To make reduction in job loss a possibility for younger workforce, Infosys's co-founder asked the senior level executives to take slight adjustments in their compensation. On the vigorous scale of job loss across the sector, N R Narayana Murthy commented that it is not the first time that the industry is reeling with such a lay-off crisis and previously also the industry had dealt with the problem and found a solution then.
As reported to one of the leading news channel, Murthy said "Let us remember we have gone through this several times in the past. We went through that in 2008, in 2001. So, this is nothing new. Therefore, there is no need for us to become extremely anxious. We have had solutions to such problems in the past".
Also, with deep confidence on the industry leaders he put forths that extreme anxiety on the front is not at all desired and a solution shall well be in place. The solution to the lay-off is well hinted by Murthy at the time when job loss in 1000s is being mulled by several IT majors on the back of non-performance and automation issues which has rendered several processes redundant.
So, as a solution to the ongoing layoff crisis, Murthy put forth a solution in a statement which says, "I have a feeling that it is possible for us to protect the jobs of youngsters if the senior management people were to make some minor adjustments - adjustment of taking salary cuts". Similar step was followed during the IT bubble crisis in 2001, when executives at the internal director level adjusted for the highest salary cut followed by others in the management team.
"That time we had offered jobs to 1,500 engineers. Several companies were postponing the joining day. We said let us not do that, let us demonstrate the commitment to youngsters by senior people taking some salary cuts based on the disposable income as we go down the hierarchy and welcome those 1,500 engineers," he added.
It is not fair to simply send somebody home, and then let them become very very anxious, because they may have families depending on them. They may have children, parents, spouses and all that, so it is incumbent on leaders of the industry to find reasonable solutions..." he said.