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<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div> If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management. <h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”. <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div> The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers. Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor. Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top. Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders. Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management. But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say! <h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations. However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad. <h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations. "Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter." <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said. The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India. Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip. A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience. "While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time. Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company. <h2>What do experts say?</h2> <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.” He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides. “The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted. Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.” RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable. Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment. Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment. Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

<ul><li><keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> has delayed hiring of 2000 young professionals</li><li><keyword id="20033579" type="General" weightage="20" keywordseo="NITES" source="keywords" meta.keywordsubtype="org" meta.entityname="NITES" meta.hostid="261" meta.entityid="NITES">NITES</keyword> has filed a complaint in the matter</li><li>Infosys is also making headlines for its new Power Programme</li></ul> The Nascent Information Technology Employees Senate (NITES), a Pune-based <keyword id="22859482" type="General" weightage="20" keywordseo="IT-employee-union" source="keywords">IT employee union</keyword>, has filed a formal complaint with the Ministry of Labour and Employment against Infosys. The union alleges that Infosys has delayed the <keyword id="22570539" type="General" weightage="20" keywordseo="onboarding-process" source="keywords">onboarding process</keyword> for around 2,000 <keyword id="22859483" type="General" weightage="20" keywordseo="fresh-engineering-graduates" source="keywords">fresh engineering graduates</keyword> for over two years, leaving them in a state of uncertainty and distress. <h2>Infosys delayed freshers' onboarding for more than two years</h2>According to NITES, these graduates were selected for roles such as system engineer and digital specialist engineer as early as April 2022. Despite receiving offer letters, the onboarding process has been repeatedly postponed. The affected graduates were required to participate in unpaid pre-training programs and undergo additional, unexpected assessments, further complicating their entry into the workforce. NITES claims that despite fulfilling all the prerequisites set by Infosys, these young professionals have been kept in limbo, leading to significant frustration and anxiety. The union views this situation as a serious breach of trust by Infosys, which has long been regarded as one of the pillars of India’s IT industry. Harpreet Singh Saluja, President of NITES, expressed deep concern over the situation, emphasizing the broader implications for the Indian IT sector. “We believe that this is not just a breach of trust by one of India’s largest IT companies, but also a significant issue that impacts the future of our country’s <keyword id="22360158" type="General" weightage="20" keywordseo="IT-workforce" source="keywords">IT workforce</keyword> and economy. We are calling on the government to take immediate and strict action against Infosys to ensure that such exploitative practices are halted and that the rights of these young professionals are protected,” Saluja said, according to a report by The Economic Times. The complaint filed by NITES highlights that even after long delays, the graduates were asked to participate in an unpaid virtual pre-training program from July 1 to July 24, 2024. They were promised final joining dates of either August 19 or September 2, 2024. However, despite completing the training, they were informed that they would need to retake the exam offline, once again without pay. This has only added to their frustration and uncertainty about their future with the company. <h2>Infosys’ Power Programme</h2>In a contrasting development, Infosys is also making headlines for its recent campus placement drive, where it has introduced a new 'power programme.' According to a report by The Times of India, the company is offering pay packages of up to Rs 9 lakh per annum to select colleges, a significant increase from its standard entry-level packages, which typically range from Rs 3-3.5 lakh. This move is seen as part of Infosys’ strategy to attract highly specialized talent in areas such as coding, software development, cloud computing, AI/ML, and cybersecurity. Infosys plans to hire between 15,000 and 20,000 graduates in FY25. During its earnings call last month, Infosys announced plans to resume campus placements and off-campus fresher hiring in the current fiscal year. The top four IT firms in India are expected to collectively add about 82,000 freshers in FY25. Among them, HCLTech and <keyword id="19945574" type="General" weightage="20" keywordseo="wipro" source="keywords">Wipro</keyword> plan to hire 10,000 and up to 12,000 freshers, respectively. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/work-life-balance-is-a-myth-photo-of-man-working-in-front-of-momo-stall-goes-viral-internet-reacts/articleshow/112516510.cms" data-type="tilCustomLink" target="_blank">'Work-life balance is a myth’: Photo of man working in front of momo stall goes viral, Internet reacts</a> <a href="https://www.businessinsider.in/tech/article/arrange-or-love-marriage-debate-is-passe-people-are-now-marrying-their-ai-partners/articleshow/112522764.cms" data-type="tilCustomLink" target="_blank">Arrange or love marriage debate is passe, people are now marrying their AI partners</a>

