Forwarded by Venkat
Nvidia (NVDA) this afternoon announced that it will cut its staff by 6.5%, or about 360 people, by the end of its fiscal third quarter ending in October. The graphics chip company said the cuts will be across the board, affecting all departments and geographies. The company said it will take a charge in the October quarter of $7 million to $10 million to cover costs related to the layoffs.
In a statement, CEO Jen-Hsun Huang says the move was “difficult, but necessary considering current business realities.” Huang says the company will continue invest in “selective high-growth opportunities like our revolutionary CUDA parallel computing technology and our Tegra mobile single-chip computer.”
Huang added that the company is “taking fast action to enhance our competitive position and restore our financial performance.”
Nvidia shares have been struggling mightily since it missed guidance for the July quarter.
In today’s regular session, NVDA jumped 98 cents, or 9.8%, to $10.98; the stock is now up $1.73, or 18.6%, in the last three sessions. After hours, the stock is down 3 cents.
Sunday, September 21, 2008
Wipro gives pink slip to 1,000
Forwarded by Venkat
Wipro Technologies has put about 4-5 per cent of its workforce, about 2,400-3,000 employees, under the scanner for non-performance. Company sources reveal that about 1,000 employees have been asked to leave.
While some would be given counselling to improve their performance, others would be asked to leave.
Wipro’s corporate vice-president (human resources) Pratik Kumar confirmed the move. Asked how many employees had been asked to move on, he said the company did not disclose that number, but it was “significantly lower than 2,000”. “I can’t comment on a particular number,” Kumar said, when asked to comment.
“It’s a regular annual exercise. As the appraisal cycle gets over, a multi-layer review happens. Following that, people who have fallen in the lower quadrants of performance are put on watch. Some are asked to pull up and others are asked to move on,” he said.
The review includes all the 60,000 global IT services employees from the senior leadership team down to the person with one-year experience.
Wipro Technologies has put about 4-5 per cent of its workforce, about 2,400-3,000 employees, under the scanner for non-performance. Company sources reveal that about 1,000 employees have been asked to leave.
While some would be given counselling to improve their performance, others would be asked to leave.
Wipro’s corporate vice-president (human resources) Pratik Kumar confirmed the move. Asked how many employees had been asked to move on, he said the company did not disclose that number, but it was “significantly lower than 2,000”. “I can’t comment on a particular number,” Kumar said, when asked to comment.
“It’s a regular annual exercise. As the appraisal cycle gets over, a multi-layer review happens. Following that, people who have fallen in the lower quadrants of performance are put on watch. Some are asked to pull up and others are asked to move on,” he said.
The review includes all the 60,000 global IT services employees from the senior leadership team down to the person with one-year experience.
Accenture, Gurgaon : Mass walk-ins but not interviewing candidates
Forwarded by Venkat
I recently had this experience with Accenture. I got a call from a consultant and was asked to appear for an interview in Accenture, Gurgaon. I went for the interview only to find that there are already a huge crowd waiting outside the office gate since the past 3-4 hours. There was no provision to sit, the place where the candidates were waiting was the area in front of the lift, without even a fan, forget an AC. The place was suffocating. And after waiting for such a long time, we were told to fill up a form with our details and that they will contact us later. I never received a call.
They might have as well asked us to just send our profiles over email! Whats the point? And these companies call themselves global fortune 500 companies!!!
I guess companies no longer look at employees as brand ambassadors! They just look at them as a shelf product that they can buy and sell when they want rather than looking at them as living people!
I recently had this experience with Accenture. I got a call from a consultant and was asked to appear for an interview in Accenture, Gurgaon. I went for the interview only to find that there are already a huge crowd waiting outside the office gate since the past 3-4 hours. There was no provision to sit, the place where the candidates were waiting was the area in front of the lift, without even a fan, forget an AC. The place was suffocating. And after waiting for such a long time, we were told to fill up a form with our details and that they will contact us later. I never received a call.
They might have as well asked us to just send our profiles over email! Whats the point? And these companies call themselves global fortune 500 companies!!!
I guess companies no longer look at employees as brand ambassadors! They just look at them as a shelf product that they can buy and sell when they want rather than looking at them as living people!
TCS plans more lay-offs
Courtesy: Yahoo India
Tata Consultancy Services (TCS), the country's largest employer of software and software service professionals, is planning to lay off more people and discourage employees from staying more than two months on any of its benches at its centres. Last month, the company laid off 25 people from its Kolkata and Bangalore offices, according to company sources who declined to be identified.
Last year, TCS laid off 500 people after poor appraisals. The layoffs are a part of an employee utilisation exercise for the information technology (IT) company, which employs 1.12 lakh people.
The exercise would also include counselling employees and training them. Employees would be put on projects where they do not have experience, but can work if they upgrade their skills, said Ashok Mukherjee, vice president and head (global human resources), TCS. The company had said in June that growth in the country's technology-services industry will slow this fiscal year because of delays in orders from financial institutions.
IT companies, including TCS, have been going slow on recruitment and hiring plans. "All global companies follow a strategy where there is constant evaluation of whether people fit in an organisation's need," Mukherjee said.
"Termination is not an easy decision to take, and it is the last resort. However, if an employee were not to grow with the organisation, we would encourage them to find another organisation.
