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Infosys Will Hire 20,000 People, Fired Only 400 People This Year

2Jun By AdityaNo Comments

News

Infosys Will Hire 20,000 People, Fired Only 400 People This Year

IT services major Infosys today said it will hire 20,000 people this year as against only 400 people being asked to leave on performance grounds and termed reports of large-scale job losses as "overstated". Infosys COO UB Pravin Rao said the technology-driven transformation presents new opportunities for companies like Infosys. "With respect to all the talks of layoffs, it's regular performance based things that we do every year. The number is really 300-400, which is consistent with what we have seen every year," Rao told reporters after a 30-minute meeting with IT Minister Ravi Shankar Prasad. He said the country's second largest software exporter is "creating more jobs, adding more people and letting go of only minuscule number of people, purely from performance related perspec...

15May By PriyankaNo Comments

News

Indian IT Firm Tech Mahindra Entered Into Top-20 Global Tech Brands

IT firm Tech Mahindra today said it has entered into the Top-20 global tech services brands list (by brand value) in 2017,as per an independent assessment by a valuation and strategy consultancy, Brand Finance. It also said the company has potential to be in the top-5 technology services brands by 2020. Tech Mahindra has been ranked at No 14, with an impressive growth of 21 per cent over the previous fiscal, a joint release by Tech Mahindra and Brand Finance said. "Tech Mahindra has delivered excellent brand value growth of 21 per cent. Its brand transformation journey from being an Information Technology player to a Digital Transformation partner has shown great progress," Brand Finance Founder and CEO David Haigh said. "With its new brand promise of Connected World,Connected ...

Indian IT Industry Will Layoff 2 Lakh Engineers For Next 3 Years

14May By AnkitaNo Comments

ANALYSIS

Indian IT Industry Will Layoff 2 Lakh Engineers For Next 3 Years

Executive search firm Head Hunters India today said the job cuts in IT sector will be between 1.75 lakh and 2 lakh annually for next three years due to under-preparedness in adapting to newer technologies. "Contrary to media reports of 56,000 IT professionals to lose jobs this year, the actual job cuts will be between 1.75 lakh and 2 lakh per year in next three years, due to under- preparedness in adapting to newer technologies," Head Hunters India Founder-Chairman and MD K Lakshmikanth told PIXR8, analysing a report submitted by McKinsey & Company at the Nasscom India Leadership Forum on February 17. McKinsey & Company report had said nearly half of the workforce in the IT services firms will be "irrelevant" over the next 3-4 years. McKinsey India Managing Director Noshir...

Now Infosys Will Lay Off Around 100+ Employees

10May By AdityaNo Comments

News

Now Infosys Will Lay Off Around 100+ Employees

Infosys could hand out pink slips to hundreds of mid and senior-level employees as it carries out bi-annual performance review amid a challenging business environment. The development comes at a time when its peers Wipro and Cognizant are taking similar measures to control costs. Interestingly, Infosys has said it will hire 10,000 Americans in the next two years and open four centres in the US as it seeks to counter moves by the US to tighten visa norms. "Our performance management process provides for a bi- annual assessment of performance... A continued low feedback on performance could lead to certain performance actions, including separation of an individual and this is done only after feedback," Infosys spokesperson said in an emailed statement. The spokesperson did not di...

Cisco to Acquire Indian Origin CEO Led Startup For $610 Million

4May By AnkitaNo Comments

ACQUISITION

Cisco to Acquire Indian Origin CEO Led Startup For $610 Million

American technology giant Cisco has said it will pay USD 610 million in cash to acquire a networking start-up led by an Indian-origin software industry veteran. Cisco will buy Viptela, a privately held software-defined wide area network (SD-WAN) company based in San Jose, a move that will expand its portfolio. Viptela CEO Praveen Akkiraju, a University of Madras and Harvard Business School alumnus said, "the companys fabric, as it relates to SD-WAN and cloud networking, fits in as an important piece of Ciscos Enterprise Networking strategy which is driving an industry-wide transition to a software centric architecture and business model." Viptela was founded by 2012 by former Cisco engineers, some of them hailing from the Indian sub-continent. Cisco will buy Viptela for USD 610 mil...

3May By AnkitaNo Comments

News

Wipro Unveiled its New Brand Identity, Launched New Logo

Bangalore, Karnataka, India- Wipro Limited, a leading global information technology, consulting and business process services company, today unveiled its new brand identity. The new brand identity signifies a higher level of engagement and brand permission that helps clients leverage Wipro’s expertise to address their business requirements and drive future opportunities in this digital era. The new brand identity marks Wipro’s emergence as a trusted digital transformation partner to clients, delivering at global scale with increasingly localized capabilities, and leveraging hyper-automation, robotics, cloud, analytics, cognitive and emerging technologies. This new brand identity also mirrors two key attributes cited by clients as unique to Wipro’s brand: the integrated perspective that W...

