Silver lining among the gloom

FOR fresh graduates, 2008 was supposed to be a year full of promise.
But in the gloomy 2009, unemployment rates in Singapore are expecting a dip to an all-time low at 5% in a further 6 months down the road.

Like falling dominoes, banks and companies worldwide found themselves reeling from the effects of the mortgage crisis, which turned into a credit crunch and then a recession that skirted the edges of depression. Forced to cut costs to survive, firms started freezing new hires, laying off workers and slashing wages.

Now, young people are finding themselves stuck with pay cuts and lower bonuses - that is, if they are lucky enough to be employed at all.
Fresh grads are expected to bite the bullet and move into contract or internships, many will expect despite sending out dozens of applications and going for more than a few interviews. http://www.singaporeinternship.com/

In the past, a dearth of jobs prompted people to take a break and head back to school. But this time, paying for graduate school is becoming a less viable option as the world anticipates the worst recession in modern times next year

Things on the economic front are not likely to improve for much of 2009.Still, as with every dark cloud, there is a silver lining.

The cost of living is expected to be lower next year, with inflation tipped at less than 1 per cent - from an alarming 6 per cent this year.
Food prices are easing and oil prices are plunging, making it cheaper to pump petrol, take public transport, buy air tickets and use electricity, among other things.
With shoppers staying at home and saving their money, retailers are also likely to start giving bigger discounts to draw customers back.

And as many sanguine commentators have noted, there is also a philosophical bright side to the downturn.
A recession, coming after years of excess, can be a time for reflection and re- evaluation.
A survey of 100 companies, about half of them were still hiring. Another 40 per cent of the respondents had frozen their recruitment plans and the rest were reducing their workforce either through retrenchment or natural attrition. Jobs are being offered by accounting firms as well as service, IT and healthcare companies.
There are still job opportunities out there for new graduates, but they will probably have to moderate their salary expectations. In most cases, starting salaries are expected to remain the same.
Fresh grads are advised to take up job offers even if the salaries offered are slightly lower than what they are expecting. However, companies in the hospitality industries are supportive and have been hiring older workers (Silver workforce)