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Black Wednesday for 54,000 Satyam staff across globe
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Black Wednesday for 54,000 Satyam staff across globe
Nearly 54,000 employees work for Satyam and its subsidiaries. Shock and disbelief was written large on the faces of many of them at the IT firm’s offices in Hyderabad and Secunderabad on Wednesday.
As news of chairman Ramalinga Raju’s resignation and admittance of exaggerated profits trickled in, a pall of gloom descended on Info City, the company’s corporate office in Hyderabad’s High Tech City.
With Satyam’s shares also tumbling dramatically over the day, most employees were also fearful of losing their jobs, though they would not admit it.
“ We are not in a position to say anything,” said a software engineer who has been working for four years with the firm. “ We came to know about it only through the media.” “ Everything is in chaos right now,” said another. “ We are still watching the developments and waiting for our chairman’s statement.” For many, the fact that their boss’s omissions and commissions had led to the mother of all Indian IT scandals was just too hard to digest.
“ Ups and downs are a part of business. But something seems to have gone terribly wrong this time,” said one engineer, hoping that the new chief would help recreate confidence among the employees.
Another employee from Warangal feared for trainees and people in line to be inducted. “ I don’t think we face a job threat right away, but those who are on the bench are unlikely to get jobs now,” he said.
Shankar, a nearby tea stall owner, measured the fall in Satyam’s fortunes by the drop in his daily sale. He normally sells 300 cups in a day. On Wednesday, that came down to just about 200.
“This whole week has been bad for me. Until last year, I used to earn Rs 4,000 a day, but it has fallen to just Rs 3,000 since January 1,” he said.
The mood was equally glum at Cyber Space, another Satyam office. But some could still pick positives out of the situation.
“We hope we won’t face any immediate impact. The major companies that entrusted work to us won’t back out now,” said Narasimha Reddy, who has been with the firm for five years.
Source:
http://indiatoday.digitaltoday.in/index.php?option=com_content&task=view&id=2469
As news of chairman Ramalinga Raju’s resignation and admittance of exaggerated profits trickled in, a pall of gloom descended on Info City, the company’s corporate office in Hyderabad’s High Tech City.
With Satyam’s shares also tumbling dramatically over the day, most employees were also fearful of losing their jobs, though they would not admit it.
“ We are not in a position to say anything,” said a software engineer who has been working for four years with the firm. “ We came to know about it only through the media.” “ Everything is in chaos right now,” said another. “ We are still watching the developments and waiting for our chairman’s statement.” For many, the fact that their boss’s omissions and commissions had led to the mother of all Indian IT scandals was just too hard to digest.
“ Ups and downs are a part of business. But something seems to have gone terribly wrong this time,” said one engineer, hoping that the new chief would help recreate confidence among the employees.
Another employee from Warangal feared for trainees and people in line to be inducted. “ I don’t think we face a job threat right away, but those who are on the bench are unlikely to get jobs now,” he said.
Shankar, a nearby tea stall owner, measured the fall in Satyam’s fortunes by the drop in his daily sale. He normally sells 300 cups in a day. On Wednesday, that came down to just about 200.
“This whole week has been bad for me. Until last year, I used to earn Rs 4,000 a day, but it has fallen to just Rs 3,000 since January 1,” he said.
The mood was equally glum at Cyber Space, another Satyam office. But some could still pick positives out of the situation.
“We hope we won’t face any immediate impact. The major companies that entrusted work to us won’t back out now,” said Narasimha Reddy, who has been with the firm for five years.
Source:
http://indiatoday.digitaltoday.in/index.php?option=com_content&task=view&id=2469
