Word: satyam
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...extent of the fraud is still unfolding. Investigators currently suspect that Satyam's founder and chairman, B. Ramalinga Raju, skimmed as much as $1 billion from the company. Raju, who has been arrested, admitted that he falsified Satyam's books and that profits were fictitious for several years. The company's true financial condition will not be known until new auditors KPMG and Deloitte are able to review accounts, which is expected to take four to six months. Even the exact number of Satyam employees is said to be inflated. Although Satyam claims to have 53,000 people...
...Given that many of Satyam's customers may not renew orders and that some belt-tightening will be inevitable, at least some employees will have to go. Kris Lakshmikanth, CEO of Bangalore-based the Head Hunters India, says they will most likely be phased out. Most vulnerable are up to 15,000 employees who are paid on a project-by-project basis, he says...
...Given the uncertainty, there have been reports of business rivals trying to poach Satyam's employees and customers, which could make it harder for the company, which is suffering a cash squeeze, to continue operating. The government has stepped in and appointed a new board consisting of heavyweights from India's corporate sector, but officials say a bailout is not needed. Satyam is seeking bank loans to help cover salaries and other operating expenses as it tries to regain its balance...
...Many employees are choosing to stay put. "Changing jobs right now is not on my mind," says Imran Sayeed, 30, a software engineer with Satyam. "The slowdown has impacted the job market, and I don't see any immediate problem with Satyam given the recent developments with the board." Some employees say they're staying out of loyalty to the company. "I can't deny that I'm in a dilemma," says D. Ramesh Krishnan, another software engineer. "I have been with Satyam for 10 years ... I feel a certain affiliation to the organization. But I also worry about...
...Agarwal points out, this bond is breaking down. "The younger segment, with zero to five years of experience - for them the loyalty factor doesn't work anymore," he says. "They follow the big bucks. I think if they had a choice, a larger percentage [of Satyam employees] would like to bail out." E. Balaji, CEO of Ma Foi Management Consultants, says the uncertainty of the job market may be a deterrent. "People who joined the workforce from roughly 2004 onwards assumed everything would only go up," he says. "They saw real estate, stocks, salaries going up, and forgot that there...