In the first visible impact of the slowdown on job street, India’s largest education solutions company, Educomp Solutions, has let go of five per cent, or 750, of its total 15,000 workforce.
A senior executive official at the company said, “This is a regular practice during appraisals where people who have not performed are asked to leave. We have not axed the jobs.” Another senior official said there had been some portfolio re-organisation, which had made people quit.
An executive who has put in his papers said, “Some restructuring has been going on. Since I did not conform to the process, I decided to leave.”
The management, however, denied anybody had been sacked. Educomp Solutions Managing Director and CEO Shantanu Prakash said, “If someone has resigned and gone, that’s a different story. But we have not fired people. We have, in fact, hired in this quarter.” Prakash also said the company had been regularly meeting salary and other payment commitments.
Educomp, in an emailed statement, said during 2011-12, it hired 8,000 people. “We have discovered a pattern of ‘info’ being offered to media as part of an organised campaign in which many parties, including ‘bear cartels’ interested in playing down the stock markets, have been playing a part,” the company said.