Infosys delays onboarding of 2,000 graduates for more than 2 years, NITES files complaint

<keyword id="19995882" type="General" weightage="100" keywordseo="Berkshire-Hathaway" source="keywords" meta.keywordsubtype="org" meta.entityname="Berkshire Hathaway" meta.hostid="261" meta.entityid="Berkshire Hathaway">Berkshire Hathaway</keyword> Inc., the conglomerate led by American Businessman <keyword id="19921921" type="General" weightage="20" keywordseo="Warren-Buffett" source="keywords">Warren Buffett</keyword>, has made history by becoming the first U.S. non-tech company to surpass the USD <keyword id="6852179" type="General" weightage="20" keywordseo="1-trillion" source="Orion">1 trillion</keyword> mark in <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword>. The <keyword id="19998639" type="General" weightage="20" keywordseo="stock-price" source="keywords">stock price</keyword> of Berkshire Hathaway surged by USD 3.96 on the New York Stock Exchange, closing at USD 464.59 per share on Wednesday. With this milestone, Berkshire Hathaway joins an exclusive group of six other companies, primarily from the <keyword id="19896148" type="General" weightage="20" keywordseo="technology-sector" source="keywords">technology sector</keyword>, that have crossed the USD 1 trillion threshold. This list includes Apple, Nvidia, Microsoft, Alphabet (the parent company of Google), Amazon, and Meta Platforms (the parent company of Facebook). The stocks of Berkshire Hathaway have seen significant growth this year, appreciating by more than 28 per cent on the New York Stock Exchange. Despite this achievement, the broader U.S. stock markets faced a downturn on Wednesday. Both the S&amp;P 500 and the Nasdaq indices declined, largely due to profit-taking by investors. This market pressure in the U.S. had a ripple effect across Asian markets, where major indices also faced selling pressure on Thursday morning. In Asia, Japan's Nikkei index fell by 0.45 per cent, while Hong Kong's Hang Seng index declined by 0.55 per cent. Taiwan's Taiwan Weighted Index emerged as the largest loser among the major Asian markets, dropping by 1.32 per cent. In the Indian markets on Wednesday, the Nifty 50 index at the National Stock Exchange (NSE) touched a record new lifetime high of 25,114.05 during the trading. The sectoral stocks of IT contributed the most to the fresh lifetime high ever of Nifty. Rate cut hopes in the US and subsequent buying from foreign portfolio investors supported the market. The sectoral index of IT was trading with a lead of 1.96 per cent with stocks of major <keyword id="20062339" type="General" weightage="20" keywordseo="IT-companies" source="keywords">IT companies</keyword> such as LTIMindtree, Wipro, and Infosys are trading as the biggest gainers in the trade. <keyword id="19925636" type="General" weightage="20" keywordseo="stock-market" source="keywords">Stock market</keyword> opened nearly flat on Wednesday with Nifty starting above 25,000 and BSE Sensex opening at 81,800. Over the past few trading sessions, the Nifty was in the tight range despite the positive global cues. "Finally it has broken through to fresh all-time highs. This opens up possibilities for a strong upmove now. Sector-wise, domestic cyclicals will lead the way while IT is coming back in favour of selective name," said Ajay Bagga, Market and Banking expert.

Warren Buffett-led Berkshire Hathaway becomes first non-tech US company to cross USD 1 trillion market cap

