Source: EconomicTimes
IT professionals in this tech hub are battling the global downturn with the help of doctors. Living under the constant fear of losing their jobs or trauma of seeing their colleagues getting the pink slip, the techies are increasingly seeking medical help to survive what experts call the "layoff survivor syndrome".
The intensity of the syndrome could become severe when a team member working on a project is benched or sent out, a leading psychiatrist said.
"It's a mental situation where IT professionals who of late have seen their colleagues, who are often friends too, being laid off," B.N. Gangadhar, professor of psychiatry at the premier National Institute of Mental Health and Neuro Sciences (NIMHANS) here, told IANS.
"First, it is the anxiety that the axe may fall upon them the next time and, secondly, a sense of remorse, with a tinge of guilt that they have survived, whereas their colleagues sitting next to them have lost jobs," Gangadhar said.
Two million people were employed in the Indian IT and BPO industry in 2007-08, according to the National Association of Software and Service Companies (Nasscom). The BPO sector employed more than 700,000 people.
"These are bad times. Recently two of my colleagues, who are also close friends, were fired. I am feeling terrible after the episode," said Sundar Gopal working with a reputed Indian IT company.
UNITES professionals (Union of Information Technology Enabled Services Professionals), says there is no clear estimate of the job loss in these sectors in the wake of the global economic meltdown.
Though UNITES claims that such unions have been formed in several countries, they are not recognised as a trade union either by the governments or employers.
"Every other employed IT professional is thinking that it's their turn next," rues Karthik Shekhar, general secretary of UNITES-Bangalore told IANS.
UNITES-Bangalore says it has more than 50,000 members.
"Those who are still employed are working under great mental stress, which is taking a toll on their work and professional growth also," Shekhar asserted.
UNITES-Bangalore contends that the employers are not helping their staff to deal with the mental trauma of being laid off.
"The companies are not giving any kind of counselling before handing over pink slips to their employees. This leaves the employees distraught. The companies should provide some kind of counselling in not only giving mental solace to their employees but also some amount of guidance in helping them find an alternative means of livelihood," said Shekhar.
Several Bangalore hospitals say they are seeing increased number of IT professionals seeking help.
"We're getting two types of IT professionals seeking our help. First are those who have already lost their jobs and second are those who're fighting the fear that they might lose their jobs soon," said M. Srihari, a psychiatrist with the state government-run Bangalore Medical College.
"After counselling and medical aid, many have improved, but some are too shocked to believe that they have lost their jobs or their colleagues have lost their jobs," Srihari added.
He has a suggestion, particularly for youngsters.
"Losing a job is not the end of life. Life has many things in store and they could easily try various options to rise again," added Srihari.
From the sprawling campuses of IT majors to the small backroom offices in the city the "psychological pressure" under which the staff goes about the daily work is evident when one talks to them.
Ramaya P., employed at a multinational company, said every day she works under the fear of being fired the next moment.
"Insecurity is palpable everywhere. I have heard of cases of so many people getting pink slips in recent times. My stress level has increased," said Ramya, who added she has not yet thought of going to a counsellor.
Asked how she is tackling the situation, Ramya said: "I only hope the situation improves soon."
Showing posts with label Layoffs in India. Show all posts
Showing posts with label Layoffs in India. Show all posts
Monday, June 29, 2009
Friday, June 26, 2009
Layoffs in India, Satyam
Satyam may lay off mid level executives next
Now it is the turn of middle-level executives to be the victims of cost cutting. Mahindra Satyam plans to trim the role of its middle-level executives, from July 1. Around 70-80 senior leaders may soon become redundant, a company official confirmed.
This decision comes after the announcement that employees who have been furloughed due to lack of work may be fired. Around 8,500 idled employees may be fired in another six months unless the profits get better. The current management will be tested on accountability and the kind of work they have already done. The profits and losses their units have already made will be the measuring point for these employees.
Meanwhile, Ram Mynampati, former Satyam Executive Director is learnt to have put in his papers. He is replaced by Keshab Panda as the head of the healthcare vertical. Mynampati was also the interim CEO after Ramalinga Raju had confessed to the infamous fraud.
This decision comes after the announcement that employees who have been furloughed due to lack of work may be fired. Around 8,500 idled employees may be fired in another six months unless the profits get better. The current management will be tested on accountability and the kind of work they have already done. The profits and losses their units have already made will be the measuring point for these employees.
Meanwhile, Ram Mynampati, former Satyam Executive Director is learnt to have put in his papers. He is replaced by Keshab Panda as the head of the healthcare vertical. Mynampati was also the interim CEO after Ramalinga Raju had confessed to the infamous fraud.
Thursday, June 25, 2009
Layoffs in India, Satyam
8,500 jobs may be axed if work not found: Satyam
Satyam Computer Services today said 8,500 idled employees might be fired in six months, unless business picked up as the Indian software provider reorganised.
“There is a possibility” the employees who have been furloughed on reduced pay because of a lack of work will be fired, newly-appointed Executive Vice-Chairman Vineet Nayyar said in an interview. The cuts would represent 18 per cent of the workforce, based on the number of employees Satyam said it had in April.
The company will release a reorganisation plan tomorrow to cut costs and help retain customers after a stock collapse prompted by founder B Ramalinga Raju’s admission in January that he overstated assets.
The possibility of Satyam’s business improving enough in six months so that all the idled employees can be deployed is “very negligible,” Srivathsan Ramachandran, a Chennai-based analyst at Spark Capital Advisors, said. Satyam, which said it had about 48,000 employees at the time Tech Mahindra agreed to buy it, has 8,500 employees on a “virtual bench” because of a lack of orders, Chief Executive Officer Chander Prakash Gurnani had said yesterday.
“There is a possibility” the employees who have been furloughed on reduced pay because of a lack of work will be fired, newly-appointed Executive Vice-Chairman Vineet Nayyar said in an interview. The cuts would represent 18 per cent of the workforce, based on the number of employees Satyam said it had in April.
The company will release a reorganisation plan tomorrow to cut costs and help retain customers after a stock collapse prompted by founder B Ramalinga Raju’s admission in January that he overstated assets.
The possibility of Satyam’s business improving enough in six months so that all the idled employees can be deployed is “very negligible,” Srivathsan Ramachandran, a Chennai-based analyst at Spark Capital Advisors, said. Satyam, which said it had about 48,000 employees at the time Tech Mahindra agreed to buy it, has 8,500 employees on a “virtual bench” because of a lack of orders, Chief Executive Officer Chander Prakash Gurnani had said yesterday.
