Infosys dismisses reports of massive layoff in IT industry

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Bangalore, Feb 20 (UNI) IT major Infosys today dismissed reports that export-driven IT companies will resort to large scale layoff, following reports of slowdown of the US economy.

Talking to reporters, on the sidelines of global launch of 'Finacle 10', a new version of core banking software here, Infosys Board Member and Human Resource Head T V Mohandas Pai said all companies undertake appraisals of its employees twice every year and identify the people who do not perform up to the expectations.

He said if the underperformers do not improve even after extra training then there will be a 'separation' or 'parting of ways'.

''This is no way a layoff. I think the media has created the reports that slowing down of the US economy has caused this and people have become more sensitive to it,'' he said.

Mr Pai said the industry will hire 4.3 lakh people this fiscal and by this fiscal end the IT industry will have two million people on its rolls.

He said the number of underperformers, being relieved, was 'very very small'.

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