The documents would be quintessential to land the next role.
Remain transparent while you job hunt and share that the reason for retrenchment was absence of project .
This is transition time for you, use this brand to land the next best role. Since the contact number you shared are in Mumbai, are you into tech sales ?
Its always good to walk away to a better day .
Wish you all the best !
1st June 2014 From India, Mumbai
Nothing can be done if a company goes for layoff stating 'Reduction in force'. I have seen a few layoff, I know how an employee feels, under this situation & its not easy to get a job, if this happens with employee who is a complete fresher. UNFORTUNATELY NOTHING CAN BE DONE! Sorry. Only they (Company) will be bound to pay remuneration as per agreement (if any) within 48hours from termination by employer & you may request HR department via suitable channels (Registered Post, Verbally, E-mails etc) to provide you relieving letter, showing cause as 'Reduction in force due to poor market condition).
See, I have seen this twice in my career. Though Company's reason for layoff in my case was genuine & valid. Today, I am thankful to god as still many doors are open- I don't need to knock doors always, people call me, its like if someone possess true skills & competency, he/she will get a job irrespective of the market situation. I believe same will happen with you. You will get your chance to prove your skills.
MAY GOD BLESS YOU & TAKE CARE.
Off the record, wish to say you something (ATLEAST FOR NEXT 5-8 YEARS) : Buddy in coming years, many opportunities will be there, select jobs which can provide you maximum salary (rather maximum in hand money). Don't seek stability of jobs, brands. If you go for brand, then refer designation & salary both.Work for 2-3years on an average, then switch off. But never quit without getting a job.
If during Interview, any HR ask about your stability, tell them on their face, I am a professional, work for money. In private companies, by no means jobs can be made secured & trends show that corporate houses will follow 'Hire & Fire Strategies'. So I would go with short term career objectives & would prefer opportunities over long term career objectives. And don't break if you face, this kind of situation again.
Many seniors may say XYZ against my this particular advice. I would say they are not wrong, because they still believe in 'Experience Model Of Career Growth', where employees with maximum experience get preference in promotion & quickly get rehired (experience & stability issue), if they ever face early retirement or layoff etc. But they don't know what their silence for previous 10-15years resulted in.
A total mess is there in the market, non executive directors, CEO, CFO,CHRO are not responsible for this day. Upto some extent recent amendments made in corporate laws, earlier central government's policies & complete failure of Indian Human Resource professionals to understand the difference between US HR concepts & Indian economic/legal/ financial framework, there by implementation of policies and strategies. FYI HR methodologies & OD intervention was never developed in US. 90% of corporate houses in coming years would understand what a few idiots have done, in past 10years.
Funny to see still major corporate houses believe in the fact, that professionals are not required for HR domain (except corporate houses with severe financial pressure), but good news for KMP (Key Managerial Personnel ), soon their hands are going to be burnt too. Employee & employer both are suffering now (those who have understood, what I mean to say good but those who haven't understood ,soon will understand) + chances are high suffering will increase more in coming years.
Anyway, these details only a HR professional with wide exposure in market, experience, and with hard core knowledge of finance, laws, Human resource & OD can understand.
1st June 2014 From India, Mumbai
Depends since how long the person was in bench without a project?
was the person in some project after getting into lnt ?
Has he/she generated some revenue for the company?
How many project interviews did he/she give...and why wasn't he selected in those interviews ?
Main thing is u have to generate revenue for the company by getting into some project.
Lnt gives plenty of time and opportunity to get into project. I have known people who have been on bench for a year or so. only thing is when u join L & T, you have to get into some project and generate revenue for the company.
The above case might be due to lack of skills or inability to crack any project interviews
2nd June 2014 From India, Mumbai
Problem is far more complicated with Indian Companies or Counter Part of MNC's in India. Within last 3-4 years, Indian Economy has suffered numerous turbulence, I can name one after another companies who were forced to follow 'Hire & Fire' strategies, due to poor global market , No projects or business developed within India, Internal Priorities, Legal frame work etc.
Some of the companies are (2011-Till date)
1. Oracle 2. IBM 3. L&T. 4. HCC and the list will continue (long list). Employee often don't get chance to prove their competency.
If you look, overall registered companies in India (Shrinkage is there. Additionally, those who are present, it includes financially weak companies & some involved in fraudulent activities, and about 10% is based due to window dressing of financial statement')
TOTAL NO. OF REGISTERED COMPANIES =13,69,362.
TOTAL NO. OF COMPANIES CLOSED (till DEC 31,2013)=2,67,639.
TOTAL % of COMPANIES CLOSED IN CALENDER YEAR(2013-2014)= 19%.
STATES IMPACTED MOST: Maharastra, West Bengal , Delhi.
TOTAL NO. OF REGISTERED COMPANIES IN MAHARASTRA: 2.79 lakhs.
TOTAL NO. OF COMPANIES CLOSED IN MAHARASTRA: 56,008.
