November Layoff Stats! - American
86,795
Nov. 17: Citigroup raises the interest rates on its credit cards and cuts 53,000 jobs.
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Big Firms are now firing with ‘creative’ reasons !!
It is now becoming not so rare to read shocking stories as the one extract furnished below. Guess company HRs are getting more and more creative when laying off the employees with odd reasons to boot. Absolutely no gratitude when comes to firing. Getting virtually kicked out of your office you worked for so many years in a span of two hours is getting more and more common.Having given your sweat for your once-beloved company, Is this what one deserves?
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Managements- Get your act together before layoffs
Managements- Get your act together before layoffs Else Repent in leisure
I thought I will write an article on this issue of layoffs and how Managements could handle it better. After all so many lives could be dependent on one breadwinner of the family, that may be your close friend or your own colleague or your relative. Without doubt, Layoffs cant be avoided because of the disturbing recessionary trends Globally. But what could be avoided is the intense heartburn between the Employer and the laid off employee. What is been happening in the past few months when it comes to layoffs is not right and unethical. and it is in this direction I thought I will contribute something positive in these negative times.
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Where are those responsible Senior Managers???
If anybody deserves to be fired in recent times then the Bunch of jokers sitting at the top are the most eligible candidates for firing. Rather than taking a business prudent step, the so called “management” is doing everything else but managing the company so as to protect these bunch of jokers. If somebody has to be responsible for the wrong projections,it has to be the CEO, Executive VPs, VPs and the AVPs and not poor consultants at the lower levels. Added to this is the fact that they are from pestigious business schools like the ivy league or the IIM’s. The CXOs and VP community in companies, if has that much guts or daring to find another job for themselves, they must have the courage to say that YES, we are responsible. This act only shows that they are all pure cowards and are trying to offer sacrifice of a goat/sheep as they ar the ones who are can’t resist.
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‘We Need To Have A Recession’
CHARLES R MORRIS, author of ‘The Trillion Dollar Meltdown’, feels the US should not attempt to avoid a recession as that will make things worse. He urges the US to instead engineer a recession, as former Fed chief Paul Volcker did when he slew runaway 1970s inflation by raising interest rates as high as 20%. JAMES PRESSLEY chatted with Mr Morris to get a perspective on the current credit crisis…
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What Indian Law says about Termination
Termination of Employment
Existing regulations require companies to obtain government permission to close an operation or lay off workers in firms with 100 or more employees (service-industry companies, such as IT firms, are exempt). The Industrial Disputes Act, 1947 requires employers wishing to close an establishment to apply for permission at least 60 days before the intended closing date. If the government does not convey its decision within 60 days of the application, approval is deemed granted. A company can appeal against a rejection to the Industrial Tribunal.
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Origin of ‘Pink Slip’
Pink Slipped!
Claim: Companies used to dismiss employees by distributing notices printed on pink slips of paper.
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Banking and Finance Salaries
Industry: Banking and Finance
Position: Bank Operations Manager
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Largest IT employers in India
How big are Indian IT companies?
Quite big actually!!! The top 20 companies collectively employ over 5,00,000 people of the 1.6 million employed directly in the industry. The Indian IT-ITES industry is India’s largest employment generator in the organized sector of today creating jobs for over 7.5 million people both directly and indirectly, and this figure is expected to cross 10 million by 2010.
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The Pros and Cons of Breaking a Job Bond
A guy was asked in his interview with TCS whether having a bond of Rs. 50000 helps in retaining employees, his answer was straight forward “jisko jaana hain woh to jayega hi, having a bond or not doesn’t matter”. The guy was rejected in the interview; perhaps he did a good to himself by not joining a company which forces employees to stay using threat means like bond. But the case for having a employee bond cannot be ruled out completely, if there are employers who believe in exploiting employees there are disloyal employees too. It is fair for companies, which invest a lot in training to have a moral bond. But in no case it should be used as a means to torture employees, if you have a bond with your employer but you are not getting any work (on bench) or you are not happy with your work, it makes sense to leave. If you cant work/live happily with your present employer, your productivity would be low any way, making your employer unhappy.
I don’t recommend breaking a bond but in extreme cases if you wish to, understand the pros and cons well. There are several pros and cons, which are related to breaking bond:
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