Over the past few months, Indian IT companies are confronted with closer scrutiny and tighter visa norms in the US, a market that accounts for nearly 60 per cent of India's IT exports. Edison’s IT layoffs are ‘heartless,’ says Sen. Grassley ... signed contracts with two of the largest users of the H-1B visa, Infosys and Tata Consultancy Services, last summer. I’ve heard the EMEA and APAC folks are just being let go after 90 days or so. Today's Video - News of Infosys Layoffs 2020 Senior Roles : Delivery managers, AVPs, VPs and SVPs would be some of the roles that would be impacted. Infosys reported a 6.3% rise in consolidated net profit to Rs 4,335 crore for March 2020 quarter. "We do it every year. Highlights. The world’s abrupt slowing down in the past few weeks may have introduced millions of Covid-19-wary professionals to the whole new paradigm of work-from-home. Industry lobby group National Association of Software and Services Companies (Nasscom) has sought furloughs and temporary layoff of surplus employees, relaxing daily and weekly work-hour limits, allowing women to work at night from home and a self-declaration regime to comply with government rules. As part of thi (2/2) — Infosys (@Infosys) March 27, 2020. TCS’ total headcount fell to 385,809 in Q1, while that of Infosys declined to 198,553. Infosys is paying over Rs 1 crore to more than 1,800 employees in its overseas locations and it plans to hire 10,000 more in the US. Monday, 21 December 2020 E-paper ... Niranjan Roy, told reporters recently there were no immediate layoff plans. Accenture, Infy, TechM, Cognizant, MphasiS investing to make workforce future-ready. According to the 2017 annual report of Infosys, payouts of at least four Infosys executives have increased by over 50 per cent in the previous fiscal year. Global corporations, the paymasters of Indian software vendors, are no longer so keen to ante up for application development and maintenance. "Whenever there is a downturn, there is always noise about unions coming into play in the IT industry but it never sustained," Balakrishnan said. After the news of Infosys layoff workforce came out, the IT services company's shares dropped as much as 2.5% in intra-day trade on Tuesday. The ET Top Recruiters Survey found that 10 of India’s biggest recruiters hired a total of 1,175 MBA students from 26 leading B-schools in 2017. From 23.4 percent in Q1, the annualised attrition has come down to 21.7 percent in the second quarter and 19.6 percent in the third. }); EXCLUSIVE | TMC has become a company with Mamata as chairman, Abhishek as MD: Suvendu Adhikari, Shilpa Shirodkar becomes first Bollywood star to get COVID-19 vaccine | Pic, Live Cricket Score India vs Australia 3rd Test Day 3: Live Updates from Sydney, Horoscope January 9: Taurus will gain a lot of money, Know about other zodiac signs, New edition of 4x4 extreme terrain Himalayan expedition announced, Income Tax Returns: Over 5.27 crore ITRs filed for fiscal 2019-20 till Jan 7, WhatsApp terms now allow data-sharing with Facebook: Netizens react, Live Streaming Cricket India vs Australia 3rd Test Day 3: Watch Sydney Test Online on SonyLIV, Opinion | Let us keep politics away from Covid vaccine issue, AUS vs IND | Want to bat up the order: Ravindra Jadeja after stellar show on the field, Rhea Chakraborty spends quality time with Roadies fame Rajiv Lakshman & family; check unseen photos. googletag.display('div-gpt-ad-1494579592958-0'); Amid speculation of large scale layoff at Infosys affecting nearly 5,000 employees, country's second largest software services company on Friday said it actively asks the "under-performers to seek other jobs". Infosys may lay off 10,000 employees for cost cutting. Despite an uncertain business environment, Infosys has begun to get things moving on salary hikes and promotions, CEO Salil Parekh told ET Now in an interview. Many of those laid off were mid- or upper-level techies, with low lateral skills for other industries. News. While another MNS Cognizant is also laying off around 7,000 employees over the next few quarters. Tata Consultancy Services reported flat revenue growth sequentially in the third quarter, the company’s worst performance in at least four years. In just 10 years, you may be working from any place you like, and only when you like to. Communications on layoffs should be handled sensitively, and not through town-halls, said independent human resource adviser Hema Ravichandar. Layoffs, shutdowns and funding concerns are episodic blips in evolving startup story in India, bigger structural issue is the way the incentives are currently set up. Bengaluru: In a major relief to Infosys techies amid the coronavirus … Those taking the hit first are mid- and senior-level professionals. While the information technology (IT) company maintains that this round of job cuts is not a mass trimming exercise, the fact remains that the … Infosys Layoffs: Get the latest Infosys Layoffs news on The Economic Times. It can force companies to rationalise workforce and even finish certain jobs. Those