Dark clouds loom over the horizon for jobs

Multinational companies, which had gone on a hiring spree a couple of years back, have started to slash payrolls and freeze hiring as they struggle to stay afloat in the financial maelstrom sweeping across the globe.

Employees at many multinational firms, the most sought after employers in the past, are being bombarded with news of layoffs globally from their headquarters.

According to a survey by FESCO, a Beijing-based recruitment services provider for multinational companies, nearly 70 percent of the firms it polled have said they would trim their recruitment requirements for this year, while 27 percent said they have already started laying off employees.