Layoffs in India
30 HUL managers face layoff or redeployment
Hindustan Unilever Ltd (HUL) has shed or reassigned 30 managers as part of a plan to link revenue and profits to headcount, which, a retired top executive of the company said was “unprecedented” in the history of India’s largest consumer goods company.
Two people familiar with the matter told that some of these staff — including managers with 5 to 10 years of experience in the company — have been redeployed to functions such as research and development, while the rest have been given a severance package and laid off.
Two people familiar with the matter told that some of these staff — including managers with 5 to 10 years of experience in the company — have been redeployed to functions such as research and development, while the rest have been given a severance package and laid off.
Layoffs in India, Satyam
70-80 senior leaders at Satyam under lens
Ram Mynampati resigns.
Mahindra Satyam is understood to have asked its middle-level leadership to shape up. The roles of these officials, according to a new plan, which will be effective from July 1, will be “trimmed” to reduce duplication, rendering the work profile of around 70-80 senior leaders redundant. Each of these employees have about six to seven years’ experience at Satyam, a company official, confirmed on condition of anonymity.
“The new owner has lost no time in communicating that it’s performance which will matter,” the official said. Those employees who are not pliable enough to meld in these new roles may be asked to leave the company, he said, adding that integration was on the cards in verticals like telecom, which is the core strength of Tech Mahindra.
He said these managers would be measured by the profits or losses their units made. "Several organisational layers would be removed. In some departments, there are double and sometimes even three layers of accountability, which is a waste of time and resources," the official added.
Tech Mahindra is also exploring the possibility of taking some senior staff from Mahindra Satyam into their company.
Meanwhile, Ram Mynampati — former Satyam executive director — is understood to have quit the company. A senior executive of Mahindra Satyam, however, said that Mynampati has “indicated his intention to resign” but he was not aware whether he had put in his papers.
Mynampati was the interim chief executive officer of Satyam for a brief period after Ramalinga Raju had confessed to the massive financial fraud in the Hyderabad-based IT company. A day after the shocking disclosure of Raju on January 8, the then 10 top leaders of Satyam, including Mynampati, issued a joint statement pledging to remain in the company and work jointly to steer the organisation. Shortly thereafter, Mynampati left for the US where he has remained till now.
Mahindra Satyam is understood to have asked its middle-level leadership to shape up. The roles of these officials, according to a new plan, which will be effective from July 1, will be “trimmed” to reduce duplication, rendering the work profile of around 70-80 senior leaders redundant. Each of these employees have about six to seven years’ experience at Satyam, a company official, confirmed on condition of anonymity.
“The new owner has lost no time in communicating that it’s performance which will matter,” the official said. Those employees who are not pliable enough to meld in these new roles may be asked to leave the company, he said, adding that integration was on the cards in verticals like telecom, which is the core strength of Tech Mahindra.
He said these managers would be measured by the profits or losses their units made. "Several organisational layers would be removed. In some departments, there are double and sometimes even three layers of accountability, which is a waste of time and resources," the official added.
Tech Mahindra is also exploring the possibility of taking some senior staff from Mahindra Satyam into their company.
Meanwhile, Ram Mynampati — former Satyam executive director — is understood to have quit the company. A senior executive of Mahindra Satyam, however, said that Mynampati has “indicated his intention to resign” but he was not aware whether he had put in his papers.
Mynampati was the interim chief executive officer of Satyam for a brief period after Ramalinga Raju had confessed to the massive financial fraud in the Hyderabad-based IT company. A day after the shocking disclosure of Raju on January 8, the then 10 top leaders of Satyam, including Mynampati, issued a joint statement pledging to remain in the company and work jointly to steer the organisation. Shortly thereafter, Mynampati left for the US where he has remained till now.
Wednesday, June 24, 2009
Layoffs in India
MySpace to shut 4 offices outside US
MySpace, the social network owned by Rupert Murdoch's News Corp, said it plans to cut about two-thirds of its international workforce and close at least four of its offices outside the United States.
The proposed move comes a week after it said it will cut 30 per cent of its staff. Roughly half of MySpace's total user base comes from outside the United States. Rival Facebook's worldwide user base is more than double that of MySpace, according to market researcher comScore.
The proposed restructuring plan would apply to all international divisions of MySpace, reducing its international staff to about 150 from 450.
Under the proposed plan, MySpace would place all existing offices in Argentina, Brazil, Canada, France, India, Italy, Mexico, Russia, Sweden and Spain under review for possible restructuring.
Upon completion, London, Berlin and Sydney would become primary regional hubs for MySpace's international operations. MySpace China, a locally owned, operated and managed company, and MySpace's joint venture in Japan will not be affected by the proposed plan, the company said.
The proposed move comes a week after it said it will cut 30 per cent of its staff. Roughly half of MySpace's total user base comes from outside the United States. Rival Facebook's worldwide user base is more than double that of MySpace, according to market researcher comScore.
The proposed restructuring plan would apply to all international divisions of MySpace, reducing its international staff to about 150 from 450.
Under the proposed plan, MySpace would place all existing offices in Argentina, Brazil, Canada, France, India, Italy, Mexico, Russia, Sweden and Spain under review for possible restructuring.
Upon completion, London, Berlin and Sydney would become primary regional hubs for MySpace's international operations. MySpace China, a locally owned, operated and managed company, and MySpace's joint venture in Japan will not be affected by the proposed plan, the company said.
Tuesday, June 23, 2009
Layoffs in India
In IT sector, exit interviews are thing of the past
Exit interviews in the Indian IT industry are now becoming passé. Many IT companies including Infosys, Wipro and Accenture have ‘unofficially’ stopped taking exit interviews for employees in the last few months.
While HR personnel at firms never conducted exit interviews for staff leaving through involuntary attrition (due to bad performance), this practice is now being extended to those who leave voluntarily as well, according to industry sources. Further, a large part of the voluntary attrition now includes several employees who are being ‘forced’ to leave on the pretext of poor performance and lack of projects.
Companies are not seeing adequate value in these exit interviews, as mostly only negative feedback comes through. Also, there are companies like Mphasis which outsource exit interviews to third party consultants which adds to the cost of operation.
An Infosys employee told Financial Chronicle, “Unlike earlier, employees who leave voluntarily are not given an opportunity to give feedback through exit interviews. Earlier employees were asked to provide reasons for quitting and the delivery manager would take inputs personally. But now an employee just fills a basic form on the internet and then you leave. No emphasis is placed on feedback anymore. The open door policy is there just for namesake.” However, according to people in the know there is no official communication on this practise.
