There will be no hikes next year (for IT) but we might keep our jobs. Isn’t that the brightest thing in this whole financial mess? I can say with fierce conviction that I will be happy to forego my hike for keeping my job. But, that is just me. If given a choice your opinion might differ. But, choice is hard to come by. It is fine if you have been living in a cave for the past 10 months. Just pick up the paper tomorrow morning and you will catch up and agree with me.
Citigroup to slash 52000 jobs worldwide
Germany is in recession.
US is in recession.
Hong Kong and Italy are in recession.
Circuit City files for bankruptcy. (I really like Circuit City and their Black Friday sale)
I can go on and on but, you get the point. Now, lets get back to India and IT. Nandan Nilekani of Infosys admits that the growth has slowed down. I have recently blogged about Infosys’s 50% salary and working for an NGO. TCS has said that it would be cutting the cost by not giving any hikes next year. Wipro says that there is global slow down but there is no slowdown in India yet. Whether you are living in denial or procrastinating the fact, the truth is 2009 could possibly the worst year in your entire adult life (mine for sure).
Should you be worried? The answer is yes and no. IT industry has many rags to riches stories. There are too many expectations for the industry. Any salary below 1 lakh is not a salary at all. IT guys are the blue eyed boys and most wanted grooms. From that expectations, 2009 would be disappointing. But take that euphoria lens of the past 5 years out and see with a fresh perspective. Wouldn’t you be happy to keep a job rather than losing a hike? Who is giving you a choice anyway? Besides, growth of 15-20% for IT is still a good growth. Most importantly its growth.
If there is no hike, then so be it.
Comments
I agree with you, Sriram. There’s no point in talking of raises if there’s no job. And it’s better than a cut in salary.