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<keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> is the latest entry to the list of IT firms clamping down on moonlighting employees. However, the IT behemoth is mulling a system that will allow employees to work on external projects too. Without elaborating on the numbers, <keyword id="15256520" type="General" weightage="50" keywordseo="infosys-ceo-salil-parikh" source="Orion">Infosys CEO Salil Parikh</keyword> said that over the last year, the company has let go of its employees found working with other companies. "Where there are confidentiality issues, we have let them go," Parikh said on Thursday at the press conference announcing the Q2 results. Parikh however said that Infosys is mulling a policy that allows employees to work on other projects within and outside of Infosys. Earlier <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> Chairman <keyword id="197349" type="General" weightage="50" keywordseo="rishad-premji" source="Orion">Rishad Premji</keyword> had expressed concerns over the issue of moonlighting employees. A few weeks ago, Premji stated that Wipro had fired 300 employees on this count. Amid reports of IT companies delaying or putting fresh recruitments on hold, <keyword id="10389637" type="General" weightage="50" keywordseo="infosys-cfo-nilanjan-roy" source="Orion">Infosys CFO Nilanjan Roy</keyword> said that there was no delay in onboarding freshers. He said that Infosys hired 40,000 freshers in the first half of the financial year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/soon-you-wont-be-able-to-fake-your-age-on-instagram/articleshow/94853597.cms">Soon, you won't be able to fake your age on Instagram </a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/twitter-will-soon-allow-you-to-control-who-can-mention-you-in-their-tweets/articleshow/94852135.cms">Twitter will soon allow you to control who can mention you in their tweets</a>

Infosys too cracks whip but mulling policy to allow moonlighting

<ul><li>IT major reports 2.3% sequential growth in its constant currency revenues.</li><li>Company’s net profit has grown by 4.5% sequentially to ₹6,212 crore.</li><li><keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> reports highest large orders’ total contract value at $7.7 billion.</li></ul> IT major Infosys reported a 2.3% sequential growth in its constant currency revenues for the second quarter on Thursday. While it did beat street expectations of around 1% growth, the Bengaluru-based tech major also slashed the upper end of its constant currency revenue guidance for FY24. The company has also announced wage hikes which will be rolled out from November 1, 2023. The company’s dollar revenues sequentially grew 2.2% to $4,718 million in Q2 as compared to $4,617 million in Q1. It had earlier guided that its constant currency (CC) revenues for FY24 will grow at 1-3.5%. Half way through the fiscal year, it believes that it can grow anywhere between 1-2.5%. It has however retained its operating margin guidance 20-22% for the year. The net profit grew by 4.5% sequentially to ₹6,212 crore in Q2 from ₹5,945 crore in the last quarter. Its operating margin for the quarter increased by 40 basis points sequentially to 21.2%. “Our Q2 operating margin of 21.2% demonstrates the early benefits of the recently unveiled margin improvement plan and is a clear reflection of our ability to continuously identify opportunities for improving operational efficiencies,” said <keyword id="2984280" type="General" weightage="50" keywordseo="nilanjan-roy" source="Orion">Nilanjan Roy</keyword>, CFO. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2FY24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1FY24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">%change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dollar revenues </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4,718 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4,617 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,212 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,945 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.5% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Comment on earnings by Prashanth Tapse of Mehta Equities said, “Infosys Q2 earnings are in line with markets expectation but the company trimming its revenue guidance would be negative for the stock. Overall results are not so bad but discounted in prices. FY24 guidance - revised downwards would put pressure on prices to sustain while it has maintained margins." He added that technically the last minute fall in prices shows that results were not in favour of bulls and hence a gap down opening between ₹1,400-1,420 could be seen in the opening trade. Large deal wins The company is also sitting on a robust orderbook of large deals. Its large orders’ total contract value (TCV) of large deals at $7.7 billion. “We had our highest large deals value at $7.7 billion in Q2 spread across all verticals and geographies. This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale”, said <keyword id="328377" type="General" weightage="50" keywordseo="salil-parekh" source="Orion">Salil Parekh</keyword>, CEO and MD. Like its peer TCS, Infosys also reported a drop in attrition to 14.6%. “Strong H1 performance with significant large deal wins, builds a solid foundation for the future. The growing adoption of our Generative AI offering, Topaz, is helping us deliver consistent value and expand market share”, Parekh added.

