Thiruvananthapuram, Friday, October 31, 2008: In a stark acknowledgment of the tough times ahead, many companies in Technopark has started the lay off process. It is reported that, one of the most reputed software companies in Technopark IBS software started layoff last week and till now they gave pink slip to a dozen of employees. According to sources, the company called them personally and communicated about the layoff, and they will be given 2 months of salary as compensation.
But the management of the company has denied the reports that the job cuts took place because of Global recession and said the action came after the review of annual performance report.
- By KOL News , Written on October 31, 2008
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We can expect more such new in future… So SAD
Due to the market crash … It will be more & more in coming future … No Job Security in IT field now a days … Even in Top MNC companies like IBM, Wipro …
Sacking a dozen employees by a big firm like IBS may not really be layoff. Layoffs come in hundreds. These 12 are quite likely bottom-dwellers and covering up their loss of job as layoff.
Having said all that, expect tens of thousands of layoffs in the IT sector over the next year or so.
The situation is more horrific than we can imagine, much worse than the 2000/01 recession.
Hey Manoj..
Watch Television !!! Hundreds are being layed out… They are not poor performers Mind you !!!
this is too bad
IBS had done this before also, in 2001 they hired fresh engg graduates from campus, collected Rs. 50000 from each candidate for their training and layed off more than 90% of them after interview.
Hope the kerala govt will pitch into this matter and take strong steps.
Joseph from Brisbane
so bad……..don (pakada muskil nahee hai)
Kerala Govt should be neutral. IT is a global industry, let Kerala labour minister focus on indigenous sectors’ workers as in coir, cashew, plantation etc Or else give a bail-out package to the loss making IT company to retain its surplus workers. Another Dotcom busting. Airlines yet another one. Engineers be confident of your capabilities and steer into new venues leaving aside bubbles. Happy Journey…
what does the govenment have with Private sector IT jobs ?
Any sunrise industry would have ups and downs.. The key it so save when you earn and be equipped in competencies during downtimes.
This was bound to happen……….
The unnatural weight in pay package to these fresh graduates in last 3-4 years was to result in same unnatural death……..
Nature has its own cycle and those who defy has to pay back……
These young guys were earning 4-10 times more than what their parents are earning after 20-25 years of service……
Why a state govt now complain or make enquiry, why not they enquired when these people were given unnatural high pay package. Why not it was stopped then, and employers were forced to pay only half as salary and rest half for future security.
And why not an employee of IT industry or technopark consider, what was paid to him/her in last 3 years was half for his/her capability/qualification and half for future job security, and make themself sustain without salary for next 3 years.
Who has said to these 25-30 years young people to invest in apartments, luxury cars and credit-card based life-style. Did their parent at that age did the same thing….If not why complain dears….when you earned unnatural….nature has to do balance act…
I know its tough, but a good teaching not to go (demand) against nature law.
sins??
whats ur problem? IT employees were not robbing banks. They are highly skilled workers and are bound to be paid high…
IT field job is not a 9-6 job..me being one of them know it better.. there are days when u work continuously for 48+ hrs in a stretch all in the name of meeting deadlines..Thats why they pay us in that way.. And we have to earn what we can now because IT is very much like fashion industry.. U can earn heavy only when u are young.. get old, and u wont be in demand..So this is our time to earn.. Just because our parents did not earn what we do, does it mean we should not earn too? whats ur logic? Son of clerk should be clerk, and son of waiter should be waiter. is it?
Well said, sins! One cannot live a life on debt. I wish the Govt had taken steps initially to curb such free flow of loans
those guys might be getting 2-3 times more salary, but in ibs they work 22 hours most of the days!
Unlike other metros Kerala’s sacked IT professionals very little space to stretch their job-hunting. That is worrisome. More bad news for the job market of all those dreaming who were IT jobs in the engg coleges that mushroomed in the state.
its survival of the fittest, guys just believe in your abilities and just wade out this downturn. IT is just like any other industry and will have its share of ups and downs, sad that a few of them took this growth for granted. besides government intervention is never good, it may set off a bad precedence.
Today KK has a front-page story of the shattered dreams of the IT guys in Tvm. With glamour and fat pay they rocked; the agony of the sacked-those already married, just married, and waiting marriage etc all categories of young work force is in a shock. Lack of honour, livelihood and money too.
The salary levels of IT personnel should be brought down to realistic figures, consistent with what Engineering graduates get in other fields. Otherwise, India will soon be unable to compete with other countries.
make hay while sun shines up and down
This is not philosophies that run companies.companies take people who can make money for them.you get only a share of what you earn for your company as salary.it is balanced my demand and supply.when your skills are in demand you get paid proportional to it .so make your highest bid for salaries while you can . This is valid for every industry
getting skills upgraded to matching the modern age and being able to compete in global industry makes the IT industry a pay high industry.One cannot say I have a degree in mechanical engineering, I work in a screw manufacturing company as a supervisor I want to be paid like IT.it does not make sense .IF you are engineers who feel you are not paid good,nor if you are not in demand upgrade ur skills ,match up global trends,take risks.Act like people you say you are after your B tech degree.high rewards comes only with great pain dude