MindTree Adopts Softer Option to Virtual Pool
At a time when layoffs, across-the-board pay-cuts, and putting people on the ‘virtual pool’ have become the general norm with IT companies impacted by the global economic slowdown, MindTree has come up with a fourth option.
The Bangalore-based IT solutions company has announced a 15 percent cut in salary of employees in its R&D division who have no project for the last one month.
A company spokesperson clarified that the salary cut is for a short term and it would be restored once the employee gets assigned to a project or the utilization levels cross the threshold of 65 per cent.
The salary cut, which is effective from August 1, 2009, will affect around 200 employees in the R&D division. There are over 7,500 employees in the division.
Though MindTree posted a net profit of Rs 567.3 million for the quarter ended June 30, 2009, it has downsized its FY10 outlook on what it said is a"highly uncertain" market environment due to the economic slowdown.
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