The Satyam fiasco has drawn the attention of the entire world towards India. Even as the IT major begins damage control after its chairman admitted to financial irregularities in the company, the future of 53,000 employees of the company appears to be uncertain.
While placement firms and recruitment agencies are being flooded with resumes from Satyam employees, the news that many IT companies have blocked their, has sent shivers down their spine with an uncertain future before them.
You come across any Satyam staff, uncertainty and frustration is writ large on his/her face. When you talk to them, the low tone speaks of the anger against the company and the pain of not knowing where the future lies. The top management of Satyam might be speaking of staying united and ensuring business continuity, but the 50,000 plus workers, who have struggled to build the company all these years, scream at the word unity. “We are are left alone today,” is what they are feeling.
With huge EMIs on housing loans, car loans, etc., on their heads, a majority of employees are fearing the worst in the coming days. As though the fear of layoffs and salary cuts in the present situation of economic meltdown was not enough, this incident has come as a bolt from the blue for Satyam employees.
Ultimately, now who will bell the cat! Let's wish luck and good times ahead for all the Satyam employees.
Friday, January 9, 2009
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2 comments:
well to rub salt on the wound, they have decided to withhold salaries for 2 months. may be looking for a sell out. to my mind this is just a bubble, may be many more to come. this brings the focus back on clean corporate governance. lack of accountability and lax regulatory network also needs to be looked into. all said there is no need to panic, but time to be vigilant.
Oh! It's sad that they have announced salary cuts. Well, as u have rightly said, it's time to be vigilant.
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