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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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36% of IIT Bombay graduates fail to get placement, says report
- The latest report from IIT Bombay reveals that 36% of students are yet to secure jobs, with approximately 712 out of 2,000 registered students without offers.
- The global economic slowdown has impacted placements, making it challenging to invite companies. Negotiations on salary packages were common, with the Computer Science and Engineering branch facing unprecedented struggles in securing placements.
- This year, 35.8% remained unplaced, marking a 2.8 percentage point increase from the previous session. Domestic companies dominated the placement drive, contrasting with the usual international trend. Earlier reports of 85 students receiving ₹1 crore packages were corrected to 22 by the institute.
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IIT-Roorkee alum breaks down the 'real situation' of placements in 4 major points
- IIT-Roorkee alumnus Gaurav Garg highlighted four key points regarding placements in IITs. Firstly, fresh graduates typically receive salaries ranging from ₹6 lakh to ₹35 lakh, with higher packages for CSE and ECE.
- Secondly, significant salary figures often come from foreign-based companies like Google and Facebook, primarily in coding domains.
- Additionally, salary packages may include ESOPs and staggered payments, with in-hand salary sometimes being only 40-50% of the quoted CTC.
- Lastly, excluding computer science, the average salary offered is around 10-12 lakhs per annum, with core branches like mechanical and civil engineering on the lower end.
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Startup founder slams IIT Kharagpur candidate over false resume claims
- Startup founder Angad Daryani interviewed an IIT Kharagpur graduate for a job opening, who claimed "four offers" and "100 things on his resume.
- Daryani found the candidate lacking 95% of the claimed skills. Confronted, the candidate responded, “Oh wow, I respect you, now I want to work in your company.” Daryani expressed disappointment, questioning, “What are they teaching at the IITs?”.
- He prioritized values over technical skills, emphasizing trustworthiness. Daryani concluded, “I don’t want to know if you know reinforcement learning as a mechanical engineer. I want to know if I can have you around and trust you.”
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Did TCS fire American employees to hire Indian techies on H1-B visa?
- At least 22 American employees have accused TCS of discriminatory practices, alleging the company unlawfully terminated their jobs based on race and age, replacing them with lower-paid Indian workers on H-1B visas.
- TCS denies these claims, labeling them as 'misleading'. The employees, aged 40 to 60, filed complaints with the Equal Employment Opportunity Commission (EEOC), asserting TCS favored H-1B visa holders.
- TCS refutes these allegations, emphasizing its commitment to equality. This isn't the first time such accusations have surfaced against Indian IT firms, with similar cases involving TCS in the past.
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Bengaluru companies make commute a KRA
- In Bengaluru, companies are tackling traffic congestion head-on by incentivizing mass transit and carpooling among employees.
- Giants like NetApp, Mashreq Bank, TCS, and Infosys are leading this charge, offering transportation benefits such as shuttle services and metro passes. Carpooling is actively promoted with preferential parking and monthly stipends for participants.
- By charging for office parking, single-occupancy vehicle use is discouraged, further emphasizing sustainable commuting options.
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TCS begins fresher hiring for FY25
- Tata Consultancy Services (TCS), India's largest IT services company, has initiated fresh hiring for the fiscal year 2024-25, signaling a positive shift in the industry.
- This move comes as a relief to engineering graduates amid a freeze in recruitment by several IT firms due to a demand slump. TCS is inviting applications from various batches, including BTech, BE, MCA, MSc, and MS of 2024.
- The company has categorized roles into Ninja, Digital, and Prime, offering competitive packages. With TCS leading the way, the industry anticipates a resurgence in fresh hiring, reflecting a promising outlook for aspiring tech professionals.
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