As the Satyam fiasco started, by last Friday (Jan 10) 20,000 resumes had been posted on the net, according to one source. In fact other Indian companies are making a bee-line for the resources of Satyam – specially who owned accounts or large projects and they are in the process of usurping projects.
According to another website, last week, 40,000 people were laid off from various companies.
– Circuit City Stores is liquidating and taking 30,000 jobs along for the ride
– Hertz Global Holdings Inc. (NYSE: HTZ) is eliminating 4,000 jobs worldwide due to a drop in travel demand.
– WellPoint (NYSE: WLP) the second-largest U.S. health insurer, will end 1,500 jobs, which include 600 workers and 900 open positions.
– Clear Channel (NYSE: CCO) — the largest U.S. radio broadcaster — will lay off 1,500 employees on January 20.
– Conoco Phillips (NYSE: COP) the second-largest U.S. refiner, announced that it plans to cut 4 percent of its workforce, or about 1,350 jobs.
– Advanced Micro (NASDAQ: AMD) the second-largest producer of personal-computer processors will eliminate 1,100 jobs by the end of the first quarter.
– General Electric Co.’s (NYSE: GE) finance arm may cut 7,500 to 11,000 jobs, or at least 10 percent of its workforce, because of the financial crisis.
Very soon, there will be more supply and less demand. In consulting, for example, the issue is not that the companies can’t compete, but there are no projects to compete for as the clients cut back on spending!
Like a former Project Director I know said – Our sales guys are saying its best to be in delivery right now as sales are drying up. He himself is now doing hand on configuration, a year and a half back he led a practice with at least 30 people doing what he is doing now!
Once a very wise man told me – that when the storm comes, the trees which are flexible and bend survive. Those that want to stand tall, break off. Now, maybe a good time to remember that!
1. 40,000 jobs lost in one day as deflation’s vicious cycle accelerates
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