in support of laid-off workers say the firing policies based on performance reviews are often discriminatory. To be sure, headcount declined sequentially for top software majors across the board due to lesser hiring and performance-linked layoffs. Latest Infosys Layoff News, Photos & Slideshows, Videos from Gadgets Now. Infosys is looking save between USD 100-150 million in FY20 and it plans to do that by recruiting more freshers to minimise employee expenditure and relalighn roles for middle and senior level management, Roy said this week at an analyst meet. IT cos have no choice but to lay off some of their mid-level staff to become more agile, said ex-CFO of Infosys. Brand Blvd. Today's Video - News of Infosys Layoffs 2020 Senior Roles : Delivery managers, AVPs, VPs and SVPs would be some of the roles that would be impacted. Explore more on Infosys Layoff. Bigg Boss 14 Jan 5 HIGHLIGHTS: Rubina-Arshi lock horns, Jasmin breaks down in tears, Bigg Boss 14: Jasmin Bhasin's mother misses the reality star, says she's proud of her daughter, Bigg Boss 14: Evicted Rahul Mahajan has THIS to say about his journey, 'dhoti' incident with Rakhi. Some IT experts think that large deals like this come with low margins and taking over large numbers of people can make it difficult for IT vendors. Find out how to ensure a stable career and free yourself from job concerns. Daily Job Cuts - Full updated list of Who's Hiring , Jobs, Layoffs 2021, 2020, Layoff , Business and Economic News But Infosys plans to save $100-150 million in the current financial year mainly by recruiting fresh workers wherever possible. Firms now prefer only those who fit in their new business model. Food pairing and beer: Things you must know! Infosys, India's second-largest IT major, is laying off over 10,000 of its mid, senior-level executives, said a report in Times of India.. Infosys, like Cognizant, is laying off people, and in a similar fashion – a targetted move to reduce some of the perceived fat, particularly in the middle and top, and flatten the organisation, the report said. These levels correspond to expertise in fixing problems. Hertz said it plans to lay off 10,000 employees on April 20. Infosys expects impact on its revenue since businesses across multiple sectors are hit by the outbreak of the coronavirus. These 20 skills can help you stay relevant, Sad over recent IT layoffs, says Narayana Murthy, IT employees get nod to set up trade union in Karnataka, Automation, AI continue to offer rich promises to Indian IT companies, Headcount cut as companies rush to automate IT, 4 out of top 6 report decline, Piyush Goyal says job losses is a good sign for economy, here's a reality check, How one company's model could put an end to 9-to-5 jobs, Reports of depression among IT professionals exaggerated: Mohandas Pai, Not pessimistic on IT jobs, startups should help: Urjit Patel, Vishal Sikka's salary drops 67% in FY17, total payout down 7%, IT workers fora flay steep hike in top executives compensation, Donald Trump blamed for job losses as India tech workers face cuts, Government allays IT job loss fears, says working on H-1B issues, If you are techie with 5-15 years experience & based in a small city, this should worry you, Job cuts at Indian outsourcing firms aren't Donald Trump's fault. Social media is no longer a place for teenagers to post selfies. Revenue … Talking about the road to normalcy and recovery in the aftermath of Covid19, he said it will take some time but it will give an opportunity for companies to become stronger. While there could be pressure on employment in some of the IT sectors, it is not necessarily in terms of literally a job destruction, said Urjit Patel. Infosys may layoff 10,000 employees for cost cutting The Indian IT services company, Infosys will be firing as many as 10,000 employees in mid … Bigg Boss 14: Rakhi Sawant reveals she hasn't met husband Ritesh since 1.5 years, will he enter now? Vision 2020 was formulated to motivate people and as a rallying goal , says Sikka. That decision drew mixed reactions on Twitter. Infosys is letting go o News. Definitely strange days in Indianapolis... or just another Tuesday in 2020. When asked about salary of freshers not growing in the Information Technology IT industry in the past two decades, Pai termed it as a "great tragedy". There’s wariness among some of those who have not received increments, considering the Indian IT industry is witnessing layoffs. "Layoffs are regular, performance-based things that we do every year. According to executive search firm Head Hunters India, job cuts in IT sector will be between 1.75 lakh and 2 lakh annually for next three years. News. India’s 2nd largest Information Technology company Infosys announced Q1 results today and reported an 11.4% growth in its consolidated net profit.. Key highlights of the Infosys Quarterly results: Net profit declined 2% to Rs.4233 crore. Coronavirus: Relief for Infosys techies; company says no layoffs /> By Team Newsable. The industry, in general, worldwide, is facing an increase in