Humpty dumpty had a great fall !! 8 weeks after the big bang announcement by banks in US that recession has finally descended on the globe, Indiann IT firms are yet to bat their eyelids. I am not sure if this is another lull in the storm or that Indian firms have really grown in resilience over the years to take a blow of this magnitude and still do business as usual.
Though all IT firms have announced cautious spend cuts, not one has made a move hinting job cuts and pink slip disbursements. The top 3 IT firms in India have a significant BFSI (Banks and Financial Services Institutions) exposure in US and Europe. That surprises me beacuse if anybody anticipates this recession to dissipate soon, I would disgree 100%. It would be atleast a year or two before we have normalcy restored. So when companies are in for the long haul in a recession like this that can raise eyebrows.
Atleast, I have heard rumors of Infosys announcing options to its employees to go on a 1 year holiday wherein they need to serve NGOs (non govermental organisations) and still take home 50% of their pay. That's something to cheer about during hard times like these !!
Though all IT firms have announced cautious spend cuts, not one has made a move hinting job cuts and pink slip disbursements. The top 3 IT firms in India have a significant BFSI (Banks and Financial Services Institutions) exposure in US and Europe. That surprises me beacuse if anybody anticipates this recession to dissipate soon, I would disgree 100%. It would be atleast a year or two before we have normalcy restored. So when companies are in for the long haul in a recession like this that can raise eyebrows.
Atleast, I have heard rumors of Infosys announcing options to its employees to go on a 1 year holiday wherein they need to serve NGOs (non govermental organisations) and still take home 50% of their pay. That's something to cheer about during hard times like these !!
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