Tech Inc spares the axe to ready staff for future as benches fill up
Having been caught off-guard by the severe economic downturn in 2008 and 2009, many Indian IT companies ended up with large bench strengths and resorted to layoffs with no back-up strategy. But this time, organisations are engaging much more in reskilling many of their employees to be in line with market requirements.
“Bulk layoff is a rarity and the last resort for any company. Currently layoffs are definitely happening across companies, but more selective than last year. Companies do not admit when they let people go. They try to keep it under wraps,” says Ronesh Puri, managing director, Executive Access, a head-hunting firm.
Sangeeta Lala, senior vice-president, sourcing, TeamLease Services, points out that there is no mass layoff happening yet. “We have not seen IT companies taking steps to lay off employees in large numbers. However, it is a difficult time as the visibility on future business is very low. During tough times companies become much stricter and far less patient. Difficult decisions are taken sooner. If earlier a quarter was allotted to employees who were not performing, now it is just
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