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Fired from Facebook, man starts own tech company, earns ₹ 27 crore a year
- Noah Kagan, once fired from Facebook, has emerged as a shining example of turning adversity into opportunity. As the CEO and co-founder of AppSumo, he now boasts a staggering annual income of approximately $3.3 million (Rs 274,319,265).
- Raised by immigrant parents, Kagan's journey epitomizes the American dream. From humble beginnings to tech industry success, his story underscores the power of perseverance and entrepreneurial spirit.
- Despite early setbacks, Kagan's unwavering desire for financial success drove him to establish his own company, redefining his path to prosperity. Today, his remarkable journey serves as inspiration for aspiring entrepreneurs worldwide.
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Here's how many jobs were cut by tech companies in the first month of 2024
- In the first month of 2024, the tech industry witnessed a significant wave of job cuts, totaling 32,000 according to Layoffs.fyi.
- Snap's announcement of a 10% reduction in its workforce, affecting approximately 540 employees, is emblematic of this trend. Other notable layoffs include Okta's elimination of 7% of its staff, impacting around 400 workers. The list goes on, including Big Tech employers like Amazon.com Inc., Salesforce Inc. and Meta Platforms Inc.
- According to an analysis by CompTIA, which tracks employment trends in the tech industry, job postings in "artificial intelligence or requiring AI skill increased by about 2,000 from December to January, to 17,479."
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Now, TCS employees have to do this to get next promotion & variable pay
- In a significant move, Tata Consultancy Services (TCS) has reportedly linked promotions and variable pay to compliance with its return-to-office (RTO) mandate.
- Employees are required to work from the office for all five days of the week, with grades for promotions determined by their track record of adherence to the policy. Freshers completing assigned courses will receive digital compensation, making them eligible for higher salaries.
- TCS aims to enhance customer experience through an expanded partnership with Aviva, managing 5.5 million policies. Additionally, the company plans to double its workforce in France, signaling strategic growth in international markets.
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IT campus hiring tumbles to two-decade low
- The Indian IT sector is grappling with a historic low in campus hiring, with estimates suggesting only 70,000 to 80,000 fresh engineers will be hired in FY24, the lowest intake in over two decades.
- The decline follows a dramatic downturn initiated in fiscal 2022, when the industry hired a record 600,000 freshers. The current slowdown is attributed to subdued demand for digitization post-COVID-19 and geopolitical conflicts.
- Top companies like Infosys and Wipro are expected to skip campus hiring for a second consecutive year, and tier 2 colleges are likely to be disproportionately affected. Analysts cautiously anticipate a revival in FY25.
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Infosys techie killed at hotel near Pune; check details
- In a tragic turn of events, Vandana Dwivedi, an Infosys techie, was fatally shot at a Pune hotel. The incident unfolded at an Oyo hotel in Pimpri Chinchwad's Hinjewari area, with police discovering her lifeless body and signs of a violent altercation.
- The alleged perpetrator, identified as her boyfriend Rishabh Nigam, was apprehended after being caught on hotel CCTV leaving the room late at night. The investigation reveals a relationship between the victim and the suspect, with a heated dispute leading to the murder.
- Authorities recovered a pistol from Rishabh, strengthening the case. The Infosys community mourns as justice for Vandana is sought.
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Educational qualifications of the top 5 richest people in the world
- Elon Musk, armed with bachelor's degrees in Physics and Economics from the University of Pennsylvania, co-founded companies like SpaceX and Tesla, reshaping the future of space exploration and sustainable energy.
- Jeff Bezos, a Princeton University graduate in electrical engineering and computer science, revolutionized e-commerce through Amazon. Bernard Arnault, an École Polytechnique engineering alum, leads the luxury conglomerate LVMH.
- Meanwhile, tech giants Bill Gates and Mark Zuckerberg, Harvard dropouts, founded Microsoft and Facebook, redefining the digital landscape. Their varied academic journeys highlight the unique ways in which these pioneers shaped their industries.
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Meet IIT Bombay graduate who quit high-paying corporate job to become a monk at 29
- Sanket Parekh, an IIT Bombay graduate, took an unconventional path after working as a chemical engineer in the US. Introduced to Jainism by a senior at IIT, Bhavik Shah, who had taken 'Diksha' in 2013, Parekh delved into the philosophy of the soul, mind, and body.
- Despite being an atheist, he left his high-paying job, spent two and a half years learning Jain rituals under Acharya Yugbhushansurji, and ultimately chose the path of a monk.
- Parekh, who once paid Rs 12 lakh per annum in income tax, stated, "I would have got everything if I had decided to have a career, but my inner self would never have been at peace like it is today."
- Despite initial resistance from his mother, he convinced her that this path was essential for his happiness.
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Most big IT companies are not strict about work from office rule
- Major IT companies, including Infosys, HCL, and Cognizant, are not strictly enforcing the mandated return-to-office policies, focusing more on deliverables and upskilling.
