This is not the time to switch jobs, unless you have a compelling reason to do so. India Inc is slowing down on recruitments as the Indian economy loses steam.
Aviation, BPO and financial services, which went on a hiring spree during the economic boom, seem to have developed cold feet. Fresh recruitment in manufacturing and infrastructure has also hit a rough patch, according to industry experts.
Aviation, which is passing through a major crisis after oil prices rose to a record $145 a barrel, seem to have lost its yen for talent. Expats, who came rushing to India with the onset of low-cost airlines, have left their jobs. Retrenchment seems to be the new buzzword in the sector. Budget carrier Go Air has cut 400 jobs in the last six months. Deccan has frozen recruitment and is reviewing its business plans due to the sudden increase in jet fuel prices. "We don’t want to hire people and then lay them off as done by some airlines," said Hitesh Patel, Executive Vice-President, Kingfisher Airlines, which controls budget airline Deccan. In the next few days, employee salaries will also see a reduction.
"We are moving away from fixed costs to variable costs. Since January, we have frozen fresh recruitment and cut manpower by 30 per cent as we with-drew from several sectors," said Edgrado Badiali, CEO, Go Air Aviation training schools, which mushroomed in anticipation of the boom, are eyeing jobs for their students in the Middle East where the industry is still growing.
The story is the same in other sectors. "The slowdown in the job market is really happening. ITeS, infrastructure, industrial manufacturing, banking and BPOs that were well recruiting last year: have taken a hit," says James Agrawal, consulting director & head, BTI Consultants. Companies like IBM, TCS and Patni Computers have slashed jobs in their software and BPO operations.
1) IBM – Right now this is the most firing company for IT professionals. In the last 6 months, this company has fired nearly 20% of their employees because of BG check and "performance" issues. This is the most insecure company from an IT professionals point of view. They don’t have any strategic plans at HR policies regarding employee security. No appraisals (maximum 10%).
2) TCS – Previously it’s an government IT Company . Now a day’s TCS also becoming firing IT company. Recently they fired on 500 people.( the people below 2 years of experience) and TCS loss so
many projects recently( especially British Telecoms Projects).
3) Accenture – This is second top most firing company. The firing rate is around 5%. This depends upon outsourced projects; they have a unique system where Accenture development centers around the world bid for a project coming into the company. Currently Philippines centre is taking the cake and the Indian centers are in a firing mode.
4) WIPRO – Firing people with very frequent back ground checks and firing them without even experience letters and relieving letters (will mention as terminated from services) but will promise the employees that they will retain them. After the project is over they will fire away. Will threaten of criminal cases against such employees if they oppose the move and has also filed against some.
5) Intel – Recently joined the league. Running in heavy losses, hence firing 3000 employees in the Bangalore center in a phased out manner.
6) CTS – Has a steady firing policy (checking the Educational background and previous employment and also employee performance in work). In a Recent HCL walk-in, around 50% attendees were from this company. Sadly the I-pods have not helped them.
7 ) CSC – Excellent package but fires folks in Background check and those on bench regularly. Recently fired 400+ employees from its subsidiary Covansys.
8 ) Satyam – Currently stopped firing. The Attrition rate is very high. No firing from 2005 until now when 1000 employees were fired in Hyderabad.
9 ) Patni — They fired so many employees that currently they are facing under staffing and deficiency with number of employees. Very high attrition rate.
10 ) Keane India — This USA based company is always involved in firing employees. Although they proudly say that they don’t have hire and fire policy. Recently they fired java and as 400 professionals after which most of the employees have started to pack their bags. Employees change this company within 1 year.
— Hindustan Times