various areas and can usually be completed in one to two years. Average yearly salary: $29,060 3. Registered Nurses RNs treat patients, give advice about medical conditions, instruct families on how to deal with health issues, and provide valuable emotional support. Recession resistance: RNs are the largest health care occupation with 2.6 million jobs. And that number is expected to increase by 22 percent through 2018. Reasons: Increasingly complex medical treatments and the rising number of aging Americans needing long-term care. Education: A bachelor’s degree, an associate’s degree, and a diploma, from an approved nursing program are the three most common educational avenues to a career as an RN. You’ll advance further and faster with a more advanced degree. Average yearly salary: $65,130 4. Computer Software Engineers Programmers They make computers tick by creating, testing, and evaluating software applications and systems. Engineers might even design the latest hot-selling computer game or develop a new operating system. Recession resistance: In 2008, computer software engineers and programmers held about 1.3 million jobs. That figure is expected to jump 21 percent by 2018. Reasons: Concerns over information security and increased needs for new software. Education: Bachelor’s degrees in computer programming and applications, networking, or information systems, are among the most sought after by employers. An associate’s degree or certificate might suffice for others. Average yearly salary: $73,470 5. Management Analysts Sometimes called management consultants, analysts serve private industry by evaluating and recommending ways to better an organization’s efficiency and productivity or to increase profits. Recession resistance: Competition for management analyst jobs is highly competitive, but firms who might hire consultants specializing in environmental (â€Å"green†) issues are expected to help the number of analysts jobs grow by 24 percent into the year 2018. Education: Educational requirements in this field might vary for entry-level positions. A master’s degree in business administration or a related field – such as e-business or e-commerce – is considered useful. However, because analysts handle a wide range of projects, a bachelor’s degree in fields such as human resources, information technology, or marketing and sales could open doors. Average yearly salary: $82,92 Latest Trend in Recruitments Temporary Staffing in Indian Companies The HR fraternity in India is undergoing sea level changes with upcoming trends like e-recruitments, outsourcing HR functions, and the like. Now the next big thing Temporary Staffing is gaining acceptance across industries. Few months back the job market was overflowed with people who were labeled as leftover guys who could not find a permanent job for themselves. But that is passà © now. Companies are recruiting employees on temporary basis mainly for a particular project, paying them off and then letting them go as soon as the project is over. What is Temping? Temping is the process of hiring temporary workers or, as they are called Temps, for a shorter duration of time for a particular project and remain in the company till the project lasts. The temps work for one Client Company while being on rolls of a third party. A temp is contract worker who is being hired for a short time, typically till a project lasts. The contract ranges from a period of 2 months to 15 months. These temps are made available by the employee leasing firms like TeamLease. Such companies provide a wide range of temporary staffing solutions including temporary-to-permanent services where in the company hires an employee for trial basis and absorbs him within the company on the basis on his performance; and long-term contracts where temps are hired for a longer period of time which may last up to two years. The non core functions like sales, front office, customer support, finance, back end operations and administration demand more temps. The reason seems to be quite obvious companies focus on their core functions to sustain the cut throat competition, while they outsource their non core functions. In India, almost 80 million people are working on temporary basis, however a meager 0.5 per cent of them are employed in the organized sector. Currently there are about 1,20,000 to 1,30,000 temps working with over 500 companies, including ICICI Lombard, Bharti, Reliance Infocomm, HP, Wipro BPO, Transworks and so on. If we go by sector basis, studies show that temps are predominant in IT sector. However, others sectors like banking, FMCG, retail and consumer durables sector are also showing their interest in hiring temps. So how often do these temporary workers turn into permanent employees? Though, earlier, the chance of being absorbed by the company was almost negligible, the trend is gaining pace as the demand for skilled workforce is increasing. The conversion rate has grown up to 20 to 30 percent form four percent. Why Temping Temping started off with MNCs hiring contract workers. It comes with a packet of benefits for the organizations as well as for the employees. Organizations enjoy the benefit of workforce flexibility and ease of recruitments and quick replacements. Temping also saves training costs as leasing companies direct skilled and experienced workers to the companies. Moreover, non productive employees can be chucked out without many complications. By outsourcing non core functions, the company deeply focuses on its core functions only. The companies also get more work done from temporary workers and also escape for paying them perks and incentives. From employees point of view, temping helps an employee to acquire different skills and upgrade basic skills by working in different setups. Employees acquire multiple skills to remain employable