<ul><li>Shares of the entire IT pack companies have been beaten down significantly in 2023 due to macro headwinds.</li><li>The March quarter results of TCS, Infosys and HCL Technologies so far have also underlined the ongoing slowdown.</li><li>The IT companies in India faced the heat after the banking crisis in the US and Europe erupted.</li><li> Considering the macro economic challenges like high inflation, interest rates and banking crisis in regions, analysts expect the <keyword id="46964" type="General" weightage="20" keywordseo="it-sector" source="Orion">IT sector</keyword> to remain watchful for at least the next few quarters.</li></ul>India’s information technology services companies have been struggling amid heightened fears of recession across developed markets and the repercussions of a banking crisis in the US and Europe. And the situation is unlikely to improve until the end of the year, analysts say. Amid the ongoing weakness in the sector, foreign portfolio investors (FPIs) have also sold their stakes in IT companies. FPIs turned bearish on the IT and oil and gas sector in March – between these two sectors, they <a href="https://www.businessinsider.in/stock-market/news/fpis-offload-it-oil-gas-stocks-worth-13734-crore-in-march/articleshow/99375107.cms">sold equities worth ₹13,734 crore. </a> Analysts expect pain to continue till end of 2023 Considering the macro economic challenges like high inflation, interest rates and banking crisis in the US and European regions, analysts expect it will be a watchful few quarters for the IT sector. "The biggest issue in the IT sector is growth slowdown and possibility of recession. So, as long as the slowdown persists and global growth remains uncertain, the market will expect lesser order flow, slower execution and pricing challenges. All these three factors will lead to IT companies suffering and valuations may also not expand. Investors will have to remain watchful for one to two quarters till there is some clarity on the global growth scenario," Deepak Jasani, head of retail research at HDFC Securities told Business Insider India. The IT majors’ recently-posted fourth-quarter results and FY24 growth predictions tell their own story about the sector’s ongoing struggles. For FY23, IT major Infosys reported a growth of 15.4% in constant currency terms, lower than the guidance of 16-16.5% that it had given <a href="https://www.businessinsider.in/business/corporates/news/infosys-results-q3-fy23-infosys-raises-revenue-guidance-for-fy23-to-16-16-5/articleshow/96941824.cms">at the end of Q3</a>. Besides, it guided for a 4-7% revenue growth in FY24. This is the first time since FY16 that Infosys has guided for single-digit revenue growth in constant currency terms. Bigger rival Tata Consultancy Services (TCS) reported a 11-quarter low constant currency revenue growth at $7.2 billion in Q4. TCS’ outgoing chief executive officer Rajesh Gopinathan said in a post-earnings conference that the company is seeing stress in one of its largest markets, North America. The recovery that the company had expected had not yet materialised. According to Sanjeev Hota, vice president, head of research at Sharekhan BNP Paribas, told Business Insider India, the macro uncertainty faced by the sector is unlikely to get better before 2-3 quarters. “(For) the entire calendar year, things look dicey and the industry may witness some kind of stability by the fag end of this year. US, North America, which are among the biggest markets for the sector, are not expected to improve in the near term." Banking crisis could impact June-quarter earnings The global growth slowdown has worked its way into the stock market performance of these companies with shares of the entire IT pack being beaten down significantly in 2023. The Nifty IT index is down 30% so far this year compared to a 3% fall in the broader Nifty50 index. The IT companies in India faced the heat after the banking crisis in the US and Europe erupted in March, triggered by the collapse of Silicon Valley Bank and Signature Bank in the US and the turmoil at Swiss lender Credit Suisse. IT majors like TCS, Infosys and Wipro have also neared their 52-week low since March considering IT companies’ exposure to US banks amid the banking sector crisis. BFSI clients are among the Indian IT companies’ largest clients. "Most of the price damage in the IT stocks has already been done. However, outperformance of the sector from the current level seems restricted till global macro headwinds stabilises. The sector valuation multiple is driven by earnings growth and if growth tapers off, there are little chances of the (IT) stocks outperforming the broader market indices,” added Hota. He, however, recommends staggered buying in TCS among the large caps and Persistent Systems from the mid-cap stocks, for long-term investors. The lower-than-expected growth in March quarter for sector leaders Tata Consultancy Services (TCS), Infosys and HCL Technologies have underlined the ongoing slowdown. And analysts see this spilling over to the next quarter as well. “The banking crisis in US regional banks and European banks in March 2023 has induced greater caution and could impact the June 2023 quarter. We would not be surprised by a weak US performance across companies that are likely to report in the coming days,” said a report by Kotak Institutional Equities. Analysts at JP Morgan have also highlighted the weakness in banking, financial services and insurance (BFSI) and telecom verticals, which would impact Tech Mahindra and Mphasis as they have high exposure to these verticals. Stock movement of IT companies in 2023 so far <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;">IT companies </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;">Stock performance in 2023 </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;">-19.55% </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;">Mphasis </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;">-10.99% </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;">L&amp;T Technology Services </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;">-9.05% </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;">-6.61% </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;">LTIMindtree </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;">-3.57% </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;">-3.50% </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;">Coforge </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;">-2.56% </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;">-0.92% </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 Technologies </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;">0.87% </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;">Persistent Systems </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;">7.32% </td></tr></tbody></table>Source: NSE SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/insider-reviews/first-day-first-show-business-insider-sent-its-mystery-shopper-to-apples-flagship-store-in-mumbai-and-was-surprised/articleshow/99682868.cms">First day, first show: Business Insider sent its mystery shopper to Apple’s flagship store in Mumbai and was surprised</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-net-profit-grows-1-7-sequentially-at-4716-crore-in-q4-fy23/articleshow/99674353.cms">Reliance Jio Q4 net profit grows 1.7% sequentially to ₹4,716 crore; ARPU up marginally</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/reliance-industries-q4-net-profit-of-19299-crore-beats-analyst-expectations-driven-by-retail/articleshow/99673940.cms">RIL’s Q4 net profit of ₹19,299 crore beats analyst expectations, driven by retail</a>

