Recession still continues although it is showing signs of lifting. The entire 2009 has been an agonizing year for the employed and continues to be so in the U.S. still and in other countries as well. Many were thrown out of jobs and left in the cold. This has been a very psychologically trying year for the employed.
How did recession affect the employed and job seekers?
The job market has been bad for the past one year. Many were rendered jobless and those looking for jobs were unable to get one. They had to settle for less remunerative jobs or were simply unable to get one in their respective fields. Many had to take jobs which had nothing to do with their qualifications and experience.
The remuneration that a person received was much less than what they were earning before. Also in some companies, the employee continued to function, but he or she had to face pay-cuts. Bonuses were denied. The take-home salary was less. Many found it difficult to maintain their homes. They had school fees to pay, home mortgages to be met and so on so forth.
Even now the scenario continues, but predictions are being made that by the year end or beginning of next year situation will improve.
How did the trauma of losing job impact the employee?
For the employed it was something new that was happening. They had never seen something like this before. Sudden financial loss was too much to bear. Some even committed suicide as they were unable to find a job and were rendered penniless. Standard of living came down drastically. Many found it difficult to adjust to their new income levels, although they had no choice.
The employer’s attitude towards employee
The employer of course was harsh on the employee. Many of the staff members were rendered jobless within 24 hours, some without notice. The manager had to ensure that the company could withstand the recession. Investment was low as banks were not giving loans. Naturally, they could not maintain a large staff, and many of those drawing high salaries were asked to leave. Bonus was withdrawn and increments withheld. No recruitment policy was adopted. “Cutting costs” was the approach. The company was interested in reducing its expenditure and overhead costs. This scene was common in all countries.
Recession has been a frustrating experience for the employed. It still continues to be so, but now many feel that the “depression” will be over soon, and companies will start recruiting. Again, the job seeker hopes situation will be good and he or she will be able to earn a good pay package.