demand for complex skills, and automation has resulted in lesser need for staff. Companies such as Infosys, Wipro, Accenture, Zensar Technologies, among others, have embarked on a massive upskilling drive to make sure their workforce in India is ready for the next-level jobs. The latest contract to be scrutinised is one with Walt Disney, which recently signed a deal with US-based Cognizant Technology Solutions. By: Eric J. Savitz, Dec. 28, 2020 9:43 am... — read more It's time to shape up or ship out, How startups should handle mass layoffs to stay alive, Infosys to hire 6,000 engineers annually over next 2 years, Ruthless layoffs won’t make hiring easy for startups, Combined capabilities of TriZetto & Cognizant can let us cash in on big opportunities: Rajeev Mehta, CEO of IT services, Cognizant, Infosys trying too hard to flaunt digital chops, but struggling to be cool, ET Top Recruiters Survey: Cognizant back on top with most hires from B-schools, How to ensure a stable career and be free from job worries, US government goes tough on Indian IT outsourcing; deals with Disney, Fossil under lens, US Senator Jeff Sessions censure Microsoft over layoffs, Infosys chief Vishal Sikka calls on FM Arun Jaitley, Reports of job losses overstated, to hire 20,000 this year: Infosys, IT industry's plan of creating more jobs not rooted in reality: Head Hunters India, IT companies may cold-shoulder BTech-only techies in future, says Mohandas Pai, Mid-level workers are least valued, most at risk, finds ET's Jobs Disruption Survey, Infosys, TCS other IT stocks tank on Cognizant buzz, rupee rise, Mentoring of entrepreneurs is missing in India: Tarun Khanna, Harvard Business School, Wipro Q2 earnings: Five things to watch out for, Hewlett Packard may axe 800 people in Bangalore after it loses grip on Bank of America account, TCS, HCL Tech, Infosys under pressure on US immigration bill, job cuts, Hiring 10000 in US in 2 years, we do that in India in 2 quarters: Infosys, $1 bn out of $2 bn revenue in last 2 yrs from new services: Vishal Sikka, Infosys, Want to focus on newer metric that will make sense in 3-5 years: Pravin Rao, Infosys, TCS blames ‘Q3 softness’ for tepid revenue growth, What do Q1 nos say about IT jobs outlook? googletag.cmd.push(function () { We've had a really extremely successful business over the last couple of years, a very strong operating margin and expansion in earnings per share, USD 9 billion in large deals," he said. The zero-distance programme was one of CEO Vishal Sikka’s first major implementations at the company. It posted a net profit of Rs 4,078 crore in the year-ago period as per IFRS accounting norms. Infosys will ring the Closing Bell® at the New York Stock Exchange (NYSE) on December 11, 2020 to commemorate its eighth anniversary of being listed on the Exchange. Indian IT major Infosys has become the latest company to layoff its workforce. Technology. Bengaluru, First Published 29, Jun 2020, 10:54 AM. For employees ranked JL5 (job level 5) and below — typically those with less than eight years of experience — the compensation review will be effective from July. Read why, No downsizing, to hire more: TCS chief Rajesh Gopinathan, Layoffs scare is real, not exaggerated, finds ET's Jobs Disruption survey, Why IT firms could soon be forced to let the senior techie go, No mass layoffs by Indian IT companies, workforce realignment happens every year: Nasscom, IBM India staff still battle tech blues fearing more layoffs, Is Bengaluru being Bangalored? Infosys in its results said it had managed to keep its attrition rate low in December quarter, thanks to salary hikes and higher variables. "We are here to create jobs, not to downsize," he asserted after TCS launched a BPO centre here to create new opportunities as part of the government's Digital India push. Meanwhile, Infosys said that the layoffs are not indicative of mass trimming "As a high-performance organisation, involuntary attrition is integral to the normal course of business and this should not be interpreted as any mass trimming across any level," the company told TOI. The Indian IT industry, according Head Hunters, is likely grow 8-9 per cent in FY2017 and could grow at the same pace or accelerate in FY2018. Check details here, GATE 2021 Admit Card: IIT Bombay to release GATE 2021 hall ticket today. Attrition on an annualised consolidated basis rose to as high as 20.4% in the last fiscal. "All these IT multinational companies have been earning huge profits and there is no reason to retrench employees. Involuntary attrition at TCS has been about 1 per cent every year in that range and this year, it is no different," Chandrasekaran said. Infosys CFO Nilanjan Roy, through a video conferencing call, said the company has stopped hiring, promotions and salary hikes to manage costs in order to offset the damage caused by the pandemic. Team Infosys on Friday went out of its way to look relaxed and act cool. But we have overcome many crises before and businesses can survive this. 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