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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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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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