Hi All,
This is just the beginning. Expect the same from every software company in India,
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5 comments:
Hmm.. Life of a software engineer epo continue aagum?
The pay cut is not much- 1.5%. I think the low wages of Indian s/w engineers and the strategy of Indian IT firms to diversify into Europe would ensure that a recession in the US wont lead to major retrenchment. Besides if the IT cos start focusing on the internal market (i.e. India) they would be cushioned from the strengthening rupee. I'm optimistic we can tide through this.
They have also issued pink slips to 500 employees. I am not sure if this is a new trend or this is a regular practice.
The reason is obvious: its due to the recession in the US and the dollar depreciation
The biggest Axe has come from the stables of IBM.. And IBM is the biggest service provider INSIDE India.. That is, it has the service provider to a majority of Indian companies like Bharti.. Comment on that !
It's not exactly ONLY BECAUSE of US clients, the major part is that it is an American Giant. The base currency in IBM is dollars, wherever it is. And they're losing their value. Imagine.. some 10 billion dollar profit is not what it was. even a mere 3 point change makes the difference 30 billion rupees.. (though the entire money does not come 2 india actually) Same case for other MNCs based out of India.
As for TCS & the like, Arun's theory holds good. They are THINKING of diversifying now and taking desperate measures. They are eating their hats off for making US their major centre instead of diversifying right from the beginning..
What is the point Ivanji? Should hav been in ISRO huh? :)
Yow... Edavdu eludunga..
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