Said Vamshi, who was asked to quit Wipro a couple of months ago, “Companies feel it is a waste of time and money since employees leaving in this recessionary environment will tend to give negative feedback.”
Agreeing with this, a project leader with Accenture said that he was told, unofficially, to stop taking exit interviews for his team.
However, companies like TCS and MphasiS are exceptions. MphasiS’ HR head R Elango said, “People tell you lot of things about the organisation that one doesn’t get to know otherwise.’’ However he concurs that some of his peer firms who are retrenching or optimising their headcount have stopped the process.
Their logic it seems is: Why spend so much on these interviews? he added. Officially, there was no response from Wipro and TCS on the issue. According to Anshuman Das of Careernet, which has forayed into outplacement service for IT industry, an exit interview for a single person in India on average would cost about Rs 3,000 and $200 (over Rs 9,000) for an employee in the US. Most companies outsource their processes to third party HR firms to conduct exit interviews and outplacements.
While HR personnel at firms never conducted exit interviews for staff leaving through involuntary attrition (due to bad performance), this practice is now being extended to those who leave voluntarily as well, according to industry sources. Further, a large part of the voluntary attrition now includes several employees who are being ‘forced’ to leave on the pretext of poor performance and lack of projects.
Companies are not seeing adequate value in these exit interviews, as mostly only negative feedback comes through. Also, there are companies like Mphasis which outsource exit interviews to third party consultants which adds to the cost of operation.
An Infosys employee told Financial Chronicle, “Unlike earlier, employees who leave voluntarily are not given an opportunity to give feedback through exit interviews. Earlier employees were asked to provide reasons for quitting and the delivery manager would take inputs personally. But now an employee just fills a basic form on the internet and then you leave. No emphasis is placed on feedback anymore. The open door policy is there just for namesake.” However, according to people in the know there is no official communication on this practise.
Said Vamshi, who was asked to quit Wipro a couple of months ago, “Companies feel it is a waste of time and money since employees leaving in this recessionary environment will tend to give negative feedback.”
Agreeing with this, a project leader with Accenture said that he was told, unofficially, to stop taking exit interviews for his team.
However, companies like TCS and MphasiS are exceptions. MphasiS’ HR head R Elango said, “People tell you lot of things about the organisation that one doesn’t get to know otherwise.’’ However he concurs that some of his peer firms who are retrenching or optimising their headcount have stopped the process.
Their logic it seems is: Why spend so much on these interviews? he added. Officially, there was no response from Wipro and TCS on the issue. According to Anshuman Das of Careernet, which has forayed into outplacement service for IT industry, an exit interview for a single person in India on average would cost about Rs 3,000 and $200 (over Rs 9,000) for an employee in the US. Most companies outsource their processes to third party HR firms to conduct exit interviews and outplacements.
Layoffs in India
Hire & fire policy not acceptable in India: Sunil Mittal
Supporting the idea of labour reforms in the country, telecom czar Sunil Bharti Mittal said "hire and fire policy" is not going to be acceptable in the country and asked India Inc to be much more benevolent.
"I think labour reforms again are something desirable but having a hire and fire policy in a country like India is not going to be an acceptable task, neither should that be the requirement from the industry," Mittal, who's the Chairman of diversified conglomerate Bharti Group told a private news broadcaster.
"We have to be much more benevolent much more care taking of our labour force and our people and that at least the philosophy that I hold very dear to myself and I think all industry players must (follow the same).
However, he maintained that there will be times of distress for corporate houses, when they may take such steps. He thus voiced for a "platform" where the government and industry can hold discussions on such a subject.
"...there will be industries in distress ... and they need to have some flexibility from time to time so it will be desirable for the industry and government to come together create a platform on which they can have a discussion when in trouble, how should industry behave," he added.
Corporate houses, both in India and abroad, have resorted to job cuts to stay afloat amid the global economic crisis.
"I think labour reforms again are something desirable but having a hire and fire policy in a country like India is not going to be an acceptable task, neither should that be the requirement from the industry," Mittal, who's the Chairman of diversified conglomerate Bharti Group told a private news broadcaster.
"We have to be much more benevolent much more care taking of our labour force and our people and that at least the philosophy that I hold very dear to myself and I think all industry players must (follow the same).
However, he maintained that there will be times of distress for corporate houses, when they may take such steps. He thus voiced for a "platform" where the government and industry can hold discussions on such a subject.
"...there will be industries in distress ... and they need to have some flexibility from time to time so it will be desirable for the industry and government to come together create a platform on which they can have a discussion when in trouble, how should industry behave," he added.
Corporate houses, both in India and abroad, have resorted to job cuts to stay afloat amid the global economic crisis.
Saturday, June 20, 2009
Layoffs in India, Recession
Mr Mehra is not alone in his fear. Talks of green shoots have boosted hopes of an early recovery, but companies may not be done with layoffs just yet. Layoffs impact not only the people who have lost their jobs, but also those who survive the axe.
Psychologists call it the layoff survivor syndrome and there is proof that it has started to spread like a contagion.
“What comes out as layoff survivor syndrome is a whole lot of anxiety about their future and guilt that they alone have survived. They have nightmares that they have lost their jobs or their colleagues committing suicide,” said Dr Vasundhara Cartick, a psychologist and consultant, who has worked closely with layoff survivors.
This feeling of uncertainty is heightened by the random nature of layoffs. If an employee is fired for underperformance, colleagues are less anxious. But, when an equally competent peer is fired, it spreads anxiety among employees.
Employees whom ET spoke to said that losing a colleague is akin to losing a sibling. “Most of us work in teams, on projects, and we work day in and out to meet stiff deadlines. There are bonds, and if people are selectively laid off, we also feel the pain. We feel guilty and helpless and that there would not have been layoffs if we all collectively did better as a team,” Mr Mehra said.
In some organisations, employees have come to dread Fridays, because layoffs are usually announced on that day.
But even as they miss the social aspects of the workplace ‘jokes and breaks and lunches’ employees left behind often are angry at being left to resume greater responsibility.
“We have to shoulder more work these days, as the work load has increased after my colleagues were fired. I am now doing the work of two people, and taking home a smaller pay check,” said an employee who works for a Bangalore-based BPO.
Increased stress levels, are in turn taking a toll on the health of the employees, leading to physical illnesses.
“Most of the referrals coming to us have also complained of aches, pains and fatigue — nothing that has a medical reason, but purely a psychological basis,” Vasundhara Cartick.
While the recession may have forced companies to downsize, human resource consultants say a one-time cut-back exercise could reduce the pain felt by the survivors. “It is always better to opt for a one-time deep cut for organisations looking at laying off staff. This could reduce the pain felt by survivors.
