Xerox India, one of the largest manufacturers of colour printers, has handed over pink slips to 24 employees across functions and hierarchy. It has also done away with 24 positions at senior levels in the last three days.
Responding to an email, Xerox India Managing Director Andrew Horne said, 'In the current uncertain economic environment, every company is looking at how it can improve operational efficiency. In its third quarter earnings announcement, Xerox stated it would take a pre-tax restructuring charge of $400 million in the fourth quarter to accelerate cost-reduction activities on a global basis.'
'We have been developing and implementing our Go-to-Market strategy and we need to look at how we can accelerate the implementation of actions that will deliver productivity improvements. The outcome is that we are amalgamating some roles. In all, 24 roles are disappearing. The decision on timing has been accelerated by pressures caused by the challenging business environment. The positions affected are from all functions across the business,' the email said.
According to sources close to the development, the senior employees asked to leave include executive directors, human resource managers, marketing and systems professionals, among others, some of whom have been drawing salaries in the range of Rs 20-35 lakh (Rs 2-3.5 million) a year.
Xerox India has more than 500 on-roll direct employees. The company reportedly plans to cull 5 per cent of its workforce over the next six months, as it looks to save $200 million in annual costs.
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