Wednesday, January 7, 2009

Satyam's woes deepen, 120 employees resign

Satyam, it certainly seems, has nothing going in its favour, with even its employees turning their back on the once famous IT major.
NDTV learnt from sources that hundreds of its employees have quit and many more are ready to follow suit.

A company statement dated December 31, 2008 read, “Please be assured that the board and the leadership team are doing everything possible to get Satyam back on track.

Another one dated January 1, 2009 read, “Let us not allow the past two weeks to cloud an entire calendar year of successes.”

But all in vain!
Even such desperate measures by a desperate management seem to have failed to arrest the exit of more than 120 employees at the controversy ridden Satyam.

Sources told NDTV that at least 120 of Satyam's employees from the lower and middle rung management have resigned after the Satyam-Maytas fiasco broke out and as many as 100 more, including the senior level management, are waiting to take a decision after the board meeting expected to take place on January 10.

The biggest uncertainty is apparently amongst the software development and BPO divisions.

However, when contacted Satyam said that 100’s a number, which is very diminutive and that such things happens very often, so aren’t indicative of recent events.
For a company with over 50,000 employees, such a number of more than 120 employees leaving may not sound very big.
But the job consulting firms say that in a bad market this number could be significant and that too because HR firms have received job enquiries from as many as 150-200 employees of Satyam, including some calls being made from the top management.

It’s clear that Satyam is not just facing the ire of investors but now, it is the low morale of employees including executive management who are on the look out.
Hence, Satyam's challenge is growing by the day and calls for an innovative strategy to restore the confidence of investors, employees as well as clients within a week’s time.

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