Infosys CFO Nilanjan Roy clarified that the company has no plans for layoffs yet, but it plans to cut costs up to USD 150 million by hiring more freshers. 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. Cognizant, Infosys, Wipro won’t disclose how many jobs they cut, but it appears the industry is going through one of the largest retrenchments in its history. Amid an economic slowdown in the country, this will impact Infosys workforce across all levels in the programming and engineering divisions. Infosys is laying off people in mid-senior level positions. Accenture, Infy, TechM, Cognizant, MphasiS investing to make workforce future-ready. Infosys has 86,558 and 1.1 lakh employees at the associate and middle bands respectively, the daily mentioned. "Whenever there is a downturn, there is always noise about unions coming into play in the IT industry but it never sustained," Balakrishnan said. Team Infosys on Friday went out of its way to look relaxed and act cool. "All these IT multinational companies have been earning huge profits and there is no reason to retrench employees. The S&P 500 is up 15% for the year. Hertz said it plans to lay off 10,000 employees on April 20. India Business News: Infosys, like Cognizant, is laying off people, and in a similar fashion – a targeted move to reduce some of the perceived fat. Aaj Ki Baat: Why farmer leaders rejected each and every suggestion of Centre today? Explore more about infosys layoffs in india at Gadgets Now Tue, Dec 22, 2020 | Updated 10.34 PM IST The company sees its business to be hit in all geographies. Press Release. It is upskilling employees which will help it cut attrition and acquire future-ready workforce. Plans are also afoot to start massive recruitments in many parts of the world including in India soon, said Infosys CEO Salil Parekh. Many of those laid off were mid- or upper-level techies, with low lateral skills for other industries. Infosys in its results said it had managed to keep its attrition rate low in December quarter, thanks to salary hikes and higher variables. IBM shares are down roughly 7% in 2020, lagging far behind not just the tech sector, but also the broader market. Read more about Infosys fires non-performing techies, denies reports of massive layoffs on Business Standard. It can be a powerful tool to make you ready for next career move, to augment job search. TCS Q4 Results 2019-20: Key Highlights Net profit fell 0.8 percent sequentially to Rs 8,049 crore in March quarter. Layoffs at Infosys: Nothing planned says company, but it will fire senior under-performers and hire . Infosys has 86,558 and 1.1 lakh employees at the associate and middle bands respectively, the daily mentioned. Brand Blvd. Infosys CEO says his company will not lay off software professionals this year, but absorb them in internal projects. Infosys might lay off as much as 12,000 workers while Cognizant is eyeing to slash 7,000 jobs. Middle-level employees face the twin challenges of their jobs being made redundant by technology and cos preferring employees with emerging skill sets. 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? When asked who was more worried about layoff in your company, 66% said it was mid-level employees, 22% senior level managers. The latest contract to be scrutinised is one with Walt Disney, which recently signed a deal with US-based Cognizant Technology Solutions. © 2009-2021 Independent News Service. Of course, Goyal was not taking pleasure in the pain of the unemployed youth. Those taking the hit first are mid- and senior-level professionals. “The growing realisation among Indian workforce that reskilling is the only way to stay competitive led to a 37% increase in registrations during the February-April period compared to last year," said Raghav Gupta, India country director, Coursera. 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 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. “Going ahead job losses will become more severe because even the organized sector is suffering. Latest infosys layoffs in india News, Photos & Slideshows, Videos from Gadgets Now. As an increasing number of companies are looking at the option of hybrid workplaces — a blend of remote working and working from office — this has led to reassessing the set of skills and competencies in the new work milieu. 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. As per the report, Infosys, TCS, Wipro, IBM, Cognizant are the top 5 ITes players of 2020, in rank. The number is really 300-400," Infosys COO UB Pravin Rao said. Tomorrow is different. CEO Rajesh Gopinathan says TCS has an overall attrition rate of 12.1 percent, which is one of the best in the industry. It … Horoscope, January 6, 2021: Know how the day will be for Leo, Virgo, Scorpio and other zodiac signs. 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 growth rate has definitely slowed down because of which opportunities in the industry, especially for new recruitment, is down, Infosys co-founder Kris Gopalakrishnan said. April 8, 2020. To be sure, headcount declined sequentially for top software majors across the board due to lesser hiring and performance-linked layoffs. 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. While another MNS Cognizant is also laying off around 7,000 employees over the next few quarters. 