It was quiet outside Satyam Computers` massive marble and glass complex located at Bahadurpally on city outskirts. Inside the building, employees were found huddled together exchanging the latest updates on the Satyam fraud saga.
And hundreds had started putting out their curriculum-vitae, looking for jobs though the company's shaky management sought to reassure them.
“At this juncture we need a massive surgery, not painkillers,” said an associate working in Satyam’s office at Raj Bhavan Road.
More than 3,000 Satyam employees posted their resumes with job consultants as well as job portals like Monster.com and Naukri.com on Wednesday “We have received more than 1,500 applications today, the largest number in a single day “ said an employee of big job consultancy, who did not want to be identified.
According to industry site Siliconindia.com, as many as 10,900 Satyam employees posted their resumes with job portals during the past one month.
In a firefighting mode, new CEO Ram Mynampati promised to employees greater transparency at all levels, integrity and ethical functioning.
“We will explain to you what happened and actions taken to retain your confidence in the company,” he said, adding top brass will meet customers over the next two weeks to reassure them.
“Rumours will abound and it will be fair to assume that competition will try and leverage it to their advantage,” he said and added “I assure you that we will emerge stronger.”
Headhunters say that with the IT industry already reeling under a slowdown, it will be a survival of the fittest and Satyam employees might have to settle for lower salaries outside.
“Even though the opportunities are scarce, the strongest resumes will win as this crisis will also offer an opportunity to employers to shop for the best talent,” said Naresh Malhan, managing director at HR consulting firm Manpower India.
“Employees at various levels will have to manage with about a 10-20 per cent cut in their current cost to the company in the short term,” said Rajesh AR, vice president, TeamLease Services.