The Cat is Out of the Bag

The beloved Satyam company is in news again! Yes, this time, it is about redundant employees. Everybody knows that Tech Mahindra had acquired Satyam company (bought a majority share at a whopping 20.99 billion INR). At the time of acquisition, like every new acquirer, Tech Mahindra has said that the company won't lay off employees. They want the talent to grow in their acquired company, Tech Mahindra declared. The Satyam employees were also happy regarding the Tech Mahindra's acquisition of Satyam because the former is an Indian company, which is capable of understanding Indian employee sentiments.

However, it seems that all these mutual understandings had gone in vain. Now, though the company is not talking about the lay offs directly but its statements are indicating something like that and the number of employees that are going to be effected is approximately 1/4th of the existing Satyam staff. If this number of talented employees comes in to the job market during this recession time, just imagine the period during which they can get a new job that suits their talent and perks. How long will it take the existing job market to absorb this huge talent figure? As per this blog estimate, it will nearly take at least 1 year if all other things remain status quo.

India has started feeling the recession heat since 2009 February. Although the whole world has started feeling the recession heat since 2008 October, India could able to stay away from the recession heat due to the monetary and fiscal policies adapted by the country. Regarding the domestic job market, the country has been announcing stupendous financial support time-by-time to boost the domestic demand so that it can save millions of domestic jobs. However, the IT sector and its related job market, which is mainly dependent on the outsourced projects, are at the mercy of the revival of the world economy. One can see hope rising in the IT sector only the day when the American economy bounces back.

Until then, the IT sector journeys in the dark only!