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Information Technology (IT) News
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Indian Civil Services Exam sees surge in Engineer applicants, prompts discussion
- India's Civil Services Examination, conducted by UPSC, attracts a wide range of young aspirants, including engineers, aiming for roles like IAS.
- From 2011 to 2020, the percentage of engineers, many of whom passed out of IITs, among selected candidates rose from 46 per cent to 65 per cent. This shift raised concerns about technocrats leaving specialised fields, potentially impacting crucial sectors.
- Government committees are concerned about the impact on sectors as engineers shift to civil services, and debates over fairness in candidate selection arise.
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What made 50.5 million people quit their jobs in 2022?
- According to the U.S. Bureau of Labour Statistics, about 50.5 million people quit their jobs in 2022 in America alone, surpassing its record of 47.8 million in 2021.
- COVID-19 disruptions caused workers to reassess priorities, exposing vulnerabilities, inequalities, and stressors. Remote work and alternative paths gained prominence.
- Quiet Quitting trend saw reduced engagement and rejection of work-centric life, as people sought more meaningful and flexible roles.
- Sectors like healthcare, customer support, education, travel, and manufacturing faced challenges due to labor shortages, low wages, and changing expectations.
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Tech firms are slowing layoffs but still not yet resuming hiring
- Tech companies slow layoffs but hiring remains stagnant despite increased interest in AI and specialized skills.
- Job cuts in the tech industry decrease in June and July, but open job opportunities remain low, reflecting broader economic trends.
- Jefferies analysis shows over 342,000 tech industry layoffs this year, while job openings decline to the lowest levels since April 2021.
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Bengaluru Techie rejected 13 jobs for Internship, now earns 20 LPA
- Riti Kumari, a software engineer from Bengaluru, turned down 13 job offers, including ones from TCS, Infosys, and Wipro, to pursue an internship at Walmart.
- Despite the lower stipend and temporary nature of the internship, Kumari was inspired by her sister's example of following her instincts against family wishes.
- Her sister, Preeti Kumari, also made a non-conventional choice by choosing GATE over job offers, which motivated Riti to take the risk.
- Riti's decision paid off, as she excelled during her internship, secured a job offer from Walmart, and now earns over Rs 20 lakh per annum, making her parents proud of her achievements.
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Tech companies laid off 2.26 lakh employees to date, 40% more than in 2022
- Tech layoffs surged in 2023, reaching 226,000, a 40% rise from 2022's 202,000, per AltIndex data.
- Google, Meta, Microsoft, and Amazon led the layoffs, making 2023 the tech sector's bleakest year, causing workplace closures.
- Job cuts intensified due to global economic uncertainty, inflation, supply chain issues, and revenue slowdown, affecting big players and smaller tech firms in retail, cryptocurrency, and transportation.
- Tech layoffs remained grim over three years, with 405,000 employees let go since early 2021.
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1y
3.7k
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Indian IT sector growth may half, to be 8-10% for FY24-25: Fitch Ratings
- Indian IT sector's revenue growth expected to slow to 8-10% in FY24-FY25 due to weaker US and Europe markets. FY23 saw a growth of 16.5%.
- Infosys revised FY24 revenue growth guidance to 1-3.5% from 4-7%, reflecting cautious outlook.
- Global IT spending shrinking due to slower US and Europe economic growth. Fitch predicts mild US recession in Q4 2023 and Q1 2024.
- Despite challenges, larger Indian IT companies expected to maintain stable EBITDA margins, strong cash positions, and return 40-90% of FCF to shareholders through dividends and buybacks.
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1y
1.7k
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Global consultancy Expleo to hire 5,000 tech professionals in India by 2025
- Global technology, engineering, and consulting service provider Expleo Solutions Limited on Monday announced to bolster its workforce by hiring 5,000 skilled tech professionals by 2025 in India.
- The new hires will be placed in major Indian cities like Bengaluru, Chennai, Coimbatore, Pune, and Mumbai, where Expleo has prominent development centers.
- These professionals will contribute to various domains, including software development, automation, AI, cloud computing, and data science. They'll impact sectors like automotive, banking, aerospace, healthcare, and more.
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1y
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Why engineers should choose Fortune 500 companies over big tech?
- Innovation Shift: Fortune 500 companies are now leading in tech innovation, surpassing Big Tech, with substantial investments in impactful projects.
