Effect Of The Global Financial Crisis On It Jobs

My Graduation (Bachelor in Computer Application) and Software Engineering (NIIT's GNIIT Program) degree will be complete by February 2009. I don't understand much about the ongoing financial crisis in the world. But, its imperative to know what its all about and what kind of effect it will have on our careers.

Last year, one of my friends was recruited by Tata Consultancy Services (TCS), India through campus selection held at his college. He was to join the company this August. But, TCS has asked him to wait for a few more months. Also, he says that most of the big IT companies (TCS, CTS, Satyam, etc) have stopped recruiting freshers till next year's August. His source being the HR departments of TCS & CTS.

I asked another one of my friends who is currently in the last semester of his B-Tech - Computer Science & Engineering degree about this. He had got placed at TCS this June. He denies having any knowledge of such a complete shut down of the recruitment process. Although, he says that the number of companies coming to their college has decreased since last year. But, he maintains that all the students recruited by TCS from their college last year have been placed.

Can anyone confirm the existence/non-existence of this problem? Also, I would like to know what this financial crisis is, in layman's terms; what effect it will have/is having on the IT industry and how long it is going to last.

 

 

 

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Maybe you could simply have a look at the jobs offered section in your usual newspaper, to see if more people are wanted or not.
I think that the way this crisis is running, some big companies will make more money, and some other ones will make less money. For you, both situations can occur. You can be searched by a rich company needing more people. Or you can join a poor company who wants to kick out old expensive people and replace them by young cheap people.

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Most people don't know what's going to happen, including me! From what I have read, this is an "inside job" that has been in preparation for at least 30 years, and is a power and money grab by very influential people. See, for example: How We Got Here: It was a Deliberate Policy.

As a result, we "normal people" are not going to be able to predict even the near future until more events unfold, and it is going to be complicated by the fact that several other large players, like Russia, China and Iran may not have been "in on" the plans, but certainly want to take advantage, however they can, of the chaos.

Over here in the U.S., we are closer to what is going on, and it is apparent that both President Bush and the Democratic Congress have enabled the process. There is a very liberal MIT Professor by the name of Noam Chomsky. I seldom agree with him, but Der Spiegel quotes him as saying: The United States Has Essentially a One-Party System. Having seen recent events, I am forced to agree with him in this case, and that single party appears to be motivated by greed.

Alexis de Tocqueville said: A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largess out of the public treasury. The recognition of this flaw goes back a lot further: See: Obama, Joe the plumber, and the gospel of envy. In this case, the representatives of the majority are voting the assets of minorities for their own benefit and for the benefit of the super-wealthy, rather than for the benefit of the majority. That is possible because of the distance they have put between themselves and their constituents. "Our" Congressional representatives fully expect to be rewarded for their actions by being returned to office next month!

We may be watching the endgame of American Democracy.

docduke

 

 

 

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It is absolutely certain that some people will lose their jobs in this current global financial crisis, although some people have more secure jobs which they are less likely to lose if a recession was to occur. The job loss is just really a flow-on effect from reduced consumer spending in uncertain times. Reduced consumer spending results in less profits for businesses, who to ensure profitability decrease production of goods and services. This drop in production involves the reduction in the number of staff to meet a lower demand for goods and services, thus the end result in the loss of jobs.

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One thing is sure, even during this crisis, people will more and more need computers.
The question is : will they have money enough, and be able to pay the IT people ?
Probably they will ask some of them to work without salary, just waiting the end of the crisis. It's up for each of us to be able to know his own price and know if he is strong enough.
I have seen people asking me to do a job for them, they had the money and were decided to pay my work.
I also have seen friends doing the job and obtaining no money. Such is life, your work is like other goods, sometimes your work is stolen.

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