At the annual general body meeting, Indian IT giant Infosys’ reply has comes as a big relief after its COO said the company will honour all the offer letters, which means no layoffs. You can beat the gathering gloom in job market by equipping yourself with the latest tech skills. "Last year, we had 9.8 per cent growth and the year before 9 per cent growth. TCS Q4 Results 2019-20: Key Highlights Net profit fell 0.8 percent sequentially to Rs 8,049 crore in March quarter. Find out how to ensure a stable career and free yourself from job concerns. Read more about Infosys fires non-performing techies, denies reports of massive layoffs on Business Standard. Team Infosys on Friday went out of its way to look relaxed and act cool. "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. Let's reshape it today, Hunt for the brightest engineers in India. Cognizant had last week announced it would lay off 5,000-7,000 employees globally. Infosys is reportedly planning to lay off about 2,200 senior managers, that is, those belonging to the job level 6, as well as about 4000 to 10,000 people in the JL3, JL4 and JL5 levels, that is, employees belonging to the associate and middle levels. The total number at layoffs at Infosys amount to 4,000-10,000 people and the company has reasoned that as a high-performance organisation, involuntary attrition is crucial for the usual course of business and should not be interpreted as any mass trimming across any level. But we have overcome many crises before and businesses can survive this. Read more about IT shares under pressure on Covid-19 outbreak; TCS, Wipro hit 52-week lows on Business Standard. 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 is laying off some of its top and mid level management, in order to flatten the organisation. Infosys to layoff employees for ‘non-performance’ BENGALURU (TIP): Infosys is likely to “fire” an unspecified number of its employees for “non-performance”, over a week after announcing on May 2 that it would hire 10,000 Americans in the US, said the global software major. Global Indian giants would come from the IT pack because we do IT the best globally. Infosys CEO says his company will not lay off software professionals this year, but absorb them in internal projects. The S&P 500 is up 15% for the year. Infosys reported a 6.3% rise in consolidated net profit to Rs 4,335 crore for March 2020 quarter. The advent of new technology paradigms like robotics, AI, blockchain and IoT is changing how companies and individuals consume technology and for the Indian businesses to remain successful, an update to the technology of tomorrow, today will be needed, Nasscom Senior VP and Chief Strategy Officer Sangeeta Gupta said. The stark takeaway from ET's Jobs Disruption survey of nearly 11,000 employees is that the fear of job losses is not overblown but a near-term reality. In just 10 years, you may be working from any place you like, and only when you like to. A leading publication citing sources said the company will lay off 2-5% of the workforce at the associate (JL3 and below) and middle (JL4 and 5) levels. That translates into 4,000-10,000 people. VMware India Layoff: Software Product Company to Layoff 200 Indian employees Swathi M - August 19, 2020 Oracle Layoff 2020: Oracle sacked employees from Commerce Cloud division Analysts said the cost optimisation plan was a routine move aimed at reducing wage costs by hiring more freshers. 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. 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. TCS’ total headcount fell to 385,809 in Q1, while that of Infosys declined to 198,553. © 2009-2021 Independent News Service. Infosys had announced that it could hand out pink slips to hundreds of mid and senior-level employees as it carries out bi-annual performance review. News. Jobs replaced by automation do not go for good. Infosys Layoffs: Get the latest Infosys Layoffs news on The Economic Times. Asserting that hiring in the US will not impact its recruitment plans in India, the Bengaluru-based company said it has rolled out campus offers to 19,000 people here. The industry, in general, worldwide, is facing an increase in demand for complex skills, and automation has resulted in lesser need for staff. Revenue … Infosys has also been under pressure to contain attrition at lower levels. Those taking the hit first are mid- and senior-level professionals. Those in support of laid-off workers say the firing policies based on performance reviews are often discriminatory. The event had its share of lighthearted conversations with actor Soha Ali Khan, Sanjana Kapoor, poetic performances by Sonam Kalra, William Dalrymple, Anjum Hasan and music by The Clinton Cerejo Band. 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Infosys reported a 6.3% rise in consolidated net profit to Rs 4,335 crore for March 2020 quarter. As manpower costs rise and new projects slow down, Indian IT companies have no choice but to reskill their employees and utilise their full bench strength. CEO Rajesh Gopinathan says TCS has an overall attrition rate of 12.1 percent, which is one of the best in the industry. ... Infosys. Nomura India said consensus Nifty50 earnings estimates for FY21 are down 27 per cent. 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. While another MNS Cognizant is also laying off around 7,000 employees over the next few quarters. According to Economic Times reports two MNCs' plans to layoff the workforce, out of which Infosys will remove 10 per cent of the workforce, which comes to around 2,200 people in senior managers. TCS Layoffs: Get the latest TCS layoffs news on The Economic Times. For the April-June quarter, TCS' headcount went down by 4,786, Infosys by 3,138, HCL Tech by 136, Wipro by 1082, and Tech Mahindra by 1820. A look at what India Inc CEOs think is better, What changed for D-Street while you were sleeping, Tech firms empty their bench in this season of layoffs, Layoff season: IT staff head to school to stay in the reckoning, 1,000 Verizon employees to move to Infosys, This job saving tip from Infosys co-founder NR Narayana Murthy is bound to make senior executives unhappy, Techie, and worried about layoffs? … 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. “Going ahead job losses will become more severe because even the organized sector is suffering. Firms now prefer only those who fit in their new business model. 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. Vision 2020 was formulated to motivate people and as a rallying goal , says Sikka, Onsite employee cost as a percentage of revenue came down to 38.5% against 39.3% in same period last year. Involuntary attrition at TCS has been about 1 per cent every year in that range and this year, it is no different," Chandrasekaran said. 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As part of thi Infosys has a zero tolerance policy towards such acts and has accordingly, terminated the services of the employee. His total compensation, including bonus and grant of stocks, fell 7 per cent to Rs 45.11 crore in 2016-17 from Rs 48.41 crore in the previous fiscal. The firing operations are being taken up on the pretexts of ‘growth plans', ‘restructuring', ‘role rationalisation' etc, which are nothing but measures to maximise their profits at the cost of employees," CITU said in a statement. googletag.display('div-gpt-ad-1494579592958-0'); Press Release. It posted a net profit of Rs 4,078 crore in the year-ago period as per IFRS accounting norms. Infosys Celebrates Eight Years on NYSE, Achieving Carbon Neutrality, and Announcing its ESG Vision 2030. Definitely strange days in Indianapolis... or just another Tuesday in 2020. Murthy said while there is no reason to be very anxious, it is possible to protect jobs if senior execs take salary cuts and invest in training employees. IT companies have been under pressure as it grapples with both tailwinds in terms of currency; and headwinds in terms of US Immigration bill. India Business News: Infosys is undertaking a major restructuring at the higher levels in order to flatten the organisation and make decision-making faster. Advertisement. The nod to set up India's first dedicated IT employee union is a significant moment, the first big breakthrough for techies grappling with prospects of job loss. Downsizing related discussion, postings, questions and answers Infosys: Nothing planned company... State power have not received increments, considering the Indian it industry is witnessing layoffs 10,000 people looking greater... … Infosys might lay off some of its investments has been completed is suffering to as high as 20.4 in... 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