- Some employees, like a woman at HCL based in Chennai, are permitted to work from different locations, such as Bengaluru, for childcare reasons. Infosys, while having a phased return plan, leaves the decision to managers, with some employees only going to the office when asked by their managers.
- In contrast, TCS is deducting salaries for non-compliance with the return-to-office guidelines, reflecting a stricter approach.
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Indian CEO of US-based firm falls to death at Ramoji Film City in Hyderabad
- Tragedy struck the silver jubilee celebrations of US-based software firm Vistex at Ramoji Film City in Hyderabad, as CEO Sanjay Shah lost his life in a freak accident.
- During a planned event, Shah and colleague Raju Datla were being lowered in an iron cage when a chain snapped, causing a 15-foot fall onto the concrete dais. While Shah succumbed to his injuries, Datla is in serious condition.
- A case was registered against the event management authorities. Vistex, an Illinois-based company specializing in revenue management solutions, mourns the loss of its founder, Sanjay Shah, who had also established philanthropic initiatives.
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65% employees back in office 3-5 days a week after TCS ended WFH: CEO
- Tata Consultancy Services (TCS) CEO K Krithivasan has reported a successful return-to-office policy, revealing that 65% of TCS associates are now back in the office for 3-5 days a week.
- This marks a significant departure from TCS' earlier 25X25 vision, where only 25% of associates were expected to work from facilities by 2025. Krithivasan emphasized the importance of preserving organizational culture through the return-to-office approach.
- TCS ended work from home in October 2023, witnessing a sequential decrease in headcount for two consecutive quarters. Despite this, the company reported a net profit increase of 2% year-on-year in Q3 2023.
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Here's how many jobs have been cut by tech companies in first two weeks of 2024
- In the first two weeks of 2024, the tech industry has witnessed a surge in job cuts, with major companies like Google and Amazon leading the trend. As per Layoffs.fyi, 48 tech firms have laid off 7,528 employees, indicating a continuation of the 2023 job cuts trend
- Notably, Frontdesk became the first company to dismiss its entire 200-person workforce. Google plans to eliminate roles in digital assistant, hardware, and engineering teams, while Amazon-owned entities like Twitch and Audible will also experience job cuts.
- The industry's economic slowdown and restructuring initiatives are cited as reasons for these workforce reductions, raising concerns about potential further layoffs in 2024.
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Why are so many companies 'rightsizing'?
- In recent years, major corporations, including Alphabet, Meta, Microsoft, Amazon, and Disney, have engaged in extensive job cuts, euphemistically labeled as "rightsizing."
- This trend, driven by the end of the era of low interest rates, saw over 260,000 tech employees laid off in 2023 alone. The term "rightsizing" is employed by executives to convey a neutral image, suggesting a return to a more suitable business scale given economic realities.
- However, critics argue that such euphemisms dehumanize the process, potentially undermining the genuine impact on employees. Despite linguistic nuances, for workers, "rightsizing" simply translates to job loss and uncertainty.
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TCS explains why fresher salaries have remained in ₹3-4 lakh range for years
- Following the December quarter earnings, in which top tech services giants TCS and Infosys saw their headcount decline, CNBC-TV18 asked the former the reason why fresher salaries have hovered around the ₹3-4 lakh per annum range for years.
- Milind Lakkad, TCS' Chief Human Resources Officer, emphasizes that salaries are based on talent, and individuals can earn double or even up to ₹10 lakh by upskilling.
- When specifically asked what the starting salary is for freshers now, Lakkad said it’s the same as it has been for the past many years. He believes the point is, that once they join, they must understand the path to take. “You take this path, your salary will double.”
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85 IIT Bombay Students Get Over Rs 1 Crore Salary Packages In Placements
- IIT Bombay has achieved remarkable success in its recent campus placements, with 388 organizations participating in the first part of the 2023-24 placements.
- Students received high-paying job offers from both India and abroad, with 85 students securing packages exceeding ₹1 crore annually. The diverse range of recruiters included Accenture, Airbus, Apple, Google, JP Morgan Chase, Microsoft, Reliance group, Samsung, Tata group, and others.
- A unique scheduling strategy was employed to minimize student stress and avoid overlapping offers, and 1,188 students were successfully placed by December 20, 2023, including placements in PSUs and 297 pre-placement offers from internships.
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Wipro executives cannot join Cognizant, 9 other rival firms for 12 months after exit
- Wipro executives departing the company are prohibited from joining 10 rival firms, including Cognizant, under a non-compete clause lasting 12 months.
- The lawsuit, notably against ex-CFO Jatin Dalal, seeks damages of ₹25.15 crore for joining Cognizant. The 10 listed rival companies in the clause are Accenture, Capgemini, Cognizant, Deloitte, DXC Technology, HCL, IBM, Infosys, TCS, and Tech Mahindra.
- Wipro alleges Dalal, who joined Cognizant in 2023, violated confidential information access due to his senior roles. Other senior exits from Wipro in the past year include Mohd Haque, who also joined Cognizant, but not all faced legal action.
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