Please vote and express the views on the recent layoff in the IT industry. You can choose multiple answers and add any other reason in the Other field.
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Poll – Recent Layoff in IT
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Article by ashu
Authors bio is coming up shortly.
With the American economy in deep trouble, Indian IT sector is in trouble. The higher Rupee against dollar and virtually no additional demand has made Indian IT employees redundant.
A sharp rise in the value of rupee against dollar and the slowdown in the US economy have made a chilling effect is the Indian IT body shops like TCS, Wipro and Infosys who call themselves software companies.
Secretly TCS has shown the door to most of its software engineers. According to TCS official version, employees with experience of two years and above across the company who were unable to meet the performance requirements of TCS are asked to look for other jobs commensurate with their abilities. In reality TCS and others do not have new orders from US. They plan to lay off tens of thousands of employees in the next six to nine months.
These big company used to keep huge bench strength, the same is killing them so they are reducing the bench strength… if the economy became more worst then the there will be no bench in the IT company…
I agree with Gurudatt that the American Economy is in deep trouble but the other facts given by him is incorrect.
1. As of today 1 USD is near to 46 Rs and its a BIG ++ for all the IT companies having most of the work in US. It will have the positive effect in the revenues of the companies and that will be shown in the coming year end result of all the companies.
2. As an employee of TCS, i agree that TCS has shown doors to so many associates but it has its own reasons to do that;
a) Most of the employees getting PINK SLIPS because they are in bench for more than 6 months.I think its perfectly fine with any company.
b) Due to slowdown in the IT industry, all the companies are able to get the new employees in relatively low cost which is leading to getting rid of the employees getting high packages.
I think all this is a huge fuzz, and it will settle off very soon. Just wait for 6 months and you will see the comeback of all the big IT companies.
TIP: For share market players, its right time to invest in IT companies share. Keep one year timeframe and i am sure you will get atleast 40% returns.
Thanks,
Pankaj
I would like to believe the Indian IT companies are acting more in panic mode. I think the slow down has to still take effect on the IT industry in India.
As for the people sitting on bench for more than 6 months, who is to blame for this. Employees or the employers ? When the companies needed they hired left and right. Do they not own the responsiblity when they fire employees in big number ?
We need stronger labor laws which deter companies donig irresponsible hiring and firing.
I think Obama victory definitely signals the dilution of capitalism, American capitalism.
Thanks
Asif
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