IndiaSphere

In February, information technology giants Tata Consultancy Services (TCS), IBM, and portal Yahoo flashed pink slips to hundreds of employees on the basis of "poor" performance.Others such as Patni Computers followed suit. Banks, financial services and insurance firms, or the so-called BFSI players, have been discretely deleting non-performers.Surabhi Mathur Gandhi, general manager, permanent staffing at HR firm TeamLease Services, says some companies have shipped out as much as 8-10% of their staff on the basis of sub-par performance in the last couple of months.Companies in the IT and BFSI space, which recruit 6,000-25,000 people every year, are arationalising’ workforce.However, the real reason, say HR experts, is cost-cutting aimed at tiding over business slowdown.  » Original News