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. The company’s margins have dropped significantly under CEO Salil Parekh, as it boosted investments to drive growth. Find out how to ensure a stable career and free yourself from job concerns. Another cause for concern at Infosys is the fact that its pipeline over the last year has seen a greater proportion of renewal deals. 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. Infosys has stated that it is in favour of a healthy mix of local and global personnel, even though hiring locals overseas often pushes up operational costs. Check details here, GATE 2021 Admit Card: IIT Bombay to release GATE 2021 hall ticket today. Multiple factors — prospect of a stricter US visa regime and the automation of certain jobs in the sector — have led to the latest retrenchment cycle. Infosys has a zero tolerance policy towards such acts and has accordingly, terminated the services of the employee. "Such reports are incorrect. There’s wariness among some of those who have not received increments, considering the Indian IT industry is witnessing layoffs. The company, however, expects revenue to contract in 2020-21 with recovery likely only in the third quarter of the fiscal. googletag.display('div-gpt-ad-1494579592958-0'); The number is really 300-400," Infosys COO UB Pravin Rao said. IBM shares are down roughly 7% in 2020, lagging far behind not just the tech sector, but also the broader market. Of course, Goyal was not taking pleasure in the pain of the unemployed youth. 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. Reports of job losses overstated, to hire 20,000 this year: Infosys "Layoffs are regular, performance-based things that we do every year. TCS Q4 Results 2019-20: Key Highlights Net profit fell 0.8 percent sequentially to Rs 8,049 crore in March quarter. 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. More Infosys expects impact on its revenue since businesses across multiple sectors are hit by the outbreak of the coronavirus. Monday, 21 December 2020 E-paper ... Niranjan Roy, told reporters recently there were no immediate layoff plans. It posted a net profit of Rs 4,078 crore in the year-ago period as per IFRS accounting norms. Infosys has 86,558 and 1.1 lakh employees at the associate and middle bands respectively, the daily mentioned. Emerging technology poses a big threat to jobs and companies. 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 … Aaj Ki Baat: Why farmer leaders rejected each and every suggestion of Centre today? Infosys also plans to lay off 2-5 per cent workforce in associate and middle levels which are around 4,000 to 10,000 people. But Infosys plans to save $100-150 million in the current financial year mainly by recruiting fresh workers wherever possible. Infosys is laying off some of its top and mid level management, in order to flatten the organisation. ​​The axe will fall mainly on midlevel employees and those who haven’t picked up relevant skills. The clock is ticking on AK's tenure. 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. 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. While Cognizant has yet to publicly address the news of executive layoffs and voluntary employee separation, the company on May 7 during its first fiscal quarter 2020 … Social media is no longer a place for teenagers to post selfies. 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. 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. The layoffs were needed for the company due to a strong focus on cost optimisation and rising needs for technology skills. 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' cash, equivalents cross $2 bn mark. 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. 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. Read more about Infosys fires non-performing techies, denies reports of massive layoffs on Business Standard. Get by Email • RSS. But lower level employees, too, will be hurt later in the year due to sluggish growth. 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. 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. Those taking the hit first are mid- and senior-level professionals. Find Infosys Layoff Latest News, Videos & Pictures on Infosys Layoff and see latest updates, news, information from NDTV.COM. > News > Infosys suspends promotions and salary hikes, hirings and a visa workaround: cheers. Infosys Celebrates Eight years on NYSE, Achieving Carbon Neutrality, and Announcing its vision. 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