Posted on

Deal or No deal chrysler Bankruptcy is for sure.

Chrysler LLC one of US Big three is sure to file bankruptcy according to Wall Street Journal. WSJ says if the deal goes through Chrysler will file for Chapter 11 or Govt controlled(protected) bankruptcy, in which case all but few plants will be kept with Chrysler and rest will be auctioned. Fiat will sign the deal with the leaner chrysler.

If the deal doesnt go through as expected then Chrysler will file for Chapter 7 (or liquidation) where all of chrysler assets will be sold to bidders. The biggest asset as considered by most analysts is its Jeep Brand (Which chrysler bought from another Bankrupt firm ie American Motors).

US Treasure and Chrysler has negotiated a deal with UAW and CAW on the lines of Chapter 11 proceedings.Also Treasury has announced they have started preparing for Chapter 11 and Chapter 7 as due diligence.

Posted on

TCS starts firing game more aggressively

PIP or no PIP ? Has your project manager cleared it not cleared it ? Are you a critical resource or not ? . Well TCS HR says all these questions doesn’t matter.

As one of my friend came to know in a hard way recently after the quarter results. He is a critical resource and had gotten a PIP for last 2 years D band rating and current manager cleared it saying he’s doing well.The story of his previous 2 D rating itself is a typical one, One for release and other for onsite. Now he has got Band C, still HR asked him to submit resignation in spite of his current Account Manager fighting with HR over his critical job function in the account.His role is of ITA.

And now it has sent shivers across many associates ranks who were thinking their positions are safe. Will TCS start firing associates in big numbers based on this years appraisal or not is a big question mark only time or HR can answer.

Posted on

TCS Q4 Results: 70% Divident for Shareholders -10% salary for employees

TCS depicts a typical company where no unions are present. While TCS is projecting that it is still comfortable  in terms of profits the company has shrewdly cut down the Variable Allowance components of employees.  TCS plays two different tunes to media and its internal circulation. While announcing a 70% divident for its shareholders (The big executives of TCS management have huge stockpile of the shares) , it has said in its internal memo the times are tough hence no VA.

This is whats called as double standard. Look at the measures TCS has undertaken in last few months before announcing quarter results.

 

* Canteen food prices increased by 40-60% and many cases the quality and quantity also has reduced.

* Doubled  office transportation prices (Office Bus)   Chennai employees pay at an average of Rs 2500 per month and the buses are not AC or even Deluxe. Reduced frequency. 

* No Night shuttle for workers in Night shifts.

* Switch off AC after 9 PM but 20% employees work after 9 PM shift with not even a fan.