Dear Hitesh,
Continuing in line with what Amarjeet has said, I believe that anyone who has recently updated his resume on a job site is definitely trying out for a better position, in such cases, I would have spoken directly to the person and tried to find out the reasons for his dis-satisfaction if any, however I would not mention the updated resume in the first instance, if the person denies any dis satisfactiojn, thenI would mention the resume , if he then tries to cover up, it would mean that he is just waiting for an opportunity to jump boat, in such a case, I would try to make best use of his expertise for the short time that he would be around by offering a project leader / managerial position, if he is looking for better position, he will accept, if not, he will try to walk out of it, then it would be better to let him go as early as possible and minimise such impact, by moving him out of long term projects.
This incident is a classic "IT" case where the industry itself is so fast changing that it does not try to make the best programmers into the best employees but looks for "mercenaries" who come for a specific project and nearing completion, look for better opportunities. As the skillset portfolio goes on becoming very wide, and ever changing, it becomes ever more important to ensure that the company tries to identify the most commited resources and put them into "ownership" positions within the organisation so that the organisation as such does not get hampered by the coming and going of "mercenaries". regards, Prashant Thakkar
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