IT & BPO services and consulting firm Hexaware Technologies has decided to put 350 of its employees on 'virtual bench' in a bid to control costs and to mitigate the impact of global slowdown on its business. Recently, Mumbai-based IT firm Mastek had taken such step on similar grounds.

Besides, the firm has also decided to cut salaries of its managerial level workforce by 2-10 per cent from April 2009 onwards. The employees put of virtual bench are entitled to avail benefits equivalent to 50 per cent of their basic salary including provident fund, gratuity, hospitalization insurance and life cover from the company.

The company would provide skill enhancement training to these employees, organizing skill enhancement and training programs during the period.

CEO and vice chairman of Hexaware Technologies, P R Chandrasekar, said, "We will strengthen our competencies and continue to work towards building a stronger revenue stream, given the current market environment, we are also maintaining a significant focus on improving operational efficiencies, enhancing productivity, increasing utilization and implementing multiple cost rationalization initiatives."

The company had already announced to halt fresh recruitment process for next two quarters citing low demand in the IT segment. Its employee's strength reduced to 5,622 in financial year 2008 as compared to 7,068 at the end of 2007.