- Diverse Opportunities: Various sectors like agriculture, manufacturing, and consumer goods are leveraging technology, offering engineers a wide range of exciting projects.
- Tech Across Industries: All companies are integrating tech for growth, creating a high demand for tech talent across different sectors.
- Purposeful Impact: Engineers can find meaningful work in Fortune 500 companies, contributing to real-world solutions and enjoying a better work-life balance.
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1y
442
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Woman shares about ex-Qualcomm engineer who's earning more by driving cab, leaves netizens amused
- Shweta Kukreja shared a story on X (formerly Twitter) about meeting a cab driver who used to work as an engineer at Qualcomm but now earns more from driving a cab.
- Comments on the tweet reflected various similar cases, including a panipuri vendor and a momo vendor, who are earning substantial amounts despite having less formal education.
- Qualcomm's financial struggles are evident with layoffs of 415 employees this year, a 25% decline in mobile chip sales, and a 52% decrease in net income year-on-year in Q3 FY23.
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1y
1.1k
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Amid low attrition, IT companies see a massive churn in top leadership
- Several senior-level executives at top IT companies, including Infosys, TCS, and Wipro, have resigned in recent times.
- Richard Lobo, former HR head and executive vice president of Infosys, is among the latest to resign.
- Charles Salameh, another former senior executive of Infosys, has been announced as the new CEO of Sangoma Technologies Corporation, a Canada-based CaaS provider.
- The IT industry has witnessed a significant reshuffling at the leadership level, with many former executives becoming CEOs of other IT companies or taking up senior roles in different organizations. This comes amid a paradoxical decrease in overall attrition in the industry.
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1y
354
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Software engineer loses ₹1.1 cr after woman blackmailed him with a video call recording
- A UK-based software engineer was allegedly extorted ₹1.1 crore by a conwoman in Bengaluru, whom he met on a matrimonial app.
- The woman reportedly befriended the engineer online and later blackmailed him by stripping during a video call.
- In response to the incident, the Deputy Commissioner of Police (Whitefield) advised people to exercise caution while interacting with strangers online and to avoid entertaining such video calls before meeting someone in person.
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1y
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Indian-American engineer fired for talking with dying relative in Hindi
- Anil Varshney, a 78-year-old Indian-American engineer, was fired from his job with a missile defense contractor, Parsons Corporation, in Huntsville, Alabama.
- He was terminated after a white co-worker overheard him speaking in Hindi with his dying brother-in-law in India during a video call. The co-worker falsely reported that Varshney committed a security violation.
- Despite there being no policy prohibiting such calls and no investigation, the defendants claimed Varshney committed a serious security violation and terminated his employment, effectively ending his career with the Missile Defense Agency (MDA).
- Varshney filed a lawsuit seeking reinstatement, damages, and removal of disciplinary records.
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Minis
1y
3.4k
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IT Job Market Rebounds: July sees a 10% surge in hiring mandates
- The IT sector is showing signs of recovery with a 10% increase in hiring requirements in July compared to the previous month.
- Experts predict that the rebound in the IT sector will be fully reflected in the October-December quarter, indicating a slow recovery rate.
- The increase in demand is primarily driven by companies with better visibility into future demand, and IT services are expected to open up to some extent this quarter.
- Although there is progress in hiring mandates and an uptick in demand, the recovery in the IT sector still lags behind expectations and remains significantly lower than the peak demand seen in 2021.
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1y
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Top tech firms in Taiwan eyeing India as their next production hub
- Taiwanese firms plan to relocate manufacturing bases from China to India to reduce exposure to the Chinese market amid escalating tensions.
- Deputy Minister Kao Shien-Quey sees potential collaboration between India and Taiwan in critical technologies like semiconductors.
- Taiwanese tech giants consider India a key destination for strengthening global supply chains.
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Minis
1y
1.9k
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IT hiring to remain slow for at least 6 months: Info Edge CEO Hitesh Oberoi
- Info Edge CEO, Hitesh Oberoi, highlights that global concerns may affect the prospects of clients in the IT services sector, leading to slower IT hiring for at least six months.
- Oberoi expresses optimism that IT hiring will recover in the second half of the fiscal year 2023-24, indicating a potential improvement in the industry's prospects.
- While non-IT recruitment is currently strong, Oberoi acknowledges that if the economy takes a downturn, it could pose challenges for Info Edge, emphasizing the need to navigate potential risks in the market.
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