IT majors in India has also started the practice as Wipro laysoff 1000 employees, TCS laying off two times and now Satyam planning to layoff as much as 4500 employees.
What does that mean to an average job seeker?
More people in the job market
Tougher competition
Lesser jobs
With businesses failing to show progress, cost cutting is on the rise and the first to face the boot is the man power resource.
In February, information technology giants Tata Consultancy Services (TCS), IBM, and portal Yahoo flashed pink slips to hundreds of employees. Wipro Technologies has put about 4-5% of its workforce or about 2400-3000 employees, under the scanner for non-performance. tcs firing In February, TCS had given pink slips to 500 non-performers. There have been reports related to HP firing 24000 + employee over the next three years.
ICICI shares were down 4.5 percent at 565 rupees in a weak Mumbai market, after falling as much as 10.4 percent earlier in the day. It is to take a $28 million hit on Lehman collapse. ICICI Bank has slumped 7.8% to Rs 545. Sterlite and Ranbaxy have plunged around 7% each to Rs 444 and Rs 378, respectively. ITC has shed 4.5% at Rs 185.
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