A massive layoff in HSBC India sacked more than 500 employees over the last two days. Employees ranging from assistant manager to vice presidents from its centres in Hyderabad and Pune.
They sacked 350 employees at HSBC’s Pune centre itself.It is estimated that a total of 750 employees have been asked to leave across locations and designations. from assistant managers to vice presidents have been summoned to the meeting room in the last two days, asked to choose between termination or resignation, pack their bags and leave.
It is reported that the lower level profiles were avoided, and many from the middle and high level management were given instead. The most inhumane part was, the management did not given any time to bid goodbyes to friends and colleagues. They were later packed off in cabs after their access cards were taken. the employees were asked to log off fromÂ computer and leave in ten minutes.
As the lay off deal, One month’s salary for each year spent in the company plus three months salary given as the compensation. Sources says many other companies are also moving in the same direction, including the companies here in kerala.
So, is it the clear indication of another slowdown?