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Information Technology (IT) News
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Wipro CEO Thierry Delaporte resigns
- Wipro chief executive officer (CEO) Thierry Delaporte has resigned, the company announced in a regulatory filing. The tech giant has announced Srinivas Pallia as the new CEO and managing director.
- “The Board of Directors noted the resignation of Mr Thierry Delaporte with effect from April 6, 2024. He will be relieved from the employment of the Company with effect from the close of business hours on May 31, 2024,” the company filing read.
- The announcement marks a leadership transition within the tech giant, with Pallia set to take over Delaporte's responsibilities. Wipro aims for continuity amid the change, as it moves forward under new leadership.
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Cognizant defers salary hikes by a quarter to August
- Cognizant, a Nasdaq-listed IT services firm, is deferring salary hikes until August due to weak demand. With over 347,000 employees globally, the majority based in India, the company cited macroeconomic issues.
- This delay marks the fourth hike in three years for many employees. Despite a 1.7% revenue decline in Q4, net profit increased by over 7%. Cognizant's move mirrors market sentiment affecting Indian IT giants like TCS, Infosys, and Wipro.
- While Infosys delays campus requirements, TCS has initiated its hiring process for FY2024-25. Cognizant aims for continuity in recognizing employee contributions through bonuses and merit increases.
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36% of IIT Bombay graduates fail to get placement, says report
- The latest report from IIT Bombay reveals that 36% of students are yet to secure jobs, with approximately 712 out of 2,000 registered students without offers.
- The global economic slowdown has impacted placements, making it challenging to invite companies. Negotiations on salary packages were common, with the Computer Science and Engineering branch facing unprecedented struggles in securing placements.
- This year, 35.8% remained unplaced, marking a 2.8 percentage point increase from the previous session. Domestic companies dominated the placement drive, contrasting with the usual international trend. Earlier reports of 85 students receiving ₹1 crore packages were corrected to 22 by the institute.
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IIT-Roorkee alum breaks down the 'real situation' of placements in 4 major points
- IIT-Roorkee alumnus Gaurav Garg highlighted four key points regarding placements in IITs. Firstly, fresh graduates typically receive salaries ranging from ₹6 lakh to ₹35 lakh, with higher packages for CSE and ECE.
- Secondly, significant salary figures often come from foreign-based companies like Google and Facebook, primarily in coding domains.
- Additionally, salary packages may include ESOPs and staggered payments, with in-hand salary sometimes being only 40-50% of the quoted CTC.
- Lastly, excluding computer science, the average salary offered is around 10-12 lakhs per annum, with core branches like mechanical and civil engineering on the lower end.
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Startup founder slams IIT Kharagpur candidate over false resume claims
- Startup founder Angad Daryani interviewed an IIT Kharagpur graduate for a job opening, who claimed "four offers" and "100 things on his resume.
- Daryani found the candidate lacking 95% of the claimed skills. Confronted, the candidate responded, “Oh wow, I respect you, now I want to work in your company.” Daryani expressed disappointment, questioning, “What are they teaching at the IITs?”.
- He prioritized values over technical skills, emphasizing trustworthiness. Daryani concluded, “I don’t want to know if you know reinforcement learning as a mechanical engineer. I want to know if I can have you around and trust you.”
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Did TCS fire American employees to hire Indian techies on H1-B visa?
- At least 22 American employees have accused TCS of discriminatory practices, alleging the company unlawfully terminated their jobs based on race and age, replacing them with lower-paid Indian workers on H-1B visas.
- TCS denies these claims, labeling them as 'misleading'. The employees, aged 40 to 60, filed complaints with the Equal Employment Opportunity Commission (EEOC), asserting TCS favored H-1B visa holders.
- TCS refutes these allegations, emphasizing its commitment to equality. This isn't the first time such accusations have surfaced against Indian IT firms, with similar cases involving TCS in the past.
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Bengaluru companies make commute a KRA
- In Bengaluru, companies are tackling traffic congestion head-on by incentivizing mass transit and carpooling among employees.
- Giants like NetApp, Mashreq Bank, TCS, and Infosys are leading this charge, offering transportation benefits such as shuttle services and metro passes. Carpooling is actively promoted with preferential parking and monthly stipends for participants.
- By charging for office parking, single-occupancy vehicle use is discouraged, further emphasizing sustainable commuting options.
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TCS begins fresher hiring for FY25
- Tata Consultancy Services (TCS), India's largest IT services company, has initiated fresh hiring for the fiscal year 2024-25, signaling a positive shift in the industry.
- This move comes as a relief to engineering graduates amid a freeze in recruitment by several IT firms due to a demand slump. TCS is inviting applications from various batches, including BTech, BE, MCA, MSc, and MS of 2024.
