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Financial sector companies, which include retail and investment banks, which have already laid off several executives in the last few weeks, may show the door to many more even next year.
Industry sources said that several companies have also sought legal advice to facilitate the lay off process.
"India has just started to feel the heat, post the financial sector meltdown, the worst is yet to come and we may see more lay offs in the coming months," he said.
HR officials also said that there is no room for average performers. Unlike the yesteryears, companies are now keeping an eye on people whose contribution to the growth of the company has been negligible. "Employees must justify their existence, there is no place for average or non performers, who may have to be shown the door, in times of crisis," a foreign bank official who did not wish to be identified told Hindustan Times.
Performing executives, however, have nothing to fear, human resource officials said as companies are also looking at providing bonuses and incentives in order to retain them. Lehman Brothers' India arm, which has been bought by Japanese major Nomura, has already given incentives to its employees as a mechanism to retain talent.
To see more of the Hindustan Times or to subscribe to the newspaper, go to http://www.hindustantimes.com. Copyright (c) 2008, Hindustan Times, New Delhi Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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