Most of the times, organisations do rounds of layoffs. This may not be a very good strategy as it leaves people perpetually anxious,” said E Balaji, chief executive of Ma Foi Management Consultants.
The firing exercise should always be backed by outplacement assistance for the employees laid off and counselling for those who are retained in the firm. While it is important to save costs during a downturn, the aftermath of the exercise could impact productivity to a great extent if employees are not treated fairly, Mr Balaji added.
Since India has still not firmed up a social security policy, the challenge for employers is to balance the economic benefits with the social devastation that layoffs cause.
Layoff survivor syndrome hits India Inc
Source: TheEconomicTimes
Akash Mehra (name changed), who works with one of India’s top five IT firms, should be a happy man. He still has a job when hundreds in his firm were fired for underperformance. But the emotions playing on his mind are those of anxiety, guilt and fear. Fear, that he may be the next one asked to go.Mr Mehra is not alone in his fear. Talks of green shoots have boosted hopes of an early recovery, but companies may not be done with layoffs just yet. Layoffs impact not only the people who have lost their jobs, but also those who survive the axe.
Psychologists call it the layoff survivor syndrome and there is proof that it has started to spread like a contagion.
“What comes out as layoff survivor syndrome is a whole lot of anxiety about their future and guilt that they alone have survived. They have nightmares that they have lost their jobs or their colleagues committing suicide,” said Dr Vasundhara Cartick, a psychologist and consultant, who has worked closely with layoff survivors.
This feeling of uncertainty is heightened by the random nature of layoffs. If an employee is fired for underperformance, colleagues are less anxious. But, when an equally competent peer is fired, it spreads anxiety among employees.
Employees whom ET spoke to said that losing a colleague is akin to losing a sibling. “Most of us work in teams, on projects, and we work day in and out to meet stiff deadlines. There are bonds, and if people are selectively laid off, we also feel the pain. We feel guilty and helpless and that there would not have been layoffs if we all collectively did better as a team,” Mr Mehra said.
In some organisations, employees have come to dread Fridays, because layoffs are usually announced on that day.
But even as they miss the social aspects of the workplace ‘jokes and breaks and lunches’ employees left behind often are angry at being left to resume greater responsibility.
“We have to shoulder more work these days, as the work load has increased after my colleagues were fired. I am now doing the work of two people, and taking home a smaller pay check,” said an employee who works for a Bangalore-based BPO.
Increased stress levels, are in turn taking a toll on the health of the employees, leading to physical illnesses.
“Most of the referrals coming to us have also complained of aches, pains and fatigue — nothing that has a medical reason, but purely a psychological basis,” Vasundhara Cartick.
While the recession may have forced companies to downsize, human resource consultants say a one-time cut-back exercise could reduce the pain felt by the survivors. “It is always better to opt for a one-time deep cut for organisations looking at laying off staff. This could reduce the pain felt by survivors.
Most of the times, organisations do rounds of layoffs. This may not be a very good strategy as it leaves people perpetually anxious,” said E Balaji, chief executive of Ma Foi Management Consultants.
The firing exercise should always be backed by outplacement assistance for the employees laid off and counselling for those who are retained in the firm. While it is important to save costs during a downturn, the aftermath of the exercise could impact productivity to a great extent if employees are not treated fairly, Mr Balaji added.
Since India has still not firmed up a social security policy, the challenge for employers is to balance the economic benefits with the social devastation that layoffs cause.
Thursday, June 18, 2009
Cost cutting, IT market, Layoffs in India
Hexaware, Mastek bring benchers back to work
Hexaware Technologies and Mastek, two leading mid-sized IT firms from Mumbai, have reduced the size of their virtual bench – a term used to describe IT professionals not working on projects and having been handed pay cuts. “Both Hexaware and Mastek have begun placing some of their benched staff on projects,” said industry officials. IT analysts told Financial Chronicle that this only shows early signs of a revival in the domestic IT industry.
Both had announced creation of a virtual bench in their respective companies in March 2009. Hexaware had announced to place around 350 people on virtual bench, as they were “non-billable” and had their salaries reduced 2-10 per cent. Mastek had put around 425 people on virtual bench. At present, the number of people on the virtual bench has gone below 150 in Hexaware, while Mastek has seen a reduction of 15-20 per cent.
“What is happening is that the companies are seeing some business trickling in from their clients,” said Sudin Apte, an analyst with research firm Forrester. He, however, said that no major deal had been announced in the recent past.
“With new business opportunities and enhancement on projects, we have recalled many employees from the virtual bench,” said Deependra Chumble, chief people officer of Hexaware.
Hexaware typically calls back employees when it knows about the orders in the pipeline. “We put them on a refresher course after which they start working on a particular project,” added Chumble.
Mastek’s head of human resource, Kalpana Jaishankar said, “We have reduced the bench size by 15-20 per cent. Around 10-15 per cent of the employees put on bench have quit.” Jaishankar added that the project pipeline looks optimistic. In certain cases, Mastek has seen extension of existing projects.
Hexaware has also seen some people quit from its bench. “There were a few benched employees who found alternate jobs. We took the decision of either letting them go or retaining them based on the forecast we have taken,” said Chumble.
Both had announced creation of a virtual bench in their respective companies in March 2009. Hexaware had announced to place around 350 people on virtual bench, as they were “non-billable” and had their salaries reduced 2-10 per cent. Mastek had put around 425 people on virtual bench. At present, the number of people on the virtual bench has gone below 150 in Hexaware, while Mastek has seen a reduction of 15-20 per cent.
“What is happening is that the companies are seeing some business trickling in from their clients,” said Sudin Apte, an analyst with research firm Forrester. He, however, said that no major deal had been announced in the recent past.
“With new business opportunities and enhancement on projects, we have recalled many employees from the virtual bench,” said Deependra Chumble, chief people officer of Hexaware.
Hexaware typically calls back employees when it knows about the orders in the pipeline. “We put them on a refresher course after which they start working on a particular project,” added Chumble.
Mastek’s head of human resource, Kalpana Jaishankar said, “We have reduced the bench size by 15-20 per cent. Around 10-15 per cent of the employees put on bench have quit.” Jaishankar added that the project pipeline looks optimistic. In certain cases, Mastek has seen extension of existing projects.
Hexaware has also seen some people quit from its bench. “There were a few benched employees who found alternate jobs. We took the decision of either letting them go or retaining them based on the forecast we have taken,” said Chumble.
Wednesday, June 17, 2009
Layoffs in India, Satyam
Govt won’t meddle in Satyam layoffs
The government virtually distanced itself from any controversy around layoffs or job losses at fraud-hit Satyam after its sale to Tech Mahindra, saying it was not ready to “meddle” into the affairs of the company.
