march 4

March 4

• On March 4, 1863, President Lincoln signed an act creating Idaho Territory

Accenture layoffs

Accenture to lay off half its workforce in Manila-International ...

Accenture Manila cuts hundreds of jobs

Infosys firing /Accenture firing
Well, it seems that big software as well as hardware giants as on firing spree. But, hang on before you jump to any conclusion. So far only Satyam Computers and HP’s news of firing its employees and giving pink slips are being confirmed. Till date there is no news from, I hope that there will not be any bad news, TCS firing Infosys firing HP firing Accenture firing. Whatever news of firing and axing employees by TCS, Infosys, and Accenture are false and baseless. On the contrary there is news that Infosys is planning to hire about 1000 new people for its China project. As a matter of fact Infosys recruitment ad has also appeared in Times Ascent

The banking, financial services and insurance (BFSI) segment is the largest outsourcing vertical for Indian technology players. The space contributes up to 40 per cent of the revenues for some top IT firms. The industry employs around 3,50,000 people in the BFSI space of which the top six players alone account for 180,000 jobs. The domain accounted for $10 billion of the total $32 billion revenues the industry posted during the last fiscal. What’s happening in the global financial markets can result in the loss of as many as 20,000 to 25,000 jobs in India. That means, the likes of Cognizant, TCS, Infosys, HCL, Wipro and Satyam will announce huge lay-offs over the next couple of quarters. According to Dr Naresh Malhan, MD, Manpower India , about 9 per cent of the people employed in the BFSI, insurance, IT and ITeS sectors in India risk losing their jobs as a result of the financial meltdown. However, he says the overall market remains robust, with other sectors like manufacturing and construction still very promising. Not everyone shares this view. “Many firms will also use the present economic environment as an excuse to cut flab,” says Uday Chawla, managing Partner, Transearch, India. “Letting go of people in good times is not acceptable, but is sure to escape media scrutiny in the current climate,” he adds. But what is a threat for some, is an opportunity for others. “Merrill Lynch and Lehman are respected for the quality of talent they attract and train. It’s an opportunity for small firms desperate for quality leadership,” says Sanjiv Sachar, partner, Egon Zehnder

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