Infosys Q2 US dollar revenue up 2.2%; cuts upper end of guidance for FY24

<ul><li>From SBI Life and <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> to <keyword id="6362804" type="DOMAIN" weightage="20" keywordseo="cadila">Cadila</keyword> and Emami— these are the top stocks to buy, according to IIFL Securities. </li><li>Here’s the list of top stocks that qualify for ‘moderate’ risk appetite investors. </li><li>A ‘moderate’ risk investor is one who accepts certain risks but follows a balanced approach with an intermediate time horizon. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Investing in stock markets is a serious business. And the key to successful investing is diversification and risk management. A moderate risk investor adopts a balanced approach between an aggressive and conservative investor— one who is willing to take modest risks to seek higher long-term returns. IIFL Securities after analysing all the risk factors, recommends these stocks for ‘moderate’ risk appetite investors. The ‘moderate’ portfolio uses a multi-cap approach to reduce volatility. August 2020: Model Portfolio - Direct Equity <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stocks </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">‘Moderate’ Portfolio Allocation (%) </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YTD Growth (%) </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Life </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-9.55% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18.05% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30.16% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Asset Management Company </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-25.96% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kajaria Ceramics </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-22.32% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Lombard General </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.15% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cadila Healthcare </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">53.70% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-42.82% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.86% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">43% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashok Leyland </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-38.80% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ACC </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.39% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emami </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-16.54% </td></tr></tbody></table> Source: IIFL Securities SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-cfo-says-lateral-hiring-will-take-time-and-only-after-utilisation-improves-to-pre-covid-levels/articleshow/77440879.cms">Tech Mahindra CFO says lateral hiring will take time — and only after utilisation improves to pre-COVID levels</a> <a href="https://www.businessinsider.in/business/startups/news/how-karan-bajaj-sold-his-less-than-18-month-old-startup-white-hat-jr-to-byjus/articleshow/77415329.cms">A WhatsApp message, six weeks of talks and a $300 million deal – how Karan Bajaj sold his less than 18-month old startup White Hat Jr to Byju’s</a>

Here’s a model stock portfolio for the ‘moderate’ risk-taker

New Delhi, Mar 2 () Infosys on Monday said it has paid Rs 6 lakh as compounding fees in the matter related to severance agreement with former CFO Rajiv Bansal. In November last year, Infosys (along with certain current and former key managerial personnel) submitted applications with the Registrar of Companies for compounding of certain alleged offences that pertain to matters related to the severance agreement executed with Bansal in October 2015. Generally, compoundable offences are those which can be settled by paying certain amount of money. Through the compounding process, it had sought to resolve the alleged offences. "The Regional Director (South East Region) vide its orders dated February 25, 2020, (received on March 2, 2020) has agreed to compound the alleged offences applied for, subject to payment of compounding fees of Rs 6 lakh..." Infosys said in its filing on Monday. It added that these compounding fees have been paid. The fee of Rs 6 lakh consists of Rs 1.5 lakh in respect of each application for each alleged offence by the company and Rs 25,000 by each of the current and former key managerial personnel for each alleged offence, the filing said. In its application, Infosys had sought to resolve the alleged offence relating to the company not seeking prior and separate approvals required under the Act from the Nomination and Remuneration Committee, Audit Committee and the Board of Directors and not making requisite disclosures. Infosys had agreed to pay Bansal a severance amount of Rs 17.38 crore or 24 months of salary, but the company suspended payments after he got Rs 5 crore as co-founder N R Narayana Murthy and others objected to the package as excessive. Bansal's severance payout has been one of the contentious issues Infosys founders had raised to allege governance lapses at the Bengaluru-based firm. SR NKD HRS

Infosys pays Rs 6 lakh in compounding fees to settle ex-CFO severance payment row

<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> Chief Financial Officer MD Ranganath is being relocated to the US for business reasons. Infosys, in the filing, said, “The company has asked, for business reasons, MD Ranganath the CFO to operate from the US.” After this decision, Ranganath's fixed compensation has been revised to $0.69 million along with a variable compensation of up to $0.56 million. His fixed pay has increased to Rs 4.48 crore and could take home Rs 3.64 crore more as variable pay. As per Infosys annual report, Ranganath was paid Rs 2.84 crore in fixed pay and Rs 1.80 crore in bonus and incentives in FY17. This move comes after Infosys said it plans to hire 10, 000 US workers in next two years and open four tech centres in the US, starting with a centre in August in Indiana. The 10,000 new U.S. jobs will form a small part of Infosys' overall workforce of over 200,000.