“Are we going to give them jobs? We have no jobs to give. So why should we meddle,?” corporate affairs minister Salman Khursheed said when asked whether government would interfere in case of mass-scale layoffs initiated by the company’s new owner, a figure that is believed to be around 10,000 in number.
Khursheed’s statement is a volte face considering that he had earlier said that the government would not turn a “blind eye” to any such move initiated by Tech Mahindra “as we have a relevant presence in decision making.” He also said that post its sale to Tech Mahindra, government was now in an “active disengagement mode” from the affairs of the company.
“Our job has been well done... and now they are the ones who are going to find ways and means to revive the company entirely and be responsible for decisions. So we do not come in the picture at all,” he added.
He said the “adverse market conditions” were forcing all companies to take drastic measures. “Every company has got excess staff, every software company... but there is nothing that calls for a special government attention,” he said.
“Are we going to give them jobs? We have no jobs to give. So why should we meddle,?” corporate affairs minister Salman Khursheed said when asked whether government would interfere in case of mass-scale layoffs initiated by the company’s new owner, a figure that is believed to be around 10,000 in number.
Khursheed’s statement is a volte face considering that he had earlier said that the government would not turn a “blind eye” to any such move initiated by Tech Mahindra “as we have a relevant presence in decision making.” He also said that post its sale to Tech Mahindra, government was now in an “active disengagement mode” from the affairs of the company.
“Our job has been well done... and now they are the ones who are going to find ways and means to revive the company entirely and be responsible for decisions. So we do not come in the picture at all,” he added.
He said the “adverse market conditions” were forcing all companies to take drastic measures. “Every company has got excess staff, every software company... but there is nothing that calls for a special government attention,” he said.
Tuesday, June 16, 2009
Layoffs in India
Barclays India lays off 121 employees
Banking entity Barclays India has issued pink slips to 121 employees of its 5,000 strong workforce in the country. “Barclays India regretfully confirms that 121 of its employees from the bank have been relieved from their duties,” a Barclays spokesperson said in an emailed statement on Monday.
Reiterating its commitment to India operations, Barclays India said: “We continue to be fully committed to our long term plans in the country. “As a 300-year-old bank, we take our country investments very seriously. We are fully committed to growing our business in India and fully intend to continue to invest in India — be that in infrastructure or people.”
Barclays India, which is part of British banking giant Barclays Plc, has six entities operating in India employing more than 5,000 people. For the past 30 years Barclays has been operating in India.
Over the past two years, Barclays Bank has invested over £240 million on growing its Retail and Commercial Banking (GRCB) businesses in India.
At present, it provides services to over 9,00,000 clients and customers nationwide. Barclays believes India plays an extremely important rolebuilding and diversifying its emerging markets business.
“Barclays is committed to providing its customers with the best possible standards of service while looking after its shareholder value,” the spokesperson added.
British banking entity Barclays Plc in May reported a 15 per cent jump in first quarter profits at £ 1.37 billion even as the bank incurred substantial write downs during the same period.
Reiterating its commitment to India operations, Barclays India said: “We continue to be fully committed to our long term plans in the country. “As a 300-year-old bank, we take our country investments very seriously. We are fully committed to growing our business in India and fully intend to continue to invest in India — be that in infrastructure or people.”
Barclays India, which is part of British banking giant Barclays Plc, has six entities operating in India employing more than 5,000 people. For the past 30 years Barclays has been operating in India.
Over the past two years, Barclays Bank has invested over £240 million on growing its Retail and Commercial Banking (GRCB) businesses in India.
At present, it provides services to over 9,00,000 clients and customers nationwide. Barclays believes India plays an extremely important rolebuilding and diversifying its emerging markets business.
“Barclays is committed to providing its customers with the best possible standards of service while looking after its shareholder value,” the spokesperson added.
British banking entity Barclays Plc in May reported a 15 per cent jump in first quarter profits at £ 1.37 billion even as the bank incurred substantial write downs during the same period.
Layoffs in India
1.3 mn job losses likely in 2009-10 in India: UNCTAD
About 1.3 million people are likely to lose jobs in the export units in the current financial year due to recession in the developed countries, an UNCTAD study on Friday said.
However, the net job loss in the export sector is estimated to be 7.48 lakh since some sectors like plantation may witness a positive growth. The study said, during 2009-10, India's total exports are likely to dip by 2.2 per cent.
"Petroleum products will experience the maximum decline in export growth followed by gems and jewellery, ores and minerals and textiles and its products," it said.
However, the situation will improve in the next fiscal, when new jobs would be created in the sector, which employs about 50 million people. "In 2010-11, about 5.22 million jobs could be created. "No job losses are expected as all sectors are expected to experience positive export growth," it said.
In 2008-09, about 1.16 million people lost their jobs due to negative export growth in sectors such as textiles. With external shipments contracting for the sixth month in a row, the country's exports aggregated USD 168.70 billion in 2008-09, managing a paltry growth rate of 3.4 per cent.
The study said to mitigate the impact of global slowdown on India's exports, policy intervention like diversification of exports to new geographical destinations and new products, simplification in customs procedures for reducing transaction costs are required.
"Around 958 products have been identified where India has the potential to increase its exports. These include organic chemicals, cotton, iron and steel, apparels and man-made staple fibres," it said, adding in these areas, India may be able to increase its exports by almost 21 per cent.
It added that despite targeted efforts by the government for seeking new destinations for India's exports, the US and the US continue to be the main markets. The US and EU accounts for about 30 per cent of the country's exports.
"It is likely that regions like China, West Asia, ASEAN, Australia and Brazil are likely to witness faster recovery than other economies. They can provide viable and sustainable alternate markets for reducing India's overwhelming reliance on the EU and US for its exports," it added.
However, the net job loss in the export sector is estimated to be 7.48 lakh since some sectors like plantation may witness a positive growth. The study said, during 2009-10, India's total exports are likely to dip by 2.2 per cent.
"Petroleum products will experience the maximum decline in export growth followed by gems and jewellery, ores and minerals and textiles and its products," it said.
However, the situation will improve in the next fiscal, when new jobs would be created in the sector, which employs about 50 million people. "In 2010-11, about 5.22 million jobs could be created. "No job losses are expected as all sectors are expected to experience positive export growth," it said.
In 2008-09, about 1.16 million people lost their jobs due to negative export growth in sectors such as textiles. With external shipments contracting for the sixth month in a row, the country's exports aggregated USD 168.70 billion in 2008-09, managing a paltry growth rate of 3.4 per cent.