TOTAL NO. OF REGISTERED COMPANIES IN WEST BENGAL: 1.78Lakhs.
TOTAL NO. OF COMPANIES CLOSED IN WESTBENGAL: 41,621.
TOTAL NO. OF REGISTERED COMPANIES IN DELHI: 2.57LAKHS.
TOTAL NO. OF COMPANIES CLOSED IN DELHI: 41,458.
Why Companies are failing ?
1. New Company's Act 2013 is not yet applicable & It contain sec & clauses which is not practically designed. Entire fund management is the biggest challenge.
2. Indian Counterparts are failing to developed from after effect of recession, due to Central Government strategies to provide advantages to few selected people. Over all weak global market, additionally no significant contribution from government to boost trade & commerce.
3. Be it FEMA, IT ACT, Finance Act- Taxation, Money Laundering Act or be the new Company's Act,2013. It was a control government exercised. Thus effective fund management hampered.
4. Indian Economy's current biggest threat is 'Hedge Fund'. Means, by hedging of funds, players can bypass licensing & can create tremendous pressure on Indian Companies /Indian Counter Parts via direct & Indirect means.
5. Earlier Government has tried their best to restrict trade & commerce as much as they can. That's why impractical conditions are imposed.
6. Large Corporate houses were not wearing any special repellent suit which can save them from overall effects.
7.Liabilities of KMP (Key Managerial Personnel) has been increased a lot & penalty or fine or Indirect consequence of failure will force them to seek perfection. Thus, if someone fail (say suppose an engineer), he/she may not get another chance to prove himself, or say a particular project closed, employee may not be hired at some other project- if cost increases, reason being project heads will be in continuous pressure to maintain p/l accounts via chain of management. This is indirect effect.
8. Entire chain of management will be in pressure to discharge liabilities vested, and to conduct business at arms length. So from now onwards, option for business gesture, sympathy & kindness will be severely affected. Though people may claim, only KMP or Management will suffer this, but dear practically in business what management face some effect of it falls on employees.
Why HR department will face challenge?
1. Lack of knowledge of other domains, like finance, economics, accountancy , Laws (Huge In depth knowledge is required).
2. Result of first will be failure to perform detail complex analysis (all cant be done only via technology) & by a group who have expertise in different sector individually. Clubbed knowledge will be required to detail analysis, else cause & effect can never be understood properly.
3. Manpower planning will require much more skills, then core competencies, expertise or experience- especially for large organization.
4. Conventional technique, conventional strategies or tools may not work. Out of box thinking will be required. So, just training someone few Excel figures, graphs, charts, few rules & acts, or simple pay roll or man power planning will not at all help giants companies to face practical challenges.
5. Sorry to say, complication & challenges will increase more & companies will be bound to follow 'Hire & Fire' policies. It may seem that this strategies will increase costing, but opposite will happen.
2nd June 2014 From India, Mumbai
I would defiantly share the source. See post completion of regular MBA-HR & Finance (with 3-4years of experience), when I faced work related issues in one of the fortune 100 MNC, saw many to suffer, since that day, I started to study in depth & that's the real reason for me to go for CS/CA. So, you wont find all the data which I will mention, in MCA (Have you seen something negligible information has been shared about new company's Act) or CA club.
The source of this data (raw data) is : Ministry of Corporate Affairs, Government of India, Registrar of Companies (ROC). If you wish, you can get the same by paying prescribed fees & making application in prescribed format.
Analytical Part: Analysis of data & facts has been done by me ( I have done it), keeping in mind to reduce any kind of errors/loops. For reference, I would suggest to read Sec 185, Sec 186 (famous Inter Corporate loans), Sec 187,Sec 188 (Related Party Transaction), Sec dealing with acquiring funds from public (here a new concept of Insurance is inserted, but no such insurance is available in the market as of now), liabilities of directors, liabilities of companies, and famous Sec 447 of Company's Act 2013. HONESTLY SPEAKING HALF OF THE PROFESSIONALS ARE SCARED THESE DAYS.
Refer FEMA 1999, Act & regulation , Refer RBI's website for FDI details & other various Ceilings . Referred, Money laundering Act, Guidelines of SEBI & RBI, SEBI ACT, circulars issues by MCA. Used concepts of Advanced Accounting, Both Cash & Accrued accounting system.
Practical data, have been gathered for this purpose from various seniors, and seminars. This is a part of a DEMAIC PROJECT.
And honestly speaking, I am praying to god, so that I get a chance to complete my CS article ship in ROC. Either way, whenever I require any documents or information, be it for personal use or for client's work, I just prefer to knock this doors directly. Sometime get help & co-operation, and sometime don't, keeping bare acts in bag & a lappy, I roam here & there to find a permanent solution- a concrete model with no loops for entire HR gamut.
Question is, after seeing this data, can you figure out any concrete solution? (I don't have it)
Thanks & Regards
3rd June 2014 From India, Mumbai