India’s IT sector likely to face macro headwinds until end 2023, say analysts

<ul><li><keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword>’s board approved the merger of five of its subsidiaries into the company.</li><li>Wipro said that it has 22 accounts above the $100 million range as of September end.</li><li>Its voluntary attrition came in at a nine-quarter low of 13.4% in the second quarter.</li></ul> Wipro, the country’s fourth largest IT services company, reported a 2% sequential fall in constant currency revenues for the July-September quarter on Wednesday. This is the third consecutive quarter where it has reported sequential fall in revenues. Gross revenues declined 0.01% to ₹17,365 crore year-on-year. The IT major has also guided for yet another weak quarter ahead. It expects revenues to fall anywhere between 1.5-3.5% in the third quarter of FY24. The fall was steeper in its quarterly net profit, which declined by 8% in rupee terms to ₹2,667 crore against ₹2,887 crore it reported in the previous quarter. The Street was expecting Wipro to report a 1% sequential fall in constant currency revenues. In dollar terms, its IT segment revenues fell 2.3% to $2,713.3 million, the company said on Wednesday. Commenting on the quarterly numbers, <keyword id="3808309" type="General" weightage="50" keywordseo="thierry-delaporte" source="Orion">Thierry Delaporte</keyword>, Wipro’s CEO and MD, said: “Due to our higher exposure to the consulting and BFSI sector in the Americas, we have seen a higher than usual impact of macroeconomic conditions. As the markets start to turnaround, on the back of our transformation and efficiency plays, we expect to see improvement in the coming quarters. Wipro said that its total bookings for the quarter stood at $3.8 billion for the quarter which is 6% higher than what it was in the same quarter last year. Its large deal booking is at $1.3 billion – which is the highest it has seen in the last nine quarters. It said it has 22 accounts above the $100M range – twice as much they had in FY21. Wipro’s operating margin for the quarter was at 16.1%, up 10 bps QoQ. The company said it expects the margins to remain range-bound as seen in the last few quarters. Employees to get 80% variable pay Wipro’s voluntary attrition has continued to moderate sequentially, coming in at a nine-quarter low of 13.4% in the second quarter. The company also said it will give 80% of the variable pay to its employees based on performance. It did not disclose its plans of hiring at campuses this year. “Hiring is a function of demand and benching. We are focussed on honouring our commitments made to people before going to campuses, and there are still some offers left to honour,” said Saurabh Govil, chief human resources officer at Wipro. The company’s board also approved a scheme of amalgamation to merge five of its wholly-owned subsidiaries with itself. The subsidiaries are Wipro HR Services, Wipro Overseas IT Services, Wipro Technology Product Services, Wipro Trademarks Holding and Wipro VLSI Design Services. “The scheme is subject to necessary statutory and regulatory approvals under applicable laws, including approval of the National Company Law Tribunal,” the company said. IT companies are facing demand headwinds in their key markets. Wipro, like other peers, had also indicated that its revenues could contract during the second quarter. In July, the company had said while announcing its first quarter earnings that it expected revenue from IT services to be in the range of $2,722 million to $2,805 million. This would translate to sequential guidance of -2 per cent to +1 per cent in constant currency terms.

