Diwala after Diwali; Corporate India cuts 30% jobs

You are Fired

Please do make sure you have not spent every penny on this Diwali. Do save some for rainy days which are not far away. Who knows when you enter your office on Monday you are shown the way back. Yes, India Incorporation has decided to cut at least 25-30% jobs. This time it has been confirmed by Assocham(Associate Chambers of Commerce and Industry).

“HR heads of these sectors have drawn up conclusive plans to curtail their workforce by 25-30 per cent, announcements for which is likely in the next 10 days or so,” Assocham president Sajjan Jindal said.

The worst hit areas would be:

IT, aviation, steel, financial services, real estate, cement and construction. It has been analyzed that these areas are no longer able to sustain the present workforce employed. Obviously, present global economic crisis is the major reason for this. Now a reminder for readers, do check my previous post where we had

Liar Liar

quoted the exact text of FM’s speech on how bright and stable Indian prospectus were amid the present crisis. Now, after Assocham’s revelations what you have to say FM??

Also the placement agencies have confirmed that demand for new recruitments have completely stopped on companies’ side. Surely the worst hit would be fresher for whom things won’t appear the way they dreamt. Also a peculiar trend seen in these lay offs has been absence of prior intimation of bad news. Everything would be well before lunch time but soon after the lunch gets over, a bolt from blue strikes you hard; that you have been fired! In some cases not even those steps would be taken. Employees would be made to work like donkey so that they quit on their own or there payments will be forestalled so that he/she gets frustrated and leaves by his own free will. All such steps are intended to prevent employees’ retaliation. After “It’s all business, nothing personal”.

More here…

i.e. dheerajsuthar.com