It has been an amazing fortnight!
Almost on a daily basis-the headlines in the business dailies have been regarding the recent financial upheavals. And before we knew only 2 of the big 5 IBanks existed-and just as you were wondering what went wrong, they too decided to become traditional banks !! There have been some landmark decisions-and amendments made.
So, I had to get to the first principles-and tried to research. I must say, there have been some excellent reports in the media -summarising the saga. I particularly liked a graph that Forbes carried- but among the best reads-apart from of course, the wikipedia, was the one The New York Times carried, and the chronological study by Rediff in India!
Well, to me-it seemed that if most people in the US had followed my grandfather's simple dictum " live within one's means"-then some of these issues may never have happened. We are most fortunate that we Indians have culturally been doctrinated through generations -and also that our Central Bank-the RBI has had a firm grip.
In fact quite a few pals have been debating how it could affect a recruiter's life-of all the perspectives ;-)!
Well, as I have articulated on my earlier blogs, a slow down or a recessionary situation-does not just remove a bunch of jobs- it also creates another set of opportunities for those with some special skills! For one, in the last fortnight, while almost all our IT clients have 'frozen' further hiring of 'programmer/manager' positions, they have actually asked us to accelerate on the selection of 'sales or business development' positions. All unmarked territories are now being attended to-and more emphasis given on key accounts!
Coming to cost cutting, I am positive, there could be a lot of gains for the off shoring industry;
-especially in IT support, systems management, network management and other aspects of technical infrastructure support -that can be easily be transferred to lower cost centres in India.
-transformational IT projects where Indian companies have had a good track record -being involved in M&A among finance firms -to handle the complex integration and separation tasks!