Recent Trends in Human Resource Management

Saturday, February 21, 2009

Is the current global meltdown beginning to affect the Indian youth?

Frowning faces, twisted eye-brows, shrugs and shudders are amongst the most common expressions radiating from people all over, irrespective of their profession, class, age, experience and all those parameters which, in a utopian world, would have ensured infinite glory, if not job security and certain future. What started out as a sub-prime lending crisis in the U.S. has now transformed into a 'shock wave' giving everyone a taste of the tremor it beholds. And nobody is left untouched by the present global financial fiasco - not even the youth community, which had only recently understood how grave inflation could be.

Being an engineering undergraduate, it's not difficult for me to explain how the ready-to-step-into-the-corporate-world-undergraduates of different engineering domains are facing a bolt from the blue. With lay-offs, pink slips, downsizing, and other scary synonyms hitting the front page of the newspapers, students aren't quite surprised to learn long before that a number of traditionally top-recruiting companies won't even be visiting the campus, forget recruitment. The companies that did visit reflected the current scenario in terms of the 'infinitesimal' number of students finally recruited and their relatively meagre pay package. Even young graduates who had, some years ago, successfully made into different MNCs echoed similar sentiments.

Having said that, 'there are always two sides to a coin'. The lucky side tells a different story altogether. The chain of events over the last fifteen months or so culminating into the present global meltdown, although sad, has both inspired and pushed the youth to develop a completely global outlook and take calculated steps in all their ventures. They have quickly understood that this scenario requires an utter professional approach and it's time we took things not for granted. This thinking is reflected in their future course of action. The best example would be that of the IIM students, a major number of who are more interested in self-ventures, as entrepreneurs, or committing to a 'start-up business'. Now, as entrepreneurs, they would ultimately create a wide range of avenues for others, thus, countering situations like that of now.

'In the medieval times, being unable to read and write was a curse. In the modern era, lack of monetary knowledge is a curse'. The youth today has quickly realized the practical importance of these words and therefore, there has been a gradual and steady inclination towards getting the basic skills right when it comes to finance and its derivatives. It won't be an exaggeration to assume that soon there will be a time when the global-financial-system-management wouldn't lie entirely in the hands of the 'grey-beards', which is apparently the case now. Moreover, it all works out good for a country, in particular, which can be rest assured of a strong economy largely impervious to foreign influences. And more so in case of India, which houses around 55 per cent young and eager-to-learn blood.

Another very important lesson learnt is the perils of globalization. For some time now, the youth of India, to a large extent, had an undimensional outlook towards globalization which had largely, and not entirely rightly, influenced their approach to various opportunities. Now would be a good time to rethink.

By and large, the current financial crunch has affected the Youngistan in more ways than one. Arguably, the positive impacts far outweigh the negative ones, and in due course will prove its worth.


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