IT is back in fashion
Top tech stories of the week
Close to 6000+ people have been laid off in the last few months. Many experts believe that the number could be anywhere between 9-15K, including smaller tech startups.
As layoffs, cost-cutting, and funding crunch continue to haunt the Indian tech startups and their employees, there seems to be a glimmer of hope for Indian IT companies in reducing the attrition rate. The report shows that nearly 40-50 per cent of employees are getting absorbed by IT, consulting and product companies, and global captive centres (GCCs).
Result: Due to layoffs, many tech startups have triggered negative sentiments among job seekers. Many of them are now looking for stable organisations.
Layoff impact: Another interesting question to ask here is, which all departments or teams were impacted by these layoffs and cost-cutting? Experts said that sales and marketing, and business development were the first teams impacted. On the other hand, the least impacted teams include engineering, product, and design.
High-demand IT job roles: Data scientist, full-stack developer, data engineer, product manager, DevOps engineer, cloud architect, software architect, and others.
Check out the list of Indian IT companies currently hiring across various job roles in FY22.
Previously, some well-funded startups were hiring tech talents aggressively with higher salaries and other perks. This was one of the main reasons behind the rising attrition rate in the IT industry. Besides this, other factors include a shortage of digital talent, high demand for qualified professionals, and increased wages.
On average, the attrition rate of the Indian IT industry stands at 23-25 per cent. But, some experts are hopeful that this number will eventually come down in the upcoming quarters. In the previous quarter, some companies have shown stability in attrition with better compensation and hikes, improved hiring, work-life balance, etc.
Top stories of the week
Vishal Sikka, the first non-founder CEO of the IT services giant, had been involved in a bitter brawl that culminated with him resigning abruptly along with an open letter that he announced on Twitter. Salil Parekh, on the other hand, was reappointed with a grand hike.
Read the complete article here.
We find that technology plays a crucial role in putting Sadhguru’s wisdom and tools for transformation in the hands of millions of users around the world and making it easy for them to interact with Isha – from attending programs and visiting the centres to making a donation, or taking next steps towards their inner growth.
Read the complete story here.
Oh boy, is JP Morgan wrong?
Earlier this week, the global brokerage firm JP Morgan ‘downgraded’ the Indian information technology (IT) sector over margin and revenue concerns, alongside surging inflation and supply chain issues in the Russia-Ukraine war. Kotak Equities said ‘what is priced into stock’ is a risk to margins; what is not priced in is ‘economic recession.’
Read the complete story here.
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We are excited to host 100+ Leaders in the data space in India, on 24th June in Bangalore.
MachineCon 2022, in its 3rd year, is a leaders exclusive conference where participants get to network with top industry practitioners.
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