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Information Technology (IT) News
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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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Maharashtra labour department issues notice to TCS over 'unfair' transfer practices
- The Maharashtra Labour Department has issued a notice to Tata Consultancy Services (TCS) following a complaint by the Nascent Information Technology Employees Senate (NITES) about "unethical transfer practices."
- NITES received over 300 complaints alleging that TCS forced over 2,000 employees to relocate without proper notice or consultation, causing hardships.
- TCS allegedly threatened disciplinary actions for non-compliance and stopped salaries of dissenting employees. The Labour Department has scheduled a meeting for complaint redressal.
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Infosys alleges unfair employee poaching by Cognizant, sends missive to the firm
- Infosys has accused Cognizant of unethical poaching tactics, joining Wipro in similar claims against the IT giant. Infosys reportedly sent a written communication to Cognizant after some of its senior leaders moved to the rival firm.
- While non-compete clauses are not enforceable, the communication was seen as a deterrent. Cognizant CEO Ravi Kumar, a former Infosys veteran, has hired over 20 executive vice presidents and four senior vice presidents, many from Wipro and Infosys.
- Wipro has filed suits against two former executives who joined Cognizant. The dispute comes amid a challenging business environment and high senior management attrition for both Infosys and Wipro.
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What lies ahead for IT firms in the year 2024?
- The year 2024 presents a challenging outlook for Indian IT firms as generative AI's promise struggles to counterbalance the slowdown in vital sectors like BFSI.
- Recent setbacks, including Infosys losing a $1.5 billion AI deal and Accenture's muted revenue growth, amplify concerns of a prolonged recovery until mid-2024. Sustained cost-cutting initiatives and limited tech budgets in core sectors further dampen hopes for near-term revival.
- Analysts predict a modest 5%-6% revenue growth for FY24, with recovery post-mid 2024 contingent on potential rate cuts and improved consumer confidence. The IT sector faces uncertainties, emphasizing the need for cautious optimism amid a precarious future.
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Meet 'India's youngest engineer' aged 15 years, who finished classes 8-12 in just 9 months
- Nirbhay Thacker, born in 2002, achieved extraordinary academic milestones, becoming Gujarat's youngest engineer at the age of 15. Hailing from Bhuj, he completed his entire Bachelor of Engineering (BE) degree from Gujarat Technological University (GTU) in just one year.
- Prior to this, Nirbhay accelerated through his academic journey, passing classes 8-10 in six months and 11-12 in just three months during the 2015-16 academic year.
- Securing admission to the SAL College of Engineering, his rapid progression received approval from the Admission Committee for Professional Courses (ACPC) and the All-India Council for Technical Education (AICTE). His achievement showcases exceptional talent and determination in the academic realm.
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X User Shares Story Of Rapido Driver Who Was A Corporate Manager At A Big Company
- Many stories of "peak Bengaluru" moments can be found all over the internet. Now, a user on X (formerly Twitter) shared her intriguing encounter with a Rapido driver who used to work as a corporate manager at a major company.
- Taking to X, the user, Shruti (@Shruwa12), wrote, "In my peak Bangalore moment today, the Rapido guy turned out to be a corporate manager in one of the big companies, who likes to help people reach to their destination in reasonable amounts".
- She concluded her post with a nod to the city's unique culture. "Anything is possible in Bangalore," the user said.
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Wipro files complaint against former senior VP who joined Cognizant, here's what the company has charged him for
- Indian IT giant Wipro has filed a complaint against former senior executive Mohd Haque, alleging violation of a non-compete clause.
- Haque, who left in June, allegedly joined Wipro's competitor, Cognizant, breaching restrictions on working for specified competitors for 12 months post-employment. Wipro claims Haque stole confidential information, uploading files to his personal Gmail account.
- Wipro's counsel reminded Haque of contractual obligations, demanding a jury trial. The complaint states Haque, now SVP at Wipro, owes over $1 million for equity awards, alleging he hasn't repaid remuneration or award values.
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In 2023, software engineers were still more valuable than capital, but AI may change that
- In 2023, software engineers are deemed more valuable than capital by 62% of software and talent leaders, according to Karat's 2023 Tech Hiring Trends report. The study reveals that 55% believe software engineers are worth three times their current compensation, up from 45% in 2022.
- The rise of generative AI, automating coding tasks, may impact their value. Daan van Rossum, founder of FlexOS, predicts a blurred line between engineers and non-technical professionals.
- While AI can handle coding, human problem-solving and innovation remain crucial. McKinsey's Lareina Yee sees AI as a power tool for engineers, cutting time on toil tasks and allowing focus on innovation.
