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More pink-slips for techies this year (India)

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OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 08:40 PM
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More pink-slips for techies this year (India)
15 Mar 2008, 0305 hrs IST,

BANGALORE: It looks like many more technology professionals and BPO executives are going to be pink-slipped this year. Companies normally ask around 10% of their bottom-level performers to quit after appraisals every year. But this year, the rupee appreciation and the widely expected US recession are likely to push this number up to 20%-25%.

Several providers are being told by their clients overseas to cut employee-cost, which has increased by 15% to 20% in the last 18 months. Enterprises are also being pushed to cut drastically or eliminate their bench-sitters. In other words, the industry is clearly heading towards a forced-attrition regime.

''You can't actually term it as downsizing. It will be an overall rationalization exercise, wherein we will also get rid of benches. Every corporate action is dictated by market dynamics,'' said the president (HR) of a leading IT firm.

Global banks have been writing-off billions of dollars due to the sub-prime crisis. Other clients have started cutting or cancelling contracts. Consequently, domestic IT providers are already tightening their belts. Expenditure towards travel, employee entertainment including outing and dinners, birthday/wedding anniversary gifts/vouchers, reward programmes, free holidays and phone calls have already come under the scanner.

http://timesofindia.indiatimes.com/More_pink-slips_for_...
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2Design Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 09:08 PM
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1. maybe they will now move to another low wage country for IT
I am sure the corporate greed will continue until they ravish the whole planet of human dignity
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OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-16-08 09:23 AM
Response to Reply #1
2. There are many other cheap countries to choose from...
Malaysia, China, the Phillipeans, etc.
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Skittles Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-16-08 10:59 PM
Response to Reply #2
3. the cheaper they are, the worse the quality
that has been my experience
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