Satyam Initiates Program to Manage Surplus Staff
11 Junho 2009 - 11:23AM
PR Newswire (US)
- Initiative aims to retain skilled resources while enabling
company to remain competitive - Applies to India-based staff
HYDERABAD, India, June 11 /PRNewswire-FirstCall/ -- Satyam Computer
Services Limited (NYSE:SAY), a global consulting and information
technology services provider, today announced that it is launching
a one-time program, effective June 2009, which is aimed at
addressing staff costs while retaining talent within the company.
This innovative program, named the Virtual Pool, is applicable to
those based in India and allows associates to take time-off from
work on a reduced pay structure -- for up to six months -- while
they continue to retain their employment with the company. The
company anticipates that approx 7,000 to 10,000 associates will be
part of this program during the period that it is in operation. The
program has been designed to cover associates who have not been in
billable roles for three months or more and includes support
resources. Associates identified to be part of the Virtual Pool
program will receive their basic pay, in addition to Provident Fund
and medical insurance. The employment status continues undisturbed
and based on business requirements, associates may be recalled and
reinstated at full pay and benefits. Associates will continue to
have access and guidance to continuously upgrade their skills
utilizing Satyam's learning programs and mentoring resources,
equipping them for the evolving business landscape. "The Virtual
Pool program is an innovative way of retaining the excellent human
assets of Satyam despite the difficult global economic situation.
The recessionary climate that has seriously affected the IT
industry, in addition to the unprecedented set of events that
Satyam faced recently, has added to its pressures. The Virtual Pool
Program is a unique way of retaining associates and developing them
further through training, while ensuring the financial viability of
the company," said Kiran Karnik, chairman of Satyam's board. A.S.
Murty, CEO, Satyam said, "The government appointed directors have
played a stellar role in stabilizing Satyam during its most
precarious moments. They provided much-needed confidence to
stakeholders and prepared Satyam for its arduous journey to
recovery. The Virtual Pool program is a necessity under the current
circumstances and will provide the company with the required leeway
to make investments and recover lost ground. The leadership team is
totally committed to doing everything it can to recall associates
from the Virtual Pool in an accelerated manner. I am certain we
will all emerge much stronger from this transient phase." About
Satyam Satyam (NYSE:SAY), a leading global business and information
technology services company, delivers consulting, systems
integration, and outsourcing solutions to clients in numerous
industries across the globe. Satyam leverages deep industry and
functional expertise, leading technology practices, and an
advanced, global delivery model to help clients transform their
highest-value business processes and improve their business
performance. The company's professionals excel in engineering and
product development, supply chain management, client relationship
management, business process quality, business intelligence,
enterprise integration, and infrastructure management, among other
key capabilities. Satyam development and delivery centers in the
US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China,
Malaysia, Singapore, and Australia serve numerous clients,
including many Fortune 500 organizations. For more information, see
http://www.satyam.com/. About Tech Mahindra Tech Mahindra is a
leading provider of solutions and services to the
telecommunications industry, with a majority stake owned by
Mahindra & Mahindra Limited, in partnership with British
Telecommunications plc. With total revenues of Rs 37,661 million in
the year ended March 31, 2008, Tech Mahindra is India's sixth
largest software exporter, and serves telecom service providers,
equipment manufacturers, software vendors and systems integrators.
Tech Mahindra solutions enable clients to maximize returns on IT
investment by achieving fast time to market, reduced total cost of
ownership and high customer satisfaction. Tech Mahindra achieves
this through its domain and process expertise, distinctive IT
skills, research and development, and its proven, innovative
delivery models and approach to off shoring. Assessed at SEI-CMMi
Level 5 and PCMM Level 5, Tech Mahindra's track record for
value-delivery is supported by over 24,000 professionals who
provide a unique blend of culture, domain expertise and in-depth
technology skill-sets. Its development centres are ISO 9001:2000
and BS7799 certified. Tech Mahindra has principal offices in the
UK, US, Germany, UAE, Egypt, Singapore, India, Thailand, Taiwan,
Malaysia, Philippines, Canada and Australia. About The Mahindra
Group The US $6.3 billion Mahindra Group is among the top 10
industrial houses in India. Mahindra is the market leader in
multi-utility vehicles in India. It made a milestone entry into the
passenger car segment with the Logan. Mahindra & Mahindra is
the only Indian company among the top tractor brands in the world.
The Group has a leading presence in key sectors of the Indian
economy, including the financial services, trade, retail and
logistics, automotive components, after-market, information
technology and infrastructure development. Mahindra has made an
entry in the two-wheeler segment which will see the company emerge
as a full-range player with a presence in almost every segment of
the automobile industry. Mahindra's Farm Equipment Sector is the
proud recipient of the Japan Quality Medal, the only tractor
company worldwide to be bestowed this honour. It also holds the
distinction of being the only tractor company worldwide to win the
Deming Prize. The US based Reputation Institute has ranked Mahindra
among the top 10 Indian companies in its Global 200: The World's
Best Corporate Reputations list. Mahindra is also one of the few
Indian companies to receive an A+ GRI checked rating for its first
Sustainability Report for the year 2007-08. Safe Harbor This press
release contains forward-looking statements within the meaning of
section 27A of Securities Act of 1933, as amended, and section 21E
of the Securities Exchange Act of 1934, as amended. The
forward-looking statements contained herein are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those reflected in the forward-looking statements.
Satyam undertakes no duty to update any forward-looking statements.
For a discussion of the risks associated with our business, please
see the discussions under the heading "Risk Factors" in our report
on Form 6-K concerning the quarter ended September 30, 2008,
furnished to the Securities and Exchange Commission on November 7,
2008, and the other reports filed with the Securities and Exchange
Commission from time to time. These filings are available at
http://www.sec.gov/ DATASOURCE: Satyam Computer Services Limited
CONTACT: Media Relations of Satyam Computer Services Ltd., ; or
Prasenjit Roy of Tech Mahindra, Mobile: +91 09987752715, Web Site:
http://www.satyam.com/
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