The head of the company that acquired troubled Indian IT supplier Satyam has strongly hinted of swingeing job cuts...
According to Reuters, Tech Mahindra chief executive, Vineet Nayyar, said today that Satyam has an excess of 10,000 workers.
Satyam chairman B Ramalinga Raju admitted in January that he had fiddled the company's books for several years. The revelation came in a letter to the company, in which Raju offered his resignation and confessed to inflating the company's financial figures.
Within a day of news breaking about the fraud at Satyam in early January,more than 14,000 Satyam workers put their CVs on the web, according to Kris Lakshmikanth, CEO at Indian recruitment firm The Head Hunters India.
Lakshmikanth said at the time that he expected more than 10,000 people to be laid off by Satyam.
He said20% to 25% of Satyam's workers are what are known as "bench workers" who are paid a retainer but come on board fully for particular projects. "If Satyam does not have the money to pay permanent staff how will it pay people on the bench?"