The firm, which has initiated a bidding process to select a strategic investor, had 47,570 employees in employee address book on January 9, two days after Ramalinga Raju had admitted to his fraud. On March 16, however, employee numbers slipped to 44,130. "We check the address book on a daily basis and saw this rapid decline over the last few days,'' a senior associate said.
Employees shared that people, whether on bench or on projects, were quitting in droves. They said that what seems like a sudden exodus is due to the frenetic job hunting activity that had started soon after Raju admitted to his fraud. "If earlier, people would get jobs within days, now it takes at least a couple of months. The spurt in the number of people leaving could be because jobs are materialising now,'' an associate said, adding that three of his team members had quit in the last one week itself.
While many on the bench in Satyam quit for fear of being laid off, irrespective of how the company's future shapes up, many working on projects have also taken the plunge, joining rival firms or even their clients for some much needed stability. "I had started looking out in January itself, after Raju made his confession. But, nothing seemed to be working out at that time. I finally bagged a good offer about ten days ago,'' said a US-based associate, who is now serving his notice period.
Observers of the development said that people moving out wasn't exactly a worrisome sign for the firm, unless of course they were involved in important projects.
Employees shared that while initially some of their colleagues had to even take a salary cut or join another firm at the same scale as in Satyam, things were looking up now. "The hike is in tune of 20 to 30 per cent,'' an associate said, adding that while he had an offer he was waiting for other firms he had applied to, to get back to him.
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