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Satyam may layoff 10,000: Headhunters

Satyam may layoff 10,000: Headhunters
PTI
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First Published: Thu, Jan 08 2009. 08 49 PM IST
Updated: Thu, Jan 08 2009. 08 49 PM IST
New Delhi: With a big questions mark on its cash position and a minimum outgo on salary estimated at Rs500 crore a month, Satyam may lay off over 10,000 employees next month, says a recruitment firm.
“It is most likely that Satyam will cut 10,000 jobs next month as the company is left with no cash to pay the salaries. The current fiasco is likely to put pressure on salaries, which may reduce by 10% due to the surplus of about 20,000 people in the jobs market,” Headhunters India CEO Kris Lakshmikanth said.
Satyam’s interim CEO Ram Mynampati while admitting that the cash position is not encouraging, the company, however, has taken care of salary for December.
Lakshmikanth said till Tuesday evening there were about 7,800 people from the company who had posted their resumes on job sites and by Wednesday afternoon, it has gone up to 14,000.
The uncertainty about jobs is killingly painful for the 53,000 employees of Satyam, especially when the industry is going slow on recruitment.
Further, possibility of a takeover too looks distant as the accounting fraud done by the company would make it difficult for any firm to evaluate its correct market value, which is compounding the worries of the employees.
IT-BPO union Unites Professionals general secretary Karthik Shekhar said, “In case of any lay off at Satyam, we may take legal action.”
“We have received over 7,000 hits since the news break. On Wednesday, in one hour we have seen over 800 hits (no of people visiting the site) from Hyderabad. People have been enquiring on how the union can help them,” Shekhar added.
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First Published: Thu, Jan 08 2009. 08 49 PM IST
More Topics: Satyam | Layoffs | Jobs | Employees | IT |