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. Infosys is laying off some of its top and mid level management, in order to flatten the organisation. Former Chief Financial Officer of Infosys, TV Mohandas Pai said such "exaggerated" reports are based on a few events and there are attempts to blow them up. Unlike other firms the world over, the $11-billion Infosys gives its non-performing techies sufficient time to shape up before being asked to go. Those in support of laid-off workers say the firing policies based on performance reviews are often discriminatory. Plans are also afoot to start massive recruitments in many parts of the … That decision drew mixed reactions on Twitter. Analysts said the cost optimisation plan was a routine move aimed at reducing wage costs by hiring more freshers. 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. "We do it every year. Soup to Gajar Halwa, 5 healthy snacks to satisy your midnight cravings sans guilt! 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. 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. Employers all over the world are considering this new model. Check details here, GATE 2021 Admit Card: IIT Bombay to release GATE 2021 hall ticket today. You can beat the gathering gloom in job market by equipping yourself with the latest tech skills. Infosys CEO Vishal Sikka on Friday told analysts that the Bengaluru-based IT company is not laying off employees. There’s wariness among some of those who have not received increments, considering the Indian IT industry is witnessing layoffs. The number is really 300-400," Infosys COO UB Pravin Rao said. The employees being axed belong to level 1, 2 and 3, some of them part of the support team. 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. The new policy envisages a detailed documentation of a legitimate employer-employee relationship while the latter is working at a third-party worksite. », ICICI Prudential Bluechip Fund Direct-Growth. Food pairing and beer: Things you must know! 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. Infosys expects impact on its revenue since businesses across multiple sectors are hit by the outbreak of the coronavirus. In all, 10,962 people left these 5 software firms during the quarter, compared to 10,500 people who left Cognizant … Infosys may fire less than 5000 employees. Infosys Celebrates Eight Years on NYSE, Achieving Carbon Neutrality, and Announcing its ESG Vision 2030. … 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. In fact the industry continues to be a net hirer with over 1.5 lakh people being employed on a net basis each year," Nasscom said. Involuntary attrition at TCS has been about 1 per cent every year in that range and this year, it is no different," Chandrasekaran said. "We have to retrain and reskill our staff and I think you saw a conscious effort on that over the last couple of quarters….we still have some work to do.". As part of thi "Layoffs are regular, performance-based things that we do every year. 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 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. 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. Social media is no longer a place for teenagers to post selfies. 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. Reports of job losses overstated, to hire 20,000 this year: Infosys "Layoffs are regular, performance-based things that we do every year. Global Indian giants would come from the IT pack because we do IT the best globally. It posted a net profit of Rs 4,078 crore in the year-ago period as per IFRS accounting norms. From around 1.65 lakh employees on its payroll in 2011, IBM's India headcount is expected to slide to one lakh by March this year. Experts say automation, a failure to keep up with new technologies and US President Donald Trump's clampdown on visas is creating industry-wide upheaval. (2/2) — Infosys (@Infosys) March 27, 2020. But Infosys plans to save $100-150 million in the current financial year mainly by recruiting fresh workers wherever possible. ‘I am now comfortable with the pace of change in the system.’. 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. India Business News: Infosys is undertaking a major restructuring at the higher levels in order to flatten the organisation and make decision-making faster. Infosys reported a 6.3% rise in consolidated net profit to Rs 4,335 crore for March 2020 quarter. Infosys Analyst Meet highlights: Media report on layoffs is mere speculation, says COO Pravin Rao Infosys is holding its Annual Analyst Meet at its Bengaluru Campus IT companies have been under pressure as it grapples with both tailwinds in terms of currency; and headwinds in terms of US Immigration bill. 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. 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Cal. TCS, which has about 4.5 lakh employees worldwide, will not rescind job offers to 40,000 freshers and get all of them on board. But we have overcome many crises before and businesses can survive this. Explore more on Infosys Layoff. 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. Home >Companies >News >Infosys suspends promotions and salary hikes, freezes hiring, but says no layoffs. Coronavirus: Relief for Infosys techies; company says no layoffs /> By Team Newsable. ... Infosys. Global corporations, the paymasters of Indian software vendors, are no longer so keen to ante up for application development and maintenance. 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. "There are 21 … The car rental company previously employed 38,000 people. Explore more about Infosys Layoff at Gadgets Now Explore more about Infosys Layoff at Gadgets Now Fri, Dec 11, 2020 | Updated 10.51 AM IST 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. Bengaluru: In a major relief to Infosys techies amid the coronavirus (COVID-19) pandemic, the IT giant is said to have issued an undertaking on Saturday (June 27) that the company will not layoff its staff, according to a report. 