Wipro’s revenues fall 2% in Q2, guides for a steeper fall in Q3

<ul><li><keyword id="6358815" type="General" weightage="80" keywordseo="tech" source="Orion">Tech</keyword> majors like <keyword id="12873900" type="General" weightage="20" keywordseo="wipro-tech-mahindra" source="Orion">Wipro, Tech Mahindra</keyword> and other MNCs have either put off recruitment of freshers or asked them to wait. </li><li>Experts, allaying fears of recession in US and Europe affecting IT industry in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, state that the trend is not new.</li><li>The present trend could be the result of workability of pipeline projects. </li></ul> There is uneasiness among a major section of students whose onboarding process has been delayed by major tech companies. Tech majors like <keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword>, Tech Mahindra and other MNCs have either put off recruitment of freshers or asked them to wait until they are intimated. The freshers awaiting onboarding in Wipro have launched a full fledged campaign on social media, questioning Wipro Chairman Rishad Premji's integrity and commitment as he spoke strongly about ethics in connection with moonlighting. "The career of thousands of students like me is at stake. We cleared the Wipro exam in 2021. We rejected offers from other companies. But, it's been one year and we are still not onboarded. Wipro is either delaying or rejecting without any clarification," fresher Nithin said. Another fresher <keyword id="15167860" type="General" weightage="50" keywordseo="rushikesh-rupnar" source="Orion">Rushikesh Rupnar</keyword> stated that "it's been 9 months since I received my offer letter. There is no update regarding onboarding since then. Are we a joke to them? So many students out there are waiting to join". The <keyword id="15167857" type="General" weightage="50" keywordseo="nascent-information-technology-employees" source="Orion">Nascent Information Technology Employees</keyword> Senate (<keyword id="12917180" type="General" weightage="50" keywordseo="nites" source="Orion">NITES</keyword>), an NGO working for the welfare of IT employees, stated that the trend is not confined to Wipro. "After Wipro, we have received complaints from employees of various IT companies regarding delay in onboarding. Unfortunately the CEOs bragging about work ethics and transparency are left with no humanity." "If the workers are organised, all they have to do is to put their hands in their pockets and they have got the capitalist class whipped," NITES asserted. IT firms should be held accountable for endangering the professional futures of the employees and trainees. Companies play a good game about their beliefs and ethics on the surface, but in reality, It's just crony capitalism, one of the IT job aspirants alleged. The students who have formed a group online with the "Wipro onboard us" title, stated "please update on our career, group respected <keyword id="15167858" type="General" weightage="50" keywordseo="rishadpremji" source="Orion">RishadPremji</keyword> sir please update about the onboarding of freshers, why this ego system on freshers." "I hope u r reading this reply and you got to help us soon. Wishing good health and happiness to the people who re supporting us in struggle of Wipro on-board." "Please update on our career group submitted respected RishadPremji sir we don't know how the moonlighting effected your company, but your hiring process and holding freshers on-boarding effecting the lives of 20k+ freshers. Is our lives not valuable?" NITES had also filed a complaint with <keyword id="9286293" type="General" weightage="50" keywordseo="union-ministry-of-labor-and-employment" source="Orion">Union Ministry of Labor and Employment</keyword> urging to initiate action against the Wipro for delaying onboarding of more than 2,000 students. Wipro has stated that it will honour all offer letters. However, experts, allaying fears of recession in US and Europe affecting IT industry in India, state that the trend is not new. They say since China is being hit post Corona period, India could be more resilient. The present trend could be the result of workability of pipeline projects. If pipeline projects are getting affected for various reasons, the companies will strategise their moves by holding new recruitments or withdrawing offers. "This trend is an old one and the situation is projected like it is the end of IT industry which is wrong. The focus is on adopting to new technology, which is being focussed by all major tech companies. They are doing best prepare work force for new challenges," an expert said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/musk-again-offers-to-buy-twitter-for-54-20-a-share-report/articleshow/94655083.cms">Musk again offers to buy Twitter for $54.20 a share: Report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/competition-commission-gives-conditional-approval-to-sony-zee-merger-deal/articleshow/94654411.cms">Competition Commission gives conditional approval to Sony-Zee merger deal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/upi-is-indias-favourite-payment-mode-with-transactions-worth-30-4-trillion-in-april-june-says-report/articleshow/94642629.cms">UPI is India’s favourite payment mode with transactions worth ₹30.4 trillion in April-June, says report</a>

