Satyam to go ahead with hiring, to relax bond clause

HYDERABAD: Even as Satyam Computer has embarked on a cost rationalisation exercise, the company said it will continue to hire people during this

quarter as and when required.

"We will continue to hire during the quarter. However, most of the hirings will be based on the immediate need and requirement of the company. We will not go for large-scale hirings," a source in the thick of things told PTI.

Further, the company added that it would take a more "humane approach" towards its entry-level employees.

Satyam would waive the invocation of bank guarantee of Rs 2 lakh submitted by the entry-level trainee programmers (ELTPs) before joining Satyam.

"We don't want to throw the rule book on our associates. They have been with us during the tough times and have been the victim of circumstances. Under the present situation, we propose to give full waiver if they want to leave the organisation," the person added.

When freshers join Satyam, they are required to deposit Rs 2 lakh with the State Bank of India, so that the latter can issue a bank guarantee to the IT company.

If an employee breaks the contract and leaves before the stipulated two years, the guarantee is revoked and the amount is forfeited to Satyam. Once they complete two years of service, the bond ceases to exist.

However, it could not be ascertained as to how many Satyam employees are still in their bond period.

The source further added that the company was looking at rationalising employees and move the non-billable employees to billable roles in order to avert huge layoffs in the days ahead.

 

Sources:-

By Economic times

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