"I was one of the most qualified persons in my Company and with multiple skills and decades of experience but became the first victim of Recession" said Mr. Saad, an Indian expat and an ex-executive of a Multinational Company. This is in contrary to everyone's imagination that the recession has very limited effect or no effect in the Saudi Arabian Industry. Last year during August, when his Manager informed him about the sad news he felt as if the earth has slipped under his feet. In his career spanning more than two decades he never ever imagined that one day he will become the victim of recession.
However his immediate efforts to get resettled brought him excellent initial offers, which were evaporated within weeks of getting them due to the recessionary effects on the companies. Even though he was the first casualty of the recession in his Company but as the months progressed he was seeing the impact of the same on at-least 15% of the expat workforce.
One advantage of the recession is that it gives an opportunity to the companies and individuals to re-assess their finances and helps in toning up of their money and savings skills. Many organizations have cut down their unwanted work force and many have reduced or have done away with the perks, which were given to employees irrespective of their capability or performance.
Some Companies were badly hit by the recession and the fall in the steel prices world-wide, which led them to go on drastic cost cutting measures. They were left with no options but to lay off the workers or send them on long leave. One of the victims of this trend was a Pakistani Foreman, Mr. Ubaid, who was recruited some 6 months before the impact of recession to his Company. Since he had worked in other GCC countries for last 4 years and had sufficient savings. He opted for long leave to over come the problem of recession, but was apprehensive of whether the Company may re-call him or this will be the end of his contract with the Company.
Most of the economies are picking up from the acute recession. Inspite of these, one of the recent victims is Mr. Azam Khan, a Technical Manager of a Telecom Company, who hails from the southern part of India and has put in more than 16 years of service with the Company. Unfortunately he was sacked in the middle of this year and since then he is unsuccessfully and desperately trying to get a reasonable job as he has got an ultimatum of three months to get a job and avail the transfer of his Iqama (residence permit) or else leave the country on exit. He is unable to get a suitable position and feels that it may take quite some time to get a right job. He prefers to leave for his home town rather than do some odd jobs for the sake of transferable Iqama.
The excessive salaries, perks and wastage in expenses by various companies had increased their operating costs. But the recession has made them make hard choices to cut down the costs in-order to beak even or make profit. The recently concluded G20 Summit had debated on the issue of curbing the pay and perks of the Bankers and agreed on controlling it. This will go in long way in controlling the spiraling operating costs of not only bankers but also other businesses. Ironically the victims of recession may or may not find a solace with all these changes.
Mr Mohammed Sadullah Khan, is a freelance writer and a commentator. He can be contacted at mosakhan40@gmail.com
