Meltdown impact: 'It was over in five minutes'

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Bangalore, November 20: : Outsourcing to low-cost countries like India has been a controversial cost-saving measure adopted by Western companies, and has been the source of much heart-burn amongst workers because of the lay-offs. During the recent US election campaign, president-elect Barack Obama declared himself against the practice.

None of this makes any sense to Jadhav’s father, an official with a government-owned bank, who reacted, “I cannot believe this can happen”. Jadhav says his father has worked for the bank for 29 years. He expects to continue working there for the next four before retiring.

Despite being pink-slipped, Jadhav himself holds no grudges against his employer of one-and-half years, Dulles, Virigina-based Everest Software, which makes products for small and medium businesses. “If Yahoo, IBM and Microsoft , all big companies with huge cash reserves can lay off, why not smaller companies which lead a month-to-month existence?” asks Jadhav pragmatically.

In the last few weeks, most of his colleagues in the company have been fired, too. “I was one of the last to be shown the door because I was one of the better performers,” he says.

The slowdown in India’s outsourcing industry, the mainstay of Bangalore’s economy, is showing up in unexpected ways. The city’s restaurants and drinking lounges are reporting a 30 to 50 per cent dip in revenues. A publicly-listed real estate firm has slashed prices of apartments. Others have introduced low-end options. Rush-hour commuters are even talking of de-clogging in the roads during peak times as outsourcing workers prefer taking the company bus or riding a two-wheeler to driving their cars.

In the last week, Jadhav has been frantically surfing the internet and scouring the newspapers in search of a job. He has dispatched his resume to a dozen companies unsolicited. He has fired it off to several placement consultants. He has attended three interviews so far but he has had no luck.

Jadhav may not yet have a job offer but he has a plan. “At the next interview, I am going to say to the company, give me a job, don’t give me a salary. Pay me only after I prove myself. I’m ready to go to that level.”