Infosys CFO MD Ranganath is relocating to US. This is his salary now

The reason behind the suspension of former <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> chief financial officer <keyword id="347003" type="PERSON" weightage="100" keywordseo="Rajiv-Bansal">Rajiv Bansal</keyword>'s severance payments could be found in a set of deleted official emails, two people aware of the board's deliberations on the matter told <a href="http://economictimes.indiatimes.com/tech/ites/deleted-official-emails-may-hold-key-to-former-infosys-cfo-rajiv-bansals-payout-freeze/articleshow/58831586.cms">ET</a>. After quitting Infosys in October 2015, Bansal was awarded more than Rs 17 crore in severance, while some of the company's founders called it outsized. The figure was disclosed in May 2016, leading to pushback by the founders and Infosys paid out about Rs 5 crore before suspending the payments in June 2016. While some media reports suggested that it was the criticism by founder NR <keyword id="6355623" type="PERSON" weightage="100" keywordseo="Narayana-Murthy">Narayana Murthy</keyword> that led to the suspension, ET sources say that it happened after the company discovered that Bansal had forwarded official emails to his private email account and then deleted them from the office system after resigning from the firm. Bansal has, however, denied forwarding or deleting any official mails. As per him, the emails that he had deleted were not confidential or official and were rather personal in nature. "A number of mails have been deleted after being forwarded to his personal ID and it is being looked into legally," said one of the people cited above. (Image source Huffington Post)

Deleted official emails could have revealed reasons of former Infosys CFO Rajiv Bansal's suspended severance payments

<ul><li><keyword id="7681538" type="UNKNOWN" weightage="20" keywordseo="Tech-Mahindra-CFO">Tech Mahindra CFO</keyword> <keyword id="388883" type="PERSON" weightage="20" keywordseo="Manoj-Bhat">Manoj Bhat</keyword> is happy with the budget but feels more could have been done to address the needs of the IT services industry specifically.</li><li>Taxation, for instance, could have been simplified to ease the cost of doing business across multiple geographies.</li><li>Since the IT services industry has been a huge job creator in India, it would also have been helpful if there were more incentives for employment generation.</li></ul>India’s latest budget did acknowledge the role of technology in economic revival. For instance, the government plans to introduce e-courts for faster resolution of disputes. It also earmarked ₹1,500 crore to dole our financial incentives for digital transactions. However, what the IT services players in India, like <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword>, HCL Technologies, Infosys, Wipro and Tata Consultancy Services (TCS), wanted to see was some relief on taxes and incentives for job creation. “I think the government has come up with a budget that is investment oriented. In a lot of ways that ticks a lot of the boxes. But, specifically for IT services, there’s nothing there,” Tech Mahindra CFO, Manoj Bhat told Business Insider in an exclusive interview. Taxation is getting more complicated world over The industry lobby, NASSCOM, hoped for some clarity on the tax framework with more employees working from home — a trend that many companies plan to stick to in some form or the other in the long run. “As companies like us become larger and operate in so many countries, helping us work through some easier tax situations esp in international context whether its around transfer pricing or some of the other laws that are coming through would have been nice,” said Bhat. Transfer pricing relates to the prices charged by different entities — located in different jurisdictions — for goods and services. The tax rules related to transfer pricing are complex. Governments, in India and abroad, are becoming increasingly proactive in scrutinising transfer pricing policies and practices. The IT services industries is a big job creator At a time when the Indian economy needs a demand boost, Tech Mahindra’s CFO also believes that the budget could have done with adding some incentives for job creation. “That’s something they should consider perhaps in terms of continuing some of the benefits that were offered in the past few years that are no longer there,” said Bhat. In the past, the sector has been a huge boon for creating new opportunities and helping the economy grow. NASSCOM estimates that the $200 billion industry created over 200,000 new jobs in 2019 — a year that saw massive unemployment in India. “We require WFH to be enabled in SEZs (Special Economic Zones on a long-term basis. Since this requires movement of duty-free goods like laptops etc outside the SEZs, the Finance Ministry should provide the requisite clarifications under Customs and GST,” said NASSCOM in their pre-budget expectations. Even though bigger players can do without the incentives, smaller and upcoming IT companies would have welcomed the relief. The demand for talent is also on the rise as businesses that were once hesitant about going digital are bringing up their timelines to ensure that their customers can still reach them even if stepping out of the house isn’t an option. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/india-becomes-the-first-asian-country-allow-small-investors-to-directly-lend-to-the-government/articleshow/80701417.cms">India becomes the first Asian country to allow small investors to directly lend to the government</a> <a href="https://www.businessinsider.in/science/space/news/isro-will-transform-in-2021-as-india-pumps-big-money-to-draw-in-startups-for-the-second-space-age/articleshow/80683054.cms">ISRO will transform in 2021 as India pumps big money to draw in startups for the 'second space age'</a> <a href="https://www.businessinsider.in/politics/news/new-citizenship-law-pulls-india-down-in-the-democracy-rankings-and-2021-is-not-looking-better/articleshow/80671194.cms">New citizenship law pulls India down in the democracy rankings — and 2021 is not looking better</a>

