TCS asks its employees to leave....

Following the poor performance in the last quarter and then the salary cut (though only a part of the variant in the pay package), now TCS has asked its employees, who were not able to perform as expected, to resign and leave the company.

TCS has asked 400 employees, who have under 2 years of experience, to resign, reports NDTV Profit. The company says it is a part of the annual performance driven exercise. The TCS stock is trading at Rs 954, down 2.3% on the BSE.

"Those who cannot meet the performance requirements of our company are asked to look for another job commensurate with their abilities," a spokesman for Mumbai-headquartered Tata Consultancy told Reuters.

"This (financial) year so far about 500 people have resigned voluntarily."

Some news HERE and HERE.

whatever reason it could be, such moves will only create fear among the TCS employees and of course a bad impression in their name. Instead of such sudden surprises, TCS shouldn't have recruited so many people in recent times and asked them to just sit in bench for months.

TCS cuts staff salaries...!!!!!

One of the leading Indian Software Company Tata Consulting Services (TCS) has announce some small salary cut for its employees based upon its moderate performance in the last quarter.

... is the time nearing in 2008 [:-(]




few quotes:

"A top company official confirmed the move while stock market analysts said TCS is sending signals that revenue growth has not met internal targets and employees can’t expect a big wage increase this year. "

"The cut is small and is unlikely to attract a howl of protests, but employees will get the message that all is not well with the sector. Instead of giving them a shock at the time of annual salary review, the management has sought to lower their expectations of wage inflation through this small cut"

"After years of heady growth, India’s outsourcing industry is facing the prospect of a slowdown due to US economic worries triggered by the sub prime mortgage crisis. Major clients may cut back their spending on technology and postpone up gradation. "

"A recruitment expert said a move by any of the top three software companies to temper variable pay would be quickly followed by smaller companies."

Detail Article HERE

keywords:

Indian Software industry setback, TCS cuts employees Salary, TCS Employees, US Economy, Indian Economy, TCS Quarter Results