Globes reports that IDT Corporation subsidiary IDT Global Services Israel Ltd. has fired dozens of managers out of the company’s 1,200 employees. The reasons are financial difficulties at IDT, which has a market cap of $300 million. IDT Israel used to operate in two areas. The company’s entertainment division briefly operated an animation studio in Beit Shemesh, which had 170 employees. The studio was closed when IDT sold the division. The company’s Yerushalayim office provides outsourcing services, which compete against Indian outsourcing companies.
IDT’s shares have dropped 60% within recent months after publishing a higher than expected loss for its second fiscal quarter.
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5 Responses
they are letting people go here too….
They’ve been letting people go for years now, as their business has tanked over the past number of years.
#1 – Why is someone deserving of credit for giving jobs to people when he couldn’t afford it therefore putting all the people already employed at risk and just setting up the new hires for layoffs. If you run a business like a chessed organization, then your shareholders lose and your employees lose.
Perhaps if the business had been run as a frum organisation it would have done better. Working 10 hour shifts to make up for having yomtov off; working motzei Shabbos and yomtov; no chol hamoed; working Purim and Tisha B’av – this may be acceptable in the States, but in Yerushalayim it is not the way to go. I daven that they will get back on their feet – in a Torahdig way too.
#5, if IDT was run as a frum organization it would already be out of business! In today’s market, you need a 24X7 operational capacity. Anything less, it a loss, as they already experienced. In the states, you do not get off for Yom Tov, Chol Homeadm, or any other time besides Shabbos. Working late and overtime is the norm. if you are dealing with IT. Even on Shabbos, work needs to get done and you need to arrange to work Mozti Shabbos and Sunday. Do not be naive! If you are in IT, it is expected to work overtime.
If you want to take off chol homead, Purim, etc, you always have the options of taking it as a PTO, like the rest of us.