[snaronikar]

Good for me that I'am not working for a IT Company.

[HappyWheels]

Originally Posted by madan80

...I dont remember which company it was- since it was doing badly - all the top people took pay cuts instead of laying off employees. Man, thats something.

Originally Posted by akroy

I think it was SASKEN, it happened during the post 9/11 slowdown in 2002

And also a company called MindTree, the top management took the beating. This made all the others even more dedicated! I guess it was a good people binding move!

And Sonata Software (an Indian IT firm, not related to either Hyundai Sonata nor Sonata watches! ) - salary cut across organization - no layoffs!

[spadival]

Originally Posted by deetee

No it was not announced earlier(not even on internal site).Also they did not specify how they arrived at the particular(individual) figure of cut-thats for the transparency part.

Time for you to write a mail to Maha .. no guarantees that he will respond though.

[motorheadinc]

Originally Posted by snaronikar

Good for me that I'am not working for a IT Company.

And I always thought that everyone in bangalore worked for one or the other IT company......

Jokes aside all this is being attributed to the strengthening of Rupee against $$$$.

Due to this the profits have taken a beating of around 10-12%.

Hope they do the cuts across the organisation and don't lay off manpower

[BlackPearl]

Originally Posted by deetee

No it was not announced earlier(not even on internal site).Also they did not specify how they arrived at the particular(individual) figure of cut-thats for the transparency part.

just have spoken to my HR..seems they too are wondering what happened to earlier two quarters of EVA targets- but everyone is accepting it like that- too busy to brood hard over it.

me too losing Rs. 7020 in the next two months :-(

[deetee]

Originally Posted by BlackPearl

me too losing Rs. 7020 in the next two months :-(

i got a companion here.. blackpearl lets use the mail id given in the letter and ask why was it not altered in earlier two quarters( probably we will see the answer only in FAQ section next year :-) )

[finneyp]

Surprising that IT majors like Infy, TCS are resorting to such salary cuts when they are signing mega deals almost every month, agree they are taking some hit coz of the dollar depreciation but that they have enough reserves to take care of that minor hit, rather than using it as a disguise to cut their employee's salary!

[spadival]

Originally Posted by BlackPearl

me too losing Rs. 7020 in the next two months :-(

Thats quite a huge amount and doesn't look like a 1.5% cut. I guess the 1.5 % figure is just for media's consumption.

Finnyp, I remember everyone (at least the middle and lower level) getting a salary cut as a reward when TCS reached $1 billion in revenues and announced this to world in a mega press conference. All these announcements are for the media's/shareholders benefit. Anyway, no wonder I left TCS when all this nonsense about EVA started.

[dadu]

Let me rephrase it a bit,

Surprisingly only Indian IT majors are resorting to these measures (salary cuts, increased working hours/ days, No bonuses) which Include HCL, Infosys, TCS and Wipro.

They have done it time and now and they are resorting to the same tactics this time too.

I still have to hear these things from IT MNC majors.

Originally Posted by finneyp

Surprising that IT majors like Infy, TCS are resorting to such salary cuts when they are signing mega deals almost every month, agree they are taking some hit coz of the dollar depreciation but that they have enough reserves to take care of that minor hit, rather than using it as a disguise to cut their employee's salary!

[greenhorn]

Originally Posted by finneyp

Surprising that IT majors like Infy, TCS are resorting to such salary cuts when they are signing mega deals almost every month, agree they are taking some hit coz of the dollar depreciation but that they have enough reserves to take care of that minor hit, rather than using it as a disguise to cut their employee's salary!

Its not enough if they get a cozy profit. They need cash to push their grandiose growth figures. I'm not sure how long they'll do this. Oh well, let them bring as much cash as possible to the indian economy. At least we can all invest in real estate , and live off squeezing the IT folk for rent

[BlackPearl]

Originally Posted by spadival

Thats quite a huge amount and doesn't look like a 1.5% cut. I guess the 1.5 % figure is just for media's consumption.

its 29.25% of my monthly VA

Finnyp, I remember everyone (at least the middle and lower level) getting a salary cut as a reward when TCS reached $1 billion in revenues and announced this to world in a mega press conference.

yes, this was most probably in 2001 as I have heard from my seniors.

I have a hunch that all this money is going towards fulfilling somebody's dream project. morover its a known fact that TATA MOTORS' losses are bourne by TCS .

[benbsb29]

Originally Posted by dadu

Let me rephrase it a bit,

Surprisingly only Indian IT majors are resorting to these measures (salary cuts, increased working hours/ days, No bonuses) which Include HCL, Infosys, TCS and Wipro.

Based on what i know, Infy has not sent out any mails or intimation to this effect. As of right now, its just TCS who have done so. Among the Indian IT companies, i would say Infy takes my vote for being more employee friendly. This coming from an ex-Infoscion.

[deetee]

Originally Posted by BlackPearl

i
I have a hunch that all this money is going towards fulfilling somebody's dream project. morover its a known fact that TATA MOTORS' losses are bourne by TCS .

may be then tcs employees should be given indicas at 1.5% of the Ex-showroom value.

[spadival]

Originally Posted by deetee

may be then tcs employees should be given indicas at 1.5% of the Ex-showroom value.

OT: Back in 2000, We had a nice time laughing at our seniors who got Indica trucks on company lease.. Those V1 Indicas were all base models, without body coloured bumpers and I suspect even power steering .. not to mention the number of problems those early Indicas had.

So.. think before you wish for anything!!

[Samurai]

Originally Posted by BlackPearl

I have a hunch that all this money is going towards fulfilling somebody's dream project. morover its a known fact that TATA MOTORS' losses are bourne by TCS .

Isn't TCS now a publicly traded company? They can't transfer losses across companies like that.

Originally Posted by finneyp

Surprising that IT majors like Infy, TCS are resorting to such salary cuts when they are signing mega deals almost every month, agree they are taking some hit coz of the dollar depreciation but that they have enough reserves to take care of that minor hit, rather than using it as a disguise to cut their employee's salary!

That's what I thought when I worked for TCS in the 90s. But now that I am on the other side (management), I think differently.

Any company, if their revenue goes down and they don't take quick action to reduce their fixed costs, they will be few months away from bankruptcy. This effect is more on bigger companies since their fixed costs are very high. Don't think large companies can withstand 10-15% reduction in revenue due to dollar slump. They have to drastically reduce spending to survive, and salaries are usually the biggest expense for most companies.