Freshers feel the heat as IT majors put onboarding on indefinite hold

<ul><li>Bengaluru-based IT services company <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> now requires some freshers to clear Project Readiness Programme (PRP) or face termination.</li><li>Wipro has reportedly asked those freshers to undergo the PRP who had agreed to accept a lower package of ₹3.5 lakh per annum compared to ₹6.5 lakh it offered earlier.</li><li>This has attracted the ire of Pune-based union Nascent Information Technology Employees Senate (NITES), whose president has called it ‘unethical, unfair and unjust’.</li><li>Business Insider India has obtained a copy of Wipro PRP that outlines the exact process freshers will have to undergo.</li></ul>Bengaluru-based IT services company Wipro now requires some freshers to clear Project Readiness Programme (PRP) or face termination, according to a document seen by Business Insider India. Wipro will apply PRP to candidates who had opted for a lower package of ₹3.5 lakh per annum, from the initially promised ₹6.5 lakh per annum. For context, Wipro in February slashed the annual compensation for freshers who had already undergone the company’s ‘Velocity’ training programme to ₹3.5 lakh from ₹6.5 lakh per annum. At the time, Wipro blamed the “changing macro environment” and “business needs”. Business Insider India has obtained a copy of the document detailing Wipro’s Project Readiness Programme, which details the contours of the programme. “Project Readiness Programme is a programme offered by Talent Transformation to all campus and off-campus hires referred as NGAs (next-generation associates). The broad objective of PRP is to equip NGA with the necessary knowledge and skills that will enable them to start working on customer projects,” the PRP document says. This has attracted the ire of Nascent Information Technology Employees Senate (NITES), a Pune-based union. “Wipro's actions towards its fresher employees are unethical, unfair and unjust. The company's misleading communication and sudden changes in policy have put the future of these employees at risk,”<a href="https://economictimes.indiatimes.com/tech/information-tech/wipro-asks-freshers-who-opted-for-lower-packages-to-clear-test-or-face-termination-union-alleges/articleshow/99611099.cms"> said</a> Harpreet Saluja, NITES president. Wipro PRP also mandates that every associate in this programme will have to obtain a score of at least 60%. Failure to do so will “lead to separation action with immediate effect”, which means that the fresher will not be given a job by the company. <cmsannotation type="cmsannotation" annotationid="Up to 8 weeks of training" comment="subhead" text="Up to 8 weeks of training">Up to 8 weeks of training</cmsannotation> Wipro PRP involves up to 8 weeks of training, depending on the skillset matching criteria. The company is calling it ‘Technology Readiness Training’ (TRT). In addition to this, all candidates are also required to work on a capstone or business-oriented project for 1-2 weeks. Once completed, candidates will have to present their projects and also answer questions orally. The training programme duration ranges from anywhere between 4 to 8 weeks, with the training done either via e-learning or an instructor. Associates are required to complete their allotted projects during this course, only after which they will be allowed to proceed for the final assessment. <cmsannotation type="cmsannotation" annotationid="Assessment test with negative marking" comment="subhead" text="Assessment test with negative marking">Assessment test with negative marking</cmsannotation> The final assessment consists of multiple-choice questions (MCQ) and logic building programme for programming languages, with both the categories carrying equal weightage. Candidates will get an hour for each category, and MCQs will attract negative marking of 0.25 per question for wrong answers. Only those candidates with a minimum score of 60% marks will be eligible for selection, and those who fail to score 60% will be terminated. All candidates will be given three attempts to clear the programme. Wipro is scheduled to announce its Q4 earnings on April 27. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/rils-q4-performance-keeps-brokerages-bullish-on-the-companys-prospects/articleshow/99725935.cms">RIL’s Q4 performance keeps brokerages bullish on the company’s prospects</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-q4-net-profit-of-19299-crore-beats-analyst-expectations-driven-by-retail/articleshow/99673940.cms">RIL’s Q4 net profit of ₹19,299 crore beats analyst expectations, driven by retail</a> <a href="https://www.businessinsider.in/business/corporates/news/itc-has-had-a-dream-run-in-fy23-and-heres-why-theres-more-juice-left-in-the-stock/articleshow/99662367.cms">ITC has had a dream run in FY23 and here’s why there’s more juice left in the stock</a>

You Searched For "Wipro Technologies" and got 7 results

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