10,900 Satyam resumes float on job portals
By
Shoukath Kodubally
Bangalore: Employees in the troubled Satyam computers have lost trust in their company. Now many are experiencing the same feeling of a current fresh graduate, as majority of its employees are now in search of their bread and butter. As per an analysis by Siliconindia, 10,900 satyam employees have posted their resumes on the top job portals since one month, where in Satyam showing signs of trouble.
In the last one month only 7,258 resumes were posted by the employees in one of the major job portals. During the last one week, followed by the resignation of independent directors, about 4,714 employees have posted their resumes on the job portals. Shockingly, last three days major job sites have received over 1220 resumes from employees and still the number seems to be increasing.
The shaky Satyam has witnessed the exits of well known Independent Directors - Mendu Rammohan Rao, Mangalam Srinivasan, Vinod K. Dham and Krishna G. Palepu. The resignation of the company's Founder and Chairman B. Ramalinga Raju is worsening the crisis further and more and more employees are expected to post their resumes in career sites.
The employees have already begun to approach the recruitment firms also. "We have got a number of calls in the past few days from people in the Vice-President, Senior Vice-President level and above, looking for other options," Kris Lakshmikanth, Chief Executive Officer of Bangalore-based Head Hunters India told Financial Express last week.
Concerned over the fate of the company, 120 employees have resigned their job in Satyam in the last three days.
Earlier the company decided to give pink slips to nine percent of its total 51,000 employees in September. However the current situation is aggravating to loose the confidence of the current employees in Satyam.
In the last one month only 7,258 resumes were posted by the employees in one of the major job portals. During the last one week, followed by the resignation of independent directors, about 4,714 employees have posted their resumes on the job portals. Shockingly, last three days major job sites have received over 1220 resumes from employees and still the number seems to be increasing.
The shaky Satyam has witnessed the exits of well known Independent Directors - Mendu Rammohan Rao, Mangalam Srinivasan, Vinod K. Dham and Krishna G. Palepu. The resignation of the company's Founder and Chairman B. Ramalinga Raju is worsening the crisis further and more and more employees are expected to post their resumes in career sites.
The employees have already begun to approach the recruitment firms also. "We have got a number of calls in the past few days from people in the Vice-President, Senior Vice-President level and above, looking for other options," Kris Lakshmikanth, Chief Executive Officer of Bangalore-based Head Hunters India told Financial Express last week.
Concerned over the fate of the company, 120 employees have resigned their job in Satyam in the last three days.
Earlier the company decided to give pink slips to nine percent of its total 51,000 employees in September. However the current situation is aggravating to loose the confidence of the current employees in Satyam.
Reader's comments(11)
1: Forget about satyam, i really admire the
talent of this HR guy Aravind D who has
posted a job opening for SQA in this comment
area , wow man you are the kind of guy who
would light a cigar when the house is
burning....
Posted by: Rambo - 08 Jan, 2009
2: In a country where some children still go to
bed hungry, and the hard working, honest
people are getting poorer by the day, it is a
disgrace that people such as the award
winning satyam founder are born.
Posted by: vijay pisharody - 08 Jan, 2009
3: Over All it is Show the weak mind Handled
People's Organization who only thing to make
money
Posted by: Ran - 08 Jan, 2009
4: let me tell the people onething we knew about
this issue only when satyam himself reavealed
the status of the company,if he is in a
position to cover the hole as he said,u
wouldn't get a clue of this.one would say
this as an accounting manipulation,this cant
be done by just one individual it's an group
effort so everyone should come under
jurisdiction including the internel and
externel auditors.let's see what steps icai
takes to regulate this sort of activities
which could dampere investor interest.
Posted by: G.Srinivas - 07 Jan, 2009
5: As a HR Generalist, I understand the
emotional catharsis being faced the current
scenario. We feel very pathetic looking at
the IT industry’s downfall. I
whole-heartedly pray that current situation
should change and the booming IT sector has
to rise up. I think there may be many active
candidates in the job market. We are looking
at someone with 5 yrs in SQA with Financial
market domain expertise hands. Please feel
free to call me @ 93454 26780.
Posted by: Aravind D - 07 Jan, 2009
6: How is it possible to forge a bank statements
and show a fictitious bank interest? And what
were auditors from PWC doing? Lets wait and
watch how many more Satyams are on the way.
Posted by: Shivalingiah - 07 Jan, 2009
7: Indeed, auditors have colluded with the
Chairman -Conspirator and ensured that they
cheat the shareholders, employees, board of
directors (i don't know whether they are
guilty), their bankers (don't know if they
are guilty also), investors, stock exchange,
the country and most of disgrace for the
industry (not just IT)!
Auditors would have earned by the hour for that and this is the result we get.
Fortunately, I had bought few Satyam shares long long ago and disposed them also when I didn't somehow like holding it for long. And didn't make much profit either. Never regretted not buying them and definitely no regrets now.
Auditors would have earned by the hour for that and this is the result we get.
Fortunately, I had bought few Satyam shares long long ago and disposed them also when I didn't somehow like holding it for long. And didn't make much profit either. Never regretted not buying them and definitely no regrets now.
Posted by: Manoj Sethu - 07 Jan, 2009
8: Whats was PWC doing all the time, just
sending out the audit fee invoices and some
articled clerks to Satyam's corporate office?
PWC is the the first culprit in the entire scam, then comes Raju. Even a 2 student would have asked for support when comeone shows 5000 Cr Cash & Bank balances
PWC is the the first culprit in the entire scam, then comes Raju. Even a 2 student would have asked for support when comeone shows 5000 Cr Cash & Bank balances
Posted by: Siva - 07 Jan, 2009
9: I would agree with the comment about the
untrustworthy auditors and they are the root
cause of this evil of fraudulent reporting of
financial assets and they should be punished
and their licences should be revoked. The
employees should not lose faith and they
should unite in their efforts to pull up
their company from this mess. It is the right
time to assume ownership interest in the
company and acquire company stock when the
prices are low.
Posted by: Major(Retd)R.Rudra - 07 Jan, 2009
10: This is the outcome of the way that
corruption is accepted as unavoidable in
India.
Posted by: crazyoldmansl - 07 Jan, 2009
11: The Institute of Chartered Accountants is
squarely to be blamed for its lack of
vigilant attitude. It should have taken up
Audited Balance Sheets of big and small
companies on periodic and random basis to
test check whether it reflect the correct
financial position check the performance of
its auditors. If this exercise was done
regularly, the practising chartered
accountants would have some kind of fear that
someone is watching their performance. How
many auditors have the Institute delisted for
fraud / lack of integrity etc in the past? I
doubt if they had blacklisted anyone. I
believe the Practising CAs are the number one
source of corruption. The ICAI may well be
aware of it and has failed to take any
action. It is pertinent to mention here that
many banks are unwilling to rely on the
numbers presented in the Balance Sheets. It
is also understood that two sets of balance
sheets of smaller companies, firms and
proprietorship concerns are prepared –
one for bank and other for Income Tax
purpose. Thus, lack of proper control
mechanism by ICAI on its members is bound to
take a heavy toll on the economy. Satyam
case may be just the beginning. The worse
may be waiting.
Posted by: D I Ponraj - 07 Jan, 2009
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