INTERVIEW: Two things on Tech Mahindra CFO’s wishlist for the Budget 2021-22 that were left unaddressed

<ul><li><keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> gave its employees 100% variable pay over the last three months and restarted the promotion process for junior level employees. </li><li>Over the next three months, the promotions process will also come in for senior employees along with any salary hikes. </li><li>However, Infosys CFO Nilanjan Roy highlighted that the new measures are likely to impact margins in the second half of the current fiscal year. </li><li>Infosys plans to add 16,000 freshers to its roster during the current fiscal and another 15,000 next year.</li></ul>Infosys has witnessed a stellar second quarter with a 16.2% jump in profits over the last three months. It’s rewarding its shareholders with an interim dividend of ₹12 per equity share and its reinstating wake hikes, promotions and other measures for employees. <div type="Article" hostid="261" msid="78659827" title="Infosys second quarter earnings deliver on all fronts led by highest ever deal wins worth $3.15 billion — raises annual guidance to 2% to 3%" mstype="2" mssubtype="0"></div> The impact of these measures, some rolled out between July to September, could already be seen in the company's voluntary attrition rate at 7.8%. "Attrition has come down dramatically due to more employee engagement during COVID-19," said Infosys COO Pravin Rao during the second quarter earnings call. Infosys added around 5,000 freshers and 2,500 new lateral hires to its rosters in the second quarter. According to Rao, the company is looking to add a total of 16,000 freshers overall during the current fiscal and another 15,000 next year. <div type="image" title="Copy of attrition rates it companies" msid="78660846" hostid="261" caption="&amp;lt;p&amp;gt;Infosys attrition rate drops to 7.8%, the lowest it&amp;#39;s been in at least the past three years&amp;lt;/p&amp;gt;"></div> Infosys rolls out incentives for employees In the second quarter, it has already doled 100% variable pay. Infosys’ junior employees were also awarded a one-time special incentive over the last three months. However, there is a flip side. These measures are likely to affect margins. “Going into the second half, some of these cost increases will now come back like wage hikes, promotions, hiring etc,” said Infosys CFO Nilanjan Roy. Even so, the company has increased in annual margin guidance to between 23% to 24% and hiked the annual revenue guidance to between 2% to 3%. Over the next three months, the salary increase process will be restarted for senior employees as well, effective from January 1, 2021. “I’m thankful to all our employees for staying deeply to serve our clients. They’ve navigated their own challenges associated with the ongoing coronavirus situation,” said CEO Salil Parekh. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-announces-16000-crore-buyback-strong-show-in-q2-with-over-20-rise-in-profit/articleshow/78536532.cms">TCS announces ₹16,000 crore buyback — strong show in Q2 with 7% rise in profit, margins near two-year high</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-dips-after-earnings-report-analysts-believe-it-will-take-a-while-to-catch-up-to-tcs-and-hcl-technologies/articleshow/78654023.cms">Wipro’s share price dips by over 6% after earnings — analysts believe it will take a while to catch up to TCS and HCL Technologies</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-ceo-thierry-delaporte-outlines-five-point-strategy-for-growth-looking-at-more-acquisitions-and-larger-deals/articleshow/78643942.cms">Wipro CEO Thierry Delaporte outlines five-point strategy for growth — looking at more acquisitions and larger deals</a>

Infosys to reinstate wage hikes, promotions and hiring — will impact margins over the next six months

