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Information Technology (IT) News
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From TCS to Wipro: Who has rolled out and who has delayed salary hikes
- Wipro plans to announce its salary hike in the third quarter (October-December) after a 2.8% sequential revenue decline in the June quarter.
- TCS gives 6% to 8% average salary hikes, with higher rewards for top performers.
- Infosys has not yet provided salary hikes and has lowered its growth forecast due to the adverse impact of the BFSI slowdown, potentially marking one of its lowest growth rates.
- LTIMindtree has implemented salary hikes, while HCL Tech and Tech Mahindra have deferred hikes for certain employee groups. Coforge, on the other hand, has rolled out salary hikes and is optimistic about its revenue growth prospects.
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Minis
1y
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Bengaluru software engineer claims he saves Rs 40,000 monthly after moving to Hyderabad; sparks debate
- Prudhvi Reddy, a software engineer, shared a viral post on X (formerly Twitter) about his move from Bengaluru to Hyderabad, claiming to save Rs 40,000 per month in expenses.
- In his post, Reddy emphasized the value of family and stated that living alone loses its appeal when family values align.
- Reactions to Reddy's post on social media varied, with some agreeing that living alone can be overrated, while others questioned the financial aspects of his claims.
- Reddy clarified that the Rs 40,000 savings included rent, maintenance, water and electricity bills, and food expenses.
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Minis
1y
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Indian techies may be in for a long wait as IT firms defer hikes
- Indian IT firms are facing challenges in providing salary hikes this year due to a softer business environment.
- According to a TOI report, Infosys and HCLTech are not implementing raises, while TCS is giving an average hike of 6-8%, with higher increases for top performers.
- Wipro and Tech Mahindra are deferring salary increases due to reduced revenue and macroeconomic uncertainties.
- Wage hikes vary based on company performance, industry demand, and economic conditions, with expectations of higher hikes by early 2024 due to the AI revolution and improved economic outlook.
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Minis
1y
7.4k
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Future of IT staffing industry in India in next 5 years
- Indian IT staffing industry set for 10% CAGR in next 5 years, fueled by new technologies and demand for skilled IT professionals.
- Surge in demand for AI, machine learning, and blockchain experts drives IT staffing industry's role in connecting talent to organizations.
- Overcoming scarcity of niche skilled professionals and adapting to automation-induced shifts are key hurdles.
- Despite global uncertainties, India's resilient IT sector and increased spending support industry growth, while remote work trend creates opportunities.
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1y
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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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Minis
1y
3.6k
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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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Minis
1y
1.4k
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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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Minis
1y
1.5k
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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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Minis
1y
2.8k
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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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Minis
1y
3.6k
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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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Minis
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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Minis
1y
1.8k
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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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Minis
1y
439
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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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Minis
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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Minis
1y
353
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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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