In February, TCS asked some 500 employees to leave, citing non-performance. Shortly after wards, IBM reportedly laid off 700 freshers. In July, Patni Computer Systems sacked 400 employees. HP announced 25,000 layoffs in Sep, while yahoo sacked 1,500 just a few weeks ago. Many recruitment analysts have also written off the IT, Financial services and real estate sectors, which, they say, will be the worst hit with pink slips. According to online recruiter, the impact has been evident for over six months now. IT firms have already lowered targets for fresh recruits by 20-40 per cent this year. Even biggies such as Infosys, Wipro and Sathyam have toned down their annual hiring numbers by 20-40 per cent.
“We are hoping to bring in newer companies who we could not have accommodated earlier,” says sourav Mukherji, head of placement committee, IIM, Bangalore. Mukherji is hopeful that things will bounce back by March next year when the final IIM placement takes place. But there is a buzz of retrenchment in the air. American Express has recently retrenched 100 employees in India.
Nokia reportedly plans to axe 600 jobs. According to the confederation of Indian Textile Industry, the Textile sector has already shown the door to some 600,000 people directly and about .4 million indirectly. How long this will last, no one can tell. For now, most will have to live with it.
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