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7000+ techies fired in March by biggest IT companies due to AI & more
- In March 2024, major tech giants including Dell, Ericsson, Apple, and IBM have collectively laid off over 7000 employees, citing various reasons including the impact of AI and market dynamics.
- Ericsson let go of 1200 employees in Sweden amidst a slowdown in demand for 5G network equipment. Dell Technologies reduced its workforce as part of cost-cutting measures, while Apple ceased its internal efforts on microLED displays, leading to layoffs.
- IBM also announced layoffs as part of its ongoing restructuring efforts to optimize operations through AI-driven efficiencies. These layoffs underscore the challenges faced by tech companies in adapting to evolving market conditions and technological advancements.
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IT sector to see 3-5% growth in FY25, hiring to be muted: Icra
- The Indian IT sector is forecasted to experience modest growth of 3-5% in FY25, according to Icra Ratings.
- Hiring within the sector is expected to remain subdued until growth momentum picks up. Despite concerns about revenue growth, profitability is anticipated to remain resilient, with operating profit margins projected to reach 21-22%.
- However, macroeconomic challenges in key markets like the US and Europe are likely to continue impacting discretionary IT spending by corporations. Nevertheless, critical spending and cost optimization deals are providing some support to growth prospects. The agency maintains a stable outlook for the sector in the coming fiscal year.
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Indian IT sector employees likely to see flat salary hikes and deferred increments this year
- Indian IT sector employees are bracing for flat salary hikes and deferred increments in 2024 due to global challenges impacting company operations.
- Average salary appraisals are expected to range from 8.4% to 9%, with a focus on stabilizing headcounts and enhancing gross margins. Companies like Infosys, Wipro, HCLTech, and TCS are implementing different approaches to pay hikes, with some opting to skip or selectively roll out increments.
- The sector, valued at $250 billion, is also experiencing a slowdown in hiring activities. This shift in trends reflects the industry's efforts to navigate economic uncertainties while prioritizing operational stability.
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Tech job seekers without AI skills face a new reality: Lower salaries and fewer roles
- Tech job seekers without AI skills are encountering a harsh reality: lower salaries and reduced job prospects. The U.S. IT job market is anticipated to contract by 20,000 to 30,000 positions in 2024 due to AI-driven automation.
- Roles in telecommunications and entry-level IT are declining, while demand for cybersecurity, AI, and data science is rising. Companies, facing inflation and higher interest rates, are reassessing their need for IT positions. Layoffs persist in the tech sector, with giants like Cisco and DocuSign reducing staff.
- Without AI knowledge, job seekers face a relative disadvantage as the corporate shift towards AI persists, shaping the job landscape.
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TCS offering Rs 40,000 incentives for hiring these employees in 30 days
- TCS (Tata Consultancy Services) has launched a strategic initiative aimed at accelerating the recruitment of senior employees. The 'Quick Joiner Incentive Plan' offers vendors an additional ₹40,000 per candidate for senior roles if they onboard within 30 days.
- However, if the employee exits within six months, the incentive becomes recoverable. This move underscores TCS's urgency to secure experienced talent amid expanding market demands.
- With a focus on key technologies like Microsoft Teams and SharePoint, TCS is leveraging its vendor network to attract professionals with 10-15 years of experience. The initiative aligns with recent major deals and reflects industry trends favoring specialized talent acquisition.
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Infosys founder Narayana Murthy explains why his wife was not part of startup team
- In a recent revelation at the India Today Conclave, Infosys founder Narayana Murthy shared insights into why his wife, Sudha Murthy, was not part of the startup team.
- Murthy candidly acknowledged Sudha's superior qualifications, stating she was "truly the better half." Despite her expertise, Murthy's idealism led him to eschew the conventional family-run model prevalent at the time.
- Sudha admitted initial hurt but now sees it as a blessing, having touched countless lives through Infosys Foundation. Her journey underscores the significance of compassion and service over traditional positions, showcasing the beauty of paths unforeseen.
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Cloud Giants: How Companies like AWS, Azure, and Google Cloud are Reshaping IT Infrastructure
- Cloud giants like AWS, Azure, and Google Cloud are revolutionizing IT infrastructure. With their vast resources and cutting-edge technologies, they offer scalable, flexible, and reliable solutions for businesses of all sizes.
- From storage and computing power to AI and IoT services, these platforms provide an array of tools to meet diverse needs. Moreover, their global presence ensures high availability and low latency for users worldwide.
- As companies increasingly migrate to the cloud, these giants are reshaping traditional IT paradigms, fostering innovation, and driving digital transformation across industries. The era of cloud computing has arrived, and these giants are leading the charge.
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Amid IT layoffs, this US firm plans to hire over 1,000 techies in India
- United States-based data analytics and cloud software solutions provider Axtria Inc is planning to hire 1,000 people annually in India over the next three years, according to President and CEO Jaswinder Chadha, Swati Bharadwaj reports for The Times of India.
