Top Indian IT services companies - TCS, Infosys, Wipro and HCL Tech - have said that they would continue to hire freshers through campus interviews, though lateral hiring will be mostly on exception basis.
Balakrishnan, Pai write to board, seek correction in 'dramatic valuation disconnect' between shares of Infosys and its peers.
'Rohan would be my executive assistant and he would receive a salary of Re 1 a year.'
In a surprise move on Thursday, Infosys President and board member B G Srinivas, considered a top contender for the first non-founder chief executive officer post, resigned from the company.
'Our focus on fresher induction is high, given that they come in with certain advantages.' 'They do not have an unlearning process as seen in senior employees.'
The latest whistle-blower revelations of multiple shenanigans at global ride-hailing app Uber, coming thick and fast after serial exposes of various dodgy practices at Facebook, Apple, Amazon, Netflix, Google in the recent past raises uncomfortable questions about India Inc. If the FAANGs, Twitter and Uber can be guilty of multiple and diverse transgressions what's happening in Indian corporations? It can be nobody's case that India's largely family-owned and - managed private sector is a beacon of transparency or best corporate governance practices, bolstered as it is by an informal omerta among employees, managements and even boards.
Faced with a spate of senior-level exits, Infosys co-founder N R Narayana Murthy has written to employees to reassure them that the "leadership changes" will be in the "best interest" of the company.
Pai sought to look at the issue of founders raising questions as shareholder activism.
Pai argued that at a time when the salary for entry level software engineers had not been raised in the IT industry in India for the past seven years, it was totally wrong to hike the compensation for top-level executives.
Top decision-making body, executive council, will be dissolved on April 1.
Sikka's remuneration will likely be comparable to CEOs of global giants like IBM and HP.
Over the past few months, Infosys has been battling allegations by Murthy and other former senior executives of falling corporate governance standards.
The succession strategy has an unmistakable stamp of Murthy's sharp management and leadership acumen - a trait he has been regarded for all this while.
Quits as SAP board member; had made presentations before Infy board in January.
The tech giant's 'Recommendation Engine' leverages AI, machine learning and analytics to suggest training programmmes best suited for individual staff
At Infosys and Wipro, 8,200 roles have been impacted in six months.
Infosys co-founder N R Narayana Murthy on Monday denied that he had withdrawn his concerns about governance lapses at the firm, saying the board has to address these "properly" and "full transparency should be displayed and people responsible for it should become accountable".
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.
While Infosys board gave a clean chit to the Panaya deal, Murthy stands firm on his allegations and said, 'sadly, it appears we will no longer know the truth'.
'Where is the board's accountability in this whole transaction? The members of the earlier board who participated in approving and defending these acquisition are still in the current board,' the whistleblower said in a mail sent to US SEC and Sebi.
The lawsuit pointed out that the plaintiff's experience with Infosys demonstrates the 'discriminatory nature of Infosys' employment practices'.
Revenue of the Bengaluru-based firm grew 1.7 per cent to Rs 17,078 crore in the June quarter as against Rs 16,782 crore in the year-ago period.
Firm's dented image following Sikka's exit could bring down revenues in the margin rich US market and force Infy to hire fewer Americans, as hiring locals in developed markets comes at a cost.
Murthy, said Mohandas Pai, should focus on mentoring the next generation.
Infosys is planning to hire the first 500 within two years.
Will Infosys, which will announce its Q2 results on Tuesday, be able to break away from the single-digit growth rates the IT services sector has been seeing?
While for clients it has led to increased outsourcing, they are no more worried about which shore the service providers are executing the project in - offshore, onshore or near-shore - because remote working has become the standard norm in the industry, giving rise to a "no shore" kind of model.
Pai said more and more people -- whether they are employees, or investors or others -- are coming to the conclusion that this Board has to go and a new one has to come.
A day after she praised Rohan Murthy's performance at Infosys' board meeting, the firm's newly-appointed independent director and Biocon head Kiran Mazumdar Shaw on Wednesday apologised for the remarks.
Stating that he has no intention to become CEO of the company, he said the future strategy of Infosys will be aligned with global developments and he sees tremendous opportunity in software data and machine learning.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
Investors also appreciate the role being played by the founders; analysts, too, remain unperturbed.
Infosys chief Vishal Sikka took home an annual salary package of $7.45 million (about Rs 48.73 crore) for the 2015-16 financial year.
As Covid-19 cases recede, India Inc is once again tweaking work rules. Big tech companies such as TCS, Wipro and Infosys have either begun or are in the process of calling employees back to office in a staggered manner. A survey by Aon, a global professional services firm, has found that 60 per cent of tech firms now expect every second employee to come to office. More than half of the employees working in engineering and manufacturing firms are also being asked to return to work.
The board expansion comes against the backdrop of an ongoing tussle between the founders and the management over contentious issues such as CEO salary hike, severance package to former employees and corporate governance standards.
HCL Tech was the top gainer in the Sensex pack, rising over 4 per cent, followed by HDFC Bank, Infosys, NTPC, Nestle India, TCS and HUL. NSE Nifty surged 337.80 points to 14,845.10.
It said the decision was a result of the United States government's 'pro-growth economic agenda'.
The record in net addition from the top four was in 2016-17, of 59,427 employees.
NR Narayana Murthy came out of retirement in June to run a floundering Infosys.
Although the number of resignations came down at Cognizant in April and continued to slow in May, the impact of attrition would play out in the second quarter also because of the longer notice period in India.
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