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What Israel-Palestine war means for the tech companies in the region
- Israeli tech companies may fortify security due to the possibility of a full-scale invasion of Gaza, which could disrupt their operations.
- The conflict may divert resources in the short term as tech company staff are called up as military reservists, potentially affecting US-based tech operations.
- Analysts expect a tremendous effort to protect physical installations for Israeli-based companies, as some tech spending is tied to the military.
- Potential long-term increase in investment in tech and AI sectors due to their strong ties with military spending, supported by major companies like Intel, IBM, Apple, Microsoft, Google, and Facebook with offices in Israel.
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Rashi Bagga breaks records with Rs 85 lakh job offer, and she's not from IIT, IIM
- Rashi Bagga, a BTech student at IIIT-NR, secured a record-breaking job offer of Rs 85 lakh per annum, the highest in the institute's history in 2023.
- She had previously worked as an SDE Intern at Intuit and Amazon before joining Atlassian as a Product Security Engineer.
- IIIT-NR has a history of successful placements, with Chinky Karda landing a Rs 57 lakh per annum package the previous year and Yogesh Kumar securing Rs 56 lakh per annum for a software development role.
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Indian IT sector witnesses softening demand, raises concerns about hiring
- The Indian IT services industry is experiencing a slowdown, with a projected growth rate of 3.5% in FY 2024, significantly lower than the 9.2% YoY growth in FY 2023.
- IT services companies are expected to reduce hiring due to the economic slowdown and lower attrition rates in the coming quarters, stabilizing at a long-term average of 13-15%.
- Excess capacity created during FY 2022 and H1 FY 2023 is a significant factor contributing to the hiring slowdown in the IT sector.
- Companies are focusing on upskilling their current workforce and leveraging existing talent pools as they transition to new technologies like automation and AI, affecting hiring trends in the industry.
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Indian IT sector slams brakes on hiring amid global economic slowdown, recession fears
- Due to global economic slowdown and recession fears, the Indian IT sector is significantly reducing new hiring.
- The Naukri Jobspeak Index highlights a substantial 46% decrease in software and software services hiring in July 2023 compared to the same month in the previous year.
- Leading IT companies like TCS, Wipro, and HCL Tech have reported their lowest net additions of employees in five fiscal years.
- The industry is adopting a cautious approach due to predicted US recession and global economic uncertainty, resulting in reduced pay raises and job security concerns for employees.
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Indian IT companies will find it tough to meet operating profit consensus estimates for FY24, Citi says
- Citi, a brokerage firm, believes that Indian IT companies like TCS and Infosys will face challenges in meeting consensus estimates for the financial year 2024.
- Meeting these estimates would require significant operating profit (EBIT) growth, ranging from 5% to 78%, which Citi considers difficult in a slow-growth environment, weaker seasonality, and pending wage hikes.
- Seasonal factors, such as extended holidays in December and wage hikes in the March quarter, traditionally impact IT companies' margin performance.
- Citi also sees challenges in meeting consensus estimates for the financial year 2025, with only Infosys and HCLTech rated as "neutral" in their coverage.
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IT companies nudge staff to work from office all 5 days
- Indian IT companies, including Wipro, Capgemini, and LTIMindtree, are encouraging employees to work from the office for all or at least 50% of the working days in a week, according to sources.
- This push to return to the office is driven by client demand crunch and global macroeconomic crisis, squeezing tech spending.
- Multinational companies like Ericsson and Fiserv are also implementing a work-from-office schedule of three to five days a week.
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North America to be a pain point for Indian IT firms
- Accenture's low growth forecast (2-5% in FY24) will negatively impact Indian IT firms like Wipro, Tech Mahindra, and LTI Mindtree.
- Wipro is hit by weak consulting business, while Tech Mahindra and LTI Mindtree face issues in the communications, media, and tech sector.
- Accenture's poor performance in North America, where Indian IT firms get 55% of their revenue, is a major concern.
- The cautious outlook for North America, along with cost-saving priorities, is pushing Indian IT firms to explore business opportunities in Europe, Africa, the Middle East, and Australia.
