Layoffs, A words describe termination or workforce reduction, but this is the insecurity sword looming over the heads of all employees in all sectors in Indian IT industry today.
Layoff hits Every organisation, whether small or big, is reducing its workforce. whether its Textile Industry, Diamond Industry, every industry Layoff’s there employee.
Recently the Indian job market has been flooded with news TCS laying-off 1300employees,Hexaware puts 350 employees on Virtual bench, Mastek Ltd benched about 425 of its employees etc. Fearing the economic slowdown in the US economy, Indian companies who deal with the US companies or US multinationals in India are cutting down on the number of its employees. Starting from the IT sector, the latest news of layoffs has come from almost all the sectors of the industry.
Nearly 40 per cent of all Hexaware’s employees will be unaffected by this pay cut.
Mastek Ltd benched about 425 of its employees, giving them the option of either leaving immediately with compensation or staying for not more than one year, on a monthly allowance.
IT Sector
IT sector is facing and moving further towards a recession. Every IT organisation, whether small or big, is reducing its workforce.
Layoff works, In Indian IT Sector / Other Sector whether Financial crisis may affect or not.
The average salaries offered and the average annual hike in the salaries / compensation in the IT sector have also seen a downfall.
Justifying the lay-offs, most of the organisations argue that the employees were asked to leave (not fired) & really a good word to leave but not to fired that is “Virtual Bench”… this is because of their unsatisfactory performance. And the organisations are now not looking to re-fill the positions. The average salaries being offered in the industry have also come down in the sector. Similarly, all the organisations are undertaking the cut in the salaries of the employees.
There is different options other than layoff for employess i.e. Virtual Bench, Reduce in Hours of Work for employee, Cut in there salaries, Reducing Working Days, Reduce in Bonuse and compensation.
A good word to leave but not to fired that is “Virtual Bench”, The average salaries offered and the average annual hike in the salaries / compensation in the IT sector have also seen a downfall.
Siemens India cuts working days : planned a temporary cut in the number of days its switchgear factories will work to avoid inventory build-ups amid the deepening economic slowdown.
some factories in the energy sector” will reduce their working weeks by one day, The company, which employs a total of 131,000 people in Germany, said 7,400 employees would be on shorter hours until April. Previously, only 4,600 workers had been affected.
some of the recent headings from Layoff’s
Hexaware to cut 2-10% salary.
Infosys to Cut Bonuses, Compensation Packages.
Baltimore companies look to cut costs, avoid layoffs.
Suggest !! How to save a Common Man, as people save its not crisis but OPPURTUNITY.
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