Satyam disaster - Failure of corporate governance
The Maytas Infra and Maytas properties led Satyam to Disaster as Satyam concentrated rather than the core business and even the board members accorded him to purchase. Satyam becomes an Astayam Saga with the revelation with the letter of Raju wrote to the Satyam board and India’s fourth largest IT services company after TCS, Infosys Technologies and Wipro, was one of the star companies that secured for the country a seat at the high table but today Satyam is becoming the black hole, and having potential of sucking 53000 employee carriers, all trustworthiness of investors and led the Indian quality brand downwards. It is very difficult to understand what happens at backend but it proof the famous term “one bad deal can led your business down”.
It is biggest irony of business as Satyam won ICSI national award for outstanding merit & quality in Corporate Governance, even having some Quality people in there board and now we are all aware of facts.
The Satyamies who make Satyam a Special organization are posting resumes on job portals for future prospect, sources revealed that around 15000 employees will lose and their jobs these are the fearful circumstance for Satyamies, if we think it in the another away and assume if Satyam employees don’t loose there jobs every thing will go smooth in market, but I don’t think so, as Satyam disaster will create more competition for fresher “who had graduated and seeking for the job” and because they are lacking experience they will have to struggle a lot and for Satyamies the drawback will be a lower package and a restart of carrier. If we consider packages of Satyam Employees listed in figure below.
Median Salary by Job - Employer: Satyam Computers (India)
Currency: INR | Updated: 31 Dec 2008 | Individuals reporting: 324
Above figure show the analysis of attractive package according to the potential of an employee. But in current situation as IT industry already moving unsteadily, it will be a survival of the best and strongest will get the opportunities at lower salaries packages outside and all this will become a long dream for Satyamies and the fresher.
Although Satyam is on downturn and loosed market credibility, reputation, customer confidence but it open the door for TCS, Wipro, Infosys etc as they expected to gain $200 - $300 million in revenues clients of Satyam shift to safety. Side by side global economy downturn letting US and Europeans to use outsourcing as tool and it is very well known “If one can save money then only we can invest” Secondly “India’s low-cost advantage which makes it an attractive investment destination” so there are options. As Concern to Small Business Unit in India they might get a chance of hiring high potential worker at lower package in recent months.
Bibliographies: -
- http://www.payscale .com/research/IN/Employer=Satyam_Computers/Salary
- http://www.hindustantimes .com/StoryPage/FullcoverageStoryPage.aspx?sectionName=RSSFeed-Stories&id=aca26deb-69a3-47aa-b8d2-f98b984a8048Satyamsinks_Special&&Headline=Anxious+staff+push+out+resumes
- http://in.biz.yahoo .com/090107/32/6za5b.html
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