The study said to mitigate the impact of global slowdown on India's exports, policy intervention like diversification of exports to new geographical destinations and new products, simplification in customs procedures for reducing transaction costs are required.
"Around 958 products have been identified where India has the potential to increase its exports. These include organic chemicals, cotton, iron and steel, apparels and man-made staple fibres," it said, adding in these areas, India may be able to increase its exports by almost 21 per cent.
It added that despite targeted efforts by the government for seeking new destinations for India's exports, the US and the US continue to be the main markets. The US and EU accounts for about 30 per cent of the country's exports.
"It is likely that regions like China, West Asia, ASEAN, Australia and Brazil are likely to witness faster recovery than other economies. They can provide viable and sustainable alternate markets for reducing India's overwhelming reliance on the EU and US for its exports," it added.
Friday, June 12, 2009
Cost cutting, Layoffs in India, Satyam
Satyam to send upto 10,000 home with pay cut
Satyam Computer Services on Thursday unveiled a plan, which will see it sidestep the sensitive issue of sacking staff, but help save large sums of money in salaries, as its new owner Tech Mahindra attempts to put the fraud-hit company back on the rails.
Up to 10,000 employees, or about a fourth of the staff, will be allowed to join a “virtual pool” by taking time off from work on sharply reduced pay for up to six months starting next week.
The plan is expected to save the Hyderabad-based company, which now has some 41,600 staff, Rs 1 crore every day. Satyam spent around Rs 500 crore on salaries in February, and staff costs account for more than half of the company’s expenses.
Employees, who have not been part of revenue-earning assignments, at least, for the past three months, including support staff, will join the “virtual pool”. Around 14,000 employees are counted among the company’s non-billable resources.
“These employees will draw around 40-45% of their current salary, including medical insurance and provident fund benefits, for six months. We will have a review after that,” Tech Mahindra CEO and Satyam director Vineet Nayyar told ET.
Satyam has promised that the employment status of staff in its “virtual pool” will remain unchanged and they could be recalled to join with full pay based on business needs.
“A virtual pool is a tried and tested practice, particularly among multinational companies. Many employees, who do not want to lose jobs in premium companies, are happy with such offers. This is a good move from Satyam’s standpoint, combined to meet the challenges in a business cycle and mitigate human pain,” observed Ajit Isaac, managing director of HR outsourcing firm Human Capital Solutions.
A Satyam statement said the “virtual pool” is a one-time programme, suggesting that further drastic measures to trim staff costs may not be needed.
Former Nasscom president Kiran Karnik, a government-appointed nominee on the board of Satyam, said containing costs is imperative if the company has to be saved from going under.
“Most IT companies are looking at ways to cope with surplus staff and we reckon this is an innovative way of retaining the excellent human assets despite the difficult global economic situation. We need to ensure that the company becomes financially viable,” he told ET.
But some employees of Satyam were unimpressed, believing that the “virtual pool” is just another way of handing out pink slips of a very light shade. “It is a politically acceptable way of doing layoffs,” an employee remarked on condition of anonymity.
Up to 10,000 employees, or about a fourth of the staff, will be allowed to join a “virtual pool” by taking time off from work on sharply reduced pay for up to six months starting next week.
The plan is expected to save the Hyderabad-based company, which now has some 41,600 staff, Rs 1 crore every day. Satyam spent around Rs 500 crore on salaries in February, and staff costs account for more than half of the company’s expenses.
Employees, who have not been part of revenue-earning assignments, at least, for the past three months, including support staff, will join the “virtual pool”. Around 14,000 employees are counted among the company’s non-billable resources.
“These employees will draw around 40-45% of their current salary, including medical insurance and provident fund benefits, for six months. We will have a review after that,” Tech Mahindra CEO and Satyam director Vineet Nayyar told ET.
Satyam has promised that the employment status of staff in its “virtual pool” will remain unchanged and they could be recalled to join with full pay based on business needs.
“A virtual pool is a tried and tested practice, particularly among multinational companies. Many employees, who do not want to lose jobs in premium companies, are happy with such offers. This is a good move from Satyam’s standpoint, combined to meet the challenges in a business cycle and mitigate human pain,” observed Ajit Isaac, managing director of HR outsourcing firm Human Capital Solutions.
A Satyam statement said the “virtual pool” is a one-time programme, suggesting that further drastic measures to trim staff costs may not be needed.
Former Nasscom president Kiran Karnik, a government-appointed nominee on the board of Satyam, said containing costs is imperative if the company has to be saved from going under.
“Most IT companies are looking at ways to cope with surplus staff and we reckon this is an innovative way of retaining the excellent human assets despite the difficult global economic situation. We need to ensure that the company becomes financially viable,” he told ET.
But some employees of Satyam were unimpressed, believing that the “virtual pool” is just another way of handing out pink slips of a very light shade. “It is a politically acceptable way of doing layoffs,” an employee remarked on condition of anonymity.
Wednesday, June 10, 2009
Layoffs in India
Only 1% of IT workforce laid off: Nasscom
Suggesting that layoffs in the information technology and business process outsourcing (BPO) industry are still less than 1 per cent of the total workforce, top National Association of Software and Service Companies (Nasscom) executives have said that the industry has not yet come in the grip of large-scale layoffs.
“We have seen the slowdown affecting the primary markets and impacting consumer spending. But this has not necessarily translated into massive layoffs of IT industry personnel. At least, I am not aware of any,” Nasscom Chairman and Genpact President and CEO, Pramod Bhasin, said on the sidelines of the Nasscom BPO Strategy Summit held in Bangalore on Tuesday.
Stressing that no member-company of Nasscom has resorted to laying off employees in large numbers, Bhasin said a key fallout of the ongoing economic slowdown is that companies are less tolerant of non-performance from their employees than they were earlier.
“This is the difference we are seeing today and it has not manifested in huge layoffs. In fact, the current layoffs would represent less than 1 per cent of the total industry, maybe, 0.5 per cent. Besides, any vacancies presently arising at companies are not being filled up, as hiring plans have been affected by lower growth rates,” Bhasin said.
Nasscom President Som Mittal said, while there have been reports of small-scale layoffs running into the hundreds, the bigger issue is that no company is hiring in large numbers.
“The real issue is one of students passing out from colleges and finding themselves without adequate employment options. This is forcing them to pick up additional skills. Many more students than in the past are enrolling for MTech courses to increase their employment potential,” Mittal said.
Bhasin felt investments in new markets, research and development activity and expanding domain skills would increase in the face of the slowdown. “Once growth picks up, the industry will move more and more into the smaller towns, which will increase employment,” Bhasin said.