- The firm inaugurated a global innovation hub in Hyderabad, with offices in Gurugram, Noida, Bengaluru, and Pune. Presently, 70% of its 3,500-strong workforce operates in India.
- Last year, they hired 700 individuals, encompassing freshers and professionals for data engineering, software development, and data science roles. The New Jersey-based company's engineers, data scientists, and domain experts cater to the life sciences sector.
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Vision is to empower every job role with AI assistant: Infosys HR chief
- Infosys, a leading IT company, aims to empower every employee with an AI assistant to enhance productivity and efficiency across job roles.
- Shaji Mathew, the Group Head of Human Resource Development, emphasized Infosys' commitment to integrating Human-AI capabilities seamlessly. With nearly 3.5 lakh employees, the company plans to make the AI assistant accessible to all team members, including developers, support engineers, consultants, and sales executives.
- Mathew stressed the importance of embracing AI as a complement to human capabilities rather than a replacement.
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AI will lead to 70% employees getting laid off in India's IT sector, warns former HCL CEO
- Former HCL CEO Vineet Nayar warns of a significant impact of AI on the Indian IT industry, predicting a 70% reduction in the required workforce due to automation.
- He emphasizes upskilling current employees over mass layoffs, citing ethical concerns and long-term industry sustainability. Nayar sees AI offering opportunities for IT firms to enhance customer relevance and strategic importance.
- However, he cautions against hastily replacing experienced staff with AI-equipped newcomers, highlighting potential long-term consequences. Amidst a proliferation of AI tools like ChatGPT and Copilot, Nayar urges careful consideration to navigate the evolving landscape effectively.
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Infosys targets 45% women in workforce by 2030 to bolster women's representation in tech
- Infosys, a leading IT giant, aims to bolster women's representation in its workforce, targeting 45% by 2030. Currently standing at 39.3%, the company's Vice President of Diversity & Inclusion, Aruna C. Newton, leads initiatives to attract and retain female talent.
- These include specialized programs like 'Mom's Net' and 'iMother App', providing support and resources for returning mothers. Additionally, Infosys addresses gender bias through campaigns like #SpotItToStopIt.
- Embracing diversity not only enhances workplace culture but also taps into India's vast STEM talent pool, contributing to business success and national objectives.
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Psychometric tests, higher score, hand-written codes: Tech companies make freshers sweat for an offer
- In an era where technology reigns supreme, India's top engineering graduates face a challenging landscape in securing entry-level positions.
- Tech giants are setting higher standards, demanding expert-level skills, impeccable communication, and even handwritten code from freshers. The stringent criteria, including psychometric tests, reflect a shift towards skill-based hiring, with proficiency in AI, data science, and cybersecurity being particularly coveted.
- As the industry evolves, educational institutions are adapting, aligning courses with industry demands. Yet, bridging the employability-skill gap necessitates a holistic approach, involving colleges, industries, government, and the ed-tech ecosystem.
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10 companies that have asked employees to work from office at least three days a week
- Tech giants like TCS, Infosys, Google, HCLTech, Wipro, Cognizant, Amazon, Meta, IBM, and Dell are ushering in a return to office culture, requiring employees to work from office at least three days a week.
- These companies cite improved collaboration, productivity, and company culture as reasons for the shift. While some employees resist due to relocation challenges, consequences like job loss or missed promotions loom for non-compliance.
- This transition underscores the evolving dynamics of workplace flexibility and the enduring significance of physical presence in corporate environments. As the threat of Covid-19 wanes, the debate over remote work versus office attendance intensifies among tech industry leaders.
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Tech layoffs surpass 15,000 in February 2024: Why SAP, Cisco, others are on firing-spree?
- Tech layoffs surged in February 2024, with over 15,000 employees impacted across 74 major companies. Factors such as economic instability, strategic restructuring, and pressure from investors drove this trend.
- Companies like SAP and Cisco initiated significant layoffs as they recalibrate their operations amidst changing priorities. Additionally, the rise of AI and automation contributed to the shift in workforce dynamics.
- While these layoffs aim to enhance financial performance, stakeholders must prioritize sustainable solutions that safeguard employee well-being. As the tech industry navigates through uncertainty, adaptability and resilience are crucial for addressing emerging challenges and shaping a sustainable future.
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Raise your hand if you want to leave the company: IBM to employees
- IBM is implementing a new approach to streamline its workforce, asking employees who wish to leave voluntarily to come forward amid preparations for additional job cuts.
- This move, termed the Resource Action, primarily targets Europe, with Slovakia bearing the brunt. While the company aims for $3 billion in annual savings, it emphasizes the initiative is not solely cost-driven but transformative.
- IBM plans to reinvest savings into technical and industry skills. With no specific figures disclosed, the focus remains on aligning the workforce with evolving client demands, particularly in AI and hybrid cloud domains, as confirmed by an IBM spokesperson.
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