Wallet Wallop-in times of slowdown
Indian Economy may be down, but certainly not out. Even as software biggies are doling out less generous hikes this year, FOREIGN INVESTORS have reaffirmed their faith.
Faced with a challenging business environment in the wake of the US subprime crisis, software mojor Oracle has pared annual salary hikes while IBM is cutting employee perks. The average salary hike at Oracle India is down to about 7-8%, dipping to 5% in some cases. On the other hand , IBM India is attacking fringe benefits offered to its middle management-it has withdrawn the free-housing(on lease) facility recently.
The question comes why?
Answer is lower work orders from US, which in the midst of a slowdown -turning into recession due to subprime lending crisis.
Faced with a challenging business environment in the wake of the US subprime crisis, software mojor Oracle has pared annual salary hikes while IBM is cutting employee perks. The average salary hike at Oracle India is down to about 7-8%, dipping to 5% in some cases. On the other hand , IBM India is attacking fringe benefits offered to its middle management-it has withdrawn the free-housing(on lease) facility recently.
The question comes why?
Answer is lower work orders from US, which in the midst of a slowdown -turning into recession due to subprime lending crisis.
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