Mittal said there is a clear willingness on the part of everybody concerned — government, industry, employees and other stakeholders — to work together to overcome the situation.
“We have seen the slowdown affecting the primary markets and impacting consumer spending. But this has not necessarily translated into massive layoffs of IT industry personnel. At least, I am not aware of any,” Nasscom Chairman and Genpact President and CEO, Pramod Bhasin, said on the sidelines of the Nasscom BPO Strategy Summit held in Bangalore on Tuesday.
Stressing that no member-company of Nasscom has resorted to laying off employees in large numbers, Bhasin said a key fallout of the ongoing economic slowdown is that companies are less tolerant of non-performance from their employees than they were earlier.
“This is the difference we are seeing today and it has not manifested in huge layoffs. In fact, the current layoffs would represent less than 1 per cent of the total industry, maybe, 0.5 per cent. Besides, any vacancies presently arising at companies are not being filled up, as hiring plans have been affected by lower growth rates,” Bhasin said.
Nasscom President Som Mittal said, while there have been reports of small-scale layoffs running into the hundreds, the bigger issue is that no company is hiring in large numbers.
“The real issue is one of students passing out from colleges and finding themselves without adequate employment options. This is forcing them to pick up additional skills. Many more students than in the past are enrolling for MTech courses to increase their employment potential,” Mittal said.
Bhasin felt investments in new markets, research and development activity and expanding domain skills would increase in the face of the slowdown. “Once growth picks up, the industry will move more and more into the smaller towns, which will increase employment,” Bhasin said.
Mittal said there is a clear willingness on the part of everybody concerned — government, industry, employees and other stakeholders — to work together to overcome the situation.
Monday, June 8, 2009
Layoffs in India, Satyam
Brain drain hits Satyam's Chennai operations
100 pink slips issued in Satyam's Chennai office
After Hyderabad, Satyam’s Chennai operations are hit. With several senior associates either quitting or being handed the pink slip, many of Satyam’s ventures in the city have been left unattended and, hence, face closure.
According to sources, around six V-P rank associates have resigned from their positions while over 100 junior-level employees have been laid off. Apart from Chennai being Satyam’s second largest base, what makes these centres important is the fact that they were working towards adding to Satyam’s credentials as an IT firm.
Employees say it is also the lack of interest taken by the top management in these ventures that has led to the current situation. They cite the example of the 50 acres of land purchased by Satyam on the Old Mahabalipuram Road in Chennai a couple of years ago that has not been developed till date.
None of the Satyam offices from where associates operate in Chennai are its own. Yet, the land bought by the company has been lying neglected and no effort has ever been made to construct an own office there.
This discrimination has now led to resentment and its showing in the number of resignations reaching the bosses everyday, said a source.
After Hyderabad, Satyam’s Chennai operations are hit. With several senior associates either quitting or being handed the pink slip, many of Satyam’s ventures in the city have been left unattended and, hence, face closure.
According to sources, around six V-P rank associates have resigned from their positions while over 100 junior-level employees have been laid off. Apart from Chennai being Satyam’s second largest base, what makes these centres important is the fact that they were working towards adding to Satyam’s credentials as an IT firm.
Employees say it is also the lack of interest taken by the top management in these ventures that has led to the current situation. They cite the example of the 50 acres of land purchased by Satyam on the Old Mahabalipuram Road in Chennai a couple of years ago that has not been developed till date.
None of the Satyam offices from where associates operate in Chennai are its own. Yet, the land bought by the company has been lying neglected and no effort has ever been made to construct an own office there.
This discrimination has now led to resentment and its showing in the number of resignations reaching the bosses everyday, said a source.
Saturday, June 6, 2009
Layoffs in India, Satyam
Satyam may lay off 5,000
The full board meeting of Satyam Computer is likely to be held on June 11 after its new owner Tech Mahindra assumed charge and the board may draw a consensus on the sensitive issue of laying off as many as 5,000 employees in phases.
Sources said the meeting is scheduled to be held on next Thursday or Friday and for the first time the full board -- six government-nominated members and four member from Tech Mahindra (through its arm Venturebay Consultants) -- will discuss the business strategies.
A company spokesperson said as and when the meeting takes place, there will be comprehensive discussions on all related issues. He, however, did not divulge details of the agenda or whether or not the meeting would look at ways on how to rationalise the employee strength.
Sources said given the sensitivities of the situation, the board is likely to draw a consensus on the 'lay offs' to be undertaken which may take the shape of keeping 5,000-10,000 people on the bench (reserve).
Tech Mahindra CEO Vineet Nayar had recently said Satyam has 10,000 surplus staff and the company would look at the 'least painful' ways to handle the situation.
"It is a question of revival and viability", they said. Last week, Corporate Affairs Minister Salman Khurseed had said the government will not turn a blind eye to any lay offs in Satyam.
Sources said the meeting is scheduled to be held on next Thursday or Friday and for the first time the full board -- six government-nominated members and four member from Tech Mahindra (through its arm Venturebay Consultants) -- will discuss the business strategies.
A company spokesperson said as and when the meeting takes place, there will be comprehensive discussions on all related issues. He, however, did not divulge details of the agenda or whether or not the meeting would look at ways on how to rationalise the employee strength.
Sources said given the sensitivities of the situation, the board is likely to draw a consensus on the 'lay offs' to be undertaken which may take the shape of keeping 5,000-10,000 people on the bench (reserve).
Tech Mahindra CEO Vineet Nayar had recently said Satyam has 10,000 surplus staff and the company would look at the 'least painful' ways to handle the situation.
"It is a question of revival and viability", they said. Last week, Corporate Affairs Minister Salman Khurseed had said the government will not turn a blind eye to any lay offs in Satyam.
Monday, June 1, 2009
Layoffs in India, Satyam
Govt won't let Satyam to lay off workers: Khursheed
Corporate affairs minister Salman Khursheed on Sunday said the government would not be a mute spectator to the layoff plans in scam-hit Satyam.
The minister hinted at the government's "active involvement" in the company's affairs even after its takeover by Tech Mahindra of Mahindra and Mahindra group.
"Layoffs -- this is something we are not going to turn a blind eye to as we have a relevant presence in decision making," the minister said, adding that his ministry would liaise with the company on this issue.
Taking a firm stand on the reported comment of Tech Mahindra CEO Vineet Nayyar that there were 10,000 surplus people in Satyam, Khursheed said, "We will not allow the company to be taken for a ride. Our opinion and advice are important till things improve."
