First, it was the Satyam ‘shocker’ (as a major news channel put it). Now Infosys too leads the way. Despite record profits and impressive Q3 results, Infosys has refused to hire workforce in the coming year.
Now how does this affect me and people I know?
In the previous year, Infosys was the biggest reruiter at my college. Over 80% of the students who cleared the written test got through, even despite all those bleak news about the US Economy. We were all thrilled at the feat, all optimistic about further placements. However, the placements henceforth remained lukewarm, to say the least. Hardly 50% of the outgoing batch (2009 passouts) are placed. And with this company clamping down on recruitments, all hell has broken loose.
Come to think of it. Why would a company whose revenues grew by 33% for the quarter (which is the fastest rate in the past six consecutive quarters) and whose profits have attained a record high, well ahead of expectations, do such a thing? Having added 47 new clients (at least that’s what the balance sheet claims) in the quarter such a decision would be the last you’d expect from the company’s prudent CEO Mr Kris Gopalakrishnan. And the Infosys tagline still sits proudly in those ivory towers at GEC: “Powered by Intellect. Driven by Value”. Yeah, right!
All this harbours doubt. Despite all its credos, is Infy going the Satyam way? Are they just taking precautions not to let the cat out of the bag? Lets hope not.
Anyways, all my batchmates are dazed at the news. Most of them joined engineering with the hopes of getting a secure employment. All their hopes dashed, all dreams of getting a good pay-packet and repaying all their education-loans shredded, what are they going to do?
It’s for you to answer!