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Satyam defers joining date of freshers
March 24, 2009 08:01 IST
Satyam [Get Quote] Computer has deferred the joining dates of freshers, citing the global economic slowdown and the turn of events in the once iconic firm, while stopping short of asking them to look for jobs elsewhere.
"Accordingly, it has been decided to defer the joining dates for the campus hires, until further intimation. We expect and recognise that this will cause a disruption in your plans and do sincerely regret the inconvenience caused.
"We would like you to know that this decision was made after careful deliberations and only after all other practical options were exhausted. While unfortunate, it has also been unavoidable. Added to this, was an unprecedented set of events in the organisation, over the past few weeks, which has been most unfortunate", said company HR head of S V Krishnan in an email to all the freshers.
The company is in the process of restating its accounts, which is crucial to determining the future of its over 50,000 employees.
"This scenario combined with the continuing volatility in the business environment, necessitates that we optimise... and critically re-examine additional requirements (for new-hires) on an ongoing, quarterly basis", he said.
"The IT services industry in India and around the world has been observing the impact of the unfolding global economic crisis. The rate of growth, is half of what it used to be at around 40 per cent Y-o-Y," he said.