Thursday, December 25, 2008

Parents choose career for your ward carefully

Parents choose career for your ward carefully

Over 50,000 IT and BPO professionals in the country may lose their jobs over the next six months as the situation in the sector is expected to worsen due to the impact of global economic meltdown on the export-driven industry.

The job loss in the IT and BPO sector in the country topped 10,000 in the September-December 2008 period. While the employees of medium-sized companies bore the brunt of job losses in the September-December 2008 period, their counterparts in the big and small firms would increasingly face the axe in the coming six months. The companies in trouble may initially resort to salary and incentive cuts, rather than adopting the "layoff path". The benefits may be restored to the performing employees willing to take such cuts for 12-16 months till the demand picks up again.The bottom five percent of the performers may face the heat of job cuts. The sources in US and UK suggest that slowdown would continue to hit the offshore sourcing space. The factors like continued slowdown, likely "tax application" to companies outsourcing jobs under the new US regime and tightening in regard to H1B visas were among the key reasons cited for the acceleration in issue of pink slips. Source PTI, 25 December 2008

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