HCL Tech Acquire US Based Urban Fulfillment Services

25Apr By PriyankaNo Comments

ACQUISITION

HCL Tech Acquire US Based Urban Fulfillment Services

India's fourth largest software services firm HCL Technologies today said it will acquire US- based Urban Fulfillment Services (UFS) for up to USD 30 million (over Rs 193 crore) in cash. UFS is a provider of mortgage business process and fulfilment services. Founded in 2002, the company has over 350 highly skilled professionals. It has three centres in the US. The total cash consideration for this transaction is up to USD 30 million, including contingent payments subject to certain financial milestones, HCL said in a regulatory filing. The deal is expected to be completed by June this year, subject to certain closing conditions including transfer of licences and approval of the customers, it added. Mortgage servicing is a regulated activity in the US and the transaction would r...

Microsoft India Enhanced All Types of Paternal Leave Benefits

22Apr By AdityaNo Comments

News

Microsoft India Enhanced All Types of Paternal Leave Benefits

Microsoft India today said it has enhanced all types of paternal leave benefits and introduced a new family caregiver leave -- which entails four weeks of paid leave to take care of an immediate family member. From April 21, Microsoft India has enhanced all types of paternal leave benefits such as paternity, adoption and surrogacy. Besides, the company has introduced a new family caregiver leave benefit, which includes four weeks of paid leave to take care of an immediate family member with a serious health condition. Definition of family in this case is spouse/domestic partner, parent/in-law, sibling, grandparent or child. With effect from February 2016, maternity leave at Microsoft India is 26 weeks. Paternity leave at Microsoft India has been extended to 6 weeks from 2 we...

95% Engineers in India Unfit For Software Development Jobs

21Apr By Press Trust of IndiaNo Comments

ANALYSIS

95% Engineers in India Unfit For Software Development Jobs

Talent shortage is acute in the IT and data science ecosystem in India with a survey claiming that 95 per cent of engineers in the country are not fit to take up software development jobs. According to a study by employability assessment company Aspiring Minds, only 4.77 per cent candidates can write the correct logic for a programme — a minimum requirement for any programming job. Over 36,000 engineering students from IT related branches of over 500 colleges took Automata — a Machine Learning based assessment of software development skills — and over 2/3 could not even write code that compiles. The study further noted that while more than 60 per cent candidates cannot even write code that compiles, only 1.4 per cent can write functionally correct and efficient code. “Lack of p...

Wipro Fired 600 Employees Post Performance Appraisal

20Apr By Press Trust of IndiaNo Comments

News

Wipro Fired 600 Employees Post Performance Appraisal

The country’s third largest software services firm Wipro is learnt to have fired hundreds of employees as part of its annual “performance appraisal”. According to sources, Wipro has shown the door to about 600 employees, while speculation was rife that the number could go as high as 2,000. At the end of December 2016, the Bengaluru-based company had over 1.79 lakh employees. When contacted, Wipro said it undertakes a “rigorous performance appraisal process” on a regular basis to align its workforce with business objectives, strategic priorities of the company, and client requirements. “The performance appraisal may also lead to the separation of some employees from the company and these numbers vary from year to year,” it added. The company, however, did not comment on the number ...

Snapdeal Founders Summoned For Usurping Marketing Concept

16Apr By PriyankaNo Comments

News

Snapdeal Founders Summoned For Usurping Marketing Concept

E-commerce major Snapdeal's CEO Kunal Bahl and two others have been summoned by a Delhi court on a criminal complaint of an entrepreneur who alleged that his idea of connecting sellers and buyers through an e-platform was unauthorisedly usurped by the firm and its officials. Additional Sessions Judge R K Tripathi issued notice to Snapdeal CEO Kunal Bahl, COO Rohit Bansal and its former chief financial officer (CFO) Vijay Ajmera for allegedly cheating entrepreneur Gaurav Dua's concept of "non-inventory holding marketplace model for retail" in the garb of collaborating with him. "Heard. Record perused. Issue notice of revision petition to respondents vide all prescribed modes returnable for May 17, 2017," the judge said. Dua had lodged a criminal complaint against the founders and t...

Infosys CEO Vishal Sikka takes home Rs 43 cr in FY17

15Apr By AdityaNo Comments

BUSINESS

Infosys CEO Vishal Sikka takes home Rs 43 cr in FY17

Infosys CEO Vishal Sikka, whose pay package was one of the contentions raised by the founders, has drawn USD 6.68 million (about Rs 43 crore) or 61 per cent of the promised compensation for the 2016-17 fiscal. Sikka was eligible for a USD 11 million pay including basic salary, variable pay, restricted stock units (RSUs) and performance stock options for the year. Incidentally, this is also lower than what Sikka drew in the previous financial year when he took home Rs 48.73 crore. According to Infosys' financial statements that outline compensation to key executives, Sikka received only USD 3.68 million of the USD 8 million variable component that he was promised. One of the highest paid executives in the Indian IT industry, Sikka took home USD 0.82 million in variable pay, USD ...