tata Consultancy Services (tcs) , india's No 1 it exporter is in deep trouble in the us market. Almost 80% of its clients have reduced or stopped business due to economic recession in US.
Some of its top clients like USAA,AC Nielson,Citibank,Boeing have drastically reduced the business and even stopped moving ahead with new projects. The impact was huge on the employees who are working onsite with the clients. Almost 60-80% of them from each project has been asked to go back to India.
AIG one of TCS's biggest insurance clients is almost certain to go into oblivion over the next two years due to US Fed take over (loan). This will again impact TCS margins in near future. But infosys could even be the worst affected in case of AIG.
chrysler one of TCS's big ticket business in recent years is already a company in loss and due to mismanagement TCS sent back 80% of its onsite employees past few months. Most of these employees came for the projects only few months back.
But one good news for TCS and other indian it companies has been raise in dollar compared to Indian rupee in the past few months. Dollar has appreciated more than 15% against Rupee in last 6 months.
Check this info…it makes sense than all the rumors..
[15 Sep 2008]
Dear TCSers,
I am pleased to announce that promotions this year will be done with effect from Oct 1, 2008. The overall business environment will remain challenging based on prevailing market conditions and the same has been factored in our total spend and consequently towards the increments associated with promotions.
Thanks to your tremendous effort because of which we have been able to go ahead with annual increments as well as promotions even in the current market conditions. Counting on your continued support.
Regards,
Ajoy Mukherjee
VP and Head, Global HR
ABHISHEK RANJAN – on 19th September 2008 at 05:48:28 PM IST
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this post has now been deleted from the news desk. So it does’nt have any credibility now. Now, since they (TCS) have drastically deleted the post and tried to eliminate all the traces of it, the suspicion is coming into my mind that, whether they are thinking of some thing we are fearing from the begining. 🙁
PRATEEK SRIVASTAVA – on 19th September 2008 at 06:04:16 PM IST
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I have forwarded the mail to my mail box and also have the screenshot. So trace is not eliminated 🙂
By ARIJIT GUPTA posted on 19th September 2008
Y the post has been withdran as confirmed by local HR here…so still no news and way things r being handled is very pathetic and unprofessional!!!……
SWATI GUPTA – on 19th September 2008 at 06:26:23 PM IST
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It is still there. It is 7.45 pm 19th Sep and the news is visible. May be they intend to delete – but it did only on few servers!
S SUNDARRAMAN – on 19th September 2008 at 07:40:00 PM IST
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Its very sad to hear that the post in newsdesk has been Withdrawn. So we cant rely on the news that Promotions letters are on the way…
ROHAN DAXINI – on 19th September 2008 at 07:41:37 PM IST
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Last Friday(12th Sep) I read in JustAsk that on Monday (15th Sep) there will be a formal notification in Ultimatix that promotions have been indefinitely delayed then on Monday someone wrote that the letters will be out on Tuesday(16th Sep) and now by monthend. Guys I know everyone is waiting for the letters and it is good to share the information with all but please do not write anything which you yourself is not sure of. More agonizing then the pain of waiting is the pain of hopefully waiting for the next day and finding that it was another misinformation.
SUSHANT GUPTA – on 19th September 2008 at 07:58:10 PM IST
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Promotion has become a become a big joke for TCS and agony for us.
NIRANJAN DESHPANDE – on 19th September 2008 at 09:25:01 PM IST
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Corporate HR- a legend and promotion process – a myth.
RAJEEV SHAHI – on 19th September 2008 at 09:57:10 PM IST
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woh subaha kabhi toh ayegi….
RAJEEV SHAHI – on 19th September 2008 at 09:58:34 PM IST
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Is raat ki subah nahi
Debdutta Mukherjee – on 19th September 2008 at 10:04:37 PM IST
what is the fault of the employees whose promotion is due this year!!!!!!!
It is so frustrating……..
Please understand that the company is just trying to do the best they can.
Pay cut or promotion is better than laying off people.
We should co operate and try and understand the market condition. All times are not golden times.
If the comapny is trying to do its best then why hire new recruits? we are only adding to our population and over population has always hindered the growth of any entity (be it company or country)
“Pay cut or promotion is better than laying off people.”
I dont agree to this statement. There are only 20 to 30% of the people who are working hard rest of them are comming and going no-work..just time pass and as you know most of the people are showing their intrest in Management side..so finally it is ending up in 1 manager for 1 developer…
get rid of all these people…and give promotions to the people who deserves..not based on experience but based on his talent.
TCS always takes experience in to account as opposed taking the talent…
it really sucks..
Once upon a time TCS is my dream company not because of Onsite but because of other X-factors..but now all junk people are comming into this company and because of this talented people are suffering and leaving this..
it really sucks..
Once upon a time TCS is my dream company not because of Onsite but because of other X-factors..but now all junk people are comming into this company and because of this talented people are suffering and leaving this.. and TCS is giving place to crime people fro example Kishore reddy Gudibandi (Mumbai) is having so many police cases and he is having illigal contacts in out side and inside and distrubing the work culture kindly take imediate action on him if not TCS will loose a lot.
Relly hard to listen this guys den is TCS huuu….
Even how TCS is keeping such a typ of uys in their premisis cant they fire such people.
bad to listen this kind of cases the people have in TCS, too bad
This is too bad such candidates are with tcs company even i heard about that guy he is more worse then ladden.
This is not all.There is many more nightmares here to watch!If u want to know in details join it! and best of luck. If u survived u then u must be in higher management or chamacha of one leader… for sure…Because good things never survive here. There is only one answer from them.”AREY THIS IS CORPORATE. This happens everywhere.”They are confusing people with word CORPORATE AND CORRUPTION. They will take on activity called PULSE.. where no one rate them more than 2 bt that only gets submited when u rate them 7 or 8 wonderful idea…there are much more good ideas with them to fool employees.But they dont know. i can fool one person all the time, All the people one time BUT U CAN NOT FOOL ALL THE PEOPLE ALL THE TIME… REMEMBER….