The Indian job market seems to have
changed completely in the last 4 months.
Here are 4 fundamental shifts:
- Jobs: There were always several job options available for everyone. But this has changed completely because of a tough market. For the first time it is excess demand for jobs & no supply, infact with job cuts the market has contracted.
- Salary: People used to negotiate 30-50% salary hikes while moving jobs. This has changed now most people are willing to move at pay cuts. Overall salary levels have seen a drop by at least 30% especially since most firms have done paycuts. Now firms are negotiating on salary after a paycut.
- Skills: Only skills in demand are being hired. Specialist skills are hot, generalist skills are not required anymore. The MBA degree itself may not be relevant anymore because it only gives generic skills. Strangely the folks with hot skills are still getting multiple offers & getting good salary hikes.
- Performance: The last few decades average people survived in an organisation using politics & connects. This is changing, average folks are being laid off. Only the top performers or folks with hot skills may remain. It is a cleanup.