Gone are those day when attrition was high as the IT segment was booming or rather blooming. However the scenario changed after the financial turmoil started surging upwards. Now the trend is lay-offs, simply means either the company comes with an option of voluntary retirement plan or comes up with weird reasons to lessen its baggage. The phenomenon could be on the rise say analysts. As per the going the recent victims are the employees of world largest computer makers Hewlett-Packard Co (HP).

The company which has found its market eroded by tabs and iPhones, feels that it has no other alternative but to shred 8% of its employees as a cost cutting strategy. This implies that nearly 27,000 would be on roads out of a work force of 3, 25,000 employees. Strategized lay off will be completed by 2014 say sources. The cuts are supposed to save (earn) the company by $ 3 billion to $ 3.5 billion, annually. This they would reinvest in the company for making a turnaround, add sources.

After the "chaos that engulfed the company last year," Wednesday's move was much needed, said Michael Holt, senior equity analyst with Morningstar Inc. HP should "invest in technology that will shape the next decade rather than today's portfolio, which is a little outdated," he said. (With Inputs from Internet- Aarkay)