Please read SiliconIndia news
http://www.siliconindia.com/shownews/46688/1
Welcome comments.
Srinivasan
Top IT firms bracing for huge lay-offs
Date: Wednesday, September 17, 2008
Bangalore: If market guestimates are anything to go by, the latest happenings in the global financial markets can result in the loss of as many as 20,000 to 25,000 jobs in India. That means, the likes of Cognizant, TCS, Infosys, HCL, Wipro and Satyam will announce huge lay-offs over the next couple of quarters, The Times of India reported.
As the banking, financial services and insurance (BFSI) segment is the largest outsourcing vertical for Indian technology players, the space contributes up to 40 percent of the revenues for some top IT firms.
The IT industry employs around 350,000 people in the BFSI space of which the top six players alone account for 180,000 jobs, with the domain accounting for $10 billion of the total $32 billion revenues the industry posted during the last fiscal.
Now with the crisis in Wall Street, one could see a somber picture of the things to come.
"The mid-year appraisal expected in October-November will be extremely crucial. Many companies may announce large-scale job cuts," said an HR professional at a leading IT firm, on a request of anonymity.
"Many companies have already asked recruitment firms to stop hiring in the last 24 hours" says Rajiv Mehrotra, country GM of hiring firm Kelly Services India.
Avinash Vashistha, Managing Director of offshore investment advisory firm Tholons, says, "Tech providers have been witnessing a sluggish growth in the BFSI vertical in the last 12 months. The impact is big as the space has been the pioneer and largest adopter of technology."
According to Naresh Malhan, MD of talent management firm Manpower India, if the situation prolongs for six to nine months, other verticals also will begin to be hit. Even the manufacturing sector will feel the pinch.
The direct effect of the demise of Lehman Brothers and Merrill Lynch is already being felt in the Indian job market. The nearly 2,500 employees of Lehman Brothers' captives in Mumbai have been asked to look out for jobs. A firm that supplied temporary staff to the Mumbai office of Lehman said it had laid off 150 of their people.
http://www.siliconi
Welcome comments.
Srinivasan
Top IT firms bracing for huge lay-offs
Date: Wednesday, September 17, 2008
Bangalore: If market guestimates are anything to go by, the latest happenings in the global financial markets can result in the loss of as many as 20,000 to 25,000 jobs in India. That means, the likes of Cognizant, TCS, Infosys, HCL, Wipro and Satyam will announce huge lay-offs over the next couple of quarters, The Times of India reported.
As the banking, financial services and insurance (BFSI) segment is the largest outsourcing vertical for Indian technology players, the space contributes up to 40 percent of the revenues for some top IT firms.
The IT industry employs around 350,000 people in the BFSI space of which the top six players alone account for 180,000 jobs, with the domain accounting for $10 billion of the total $32 billion revenues the industry posted during the last fiscal.
Now with the crisis in Wall Street, one could see a somber picture of the things to come.
"The mid-year appraisal expected in October-November will be extremely crucial. Many companies may announce large-scale job cuts," said an HR professional at a leading IT firm, on a request of anonymity.
"Many companies have already asked recruitment firms to stop hiring in the last 24 hours" says Rajiv Mehrotra, country GM of hiring firm Kelly Services India.
Avinash Vashistha, Managing Director of offshore investment advisory firm Tholons, says, "Tech providers have been witnessing a sluggish growth in the BFSI vertical in the last 12 months. The impact is big as the space has been the pioneer and largest adopter of technology."
According to Naresh Malhan, MD of talent management firm Manpower India, if the situation prolongs for six to nine months, other verticals also will begin to be hit. Even the manufacturing sector will feel the pinch.
The direct effect of the demise of Lehman Brothers and Merrill Lynch is already being felt in the Indian job market. The nearly 2,500 employees of Lehman Brothers' captives in Mumbai have been asked to look out for jobs. A firm that supplied temporary staff to the Mumbai office of Lehman said it had laid off 150 of their people.
On Wed, Sep 17, 2008 at 2:28 PM, Tushar Jambhekar <tujams@yahoo.com > wrote:
Dear Professionals,If we take into considerations the Financial Crisis in US, the Financial markets are heavily depedent on FII's. The collapse of someone like Lehman Brothers does have a significant impact on the markets considering it was the 4th largest institutional investor.Infact it puts a big question mark on how much to trust financial results and books after all the rugulations and mandatory declaration that we saw come in Post-Enron.How it affects the job markets, well, how does the scenario become in the lucrative Financial setor now having high ranking, highly paid, experienced professionals hunting down every available job oppertunity? The more alert ones like a friend of mine decided to start the process about a month ago and today stands to move into a company which is infact offering a lower than at par renumeration.
As a matter of fact, we all are under the perception that BPO's, a sectro booming on the US economy is still unaffected by the sloow down in US. The reality is however, even some of the top BPO's are showing Book Profits while the cash flows have taken a dip.The Real Estate market in India.... it always seemed as a bubble blown out of proportions to keep up to its boom in Infrastructure Sector. A growth in infrastructure projects like Roads, Power plants, Airports cannot be treated as Real Estate. Not wvwn all malls are successful. So even though building houses will never seize, the prives will fall for sure.As for PR and Marketing Industry in India, I feel people would not like to take all that comes across in Business papres and magazinges as a validated source. Initiative will have to be more concrete and involving for investors and share holders as there might be much more hidden than what is revealed to public. In times of volatility and uncertainty, its gonna be more of factual information that can hold the people rather than perceptual images that might be built.Regards.Tushar JambhekarSenior Client ExecutivePerspectrum Consultancy
----- Original Message ----
From: Prime Point Srinivasan <prpoint@gmail.com >
To: Prpoint Group <prpoint@yahoogroups.com >
Sent: Tuesday, September 16, 2008 9:20:12 PM
Subject: [prpoint] Financial crisis at USA - How it will have an impact in India?
dear friends
I would like the members to share their views as to how the recent financial crisis in USA will have its impact in India in the following areas :
1. financial sector
2. employment opportunity
3. Real Estate
4. PR, Communication and Marketing
Srinivasan
Moderator
94440 50273
Please visit http://www.prpoint.com (for useful PR resource materials) and http://www.primepointfoundation.org (non profit trust for promotion of PR)and http://www.imageaudit.com (about Image Audit)and http://www.indiavision2020.org (on India Vision)
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
.
__,_._,___
No comments:
Post a Comment