This is here to stay." However, he defended the company's decision to lay off 500 people last year.
"In an organisation of 1.12 lakh people, 500 is a very small number," he said. Currently, 21 per cent of TCS employees are in 'non-revenue generating activities', or the bench.
The rest, 79 per cent, are 'utilised', Mukherjee said. Utilisation figures for TCS have improved marginally from last year, when it stood at 78.1 per cent.
In IT companies, bench includes employees who are not involved in any project., When the number of people on the bench far exceeds the total number of projects, companies will try to rationalise.
Sources in the company, however, said that TCS has circulated a communication in its new independent business units (IBU) all across the world last month. The communication makes it clear that anyone who is on the bench would be liable to be transferred to any of the other IBUs across the world.
"Communications might have been sent to individuals on a case-to-case basis," TCS spokesperson Ashish Babu said. "This is not a company-wide phenomenon.
" Sources also indicated that the company might have put up to 750 people on watch for counselling on performance related issues, which would lead to terminations if they fail to meet performance levels. Mukherjee said the company would allow its policy of appraisals, where anyone who gets 1 on a scale of 5 for two consecutive appraisals, would be asked to leave.
This effectively means that employees will not be able to stay at their preferred locations if they are shifted out of a project, or if the project comes to an end, according to sources in the company. While the company saw its sales rise by 26 per cent in the quarter ended June 2008, profits rose by less than half that rate, at 12 per cent.
The company's gross margins fell by almost 7 percentage points to 28 per cent.
Tata Consultancy Services (TCS), the country's largest employer of software and software service professionals, is planning to lay off more people and discourage employees from staying more than two months on any of its benches at its centres. Last month, the company laid off 25 people from its Kolkata and Bangalore offices, according to company sources who declined to be identified.
Last year, TCS laid off 500 people after poor appraisals. The layoffs are a part of an employee utilisation exercise for the information technology (IT) company, which employs 1.12 lakh people.
The exercise would also include counselling employees and training them. Employees would be put on projects where they do not have experience, but can work if they upgrade their skills, said Ashok Mukherjee, vice president and head (global human resources), TCS. The company had said in June that growth in the country's technology-services industry will slow this fiscal year because of delays in orders from financial institutions.
IT companies, including TCS, have been going slow on recruitment and hiring plans. "All global companies follow a strategy where there is constant evaluation of whether people fit in an organisation's need," Mukherjee said.
"Termination is not an easy decision to take, and it is the last resort. However, if an employee were not to grow with the organisation, we would encourage them to find another organisation.
This is here to stay." However, he defended the company's decision to lay off 500 people last year.
"In an organisation of 1.12 lakh people, 500 is a very small number," he said. Currently, 21 per cent of TCS employees are in 'non-revenue generating activities', or the bench.
The rest, 79 per cent, are 'utilised', Mukherjee said. Utilisation figures for TCS have improved marginally from last year, when it stood at 78.1 per cent.
In IT companies, bench includes employees who are not involved in any project., When the number of people on the bench far exceeds the total number of projects, companies will try to rationalise.
Sources in the company, however, said that TCS has circulated a communication in its new independent business units (IBU) all across the world last month. The communication makes it clear that anyone who is on the bench would be liable to be transferred to any of the other IBUs across the world.
"Communications might have been sent to individuals on a case-to-case basis," TCS spokesperson Ashish Babu said. "This is not a company-wide phenomenon.
" Sources also indicated that the company might have put up to 750 people on watch for counselling on performance related issues, which would lead to terminations if they fail to meet performance levels. Mukherjee said the company would allow its policy of appraisals, where anyone who gets 1 on a scale of 5 for two consecutive appraisals, would be asked to leave.
This effectively means that employees will not be able to stay at their preferred locations if they are shifted out of a project, or if the project comes to an end, according to sources in the company. While the company saw its sales rise by 26 per cent in the quarter ended June 2008, profits rose by less than half that rate, at 12 per cent.
The company's gross margins fell by almost 7 percentage points to 28 per cent.
Tech Mahindra is going to fail?
Forwarded by Venkat!
Due to its hiring policies that are always hire & fire type and also due to their tire with some of the engineering colleges for placements. tech mahindra(MBT) has lost its status for the IT labour.
recently at an Engineering college in patiala; tech mahindra organised a placement drive for engineering students & other technical students.
but at the registration time it refused to register the visiting students for technical profile & registered them for the BPO interview.
.
.
while the students of that college were registered for technical interviews.!
apart from that it fired one of the senior technical consultant because of his learning attitude & he applied for higher studies..
there are a number of issues related to Tech Mahindra.. so i think in present scenario og IT downfall, atleast TECH mahindra is going to fail
Due to its hiring policies that are always hire & fire type and also due to their tire with some of the engineering colleges for placements. tech mahindra(MBT) has lost its status for the IT labour.
recently at an Engineering college in patiala; tech mahindra organised a placement drive for engineering students & other technical students.
but at the registration time it refused to register the visiting students for technical profile & registered them for the BPO interview.
.
.
while the students of that college were registered for technical interviews.!
apart from that it fired one of the senior technical consultant because of his learning attitude & he applied for higher studies..
there are a number of issues related to Tech Mahindra.. so i think in present scenario og IT downfall, atleast TECH mahindra is going to fail
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