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Satyam has 46,600 employees on rolls now
By siliconindia
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Monday, 30 March 2009, 21:16 IST |
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Hyderabad: Quitting nearly 6,400 employees in six months, beleaguered Satyam Computers is now having around 46,600 employees on its rolls. The company had earlier claimed a headcount of 53,000, reported The Economic Times.
According to the sources close to the development, suitors of Satyam have been given information on the validated headcount during the due diligence of the assets of the company. The attrition rate in Satyam was around 12 percent over the last six months. The government-appointed Satyam board had decided to revalidate the employee count.
Earlier, a senior company official had claimed a headcount of 51,000 in January. As per the latest estimates, around 4,500 employees have quit the firm over the last two months. Around one-fifth of the company's total employees are working onsite.
Like all other IT companies, manpower cost accounts for over half of the total expenses of Satyam. As a strong player in enterprise solution business including SAP which accounts for about 40 percent of its total revenue, Satyam has large number of employees and over a dozen of ZAP consultants based out of Asean region.
As per one of the prerequisites to acquire Satyam, the bidder, if selected as the owner, has to retain 100 key employees of the firm for a year.
Meanwhile, Concerned over employee attrition, client attrition, falling revenues, dwindling margins and legal liabilities in the U.S., bidders like iGate have chosen to stay away from bidding process of Satyam.