News »Browse Articles »
Agilent won`t cut pay, forces vacation
0
Agilent won`t cut pay, forces vacation
22 Dec 2008 Delhi: In a novel way to ease the pressure on resources, Agilent, the world’s largest measurement and testing software company, has made a two-day leave mandatory every month in India for its 1,800 employees. Over and above that, the company has announced a two-week vacation effective December 20.
On December 17, the $5.2-billion company announced a retrenchment of 800 jobs globally. Instead of tendering pink slips, Agilent India’s senior management executives are being asked to take a two-day ‘vacation’ every month. Junior employees have been asked to take a day’s off in lieu of their earned leave. “Those who don’t have paid leave left will have to take a leave without pay for those particular days,” Agilent India country manager Venkatesh Valluri said.
“Employees would encash their entitled annual 15-day leave, which sometimes added up to a large sum due to accruals over the years,” he said, adding, “The move will definitely have a cost benefit on our profit and loss statement.”
Meanwhile, during the two-week hiatus, the first time in its history, only a few sales and support staff will be required to come. Agilent India has also also cut down on international travel and is holding virtual meetings instead. Stay in five-star hotels during official travel is also being curbed.
In a Securities and Exchange Comission (SEC) filing on December 17, Agilent Technologies disclosed that it plans to reduce its employee base by 500, with most layoffs to be completed by May 31 2009, and the rest by October 31. Agilent plans to reduce annual operating expenses by about $65 million with the global restructuring. With its global pay cut move (effective January 1), it will save another $100 million.
Source:
http://economictimes.indiatimes.com/Infotech/Software/Agilent_wont_cut_pay_force
On December 17, the $5.2-billion company announced a retrenchment of 800 jobs globally. Instead of tendering pink slips, Agilent India’s senior management executives are being asked to take a two-day ‘vacation’ every month. Junior employees have been asked to take a day’s off in lieu of their earned leave. “Those who don’t have paid leave left will have to take a leave without pay for those particular days,” Agilent India country manager Venkatesh Valluri said.
“Employees would encash their entitled annual 15-day leave, which sometimes added up to a large sum due to accruals over the years,” he said, adding, “The move will definitely have a cost benefit on our profit and loss statement.”
Meanwhile, during the two-week hiatus, the first time in its history, only a few sales and support staff will be required to come. Agilent India has also also cut down on international travel and is holding virtual meetings instead. Stay in five-star hotels during official travel is also being curbed.
In a Securities and Exchange Comission (SEC) filing on December 17, Agilent Technologies disclosed that it plans to reduce its employee base by 500, with most layoffs to be completed by May 31 2009, and the rest by October 31. Agilent plans to reduce annual operating expenses by about $65 million with the global restructuring. With its global pay cut move (effective January 1), it will save another $100 million.
Source:
http://economictimes.indiatimes.com/Infotech/Software/Agilent_wont_cut_pay_force