- The company has categorized roles into Ninja, Digital, and Prime, offering competitive packages. With TCS leading the way, the industry anticipates a resurgence in fresh hiring, reflecting a promising outlook for aspiring tech professionals.
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7000+ techies fired in March by biggest IT companies due to AI & more
- In March 2024, major tech giants including Dell, Ericsson, Apple, and IBM have collectively laid off over 7000 employees, citing various reasons including the impact of AI and market dynamics.
- Ericsson let go of 1200 employees in Sweden amidst a slowdown in demand for 5G network equipment. Dell Technologies reduced its workforce as part of cost-cutting measures, while Apple ceased its internal efforts on microLED displays, leading to layoffs.
- IBM also announced layoffs as part of its ongoing restructuring efforts to optimize operations through AI-driven efficiencies. These layoffs underscore the challenges faced by tech companies in adapting to evolving market conditions and technological advancements.
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IT sector to see 3-5% growth in FY25, hiring to be muted: Icra
- The Indian IT sector is forecasted to experience modest growth of 3-5% in FY25, according to Icra Ratings.
- Hiring within the sector is expected to remain subdued until growth momentum picks up. Despite concerns about revenue growth, profitability is anticipated to remain resilient, with operating profit margins projected to reach 21-22%.
- However, macroeconomic challenges in key markets like the US and Europe are likely to continue impacting discretionary IT spending by corporations. Nevertheless, critical spending and cost optimization deals are providing some support to growth prospects. The agency maintains a stable outlook for the sector in the coming fiscal year.
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Indian IT sector employees likely to see flat salary hikes and deferred increments this year
- Indian IT sector employees are bracing for flat salary hikes and deferred increments in 2024 due to global challenges impacting company operations.
- Average salary appraisals are expected to range from 8.4% to 9%, with a focus on stabilizing headcounts and enhancing gross margins. Companies like Infosys, Wipro, HCLTech, and TCS are implementing different approaches to pay hikes, with some opting to skip or selectively roll out increments.
- The sector, valued at $250 billion, is also experiencing a slowdown in hiring activities. This shift in trends reflects the industry's efforts to navigate economic uncertainties while prioritizing operational stability.
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Tech job seekers without AI skills face a new reality: Lower salaries and fewer roles
- Tech job seekers without AI skills are encountering a harsh reality: lower salaries and reduced job prospects. The U.S. IT job market is anticipated to contract by 20,000 to 30,000 positions in 2024 due to AI-driven automation.
- Roles in telecommunications and entry-level IT are declining, while demand for cybersecurity, AI, and data science is rising. Companies, facing inflation and higher interest rates, are reassessing their need for IT positions. Layoffs persist in the tech sector, with giants like Cisco and DocuSign reducing staff.
- Without AI knowledge, job seekers face a relative disadvantage as the corporate shift towards AI persists, shaping the job landscape.
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TCS offering Rs 40,000 incentives for hiring these employees in 30 days
- TCS (Tata Consultancy Services) has launched a strategic initiative aimed at accelerating the recruitment of senior employees. The 'Quick Joiner Incentive Plan' offers vendors an additional ₹40,000 per candidate for senior roles if they onboard within 30 days.
- However, if the employee exits within six months, the incentive becomes recoverable. This move underscores TCS's urgency to secure experienced talent amid expanding market demands.
- With a focus on key technologies like Microsoft Teams and SharePoint, TCS is leveraging its vendor network to attract professionals with 10-15 years of experience. The initiative aligns with recent major deals and reflects industry trends favoring specialized talent acquisition.
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Infosys founder Narayana Murthy explains why his wife was not part of startup team
- In a recent revelation at the India Today Conclave, Infosys founder Narayana Murthy shared insights into why his wife, Sudha Murthy, was not part of the startup team.
- Murthy candidly acknowledged Sudha's superior qualifications, stating she was "truly the better half." Despite her expertise, Murthy's idealism led him to eschew the conventional family-run model prevalent at the time.
- Sudha admitted initial hurt but now sees it as a blessing, having touched countless lives through Infosys Foundation. Her journey underscores the significance of compassion and service over traditional positions, showcasing the beauty of paths unforeseen.
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Cloud Giants: How Companies like AWS, Azure, and Google Cloud are Reshaping IT Infrastructure
- Cloud giants like AWS, Azure, and Google Cloud are revolutionizing IT infrastructure. With their vast resources and cutting-edge technologies, they offer scalable, flexible, and reliable solutions for businesses of all sizes.
- From storage and computing power to AI and IoT services, these platforms provide an array of tools to meet diverse needs. Moreover, their global presence ensures high availability and low latency for users worldwide.
- As companies increasingly migrate to the cloud, these giants are reshaping traditional IT paradigms, fostering innovation, and driving digital transformation across industries. The era of cloud computing has arrived, and these giants are leading the charge.
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