India Inc set for layoffs
Now that Diwali is over,expect some crackers from the HR department!
Layoff
As per Assocham’s new report ‘Jobs scenario, post-Diwali’, India Inc. is likely to announce lay offs of nearly 25% – 30% of its workforce within the next 10 days across seven key industrial segments (steel, cement, ITeS/BPO, financial and brokerage services, construction, real estate and aviation).
Apart from layoffs, companies are also planning to cut down on perks/bonuses etc.
Weaker rupee is also eating away margins and sustainability is the key – what’s your layoff-proof strategy, if you are running a business?
Do read our series of interviews on ‘Economic Recession & Perspectives (from Startups/VCs/Industry leaders).
pic credit
About the author - Ashish Sinha is a Startup Mentor/Product Strategy Coach, and the founder/chief editor of pluGGd.in.
He has launched/managed couple of products (consumer as well as enterprise) in US and India, and now consults with startups/small businesses on their product/media strategy. He can be reached at: ashish (at) pluGGd.in [+91 98452 06443]
the picture used in the post was really frightening. god knows how wud have employees working in this company reacted when seeing such a board at the entrance.
also fearing for my own job and the jobs of thousands of others whose industry has been struck by the financial crisis.
come let’s all of us pray for the recession to go back soon.
Lets hope all the guys who get laid off stop whining, and start companies. Entrepreneurship is the answer for the tomorrow – it beats recession, creates jobs, creates wealth, and keeps India growing.
This was actually inevitable, the way hiring’s were going on for past 3 or 4 years was crazy.This companies have too much fat, its time for them to become lean again. I think the top 20% of the companies will account for 80% of the firings.
Rahi – praying is good. Updating the resume is better.
i havent ruled out updating my resume jaidev. but i also agree by that hindi saying which goes like this – jab dava na kam aye to dua leni chahiye.
so in these times of economic slowdown, when you can do little to save your job, it’s prayers that are more helpful.
Companies who are operating in regions like Trivandrum and Cochin have started to layoff. These are regions where resources are available at a lower cost when compared to Bangalore, Hyderabad or Mumbai. For the SMBs this provides an opportunity to retain its resources because the inflation in the IT salaries will drastically come down.
- Suvin K Varkey
[...] | Layoff India Tracker | Email This Post Assocham earlier released a report (that stated 25-30% India Inc workforce will be laid-off within 10 days from Diwali) that drew a major flak from the government and other industry associations [...]
Please keep posting more layoffs here.
Interestingly with massive layoffs, those who were part-time insurance agents have suddenly switched to full-time insurance sales to make good as far as possible loss of income. While overall sale of policies have not shot up, individually there have been many examples of agents hitting day’s highs at LIC. Not bad given these hard pressed credit crunch
-Sairam Rao
I have been working in TCS Bangalore from the past 6+ years
I have been asked by Regional head of HR to resign with in one week
The reason being I had received a 2 rating in a scale of 5 in the year 2005
I am entitled to one month basic upon submitting resignation
My question is, is it not unfair for a person who has servered the company for 6+ years to be seperated without any severance package
I think they have to give atleast 1 month basic for every year of service
This layoffs is happening suddenly from last week without any notice
In late Dec 2008 they have introduced a Performance Improvement Program
Which says that people with 2 consecutive ratings of 2/5 should be put under
3 months probation and then seperated if no improvement is shown
No where there is a policy in the company stating that people with a 2/5 rating in
any of the pervious years should be removed
What is actually happening is that the HR head of Bangalore(BB Shetty) sends a mail
from his official ID bb.shetty@tcs.com or calls from his mobile and asks people to meet him at his chamber
Upon reaching there Shetty threatens the employees with dire consequences if they do not
resign within one week, he says that if they dont resign they will be terminated
and no other company would hire them with a termination record
Many associates in the experience bracket of 3-8 years experince have been forced to resign already
Also heard unofficially that thousands may be sacked the same way
This is pure layoff of senior staff to put in freshers in their place
Arent the people being layed off entitied to severance package so that they can sustain till they get
another job is got in this slowdown
Is there any labour Department to look into this