Inside views on the jobs market
Looking for a kinder, gentler work environment? If you’re in North America, you might consider heading east. Human resource experts say cultural differences could be the difference between taking a hefty pay cut and losing your job entirely.
During a downturn in the East, ”the right thing to do is to share the burden. There’s that sense of collective responsibility. Whereas in the West, it’s more about individual survival,” says Michael Benoliel, associate professor of organizational behavior at Singapore Management University.
As the world economy slips into a recession, it’s little wonder all eyes are focused on how global companies are shouldering the burden. Turns out, slashing jobs may not be the best way to cut expenses and stay competitive. In fact, preserving employees — albeit at a lower salary — may stave off economic collapse.
But not everyone’s optimistic about their job prospects, particularly new finance graduates looking for a career start. Not only are they competing with the newly unemployed, but junior positions are often first to get axed when the economy hits the skids.