We saw it happening to others. We reported on it extensively. Exchanged jokes on SMS. Discussed over chai. And it was something that gave Obama fodder for his “hope-full” speeches. Yup, recession has come biting.
DNA announced a pay cut across the board. The quantum has not yet been announced and will be finalised in a few days time. These are tough times, and in the course of writing reports for the last six months I have interacted with enough people to realise just how serious the problem is.
It was a great gesture of our editor supremo, R Jagannathan to talk to the entire editorial staff informing them about the decision. One could say there was no need for him to personally inform us, but he did it anyway. And also fielded questions by some worried employees.
Some, of course added a dash of humour. As soon as the meeting broke up some of the junta started wishing each other ‘Happy Recession’.
My personal thoughts on pay/job cuts
I think there isn’t much we can do about the impending pay and job cuts, as scary as it sounds. Fact is when I started off as a journalist about 4.5 years ago, my starting salary was Rs9,000. The next year DNA and HT launched in Mumbai, challenging TOI’s virtual monopoly. Due to the competition the starting salary of a fresh journalist jumped up to Rs18,000. I am sure the pay-hikes for experienced journalists must be much higher.
But when you pick up one end of the stick you pick up the other end too. In a capitalistic setup, I think it’s unreasonable to resent pay cuts — though it pains a lot.
How do you react?
I also happened to read a column in the newly launched magazine, Open, about how does one react when a friend or a person you know has got the pink slip. I also think about what my own reaction will be if I will be downsized.
My thoughts always go to my friend, PD, four years my senior. Here was a bright engineering grad — he had a first class from one of Mumbai’s top colleges — who got a job on campus and had an offer letter in his hand. Then the dot com bubble burst and he found himself out of job.
Reluctantly he joined a call-centre and worked in that field for almost 5 years. Of course, he kept getting promoted and switched companies. Finally, he got a break in the tech company as a mobile handset tester and later he switched to an IT company — something that he always wanted to do.
PD’s story is really inspiring for one reason — except in the beginning never in those 5 years did I ever hear him complaining about his job or the turn of fate. He had an inherent sense of confidence and he enjoyed what he was doing. I guess if you have that attitude you can tide over any recession.