Expatriate executives making way for local hires (India firing foreigners..hiring locals)

[OhioChick]

28 Jan 2009, 0503 hrs IST, Sanjeev Choudhary, ET Bureau

NEW DELHI: Expatriate executives, who were the flavour of the season when India was riding high on a 9%-plus growth rate, are now becoming first ones to get the pink slip as Indian industry, hit by the slowdown, starts looking within the country for inexpensive hires.

“Many of the expatriate executives, who have been asked to leave, are subject experts. Their value diminishes in a downturn as companies are no more expanding, and thus don’t need people to guide in a new venture,” says K Sudarshan, MD of executive search firm EMA Partners’ India unit.

Since October 2008, there has been a spate of replacements of expat executives with Indian professionals at the senior level.

Aviva Life Insurance appointed former Citibank executive TR Ramachandran to replace Bert Paterson as the CEO for its Indian operations. Insurance firm MetLife replaced its CFO Nick Paket with an Indian hire. And, according to executive search firms, two top expatriate executives of another insurance firm are slated to leave in March, to be replaced by Indians.

More: http://economictimes.indiatimes.com/News/News_By_Industry/Jobs/Expatriate_executives_making_way_for_local_hires/articleshow/4039529.cms

[Azlady]

1. Kick & Recommend

[OnceUponTimeOnTheNet]

2. K&R

[Warpy]

3. Excuse me if I don't feel terribly sorry for them

since they're the ones who kept developing facilities in India to strip Americans of jobs.

They can cry me a river and jump into it and drown.

[Vincardog]

4. Why can they fire foreign workers to hire local talent but the WTO says we can't?

[anonymous171]

7. Stop being so xenophobic.

:sarcasm:

[ChromeFoundry]

9. Agreed! lol - n/t

[Deja Q]

10. Quite!!

It works both ways.

Globalism means the entire globe, or so it's claimed.

[ihavenobias]

5. # 7 n/t

[acmavm]

6. There's a cosmic kinda justice hidden in here somewhere.

edit: Or is irony the word I want? Cuz Microsoft still wants more H1b (or whatever) workers let into the country.

[anonymous171]

8. Yeah. Why the double standard?