NRN rules out job cuts in IT sector

The global economic meltdown and the financial crisis looming large over the Indian economy will not result in any downsizing or job cuts in the IT industry, says N.R. Narayana Murthy, founder of Infosys Technologies.

I have always been a big fan of Narayana Murthy and have read hundreds of articles and stories on him and his wife. At times, I think I should compile the inspirational stories and biographies.

"There are no job cuts. The growth has certainly slowed down but it is not making any significant impact on us," Murthy, who was in the national capital Saturday to announce the finalists for Rhodes scholarships, told IANS.He also hinted that the net rate of growth of employment in his sector will stay in the green. "Despite reports of companies laying off some staff as a cost cutting measure, they have been advertising for new employees at the same time."

According to him, the key challenges facing the Indian industry in these turbulent times were inflation and the psychological impact of the US crisis, leading some companies to hit the panic button.

He also said that the weakening of the rupee was just an offshoot of the global economic meltdown and was proving to be beneficial for the IT industry.

"The foreign exchange rates are helping us and in some way, they mean higher revenue for my industry," Murthy said, and added that a weaker rupee was making exports of Indian IT industry competitive vis a vis other countries.

I am also listing out Five Elements of Success as put forward by Narayana Murthy:

• Openness to learn: Openness to subordinate your ego to take ideas from others.

• Meritocracy: The best ideas are adopted and implemented using data to arrive at the best decision.

• Speed: Assuring you do things faster compared to yesterday and last quarter.

• Imagination: You continually bring better ideas and better innovation to the table.

• Excellence in execution: That is implementation of these great ideas with a higher level of excellence today than yesterday.

Here's his tips and insights on how to move up in the corporate leadership ladder. (May be this would be an eye opener for some ... hopefully :) )

• Take risks. Get out of your comfort zone and try something new. It is the express lane to corporate success.
• Behave transparently.
• Go where the growth is, even if this means making a lateral move.
• Be flexible and multi-dimensional.
• Look back and learn from mistakes.

Look back and learn from your mistakes, before it's too late.