<ul><li>NASSCOM and Bank of America are at odds about the job cuts set to occur across the Indian IT industry in the ongoing fiscal year.</li><li>Bank of America asserts that up to three million people could find themselves unemployed as a result of automation while NASSCOM asserts that only 1.4 million are employed in the ‘low skill’ segment to begin with.</li><li>Companies in the Indian IT sector may continue to be ‘net hirers’ in FY22, but that doesn’t mean that people won’t be losing their jobs to software programs that can perform day-to-day tasks better than humans. </li></ul>India’s leading information technology (IT) lobby, NASSCOM, and analysts at Bank of America are sparring over how many employees in the sector are set to lose their jobs this year. Whether it's half a million or three million, ‘low skilled’ <keyword id="57650" type="PERSON" weightage="20" keywordseo="IT-jobs">IT jobs</keyword> are under threat of automation — and even the executives recognise this. Bank of America has estimated that Tata Consultancy Services (<keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>), <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword>, Wipro, Tech Mahindra, Cognizant and others will see a 30% reduction in ‘low-skilled’ jobs globally by 2022 because of robot process automation (RPA). The global financial services company gauged that around 9 million people are employed in such roles in India, which means 3 million — one third of the total — will find themselves unemployed by the end of the year. NASSCOM has hit back saying that only 1.5 million people are employed in low-skilled and BPO roles, not 9 million. Which means, even if there are to be job losses, at the same rate as Bank of America is predicting, they may only amount to around half a million. However, the IT lobby asserts that the sector will be a net creation of jobs in the ongoing fiscal year. <div type="ExtQuote" text="The Industry continues to be a net hirer of skilled talent, adding 138,000 people in FY2021, and robust hiring plans for FY22 with the top 5 Indian IT companies planning to add over 96,000 employees." auname="NASSCOM statement"></div> <cmsannotation type="cmsannotation" annotationid="Who should be afraid of automation?" comment="subhead" text="Who should be afraid of automation?">Who should be afraid of automation?</cmsannotation> RPA isn’t actually robots — it’s software. And it’s programmed to complete specific business processes, which are routine, high-volume activities like routine help desk requests, call centre operations, data migration and other applications. RPAs can be chatbots, virtual assistants, data retrieval as well as claims processing algorithms. The justification for their use — despite the threat to actual human jobs — is that they will allow employees to focus on more specific tasks that require soft skills. At the same time, they will save companies a bucket-load of money. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Job roles in decreasing demand across industries:</td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Data entry clerks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Administrative and executive secretaries </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Accounting, bookkeeping and payroll clerks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Accountants and auditors </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and administrative managers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Client information and customer service works </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">General and operation manages </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Financial analysts </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sales representatives </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Relationship managers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Human resources specialists </td></tr></tbody></table>Source: World Economic Forum’s ‘Future of Work 2020’ report Bank of America estimates that $100 billion in annual salaries and associated expenses will come in as savings as a result of automation. “Given that robots can function for 24 hrs a day, this represents a significant saving of up to 10:1 versus human labour,” said the report. However, according to NASSCOM, existing business process outsourcing (BPO) employees won’t be impacted by automation because most of the work that is being done now involves “higher end expertise”. That is to say, that ‘low skilled’ jobs have already been ‘filtered out’ — employees were either fired or upskilled — over the last few years. But one of its members, Tech Mahindra, disagrees. During an <a href="https://www.businesstoday.in/current/corporate/it-companies-set-to-slash-3-million-jobs-by-2022-due-to-automation-report/story/441821.html">analyst call</a> in February, the company’s chief financial officer (CFO), Manoj Bhat, disclosed that automation will result in savings for the company. India’s fifth-largest IT exporter also disclosed that it planned to lay off 5,000 employees within its BPO vertical by April this year with chatbots and virtual assistants increasing the productivity per employee. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td colspan="3" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hiring trends by Indian IT companies in the previous and ongoing fiscal years: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian IT company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Freshers hiring in FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Freshers hiring plans for FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">26,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Around 9,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">At least 5,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TOTAL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">82,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">83,000 </td></tr></tbody></table>Source: Quarterly earnings calls by the respective companies <cmsannotation type="cmsannotation" annotationid="Automation is a global phenomenon — not an India-specific problem" comment="subhead" text="Automation is a global phenomenon — not an India-specific problem">Automation is a global phenomenon — not an India-specific problem</cmsannotation> While India is among those most at risk due to automation, it’s hardly alone in trying to face this dilemma. The US, which was grappling with high unemployment numbers during the pandemic, is set to see 1 million jobs disappear due RPA, according to Bank of America. “We are seeing increasing use of artificial intelligence, robotics, and automation, which can destroy millions of jobs,” American economist <a href="https://www.businessinsider.in/business/news/interview-nouriel-roubini-professor-of-economics-new-york-universitys-stern-school-of-business-talks-about-the-future-of-global-economy-post-covid-19/articleshow/78746518.cms">Nouriel Roubini</a> said during the Business Insider Global Trends Festival 2020. With the COVID-19 crisis, the adoption of automation has accelerated. Globally, around 85 million jobs are on the line, according to the World Economic Forum (<a href="http://www3.weforum.org/docs/WEF_Future_of_Jobs_2020.pdf">WEF</a>). Not just in IT, but other sectors like retail and healthcare. And, India is racing ahead of the rest of the world. <div type="ExtQuote" text="“While 58% [of businesses in India] are accelerating automation of tasks, compared to 50% globally, as many as 87% are accelerating digitalisation of work processes, above the global average of 84%.&quot;" auname="World Economic Forum’s ‘Future of Work 2020’ report"></div> While some jobs may go out the window, new jobs will also be created as a result of automation. Overall, with 85 million jobs expected to disappear globally by 2025, 97 million new jobs will be created, as per the WEF report — that’s a net addition of 12 million jobs. For those caught in the crosshairs of ‘digital transformation’, upskilling and reskilling will be their saving grace. However, that window of opportunity is getting smaller. "The Industry is upskilling more than 250,000 employees in digital skills and has hired more than 40,000 fresh digitally trained talent, indicating at its commitment and investment towards rapid enhancement of workforce capabilities," said NASSCOM. 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Whether it's half a million or three million — 'low skilled' IT jobs in India are definitely at risk

