Satyam Scam: Employees in trouble

10,900 Satyam resumes float on job portals
Bangalore: Employees in the troubled Satyam computers have lost trust in their company. Now many are experiencing the same feeling of a current fresh graduate, as majority of its employees are now in search of their bread and butter. As per an analysis by Siliconindia, 10,900 satyam employees have posted their resumes on the top job portals since one month, where in Satyam showing signs of trouble.

In the last one month only 7,258 resumes were posted by the employees in one of the major job portals. During the last one week, followed by the resignation of independent directors, about 4,714 employees have posted their resumes on the job portals. Shockingly, last three days major job sites have received over 1220 resumes from employees and still the number seems to be increasing.

IT vendors get ‘feelers’ from Satyam clients
The nervousness among clients of Satyam – following a massive accounting fraud – is now apparent.

Even as Satyam customers officially continue to be in a wait-and-watch mode, many IT vendors claim that there has been a rush of calls from some clients who are keen to explore the possibility of migrating projects.

In effect, behind-the-scene exploratory talks have picked up pace just a day after the shocking disclosure on financial irregularities by the Satyam promoter, Mr Ramalinga Raju.

Rival firms plan to tap talent as Satyam workers look for jobs
Executives at job search firms have started receiving more calls and resumes from employees of Satyam Computer Services Ltd in the last two days even as the beleaguered firm’s top leaders on Thursday pledged to stay.
Vipul Varma, director, Focus Management Consultants Pvt. Ltd, a Mumbai-based information technology (IT) recruiter with offices in Bangalore, Chennai and Pune, says he has received around 100 resumes from Satyam employees in the last two days. In the last three-four weeks, he has received around 400 resumes. “The increase is, however, not very sharp compared to what we saw during the collapse of an investment bank recently,” he adds.

Infy not to hire Satyam employees
Infosys Technologies, the country’s second-largest IT services exporter by sales, has told its human resources (HR) executives to refrain
from hiring employees of Satyam Computer Services.

This comes a day after revelations of financial fraud at Satyam, which has left its 53,000 employees in a state of uncertainty.

“We have asked our recruitment staff not to poach anybody from Satyam. The company is in the middle of a crisis and people will jump ship,” Infosys Technologies HR, education & research and administration director TV Mohandas Pai told ET. On Wednesday, Infosys had ruled out any possibility of taking over Satyam. “We will not touch such a tainted company,” Infosys founder and non-executive chairman N R Narayana Murthy had said.

More:
All the Rajus at Satyam

NewYork Times story on Satyam

Satyam Fraud: The big questions