Hyderabad, January 8, 2009
by the biggest fraud in India's corporate history,
thousands of employees of Satyam Computer Services
have begun hunting for jobs in other companies.
About 15,000 software
professionals and other employees of Satyam have
sent their CVs to placement companies and job
portals during the last two days. Fearing trouble,
more than 200 employees have also resigned during
the last three to four days, sources in the company
A day after founder-chairman
B. Ramalinga Raju resigned after admitting Rs.70-billion
fraud, there was panic and confusion among 53,000
employees. Though facing
an uncertain future in Satyam, the employees attended
to their duties at company headquarters and other
offices, including business process outsourcing
(BPO) centre, here Thursday.
Like several of my
colleagues, I have also sent my CV. Everybody
is afraid of losing the job and it's better to
search a new job before it's too late, said
a BPO employee on condition of anonymity.
Inside the premises, the
employees discussed in groups the shocking developments,
the uncertainty and future plans. But they avoided
the media on the instructions of their higher-ups.
There was tight security
around Satyam work centres in the city as security
guards tried to keep a battery of reporters and
cameramen at bay. Anxiety was writ large on the
faces of employees as they walked into the campuses.
Some employees are trying
for alternate jobs in the very companies for which
they are doing project work at Satyam. While employees
who have over two years or past experience are
confident of securing new jobs, freshers were
the worst hit.
The employees have said they
were angry because only a few days ago Ramalinga
Raju had assured them that the management was
doing everything possible to get Satyam back on
track. Raju had written
a letter to the employees amid "wild speculations
and unchecked rumours" following the Satyam
board's bid to acquire Maytas Infra and Maytas
Satyam employees are spread
over India and abroad. The company has centres
in India, the US, Canada, Brazil, Britain, China,
Hungary, Egypt, the United Arab Emirates (UAE),
Malaysia, Singapore and Australia.
The Andhra Pradesh government
has said that the interests of shareholders and
employees were of prime concern. As Satyam was
the brand image of Hyderabad, the government was
keen to rescue it.
Chief Minister Y.S. Rajasekhara
Reddy wrote to Prime Minister Manmohan Singh to
set up a management team to run the affairs of
Satyam "to restore the confidence of the
global customers in its business continuity, so
that the interests of the employees and other
stakeholders are protected till an alternative
credible management is put in place for the company".
He suggested that the management
team be comprised "personalities of globally
known integrity and competence like Azim Premji,
Narayana Murthy and S. Ramadorai".