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Indian IT Companies Expect To See Surge In BFSI Deal Wins
- Indian IT companies are poised for a surge in BFSI sector deal wins as tech spending rebounds amid stabilizing global economies.
- After a slowdown, analysts anticipate increased demand for IT modernization and digital transformation projects. Infosys and Wipro have reported improved outlooks, citing recent deal successes in BFSI.
- Companies like Tech Mahindra are focusing on core banking and AI adoption to drive growth. Despite challenges like insourcing and cloud migration, the sector expects single-digit growth by year-end, fueled by investments in generative AI and strategic acquisitions. This signals a positive recovery trend in fiscal 2025 for India's IT sector.
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Infosys announces sops for employees open to transfer to Hubballi campus
- Infosys has launched a new transfer policy offering up to Rs 8 lakh in incentives for employees willing to relocate to its Hubballi campus.
- Aimed at enhancing its presence in tier-2 cities like Hubballi, the policy targets employees at band 2 and above, encouraging them to explore career opportunities in the Mumbai-Karnataka region.
- This initiative aligns with Infosys' strategy to optimize infrastructure usage and foster local talent development. Karnataka's industries minister MB Patil praised the move for promoting regional growth and community ties. The policy underscores Infosys' commitment to innovation and employee welfare in the technology sector.
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Silent layoffs grip Indian IT sector, impact over 20,000 employees
- In 2023-2024, India's IT sector silently laid off over 20,000 employees due to economic challenges. Workers faced grim choices: accept lower payouts or resign voluntarily.
- The trend persisted in 2024, affecting even industry giants like Cognizant and Infosys. Employees were coerced into signing NDAs and working longer hours, while companies claimed no layoffs occurred.
- However, industry insiders revealed a different story, citing the highest job losses since the 2008 financial crisis. Layoffs were staggered to avoid attention, with smaller firms hit the hardest. The crisis underscores broader issues in India's IT landscape, impacting livelihoods across the sector.
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Hot jobs alert! Why companies are rushing to recruit CAIOs in India?
- Leading Indian companies are actively seeking Chief AI Officers (CAIOs) to manage AI operations and plan for the future.
- Kapil Joshi, Quess IT Staffing's deputy CEO, notes over 350 AI leadership role openings in India's job portals, with 10 for CAIO positions.
- Nasscom and BCG report 70% of Indian tech firms having AI leadership roles. Firms like Harman International and American Express are actively recruiting for AI leadership. Globally, Accenture and SAP have appointed CAIOs.
- India's AI market is projected to grow exponentially at 25-35% by 2027, fueling demand for CAIOs and specialized roles like ethics specialists and robotics engineers in the burgeoning AI landscape.
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Good signal for Indian IT sector job seekers: Contractual hiring shows demand uptick
- The Indian IT sector is showing promising signs of recovery as contractual hiring experiences a surge, indicating a growing demand for IT services.
- After a period of subdued demand and layoffs, companies are now actively replenishing their workforce through contractual positions. This uptick, estimated at around 40-50% compared to last year, underscores the need for flexibility and agility in workforce management.
- With sectors like consumer durables, ecommerce, and retail also witnessing demand spikes, the outlook for IT job seekers appears optimistic. As global uncertainties stabilize, experts anticipate further growth in IT spending, fostering additional opportunities in the sector.
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HCLTech bucks IT industry trend, adds 2,725 employees in Q4
- HCL Technologies stands out in the IT sector, adding 2,725 employees in Q4, defying industry trends. With 3,096 freshers onboarded, totaling 12,141 for the year, HCLTech's workforce now reaches 227,481.
- Notably, it recorded a mere 1,537 YoY increase. Attrition dropped to 12.4%, a notable achievement. Ramachandran Sundararajan, Chief People Officer, attributes this success to enhanced people practices and investments.
- In contrast, other top Indian IT firms experienced declines in headcounts. HCLTech's robust performance extends to its financials, with Q4 net profit at Rs 3,986 crore and a revenue surge of 7.1%. For FY24, revenue climbed 8.3% to Rs. 109,913 Crores, with net profit growing by 5.7% to Rs 15,702 crore.
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This global tech giant is adopting a permanent 'work from home' policy across its offices in 33 countries
- Globant SA, under the leadership of CEO Martin Migoya, has made a groundbreaking move by adopting a permanent 'work from home' policy across its offices in 33 countries, encompassing nearly 30,000 employees.
- Contrary to the trend of mandating office returns, Globant opts for flexibility and connection. Migoya emphasizes the importance of in-person interaction but rejects coercion, stating, "We found that people come, they get together, they use our offices in a different way."
- The company's approach includes revamped office spaces and a softer sell to encourage voluntary returns. With plans for massive hiring and office expansion, Globant prioritizes creating inviting spaces as "a connection engine for the company."
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This CEO lists 6 'unacceptable' habits for early stage startups
- In a recent LinkedIn post, Mukul Rustagi, CEO and co-founder of Classplus, outlined six 'unacceptable' habits he believes early-stage startups should avoid.