There were reports in a section of the media that Satyam was planning to lay off about 8,000 staff working in departments like marketing, HR and administration.
Commenting on the possibility of similar frauds in the corporate world and whether Satyam was just the tip of the iceberg, Khursheed said, "I would call it a symptom of something wrong in the system. You need to treat the system, the root... otherwise the symptom may reappear. If I call it a tip, it means I am saying there is an iceberg."
Khursheed said probe ordered by his predecessor P C Gupta would be taken to its logical conclusion. "It will make my task easier," he added.
The minister hinted at the government's "active involvement" in the company's affairs even after its takeover by Tech Mahindra of Mahindra and Mahindra group.
"Layoffs -- this is something we are not going to turn a blind eye to as we have a relevant presence in decision making," the minister said, adding that his ministry would liaise with the company on this issue.
Taking a firm stand on the reported comment of Tech Mahindra CEO Vineet Nayyar that there were 10,000 surplus people in Satyam, Khursheed said, "We will not allow the company to be taken for a ride. Our opinion and advice are important till things improve."
There were reports in a section of the media that Satyam was planning to lay off about 8,000 staff working in departments like marketing, HR and administration.
Commenting on the possibility of similar frauds in the corporate world and whether Satyam was just the tip of the iceberg, Khursheed said, "I would call it a symptom of something wrong in the system. You need to treat the system, the root... otherwise the symptom may reappear. If I call it a tip, it means I am saying there is an iceberg."
Khursheed said probe ordered by his predecessor P C Gupta would be taken to its logical conclusion. "It will make my task easier," he added.
Friday, May 29, 2009
Cost cutting, Layoffs in India, Satyam, severance package
Satyam to sweeten layoff terms
A majority of the 10,000 excess staff at Satyam Computer Services are set to be offered 40% of their salary for six months in what can be termed as a severance package being firmed up by the beleaguered IT firm.
The top management of Satyam, in consultation with its new owner Tech Mahindra, has prepared a list of around 10,000 employees, who have not been billed for over six months now. These employees are set to be offered 40% of their existing salary for six months, along-with medical insurance and provident fund. But they may eventually have to leave the firm. Non-billable employees have been short-listed, as they do not bring in any revenues to the IT firm.
Raju had hired more number of employees to inflate revenues and profits of the firm, and the economic downturn has only compounded Satyam’s woes, forcing Tech Mahindra to look at a separation package for the excess staff in the Hyderabad-based outsourcer. Senior industry leader Kiran Karnik, who was chosen by the government to be on the Satyam board and salvage the firm, said unless substantial steps were taken to contain costs, Satyam could go under and risk the jobs of all employees.
The board had suggested a number of options to the new management, including organisation-wide salary cuts, keeping employees on a virtual bench and sending them on a sabbatical. In the last two cases, the company would have to pay only part of the salary to these employees.
Vineet Nayyar, the CEO of Tech Mahindra and now whole time director on Satyam, declared that the company had an excess staff of around 10,000. The employee strength at Satyam is reckoned to be around 42,000. It is likely to drop to 32,000, if the proposed plan to create a “virtual pool” is implemented. Non-billable employees across all levels will be impacted, though entry and middle levels will see more exits.
“We recognise that we have to deal with the situation and are exploring the most humane ways to tackle this issue,” said T Hari, global head marketing, Satyam Computer Services.
The company is talking to a dozen out-placement firms to help people, who are laid off to find new jobs. It is also planning to tie-up with engineering colleges for PG courses and would fund employees, who wish to enrol in these programmes.
A few companies have also written to Satyam to take some employees on board. Employees, who have been identified for layoffs, will also have access to all the training programs offered by Satyam, said Mr Hari. The company plans to have financial counsellors to help out those whose exits are imminent.
Source: TheEconomicTimes
The top management of Satyam, in consultation with its new owner Tech Mahindra, has prepared a list of around 10,000 employees, who have not been billed for over six months now. These employees are set to be offered 40% of their existing salary for six months, along-with medical insurance and provident fund. But they may eventually have to leave the firm. Non-billable employees have been short-listed, as they do not bring in any revenues to the IT firm.
Raju had hired more number of employees to inflate revenues and profits of the firm, and the economic downturn has only compounded Satyam’s woes, forcing Tech Mahindra to look at a separation package for the excess staff in the Hyderabad-based outsourcer. Senior industry leader Kiran Karnik, who was chosen by the government to be on the Satyam board and salvage the firm, said unless substantial steps were taken to contain costs, Satyam could go under and risk the jobs of all employees.
The board had suggested a number of options to the new management, including organisation-wide salary cuts, keeping employees on a virtual bench and sending them on a sabbatical. In the last two cases, the company would have to pay only part of the salary to these employees.
Vineet Nayyar, the CEO of Tech Mahindra and now whole time director on Satyam, declared that the company had an excess staff of around 10,000. The employee strength at Satyam is reckoned to be around 42,000. It is likely to drop to 32,000, if the proposed plan to create a “virtual pool” is implemented. Non-billable employees across all levels will be impacted, though entry and middle levels will see more exits.
“We recognise that we have to deal with the situation and are exploring the most humane ways to tackle this issue,” said T Hari, global head marketing, Satyam Computer Services.
The company is talking to a dozen out-placement firms to help people, who are laid off to find new jobs. It is also planning to tie-up with engineering colleges for PG courses and would fund employees, who wish to enrol in these programmes.
A few companies have also written to Satyam to take some employees on board. Employees, who have been identified for layoffs, will also have access to all the training programs offered by Satyam, said Mr Hari. The company plans to have financial counsellors to help out those whose exits are imminent.
Source: TheEconomicTimes
Layoffs in India
Job cuts at Maytas Infra
Maytas Infra, the listed company promoted by the family of Satyam founder B Ramalinga Raju, is looking to rationalise its employee strength. Consequently, there would be some job cuts and inductions.
To this effect, Maytas board on Thursday reviewed the HR policies of the company to take stock of the situation. “There will be some job cuts and inductions in the company,” a company executive said, but declined to reveal the numbers.
Maytas board, chaired by government-appointed member K Ramalingam, reviewed the key issues of the company in the last two days. Among other things, the company discussed with some of its joint venture partners the infusion of funds and early completion of works.
To this effect, Maytas board on Thursday reviewed the HR policies of the company to take stock of the situation. “There will be some job cuts and inductions in the company,” a company executive said, but declined to reveal the numbers.
Maytas board, chaired by government-appointed member K Ramalingam, reviewed the key issues of the company in the last two days. Among other things, the company discussed with some of its joint venture partners the infusion of funds and early completion of works.
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