Manpower to cut five percent jobs in IndiaNovember 17th, 2008 - 4:57 pm ICT by IANS
New Delhi, Nov 17 (IANS) Employment services major Manpower Inc Monday said it would shed around five percent of its Indian workforce as part of cost-cutting measures in the background of the global economic downturn.”We may trim five percent jobs in India as almost 15-20 percent of the business has been affected in the country due to the slowdown,” Manpower chairman and chief executive officer Jeffrey A. Joerres told reporters here on the sidelines of the World Economic Forum-India Economic Summit.
Manpower currently employs around 21,000 people in India and 35,000 globally.
The company’s IT enabled services (ITeS) segment has been affected most while other segments are still doing good, Joerres said.
“Globally our business has received three-four percent dent in revenues,” he said, adding that the next quarter would be worse.
Calling the downsizing “inevitable” in the deteriorating economic situation, Joerres said the company may go for a two-week holiday shutdown in the US and Europe.
The $21-billion Manpower grew 60-70 percent in India last year and expects to retain its growth.