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December 16, 2008 Mumbai: The pink slip saga triggered by the economic slowdown has gulped 900 employees of Mahindra and Mahindra (M&M) worldwide in the current fiscal. Moreover, even the Sweden based home appliance maker Electrolux will be slashing more than 3,000 jobs globally amid an abrupt downturn in business.
Announcing the move, the Swedish firm warned its 2008 results would fall short of expectations as the demand for appliances in Europe and North America had declined considerably in the last two weeks of November and so far in December. As a result the process of restructuring its business to reduce production costs, moving factories to countries where labor is cheaper, which will lead to further job losses in the company.
Revealing about the M&M layoffs, Rajeev Dubey, President (HR, after-market and corporate services) said, "Of the total 75,000 employees, the group has laid off 900 employees of which 600 are based outside India. But the lay-offs which have happened are largely in units that have not been doing well." Moreover, the company doesnot have a hiring plan. Dubey pinpoints that some businesses that are on the growth path and are also hiring, whereas other businesses that are standing still are not hiring anymore.
Source:
http://www.siliconindia.com/shownews/MM_and_Electrolux_to_slash_jobs-nid-49998.h
Announcing the move, the Swedish firm warned its 2008 results would fall short of expectations as the demand for appliances in Europe and North America had declined considerably in the last two weeks of November and so far in December. As a result the process of restructuring its business to reduce production costs, moving factories to countries where labor is cheaper, which will lead to further job losses in the company.
Revealing about the M&M layoffs, Rajeev Dubey, President (HR, after-market and corporate services) said, "Of the total 75,000 employees, the group has laid off 900 employees of which 600 are based outside India. But the lay-offs which have happened are largely in units that have not been doing well." Moreover, the company doesnot have a hiring plan. Dubey pinpoints that some businesses that are on the growth path and are also hiring, whereas other businesses that are standing still are not hiring anymore.
Source:
http://www.siliconindia.com/shownews/MM_and_Electrolux_to_slash_jobs-nid-49998.h