- First on his list is the absence of founders engaging in sales activities, followed by managers isolating themselves in cabins rather than working alongside their teams.
- Rustagi also criticizes the presence of a strategy vertical, opting for luxury accommodations on business trips, hiring solely based on pedigree (such as from IIT/IIM), and recruiting talented individuals without clear roles defined.
- This post garnered significant attention, with many users chiming in with additional insights and experiences, emphasizing the importance of fostering the right culture from the outset.
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IIT-Madras alum, who got ₹92 lakh Google offer in college, joins OpenAI after 10 years
- Kavin Karthik, an IIT-Madras alum, renowned for his Rs 92 lakh Google package in 2013, has shifted to OpenAI.
- Having spent over a decade at Google, he contributed to significant projects like Google Lens and Search. Karthik expressed excitement about joining OpenAI as a Member of the Technical Staff, aiming to leverage AI's transformative power with ChatGPT.
- Reflecting on his Google tenure, he described it as a "crucible of growth and innovation" that shaped his career. Greg Brockman, OpenAI's president, welcomed Karthik, who pledged to bridge the gap between research and product development in his new role.
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What is the Average Salary of a CEO in India?
- The average CEO compensation in India has experienced a notable surge, reaching ₹13.8 crore, marking a 40% increase from pre-COVID-19 levels, according to a recent Deloitte report.
- Interestingly, more than half of this compensation is tied to short-term and long-term incentives, showcasing a significant shift in remuneration structures. Notably, CEOs who are also promoters or part of promoter families receive an even higher average compensation of ₹16.7 crore.
- This trend, attributed to factors like longer tenures and wider compensation ranges, underscores the complexities within CEO compensation dynamics in the Indian corporate landscape.
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Headhunters see rising number of search mandates for senior IT talent
- The IT sector is experiencing a surge in leadership hiring, driven by optimism for a stable business environment post-elections in India, the US, and the UK.
- Headhunters report a rising demand for senior IT talent, with firms actively seeking C-suite professionals, emphasizing diversity and inclusion. Notable movements include key hires to strengthen companies and increased demand for tech talent globally.
- Indian IT companies are recruiting for CXO-1 level roles, particularly in North America, reflecting a broader market trend. Overall, there's a 26% year-on-year increase in senior leadership hiring, with roles such as CTO, CEO, sales, product, design, and engineering heads in high demand.
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Lack of mass hiring by Amazon and other big cos adds to the woes of IITD students amid 30% drop in job offers
- Amidst a 30% drop in job offers, IIT Delhi students grapple with challenges in securing roles as multinational giants like Amazon and Goldman Sachs opt out of mass hiring this year.
- The absence of these top firms, coupled with a demand for specialized skills, exacerbates the pressure on students. Facing a lackluster placement season, many students resort to alternative avenues such as applying through LinkedIn, seeking referrals, or contemplating further qualifications.
- With a shift towards niche skills like artificial intelligence and machine learning, students find themselves navigating a changing job landscape, highlighting the need for adaptability in today's competitive market.
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American IT company cuts 800 jobs across India and US to hire talent with these skills
- New York-based IT firm EXL Service is restructuring to meet rising demand for generative artificial intelligence, cutting 800 jobs (less than 2% of its workforce). Layoffs target junior staff in data analytics and digital operations in the US and India, while 400 may be rehired elsewhere.
- The company employs about 55,000 people globally. At the same time, the company is hiring skilled workers with expertise in advanced data, AI, and generative AI.
- CEO Rohit Kapoor promoted to board chair, with leaders Vikas Bhalla and Vivek Jetley taking expanded roles integrating data and AI solutions. EXL seeks talent aligned with client needs amidst tougher economic conditions.
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Wipro CEO Thierry Delaporte resigns
- Wipro chief executive officer (CEO) Thierry Delaporte has resigned, the company announced in a regulatory filing. The tech giant has announced Srinivas Pallia as the new CEO and managing director.
- “The Board of Directors noted the resignation of Mr Thierry Delaporte with effect from April 6, 2024. He will be relieved from the employment of the Company with effect from the close of business hours on May 31, 2024,” the company filing read.
- The announcement marks a leadership transition within the tech giant, with Pallia set to take over Delaporte's responsibilities. Wipro aims for continuity amid the change, as it moves forward under new leadership.
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Cognizant defers salary hikes by a quarter to August
- Cognizant, a Nasdaq-listed IT services firm, is deferring salary hikes until August due to weak demand. With over 347,000 employees globally, the majority based in India, the company cited macroeconomic issues.
- This delay marks the fourth hike in three years for many employees. Despite a 1.7% revenue decline in Q4, net profit increased by over 7%. Cognizant's move mirrors market sentiment affecting Indian IT giants like TCS, Infosys, and Wipro.
- While Infosys delays campus requirements, TCS has initiated its hiring process for FY2024-25. Cognizant aims for continuity in recognizing employee contributions through bonuses and merit increases.
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