Agilent Technologies has made a two-day leave mandatory every month in India for its 1,800 employees. The trend of asking employees to take unpaid leave is gaining momentum in many countries including U.S. and Europe to survive the financial meltdown.
Agilent India plans to reduce annual operating expenses by about $65 million with the global restructuring, while in its global pay cut move (effective on January 1), it plans to save another $100 million. The option of taking unpaid leave instead of pink slip is better for employees although few could still complain.
The IT employees in India may face another shock in 2009 when they find out that there is no salary hike. Many companies already announced that there will be very little pay hike, if there is one. Companies are not sure about the full impact of the current crisis, so they are kind of playing with various tactics. Once they know that firm will lose major stream of revenue, they will go all-in to lay off employees. Until then, both employers and employees keep their fingers crossed and hope for the best.
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