is competitive job markets. Temping even offers tempting career opportunities to housewives, retired personnel, people with defense backgrounds, freelancers and freshers. Temps who work for big brands also boast about the same in their resumes, thus, giving them an advantage over others. These are some flip sides of temping too. Job insecurity always acts as a demotivator for others candidates. The temps hardly get any perks and incentives like the permanent employees. The chances of becoming permanent with the client company are also less so possibility of achieving a stable career lacks. The underperformers are always at risk as they can be sacked anytime and that too without a notice. Moreover, too much hopping act as red flags in ones resume. Sustaining the trend Though job security is still essential for many in India, an increasing number of young people are opting for temporary jobs. The market for such jobs will grow exponentially in coming years. Almost every sector, be it capital intensive or labor intensive, is showing keen interest in temps. Moreover, those candidates who have a hunger for multiple skills, are increasingly taking up these jobs. Permanent job assurance is now passà © as downsizing can happen any time. Temping will prove to be a viable option in such cases. The industry watchers believe that this new HR trend is here to stay. The Future Of Temporary Staffing Temporary staffing is expected to grow exponentially in the country, in the near future. â€Å"It is the quality and ease of availability of manpower that would define the role employee leasing organisations stand to play, not only in non-core functions but also certain core business areas of organisations,† points out Reddy, adding that it is imperative for outsourcing partners to move from â€Å"only† employee leasing to complete end-to-end â€Å"activity management.† It is also necessary for outsourcing partners to be equipped with vertical and functional specialisations, with key differentiators customised to the Indian employment scenario. In a recruitment market where the concept of full-time employment is increasingly becoming a thing of the past, temporary staffing is emerging as the viable option. Advantages of temporary staffing The opportunity for organisations to focus on core areas Flexibility of employment Ease of recruitment and replacement Long-term cost advantages Benefits of scale Future of recruitments India Inc is likely to witness 10-15 per cent increase in hiring in 2010-11, led by the telecom sector which is forecast to provide awhopping over one lakh jobs, global consultancy Ernst Young has said Indian job market seems to be striking right chord with countrys working population, as more and more vacancies are being created and filled across sectors. On a conservative stand, percentage increase in hiring in the new fiscal can be between 10-15 per cent, Ernst Young Partner and National Head (People Organisation) N S Rajan told PTI. The telecom growth story would continue in the fiscal and hiring activity in this sector is likely to be in excess of 1,00,000 jobs, Rajan said. Other sectors that are likely to lead hiring in the new fiscal include pharmaceuticals, FMCG and education, as they are facing a talent crunch at present. Ernst Young, however, believes that despite the ensuing euphoria over rising number of jobs, companies are likely to approach hiring with caution due to the hard lesson learnt in the past. Although most companies are doing away with hiring freeze imposed during the economic downturn, they are likely to hire strategically and look for long-term talent needs and not near term staffing requirements. Moreover, Ernst Young believes that while hiring would continue mostly to meet the replacement demand created as a result of erstwhile hiring freeze, there are likely to be mixed trends in the level of hiring activity across sectors. Though hiring has picked up in the economy across sectors like pharmaceutical, chemical, auto, insurance, education, retail and IT, it is unlikely that the bullish hiring trends of 2007 will be restored within the next one year, Rajan said. In sectors like auto/auto-components, banking, financial services and insurance (BFSI), and real estate, the hiring is on the rise to primarily fill in vacancies resulting from significant downsizing in the past and to meet future expansion plans. Interestingly, most companies are expecting higher attrition levels over the next few months on account of jobs coming back into economy resulting in increments being used as a tool to retain talent. Suffered IT Industry Due to Recession The final tally of jobs lost due to recession in the US is out. Computer World has reported that the US tech industry lost 250,000 jobs last year, nearly 4% of its total workforce. Tech manufacturing was worst hit and lost 8.1% or 112,600 jobs. Software services, which was least hit, lost 1.2% or 21,000 jobs. Overall, technology did better than other sectors of US economy which registered an overall unemployment rate of 9.3% last year. The report says hiring is back in the US with improving economy. California, Texas, New York, Florida and Virginia are top five states for finding jobs in the US. Though Indian IT industry also saw significant layoffs, there is no convincing data on the number of jobs lost due to recession. Most Indian firms, including the big players, chose to fire their employees stealthily on performance issues. Research Papers on recession in indiaThe Effects of Illegal ImmigrationTwilight of the UAWInfluences of Socio-Economic Status of Married MalesRiordan Manufacturing Production PlanPETSTEL analysis of IndiaIncorporating Risk and Uncertainty Factor in CapitalOpen Architechture a white paperArguments for Physician-Assisted Suicide (PAS)Hip-Hop is ArtThe Project Managment Office System