One trend most experts agree upon is that there is sure to be a dip in the movements people used to make. Be careful before thinking of changing jobs, no matter which industry you work in. Says Gupta, "Anyone who is sensible and has a job won't leave it. Jobs are going to be hard to come by and if you're fortunate enough to have one, hold on to it. Also, chances of pay hikes are going to be low this year, so keep your expectations realistic."
Remember, the biggest appraisal you can get this year is to keep your job!
Human Resources
The future of the human resources industry is undetermined. While some are of the opinion that HR professionals will be in demand during this time of recession, others feel that an HR department is a luxury, not a necessity.
"Young HR professionals are going to be in demand this year, especially people with the skills to keep employees engaged without spending company money. The company-sponsored vacations, educational programmes and heavy bonuses are going to dry up this year and the HR is going to face challenges in finding other inexpensive ways to keep employees happy, says Sunder Ramachandran, managing partner of educational counsellors IT/ITES Vertical and WCH Training Solutions.
Gupta however, disagrees. He explains, "In times of cost-cutting, HR is viewed as an excess, not a necessity. Only jobs that are absolutely necessary for the survival of the company will survive. Within HR departments as well, the training sector will decline. Recruitments will be safer because people will be looking for jobs. But then again, there's only so much business they can do, because if companies are not hiring, their hands are tied."
Ramachandran also predicts that HR professionals will be in demand and that this will affect educational specialisations. Currently very few people choose HR as their first option in B-schools. Marketing and finance are more popular because they pay better. But in the current economic climate, HR will become more popular and the key skill will be managing people.
Salary structure:
An entry level position as an HR assistant, if you have a graduation degree will fetch you a salary of Rs 8,000 to Rs 20,000. If you have about five to seven years of experience, the position of HR manager can command a salary of Rs 35,000-Rs 1,00,000.
Photograph: Reuters/Brian Snyder
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