<ul><li><keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> temporarily froze hiring, promotions and appraisals in view of the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> pandemic. </li><li>It will onboard all the campus and lateral hires to whom they made job offers. </li><li>However, Pravin Rao, COO at Infosys, did not hint of any furloughs or layoffs. </li><li>The company said that all the 6,000 trainees will now continue their training remotely. “There are assessments, certifications and other online training to facilitate remote programmes,” Rao added. </li><li>Rao said that the company is planning to make more than 35,000 offers in FY21.</li></ul>Infosys, in its latest earnings call, said that it has temporarily froze hiring, promotions and appraisals in view of the Coronavirus pandemic, calling it a ‘no regret’ move. For IT giants wages, employee costs and campus placement drives make up for over half of its operational costs. ‘We will honour all offers made — freshers and lateral hires’ Infosys however said that it will onboard all the campus hires. With this, it joins the likes of Accenture, Tata Consultancy Sevices (TCS) and other tech giants who will honour all the job offers made in the last financial year. A large number of companies have rescinded campus job offers forcing even IITs to hold a second placement drive in late July and August. “We are yet to onboard only a small percentage of campus hires we made offers to so far,” said Pravin Rao, COO at Infosys. The technology multinational made 18,000 job offers the last financial year. It said it will also onboard the lateral hires. “We will honour all the commitments made to campus hires — freshers as well as lateral. As far as onboarding timelines are concerned, we have already hired a few lateral employees, while in lockdown,” he said during its Q4 earnings call. Employee count decreases by over 1,000 <div type="image" title="infy employees" msid="75253862" hostid="261"></div> There has been a decrease in the employee headcount — by over 1,000. The employee count at Infosys stood at 243,454 during the third quarter ending in December 2019 — higher than 242,371 as of March 2020. “We should not read into the fall in employee count, it is not a secular trend,” Rao said. He did not hint any furloughs or layoffs, given the Coronavirus chaos. Going forward, Rao said that the company is planning to make more than 35,000 offers in FY21. “In the near term, there will be a demand-supply mismatch because we were already geared for high volume in the first quarter. We have to ensure that the utilisation rates go up,” said Nilanjan Roy, CFO at Infosys. Remote assessment for nearly 6,000 trainees Infosys claims to have a strong digital footprint. The company said that all the 6,000 trainees will now continue their training remotely. “There are assessments, certifications and other online training to facilitate remote programmes,” Rao added. In fact, as much as 93% of the employees at Infosys are now working from home, thanks to the lockdown. The focus is on employee safety. “We will revisit as the situation evolves, keeping the safety of employees a priority. We will also take initiatives like temperature check etc,” the company said. However, as a new normal emerges after the lockdown ends, just like TCS, Infosys also plans to retain work from home. See also: <a href="https://www.businessinsider.in/careers/news/tcs-cognizant-capgemini-and-other-top-giants-who-are-not-letting-go-of-their-new-hires/articleshow/75136446.cms">TCS, Cognizant, Capgemini and other top giants who are not letting go of their new hires </a> <a href="https://www.businessinsider.in/careers/news/capgemini-india-cognizant-and-others-who-are-giving-salary-hikes-in-times-of-coronavirus/articleshow/75151960.cms">Capgemini India, Cognizant and others who are giving salary hikes in times of Coronavirus</a>

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