10,000 Satyam employees may lose their jobs

Hyderabad, Jan 8: Just a day after B Ramalinga Raju dropped the fraud bombshell leaving the IT sectors and its employees in panic, a new piece of shock is awaiting Satyam employees. According to a recruitment firm on Thursday, Jan 8 Satyam Computers may lay off over 10,000 employees in next month.

"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 per cent due to the surplus of about 20,000 people in the jobs market," Headhunters India CEO Kris Lakshmikanth said.

After Ramalinga Raju resigned almost half of Satyam"s 53,000-plus employees had uploaded their resumes on job portals naukri.com and monster.com. “We have been monitoring the popular jobsites and, at last count, 25,000 resumes of Satyam employees had been uploaded. While some of these employees will be hired by Satyam"s customers, which will be possible through the 'right to hire clause" in customer contracts, those on the bench have no prospects at all," said C S Chandramouli, director, advisory services, Zinnov Management Consulting.

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. Yesterday, in one hour we have seen over 800 hits (no of people visiting the site) from Hyderabad. People have been enquiries on how the union can help them," Shekhar added.

OneIndia News (With inputs from Agencies)