Layoffs & meltdowns

The rumours started about 6 months ago, but all in a space of that little time things have been going horribly wrong in the financial world.

Wikipedia already has a dedicated entry for it & the Great Bong has done a series of postings here, here & here trying to explain to laymen what it's all about.

Yes, the great financial meltdown of 2008 is a reality even as I write.

The job market has got tougher .... hikes are not half of what they used to be even 4 months ago. Attrition is consequently down to single digits. Worse, threat of retrenchment hangs heavy in the air with every new day bringing in news of layoffs in some industry or the other. This week it's airlines (one of the worst affected sectors with fuel prices rising & passenger numbers falling drastically).

Indian IT's big 3 have shown resilience so far, but I wouldn't count on that continuing indefinitely. Word in the market says that the US will experience zero percent growth this year & maybe the next as well. Knowing how heavily most Indian IT companies are dependent on Uncle Sam land for contracts, things are bound to get tougher.

Hoping & praying is the only option left it would seem.