ome 7,00,000 people have lost their jobs so far this year, and 5,00,000 more are likely to go in the next 2-3 months if the situation continues like this. Retail markets are declining, exports are down and there are payment problems.
—Sunil Jain, Proprietor/Exporter IC Textiles
The textile sector has been facing downturn since last year. I had a mill manufacturing cotton yarn. It was a 100 per cent export oriented unit with a turnover of Rs 120 crore. Last November I had to shut down the mill and sack 1100 workers. I have nowhere to turn to. Banks will not fund me so I can't think of restarting my business. Now things are worse. I had a staff of 150, now I just have five. I had an office of 3000 sq feet but now it is less than 1000 sq ft.
—DK Nair, Secretary General, Confederation of Indian Textile Industry (CITI)
As discussed with you, there are no layoffs at Satyam. Every year, as part of our appraisal process we identify around 5-10% of our associates in the "Performance Improvement" category and then put them through a structured Performance Improvement Program. Of these, only .5-1% of our associates are asked to leave.
Our performance appraisal process was completed recently and around 400-500 associates left Satyam on account of poor performance.
Manpower Hiring plans in wake of slow down:
Our Q2 gross addition was at 3323 which was healthier than our Q1 additions of 1918. We have revised our manpower guidance downward for FY '09 in the range of 8000 to 10000 posts considering the changes in business and volume growth prospects. Reduction in manpower guidance is also a reflection of the ease in supply environment of both campus and lateral recruits. However we had earlier provided offers for campus recruits which shall be fully honoured in the course of time. Emphasis over the next 6 to 12 months time frame towards man power recruitment shall be in nature of just in time approach.
—Srinivas Vadlamani - CFO, Satyam
The pharma sector per se has not resorted to sacking. What we at Wockhardt are doing is freezing recruitment. We are keeping hiring on hold. There were plans to create some new positions but that is on hold now since the last three months. We take 200 people every year. We are going to wait and watch for the next six months before hiring fresh.
—Habil Khorakiwala, Wockhardt
Whirlpool India's business has been progressing on a high growth path which is reflected in our improving profitability. We have been proactively prudent on our cost control and are well prepared for a slow down. Our future recruitment plans will be linked closely to our growth trajectory.
Whirlpool Corporation has announced a reduction of workforce by approximately 5000 positions by the end of 2009.
—Sanjay Singh, vice president, HR, Whirlpool of India (There were reports of 5000 being sacked)
During the last few weeks, Medium & Heavy Duty Commercial Vehicles market has been facing problems of inadequate funding and high interest costs. Consequently, market demand has come down. Taking into account the inventory in pipeline and the suppressed market demand, Ashok Leyland has decided to moderate the production plan for the next two months. This decision has also been partially influenced by the problems encountered by the suppliers as a result of power shortage in some parts of the country. Ashok Leyland's manufacturing plants, will work 3 days a week, until December 08.
The Employee Union has agreed for an arrangement by which for the non-working days, the employees will receive their full salaries so that their income is not affected. Half the number of non-working days will be treated as special leave. The remaining number of days will be 'banked' and when the market revives, employees will make up for the equivalent production loss.
—Ashok Leyland's plans to meet fall in demand (Company officials)
The auto sector is certainly not in the pink of health, given the lack of financing and high interest rates. But Tata Motors has not laid off people. Like all other auto companies in the sector, we have temporary workers who come and go.
—Tata Motors, Debashish Ray
Executives around the world overwhelmingly favor developing economies over the more established global powers such as the United States, Europe and Japan for job opportunities in today's economy.
According to our latest executive study, 64 per cent feel that Brazil, Russia, India and China (the BRIC nations) offer the best career options, compared with 22 per cent who selected the US and just nine percent who selected other developed economies such as Western Europe and Japan.
Today's leaders have to be globally aware and understand a variety of international markets, economies and cultures to support their career growth. The allure of the emerging markets presents significant career opportunities in a time of great change.
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