The industry that started in the late 90s and soared in the early 21st century finally seems to be consolidating itself. Layoffs, performance expectations, cost cutting et al has become the order of the day, making IT hardly a newly graduate’s paradise, a status it held until sometime ago.
I remember learning about it when I joined my engineering course way back in 1998. the pay packages seemed good, way better than what most industries could offer. And it was this statistic that determined how hot a branch was. Statistics still hold the same importance, its only that IT has lost its position to the (more volatile) financial sector, the retail sector.
This recession will give a new meaning to the industries the world over. It is being compared to the great depression of 1929. although it may not be true, it is evident that if things have to go wrong, they can get worse than ever before, thanks to complexities of financial instruments.
Which career is recession proof? That’s a question every student is asking, having seen that things cannot always be good. The answer to this may be easy, but the implementation is not. A recession proof industry is one for which there is a perpetual demand, irrespective of the economic cycles. And that includes food (as hunger cycles don’t follow economics), FMCG, medical domain (our current lifestyle does not leave much room for good health), transportation (people will move, irrespective of how much money they have), chartered accountants (needed to certify the books – and manipulate them), government service (the ultimate source of constant income), politics (we are a democracy with a large population) and more.
In any industry, mantra for success is to be good. And to show that you are.