INDIA DOES A AMERICA- JOBS
Indian govt. and politicians may have failed the country but Indian Entrepreneurship is today regarded as one of the best in the world. Indian companies have taken over many foreign companies, which were ailing, and turned them around. Lakshmi Mittal, is one such living example. The list is endless like Tatas, Mahindras, Suzlon and many others, have left their mark in the international business. These indian companies are truly global companies today.
America Inc. seems to be loosing ite brand equity--- and not just on Wall Sreet, local subsidiaries of US , MNC's, once at the top of the aspiration-heap in the indian job market, are suddenly the least --preferred lot. Headhunters are having a tough time convincing potential candidates that even perfectly solvent and profitable American subsidiaries will be able to survive the financial turmoil back home.
Consider some instances, When a Mumbai based head-hunter approached a candidate to join as business head in an established American pharma co, he met with great reluctance. Similarly, when a candidate was approached for a medical director's position in another American pharma co. with a smart sign-on bonus, he flatly refused to join.
The current financial ferment in America has taken the sheen off its corporate invincibility. Just a few years back, this kind of decision would have been unthinkable. So far, the American turmoil was restricted to financial service companies alone, but as the liquidity squeeze starts to hurt globally, the scare is spreading to others sectors as well. Headhunters say, increasingly candidates are either displaying hesitation or are just saying no to such offers.
For American companies, this fortune flip is a 180 degree change from their usual gilt-edged reputation in the job mart. Earlier most people would jump at the opportunity to work for one of them. But these days, one spends more time trying to convince the candidate that the co. is financially stable.
Many American subsidaries, which are established names in India, may be seriously affected by the health of their parents and their exposure to the financial crisis, back home. Since the extent of that exposure is often not very clear, candidates are apprehensive about signing on. The recession in the US is making people reluctant to join American firms.
In fact,, executives are either sticking to their jobs or are more willing to join indian firms rather than western ones. Candidates are getting attracted towards large indian groups instead of MNC's in india. Also traditional brick-and-mortars sectors like manufacturing and engineering are back in vogue.
After Asian firms took over a couple of American companies, candidates do not mind compromising on salary just a wee bit if they get a job security in return. In this topsy turvy world, a salary in hand is worth more any amount of than unpaid bonuses.
America Inc. seems to be loosing ite brand equity--- and not just on Wall Sreet, local subsidiaries of US , MNC's, once at the top of the aspiration-heap in the indian job market, are suddenly the least --preferred lot. Headhunters are having a tough time convincing potential candidates that even perfectly solvent and profitable American subsidiaries will be able to survive the financial turmoil back home.
Consider some instances, When a Mumbai based head-hunter approached a candidate to join as business head in an established American pharma co, he met with great reluctance. Similarly, when a candidate was approached for a medical director's position in another American pharma co. with a smart sign-on bonus, he flatly refused to join.
The current financial ferment in America has taken the sheen off its corporate invincibility. Just a few years back, this kind of decision would have been unthinkable. So far, the American turmoil was restricted to financial service companies alone, but as the liquidity squeeze starts to hurt globally, the scare is spreading to others sectors as well. Headhunters say, increasingly candidates are either displaying hesitation or are just saying no to such offers.
For American companies, this fortune flip is a 180 degree change from their usual gilt-edged reputation in the job mart. Earlier most people would jump at the opportunity to work for one of them. But these days, one spends more time trying to convince the candidate that the co. is financially stable.
Many American subsidaries, which are established names in India, may be seriously affected by the health of their parents and their exposure to the financial crisis, back home. Since the extent of that exposure is often not very clear, candidates are apprehensive about signing on. The recession in the US is making people reluctant to join American firms.
In fact,, executives are either sticking to their jobs or are more willing to join indian firms rather than western ones. Candidates are getting attracted towards large indian groups instead of MNC's in india. Also traditional brick-and-mortars sectors like manufacturing and engineering are back in vogue.
After Asian firms took over a couple of American companies, candidates do not mind compromising on salary just a wee bit if they get a job security in return. In this topsy turvy world, a salary in hand is worth more any amount of than unpaid bonuses.
posted by vaneet kundra at
Tuesday, October 21, 2008
6 Comments:
I was aware of this bubble in usa economy which was based on credit,speculation and consumerism in advance, as the same crash came in the American economy in 1930 which came on Friday notorusly known as black Friday.and lasted for five years.guess what will happen if china sells its american treasury bonds worth 2 trillion $ with a click of a button and crude starts trading in any other currency than dollars.the whole american economy will come crashing down.
Dear Vikas,
Good to see your comments. I am impressed by your knowledge of world economy and its mechanism. Americans are tough and smart people. That's what history has shown. It may take America some time, i really dont how much, but they will come out of this self-created recession. Americans have weatherd may such problems in the past too. But, yes, today they are not the flavour of the season.
.................. with American economy in Doledrums, the outsourcing being done by America esp from Asia(esp from India & China) is going to take a big hit definitely.Tougher times ahead................... and only tough people last and never the tough times.
Dear vivek,
There are 2 views. One view, endorses your comments. The other view, says, as in -house outsourcing still being done by many American companies, that work will be relocated to India, to cut their costs back home. Thus a boost to indian outsourcing. Only time will give the answers.
Its so nice to konw that indians want to stay in their own country & not go running to US coz of the economic crisis there. Yes america is a strong country & will come out of its crisis soon but at present they are in doldrums. its such a proud moment for our country when we see NRIS supporting & contributing towards americas economic crisis...
Dear Lavi,
Yes, it is true that NRI's are contributing a lot to America and India. I think you are aware, that 700 billion bailout, announced by America to save its banks, is also going to be headed by an indian. He is Paulson's, next in command. The implementation of 700 billion bailout will be done by an indian, makes us proud.
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