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. News. Find Infosys Layoff Latest News, Videos & Pictures on Infosys Layoff and see latest updates, news, information from NDTV.COM. 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. Bigg Boss 14: Rakhi Sawant reveals she hasn't met husband Ritesh since 1.5 years, will he enter now? Company will trim its workforce in the ranks of delivery managers, AVPs, VPs and SVPs. Karnataka govt tells IT/BT companies not to lay off, instead cut salary, Specialists wanted: Generalist techies, your days are numbered now, Infosys COO says not seeing pricing pressure, Infosys surprises its staff with 95% variable pay, highest in past 9 quarters, Haven't heard, seen massive layoffs in IT sector: Kris Gopalakrishnan, Zero-distance programme: Infosys incentivises more than 500 project managers, Infosys braces for bigger cost blow as Vishal Sikka bulks up on highly-paid talent, Infosys defers salary hikes till July; no job cuts planned, Tamil author who had declared his ‘death as a writer’ shines at Times Litfest, Re-skilling, not layoffs, will address new challenges: Infosys, Pay cut or layoff? Attrition on an annualised consolidated basis rose to as high as 20.4% in the last fiscal. If businesses follow some of the lessons from the 2008 crisis, drastically reduce their fixed and indirect costs, they can get back on the path of revival,” says Narayana Murthy. 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. Deputy CM C N Ashwath Narayan, who is also in-charge of IT & BT department, held video consultation with the captains of the industry in light of the disruption caused due to the lockdown, and discussed on the way forward - both for effective implementation of the lockdown as well as the future course to deal with the unique circumstances. The Indian IT services company, Infosys will be firing as many as 10,000 employees in mid-senior level positions in a move to cut costs to deal with the double whammy of low margins and slow growth, IT and restructure their organisations. Find Infosys Layoff Latest News, Videos & Pictures on Infosys Layoff and see latest updates, news, information from NDTV.COM. The car rental company previously employed 38,000 people. 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. "If technology changes and people don't have those capabilities, you've to re-skill them and re-orient them," Infosys's Pravin Rao said. It asks employees to create innovative solutions in each project. Many from India's IT majors who had travelled to client locations on business and work visas, got stranded. 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. Hikes, hirings and a visa workaround: Three cheers for Infosys amid Covid gloom . The zero-distance programme was one of CEO Vishal Sikka’s first major implementations at the company. Read more about IT shares under pressure on Covid-19 outbreak; TCS, Wipro hit 52-week lows on Business Standard. Get by Email • RSS. The layoffs were needed for the company due to a strong focus on cost optimisation and rising needs for technology skills. 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". The IT services company has around 30,000 employees in the job level 6, 7, and 8 bands. News. Infosys may layoff 10,000 employees for cost cutting. Reliance and Oyo have cut pays. 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. 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. Layoffs in IT companies: Is it time for trade unions to come into play? For reprint rights: Allow surplus staff layoffs, flexible shifts: IT to states, The post-Covid resume: Hybrid workplaces will need employees to gain new technology and soft skills, Infosys to eliminate roles to flatten organisation, Infosys lays off mid, senior level executives, Hikes, hirings and a visa workaround: Three cheers for Infosys amid Covid gloom, Infosys could be a multi-bagger for next 10 years: Rajat Sharma, Amid paycuts and layoffs, some companies chose to shield staff during the Covid storm, Infosys to hire more freshers, targets $150 million in cost savings, Indian IT employees stare at a mid-life crisis, CITU condemns mass retrenchment of IT employees, Infosys freezes pay hike, promotion; to honour all job offers, IT companies step up reskilling of employees as they prepare for post-pandemic scenario, Reskill to survive: Tech firms retrain staff on war footing, COVID-19: We'll come out stronger from this situation, says Infosys CEO, Half of Nifty50 stocks trade at discounts to 10-year averages, but analysts not interested, Techies, save your jobs like this: A win-win formula at Infosys, IT companies to shed 5-10% of mid-level workforce: Ex-CFO of Infosys, Effective business management, global competition mapping key for India’s growth: Narayana Murthy to ET ILC members, Indian IT staff on short-term roles in UK face hardships as projects dry up, Surging layoffs plunge techies into depression, We’ve to guard against Covid apps increasing state power: Nandan Nilekani, Find out what advice Nandan Nilekani has for startups, One plants ideas of reform which may take years to fructify: Nandan Nilekani, Majority of senior Infosys executives still await hike, After Cognizant, other IT biggies like Wipro and Infosys also prepare for layoffs, No layoff over RBS contract loss: Infosys. 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