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TCS asks employees to work from office 5 days a week from October 1
- IT services major Tata Consultancy Services (TCS) is likely to end hybrid work from October 1, 2023. In an internal email, the company asked its workforce to attend office for five days a week, signalling a ongoing shift in work-from-home policies for the IT sector which employs over five million Indians.
- While the previous policy allowed employees to work from the office three days a week, there has been pressure from managers to increase office attendance.
- TCS will maintain some flexibility and make exceptions when necessary, but it is now mandatory for all associates to attend the office on all working days.
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3.5 lakh vehicles choke Bengaluru’s Outer Ring Road leading to massive traffic congestion
- Bengaluru experienced massive traffic congestion on Wednesday, a day after a city-wide bandh (strike) had kept the roads empty.
- The Outer Ring Road (ORR), home to major tech parks and around 10 lakh IT employees, saw unprecedented traffic, with vehicle counts reaching 3.5 lakh by 7:30 pm, which is double the usual traffic on Wednesdays.
- Several factors contributed to the congestion, including the aftermath of the bandh, employees returning to work, upcoming holidays leading to residents exiting the city, and issues like waterlogging and vehicle breakdowns.
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Infosys to begin fresh appraisal cycle; last year hikes still pending
- Infosys is starting a new appraisal cycle for the current financial year, but some employees are still awaiting salary hikes from the previous year's performance review cycle.
- The performance evaluation process at Infosys typically runs from October to September, with salary increases implemented in June or July of the following year.
- Four employees have expressed concerns about pending salary hikes from the last performance cycle (October 2021 to September 2022), and it's unclear if these will be integrated into the upcoming cycle.
- The Indian IT industry has been facing challenges due to global macroeconomic conditions, with some companies providing modest increments or deferring salary hikes.
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Why IT growth is only leading to more burnout, and what should be done about it
- IT professionals face burnout due to excessive workloads, long hours, lack of recognition, and lack of challenges, according to a Dice report.
- Glitches, outages, breaches, and incidents contribute to overwhelming workdays for tech professionals, costing companies over $100 million annually, says Constellation Research.
- Automation and a focus on incident response can help alleviate burnout and improve customer satisfaction, but a shortage of skilled IT personnel and manual processes pose challenges.
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Indian IT is seeing green shoots amid macro storm: Nasscom Chair Rajesh Nambiar
- Indian IT industry shows signs of recovery despite global economic challenges, says Nasscom Chair Rajesh Nambiar.
- Strong deal pipeline and investments in Generative Artificial Intelligence (GenAI) are positive indicators, but full recovery may take a few more quarters.
- Business process management and engineering sectors experience growth, while government support is crucial for India to stay ahead in GenAI revolution.
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Here's why September 15 is celebrated as National Engineers' Day
- National Engineers' Day in India is observed annually on September 15 to commemorate the birth anniversary of Sir Mokshagundam Visvesvaraya, a renowned Indian engineer and statesman.
- Sir Visvesvaraya was a pioneering figure in the field of engineering and played a crucial role in shaping India's infrastructure. His contributions include the development of dams, irrigation networks, and various other vital projects.
- This day not only celebrates Sir Visvesvaraya's legacy but also recognizes the significant role engineers play in the growth and modernization of India, emphasizing the importance of engineering in the country's development.
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Why Indian IT service companies are losing their allure among students
- Graduates with IT job offers are facing onboarding delays and revoked offers due to various issues, causing uncertainty in the tech job market.
- IT services firms plan to reduce fresh graduate hiring due to weak business prospects and recessionary concerns in the US.
- Thousands of affected students have lodged complaints, questioning why so many offers were extended if business conditions were uncertain. Employee unions are getting involved.
- Graduates are increasingly looking beyond IT services firms due to stagnant entry-level salaries, with IT product companies offering better compensation and more appealing roles.
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Govt shares graphics showing progress of India's tech and startups
- India's technology and startup ecosystem is thriving, with a remarkable 25,000 technology startups and more than 108 unicorns recorded by December 2022.
- A notable achievement is that 47% of these startups have at least one woman director, emphasizing progress in gender diversity within the industry.
- India's educational system is producing an abundant pool of graduates, outstripping the United States by a factor of 4 to 4.5, while the technology sector is projected to reach a substantial FY23 revenue of $245 billion, underscoring its economic significance.
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