Cognizant India Executive Vice-Chairman R Chandrasekaran talks to Business Standard about the experience and the way forward.
In a letter to Birla, Karti Chidambaram also said that over the course of the past few years, his family and he himself have become targets of a 'relentless campaign by the present government and its investigating agencies which are trying to silence our voices of dissent by foisting one fake case after another'.
Takes a knock after RBS changes plan on Williams & Glyn; contract loss to impact 3,000 Infy staffers
Elliott Capital's letter to Cognizant, detailing how the latter can reinvent itself, has many lessons for its India-listed peers like TCS and Infosys, says Akash Prakash.
Calling a "matter of serious concern" the registration of FIRs under Section 66A of the Information Technology Act it had scrapped in 2015, The Supreme Court on Tuesday asked the chief secretaries of states concerned to take back the cases within three weeks.
He urged the force to "ensure proactive pre-emptive measures to ensure safety and security at all levels" in view of the forthcoming G-20 Summit.
Employee costs for Indian IT services players have touched an all-time high as salaries soar in their effort to retain talent. Engineer salaries are going through the roof. According to a news report, Infosys, which reported a 27.7 per cent attrition rate for the fourth quarter of FY22, plans to have an average salary hike of 12-13 per cent. High potential employees will get increases of 22-23 per cent.
Analysts are of the opinion that 55 may emerge as the new age to retire for techies in India
The reduction in hiring indicates a shift in the business model from hiring thousands of people to write code cheap to using artificial intelligence for repeatable tasks.
Google is the most attracitve employer in India followed by Sony
The committee will submit its report in two months and its chairperson can invite any expert of any institution in the country to help in the probe into the April 10 tragedy, a notification by Jharkhand tourism department said.
It's no surprise to find Apple and Google at the top of our list, but smaller outfits saw some of the biggest growth.
While industry leaders Tata Consultancy Services and Wipro have announced deferring wage-hike plans, other players such as Infosys and HCL Technologies are expected to follow suit, according to industry insiders.
The government on Wednesday informed Parliament that there is no proposal with the Information Technology ministry to set up a regulator for social media.
"There was not a single decision that I took during my second tenure without discussing it with Ranga and getting valuable input from him," says Narayana Murthy.
The initiative, whose founding partners also include Accenture, CA Technologies, Cisco, Cognizant, Hewlett Packard Enterprise, Pegasystems, PwC, Salesforce and SAP, aims to bring competitive training content together on one platform to serve the greater good.
'It has taken us 15 years to get to where we are. It obviously doesn't happen overnight.'
'We are anticipating that the hiring trend will continue to see double-digit growth at least for the current financial year.'
Four Tech Mahindra employees approached the labour commission in Karnataka
Fresher hiring sentiment is highest in India, with 17 per cent employers keen on recruiting fresh graduates in the July to December 2021 period against 6 per cent globally. According to the Career Outlook Report by TeamLease EdTech, conducted across 18 sectors and 14 cities, the hiring sentiment in the country has registered a 2 percentage point increase over the February-April 2021 period. In terms of sectors, those that have been able to withstand the impact of the pandemic and witnessed a stronger hiring sentiment are information technology (31 per cent), telecommunication (25 per cent) and technology start-ups (25 per cent).
The Supreme Court on Tuesday dismissed journalist Rana Ayyub's plea challenging summons by the Ghaziabad special court in a money laundering case, leaving it open for her to raise the issues before the trial court.
Infosys, Facebook, Genpact, and Cognizant, among others, have reached out to employees and offered support in different ways as the second wave of Covid cases sees an exponential rise. Companies are asking employees to stay indoors and prioritise the health and safety of their families. This is of significance as several information technology firms were going to take a call on work-from-home from June and had plans to allow some employees to come back to work.
Ex-Infosys CFO V Balakrishnan said the IT companies 'have to get employees who understand new technologies, they have to get rid of some of the employees, who are more on the legacy, and try to attract talent which is more digital'.
'The industry growth in 2016< came from the new digital technology segment which grew at over 20%.' 'The challenge for the industry is that the legacy business makes up almost 80% of revenue.' 'Hence the urgency to transform into digital business.'
The year saw 30 QIP deals raising over $5 billion and 35 IPOs.
Infosys, Wipro may follow suit as investors eye a piece of the large cash kitty as growth slows.
With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employee over 16 million are set to slash headcounts by a massive 3 million by 2022, which will help them save a whopping $100 billion mostly in salaries annually, says a report. The domestic IT sector employs around 16 million, of them around 9 million are employed in low-skilled services and BPO roles, according to Nasscom. Of these 9 million low-skilled services and BPO roles, 30 per cent or around 3 million will be lost by 2022, principally driven by the impact of robot process automation or RPA. Roughly 0.7 million roles are expected to be replaced by RPA alone and the rest due to other technological upgrades and upskilling by the domestic IT players, while it the RPA will have the worst impact in the US with a loss of almost 1 million jobs, according to a Bank of America report on Wednesday.
Tepid growth in verticals like banking and finance, healthcare, retail and automotive will drag overall IT spends in the current year, reports Debasis Mohapatra.
The IT services giant is also slated to hold a board meeting on April 13 and 14, to approve of and take on record the consolidated financial results of the company for the quarter and year ended March 31, 2021. Indian IT majors will be announcing their fourth quarter (Q4) and 2020-21 results starting April 12. At the end of the Q3 FY21 Infosys had cash and investment of $4.5 billion.
At the end of June, 2016, TCS had a total headcount of 3.62 lakh.
The top four Indian IT firms have cash reserves of nearly $15 billion with TCS alone holding $5.9 billion in reserves, followed by Infosys with $3.6 billion, and Wipro with $3.4 billion. HCL Technologies has cash reserves of $1.75 billion.
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
The demand for Tharoor's removal comes days after the Parliamentary Standing Committee on Information and Technology was set to question government officials on the Pegasus spyware issue.
The pace of job generation has slowed as IT firms look at automation to do testing
Tata Consultancy Services (TCS) has been ranked the third most-valued IT services brand globally, after Accenture and IBM, according to a report by Brand Finance. Four Indian IT services companies -- TCS, Infosys, HCL and Wipro -- secured spots in the top-10 global tally.
Dnyaneshwar Nivrutti Bodke is a farmer who hates subsidies and loan waivers. He also helps other farmers turn into businessmen and earn good income from their own farms.
The total amount of fraud reported by banks showed a drop in 2020-21 - for the first time in eight years - though there is an emerging trend of private sector banks reporting a larger number of frauds related to card and internet banking. According to the latest data released by the Reserve Bank of India, commercial banks reported Rs 1.38 trillion of frauds in 2020-21, as compared to Rs 1.85 trillion in the previous year. The first half of the current fiscal year saw banks reporting frauds worth Rs 36,342 crore.
In the last couple of months, top Indian IT services providers, including TCS, Infosys, Wipro and HCL Tech have announced setting up cyber threat management centres in the US and Europe.
Sector experts say rising pressure on margins owing to price discounts on the core business, increased hiring in the US and emergence of new technology areas are key reasons for such cost cutting.
Where do Indian IT firms stand compared to their global peers in this journey of transformation? Ayan Pramanik seeks answers from IT services analyst Phil Fersht.
