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UK`s Lloyds banks on Wipro, TCS staff
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UK`s Lloyds banks on Wipro, TCS staff
The bank, which has over 400 employees in its IT department, is learnt to be considering replacing over 80% of its IT workforce with those from India. “We continue to outsource areas of IT work to companies based overseas. At any one time, some of the staff from these companies will be based in the UK to deliver aspects of our IT projects which is standard industry practice, “ said a Lloyds spokeswoman over email. She added that the number of staff from overseas companies working with Lloyds in the UK varied depending on the projects underway and the skills required. TCS declined to comment since it was in the midst of its silent period while Wipro refrained from comemnting on “market speculation.”
Globally, the economic crisis ahs resulted in serious cost-cutting measures which includes wage cuts. For example, an Indian IT specialist with over four years of experience, will be paid almost 30% lesser than his British counterpart. “The costs pressures for companies in Europe and US are forcing companies to lay off workers and replace them with more inexpensive labour mostly from India and China,” said a UK-based consultant who advises European banks on outsourcing strategies. Last week, the Lloyds Banking Group’s employee union protested on a move to replace skilled IT workers of British origin with those fom India.
“Workers from India, who would otherwise have no legal right to work in the UK, are being given work visas and flown into the country to take on jobs that could otherwise be given to the existing UK-based staff. The UK government should be using its 43% ownership in Lloyds to force the bank’s board to act in the best interest of UK jobs and its economy,” the union’s assistant general secretary Steve Tatlow had said last week
Source:
http://economictimes.indiatimes.com/News/News-By-Industry/Jobs/UKs-Lloyds-banks-