Recession affects graduates
By Mark Richmond
Senior
Writer
Stacey Fang, a Purdue alumna working at a software
company, trembled as her supervisor said that he needed to see her.
She’d been hearing rumors of company layoffs.
As the two walked to the office, Fang thought,
"I was a top student at Purdue. I work 12 hours a day. I’m
a hard-working employee. This can’t be happening."
But it was.
Fang’s director said the company had to downsize
to ensure its survival, and she was one of the ones being laid-off.
Frightened and confused, she was escorted out of the building and her
job was over.
Purdue alumni across the country are experiencing
this scenario as the country’s tech euphoria fades into recession.
Fang, a 2000 graduate from the Schools of Engineering,
said the company swore it would never downsize, and that company stock
options would make employees millionaires. Now she is unemployed and
her stock options, which lost 99 percent of their value during the Nasdaq
crash, are worthless.
"It was an insult," said Fang. "They
backed up the computers in case anyone tried to sabotage them after
being laid off. Not only did they take away our jobs, but they questioned
our integrity by escorting us out into the street."
Carol Barrett, executive associate director for
the Center for Career Opportunities said many job sectors are being
affected by the economic downturn. "Consulting has already been
affected," she said. "A lot of the big players are (downsizing)
like Intel and Motorolla. I don’t think there’s any doubt
that some Purdue graduates will be affected."
Alumni and graduates most vulnerable to company
downsizing are foreigners, according to Barrett. "The ones at the
bottom of the power structure are the entry level non-immigrant visa
holders," she said.
Downsized foreigners face deportation with little
chance of returning if they do not find a new job quickly. Fang said,
"I was more concerned about my visa status than my job. I can always
work someplace else, but if I get deported, I can never come back."
Barrett said foreigners face formidable legal difficulties
in finding a new job because employers have to show that the foreigners
have skills that can’t be found domestically.
Difficulties extend to graduates as well. There
are some cases where job offers are suspended or even revoked. "In
terms of legality there’s nothing that can stop them from revoking
an offer," Barrett said.
Amyn Nanjee, a senior in the Schools of Engineering
said despite graduating with honors, he has been unable to find an acceptable
job offer. "I’m not satisfied with the offers I’ve been
getting, so I’m considering starting my own business," he
said.
But the good news is that the economic slowdown
is restricted mostly to technology areas. "The market is still
healthy in most areas," Barrett said. "In the late ‘80s,
early ‘90s, a lot of restructuring was going on. This isn’t
like that, but it’s not so normal either. It could go spiraling
further."
Professional networking is the best way for alumni
to protect themselves, but if the worst does happen, alumni need to
keep a positive attitude, said Barrett. "Employees sometimes blame
themselves, but most of the time it has nothing to do with the quality
of work," she said.
The Center for Career Opportunities helps graduates
and alumni with employment concerns and Barrett said the number of alumni
seeking employment help from the center has increased slightly in recent
weeks.
Still, some alumni and graduates are concerned
that job security is a thing of the past. In corporate life, employee
interest is often second to the survival of the company. Barrett said
"Young people are better prepared for (downsizing), but it is still
a tough experience. Even with good, quality work it can still happen."
"I’m concerned that our country has accepted
this new business model hook-line-and sinker, and totally forgotten
the human aspect."
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