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Information Technology (IT) News
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Meta employee making $550K expresses concern over job security
- The middle manager, who works at Meta (formerly Facebook), is reportedly earning $550,000 annually.
- Despite earning a high salary, the manager is concerned about potential layoffs at the company.
- The manager's fears stem from a recent decision by Meta to restructure its workforce and focus on areas such as metaverse and virtual reality.
- The manager's story is reflective of the uncertainty faced by many employees in the tech industry, where rapid changes and restructuring are common.
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417 tech companies have laid off 1.2 lakh employees in 2023: Report
- 417 tech companies have laid off close to 1.2 lakh employees in 2023, as per Layoffs.fyi's data.
- In 2022, 1,046 tech companies had laid off a total of 1.61 lakh employees.
- In January 2023, globally, nearly 1 lakh employees were laid off, with Amazon, Microsoft, and Google leading the layoffs.
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Olaf Scholz urges Indian techies to work in Germany; here's why
- German Chancellor Olaf Scholz urged Indian IT specialists and other skilled workers to consider working in Germany to tackle labor shortages in the country.
- Scholz's coalition government is planning to reduce immigration hurdles and introduce a point-based system that would grant visas to specialists who don't yet have a job offer in hand.
- The German leader's trip to India was aimed at deepening economic ties and discussing defense cooperation, including a possible joint venture to build six submarines in India.
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France says talks on taxing global tech giants have stalled due to opposition from the US & India
- International talks aimed at taxing global tech giants are at a standstill due to opposition from countries including the US, India, and Saudi Arabia.
- The talks focused on taxing multinationals where they make their profits to reduce tax avoidance.
- The chance of success is slim, and France suggests seeking a "European solution" if G20 countries cannot get an agreement on the issue.
- The Organisation for Economic Cooperation and Development, based in Paris, has spearheaded the talks, primarily targeting digital giants.
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Freshers previously offered ₹6.5 LPA by Wipro are now being offered ₹3.5 LPA: Reports
- Wipro is reportedly asking freshers who previously received an offer of ₹6.5 LPA to accept an offer of ₹3.5 LPA.
- The offer was communicated to candidates who completed the Velocity training programme under Wipro's Elite programme.
- Wipro's message stated that all previous offers would become void if candidates accepted the new offer.
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Pentagon once hid 10 giant red balloons across the US & offered $40,000
- In 2009, the Pentagon's Defense Advanced Research Projects Agency (DARPA) hid 10 giant red balloons across the US, offering $40,000 to whoever located them all.
- The MIT group won the challenge by creating a multi-level marketing scheme for help finding the balloons, with monetary incentives for people who provided correct location coordinates and recruited others to join the search.
- The competition aimed to explore the roles that the Internet and social networking play in solving broad-scope, time-critical problems, such as establishing trust in adversarial situations in social networks.
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Worldwide flight delays & cancellations caused by Lufthansa's IT outage, says Airline
- Lufthansa experienced an IT outage causing massive flight delays and disruption across the group worldwide, affecting airlines such as SWISS, Austrian Airlines, Brussels Airlines, and Eurowings.
- The cause of the failure is still unclear, and the company has been forced to check in passengers using pen and paper and cannot digitally process luggage.
- Shares in Lufthansa were down 1.2% at 0936 GMT following the IT system failure.
- The incident occurred just two days before planned strikes at seven German airports that are expected to lead to significant disruptions.
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'We have no data team at Zerodha': Nithin Kamath takes a dig at data scientists
- Zerodha CEO Nithin Kamath criticizes data scientists in a recent post, questioning the need for collecting and analyzing large amounts of data.
- Kamath shares a screenshot of a blog that suggests data scientists often provide analysis that confirms senior management's prior beliefs, rather than uncovering insights.
- The blog also states that data scientists are often praised for providing analysis that aligns with management's expectations, but criticized when their analysis contradicts those expectations.
- "We have no data team at @zerodhaonline as we believe it doesn't give useful insights and also since we never upsell", Kamanth added.
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IT companies to axe 2,500 new hires who failed screening tests
- Indian software service providers may lay off around 2,500 recent recruits who failed screening tests.
- The screening tests, which assess the new hires' ability to meet client project requirements, are becoming more stringent.
- The downsizing is larger this year due to lower number of campus hires during the pandemic and could result from companies hiring more people than needed.
- The IT industry may slow down its hiring pace for the rest of FY23, as most hiring targets have been met, and companies are grappling with high employee costs despite a decline in overall headcount.
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Job alert: Airbus to hire engineering & IT talent at Aero India in Bengaluru
- Airbus, a multinational aerospace corporation, is actively seeking to expand its workforce by hiring talented individuals in the engineering and IT fields.
- The company plans to create a significant number of new job opportunities, with a target of over 13,000 positions to be filled in the current year.
- The recruitment drive will take place at the Aero India event in Bengaluru, India, which provides a platform for the aerospace industry to showcase their products, services, and capabilities.
- By participating in this event, Airbus intends to tap into the pool of skilled professionals and connect with potential candidates to fill its current and future job vacancies.
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Indian IT services industry's growth might drop in near to mid-term: ICRA
- ICRA, a credit rating agency, has predicted a potential decrease in growth for the Indian IT services industry in the near to mid-term.
- The agency cited a slowdown in demand from key markets, increased automation and competition from low-cost service providers as factors contributing to this potential decrease.
- ICRA also mentioned the impact of COVID-19 on the industry, such as remote work leading to reduced IT spending by companies.
- Despite this, the agency stated that the long-term growth prospects for the Indian IT services industry remain positive, due to its strong skillset and expertise in areas such as digital transformation and cloud computing.
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'Big tech treating employees shabbily not agreeable': Junior IT Minister Rajeev Chandrasekhar
- Junior IT Minister Rajeev Chandrasekhar criticized tech companies for mass layoffs.
- He encouraged Indians who have been laid off from companies such as Google, Facebook, and Microsoft to return to India and join firms like TCS.
- "So-called Big Tech companies treating their employees and treating their workforce in what is really quite a shabby manner is obviously not agreeable to any one of us," Mr Chandrasekhar told NDTV.
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Intel slashes pay across company, CEO takes 25% pay cut
- Intel Corp has announced pay cuts for employees and executives, following a lower-than-expected sales forecast.
- The cuts range from 5% of base pay for mid-level employees to 25% for CEO Pat Gelsinger, with the hourly workforce's pay remaining unchanged.
- The cuts are meant to have a greater impact on executives and support investments and the overall workforce.
- An Intel spokesperson, Addy Burr, stated the changes are designed to help support the company's investments and workforce.
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Quick Job Rebound: Woman bags job with 50% hike just 3 days after getting fired
- A Twitter user with the username @2020LawGrad was fired on Tuesday but received a new job offer within three days.
- The new job offer included a significant pay increase of 50% compared to her previous job.
- The new job also came with added perks such as the option to work from home and more paid time off.
- "This is a reminder to always back yourself, never let the opinions of others make you question who you are or should be", she added in another tweet.
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Meet Sridhar Vembu, Tamil Nadu villager & founder of Zoho that made Rs 2,749 cr profit this year
- Sridhar Vembu is the founder of Zoho, a successful company with a profit of Rs 2,749 crore this year.
- Vembu hails from a small village in Tamil Nadu and is considered a self-made man.
- Zoho offers a wide range of business and productivity software, with a focus on affordability and accessibility for small and medium-sized enterprises.
- Vembu is a prominent figure in the Indian business community, known for his entrepreneurial success and innovative approach to technology.
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