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5 techies in ICU after lift falls from 8th floor in Noida building
- Nine IT employees from Erasmith Technologies were injured when a lift in Noida Sector 125's River Side Tower unexpectedly fell from the 8th floor at 5.45 pm. The incident happened as the employees were leaving their office.
- Five of them with serious arm and leg injuries were admitted to the ICU, while the others are in stable condition.
- Erasmith Technologies, an IT developer company, occupies the building's eighth floor. The injured, including Piyush Sharma, Abhishek Pandit, and Abhishek Gupta, were taken to Jaypee Hospital. Two maintenance workers were taken into custody. Lift accidents have become increasingly common in Noida and Greater Noida.
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Over 100,000 workers were laid off from tech jobs this year; here's where they went
- The tech industry in the U.S. witnessed over 100,000 job cuts this year, with major companies like Google, Microsoft, and Meta announcing substantial layoffs.
- Many affected workers transitioned to non-tech roles, leveraging their skills for opportunities in finance, healthcare, and government. Former Amazon employee Bobby McNeil found a talent acquisition role at a Fortune 500 company, emphasizing the value of transferable skills.
- Melissa Zlatow, laid off by Meta, established a business incubator to support fellow tech workers, reevaluating her career path and embracing personal enrichment.
- The layoffs underscore a shift in perceptions, challenging the notion of tech as the ultimate career destination.
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Infosys inaugurates Rs 230 cr development center in Nagpur
- Infosys has unveiled a cutting-edge development center in Nagpur, Maharashtra, spanning 265,000 sq.ft. With an investment exceeding INR 230 crore, the facility aligns with Infosys' hybrid workplace strategy, accommodating 3,000 employees.
- Emphasizing ESG commitments, the center prioritizes occupant health and environmental efficiency through features like low-energy cooling, smart automation, rainwater harvesting, and wastewater recycling.
- The center focuses on next-gen technologies, offering employees opportunities in diverse industries. Nilanjan Roy, Infosys CFO, highlights its role in fostering innovation, supporting local talent, and contributing to business growth, job creation, and sustainability.
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Minis
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India's $245 billion IT sector swallows tougher terms amid scramble for contracts
- India's $245 billion IT sector is grappling with tougher contract terms as it competes for fewer orders in an uncertain global economy. The sector, which flourished during the pandemic-driven digital services boom, is now facing challenges as clients reduce spending on discretionary projects amid inflation and recession fears.
- Companies like Tata Consultancy Services, Infosys, and HCLTech are accepting conditions such as guaranteeing cost savings and billing based on achieving specific goals.
- This reflects a buyer's market, reminiscent of economic challenges in 2008 and 2001, pushing IT firms to navigate the complexities of an increasingly demanding client landscape.
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This millennial techie secretly works 2 remote jobs, earns Rs 2.5 crore per year
- California-based millennial IT professional Nicholas Flemming has been secretly working two remote jobs simultaneously, earning Rs 2.5 crore ($300,000) annually. Despite doubling his income for over two years, Flemming, aiming for homeownership and early retirement, feels financially unfulfilled.
- He managed to save $150,000 (Rs 1.2 crore) without impacting his modest lifestyle. Attempting a third job twice, he realized the challenge of managing three positions.
- Flemming's success in juggling two jobs is attributed to non-overlapping team meetings, practicing simultaneous work during meetings, and leveraging skills learned in one job to enhance productivity in the other, maintaining a 40-hour workweek.
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Minis
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Recession fears hit IT sector, Infosys, major players announce drastic cuts in pay hikes, promotions
- Bengaluru's IT sector, including major players like Infosys, is experiencing significant pay hike and promotion cuts amid global recession fears. Infosys, a prominent tech giant, has granted its employees less than a 10% hike this year.
- Similar trends are observed among US and Europe-based global companies with a significant presence in Bengaluru. This cost-cutting phase, initiated a year ago, persists, leading IT firms to take drastic measures.
- New hires are excluded from hikes, and promotions are on hold, with minimal increases of 10-20% for those promoted. The situation is reminiscent of the 2007-2009 IT sector downturn, causing concerns among professionals.
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Cognizant aims to sell office assets in Bengaluru, Hyderabad: Report
- Cognizant Technologies plans to sell office assets in Bengaluru and Hyderabad, aiming to become asset-light and capitalize on non-core real estate.
- The move is part of a cost-cutting strategy to save $400 million over two years, involving the divestment of a 10-acre campus in Gachibowli, Hyderabad, and a 14-acre campus in Siruseri, Chennai.
- The company reported a 16% drop in net profit to $525 million for Q3 2023, amid efforts to strengthen fundamentals, enhance customer satisfaction, and invest in serving clients amidst economic uncertainty. Cognizant's total headcount reached 346,600 by the end of Q3 2023.
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