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<keyword id="19982504" type="General" weightage="20" keywordseo="IIT-Bombay" source="keywords" meta.keywordsubtype="org" meta.entityname="IIT Bombay" meta.hostid="261" meta.entityid="IIT Bombay">IIT Bombay</keyword> is one of the top choices for recruiters and every year, many graduates from the institution get lucrative <keyword id="19897127" type="General" weightage="20" keywordseo="job-offers" source="keywords">job offers</keyword> that make headlines. The 2023-2024 placement season at the institution just came to a close and a detailed report of the same is available on IIT Bombay's website. As per the report, around 75 percent candidates got a job offer this time. "The placement season was successfully completed with three out of four students securing desired job profiles despite the challenging job scenario. The total recruited Ph.D. students are 32 out of 118 active participants. Considering the total number of participating students, the placement percentage is nearly 75%. Most of the remaining unplaced students have identified avenues to be gainfully employed. Some of the unplaced students prefer higher studies, self-employment, or entrepreneurship over the jobs being offered to them. Almost all of the participating companies have honored their job offers," the report said. However, the lowest salary being offered to students this year is making headlines as it dropped to 4 LPA this year. Let us take a look at some of the highlights of the <keyword id="23022543" type="General" weightage="20" keywordseo="2024-placements" source="keywords">2024 placements</keyword> in IIT Bombay, including the highest salary packages, <keyword id="23022544" type="General" weightage="20" keywordseo="top-recruiters" source="keywords">top recruiters</keyword>, and an overview of student placements and internships. <h2><keyword id="23018452" type="General" weightage="100" keywordseo="IIT-Bombay-2024-placements" source="Orion">IIT Bombay 2024 placements</keyword>: Highest salary</h2>One of the standout features of this year’s placements was the 22 job offers exceeding INR 1 crore per annum, reflecting demand for specialised skills in certain sectors. Additionally, 78 students accepted international offers, indicating the global opportunities accessible to IIT Bombay graduates. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px rgb(255, 255, 255); text-rendering: optimizelegibility;">IIT Bombay 2024 placements: Average salaries</h2>The overall average annual CTC (Cost to Company) offered during the 2023-2024 placement season was Rs 23.50 LPA (Lakhs Per Annum), marking a 7.7% increase from the previous year’s average of Rs 21.82 LPA. The median salary stood at Rs 17.92 LPA, underscoring the consistent demand for graduates across various sectors. These numbers are a testament to the robust job market that IIT Bombay students enter upon graduation. <div type="Article" hostid="261" msid="109184947" title="Fresher hiring sees a significant decline, particularly in IT sector! What should you do?" mstype="2" mssubtype="0"></div> <h2>IIT Bombay 2024 placements: Lowest salaries</h2>While the focus often falls on the highest salaries, it’s important to note that there were also offers at the lower end of the spectrum. As mentioned already, the lowest salary offers during the 2023-2024 placements fell within the Rs 4 LPA to Rs 6 LPA range this year. Earlier, the lowest salary offered to students used to be 6 LPA. As per reports, 10 students accepted offers that fell within this range. These figures are more common in sectors such as education and design, where entry-level salaries tend to be modest compared to other fields. <h2>IIT Bombay 2024 placements: Number of students who got jobs </h2>Out of the 2,414 students who registered for placements, 1,475 students secured job offers, bringing the placement rate to 74.53%. The placement drive saw participation from 364 companies, with 1,650 job offers being made. In addition to full-time roles, internships also played a crucial part in student preparation and employment. A total of 1,267 internship offers were made, including 1,177 from companies and 90 from universities, reflecting a 13% increase in internship opportunities compared to the previous year. <h2>IIT Bombay 2024 placements: Top recruiters</h2>This year, the Engineering and Technology sector emerged as the top recruiter, with 430 students being hired by 106 companies. The IT and Software sector followed closely, offering 307 job positions. Finance, Consulting, and Research &amp; Development were also prominent, with significant hiring across these domains. Major companies participating in the placements included top Indian and multinational firms. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">IIT Bombay 2024 placements: Pre-Placement offers</h2>Pre-placement offers (PPOs) continued to be a vital aspect of the placement process at IIT Bombay. In the 2023-2024 placement season, students received 300 PPOs, of which 258 were accepted. These offers were largely made after the completion of summer internships, highlighting the importance of these internships in securing full-time positions. <h2>Comparison of the number of students placed in the last four years</h2>IIT Bombay has seen lesser student placement numbers over when compared to last year. However, when we look at the last four years, the numbers have been stable. In the 2020-2021 season, 1,150 students were placed, which rose to 1,441 in 2021-2022. The peak was reached in 2022-2023 with 1,516 placements, while this year saw a slight decrease to 1,475. This slight dip from last year’s record high can be attributed to the challenging global economic conditions. <h2>Number of offers from different programs</h2>Different academic programs at IIT Bombay saw varying levels of placement success. The B.Tech program led the way with 683 placements, followed by the M.Tech program with 415 placements. The Dual Degree (B.Tech + M.Tech) program saw 152 students placed, while other programs such as M.Sc., M.Des, and Ph.D. had varying placement numbers, reflecting the diverse opportunities available across disciplines. <h2>International opportunities</h2>This year’s placement season also highlighted a significant rise in the number of international offers, with students receiving opportunities in countries like Japan, Taiwan, Europe, the UAE, Singapore, and the USA. 78 international job offers were made to students this year, whcih is an increase when compared to 65 offers last year. Additionally, the number of companies participating in the placements grew by 12%, indicating steady interest from employers. SEE ALSO: <a href="https://www.businessinsider.in/business/news/will-protest-in-front-of-infosys-office-if-date-is-breached-nites-president-as-1000-freshers-get-joining-date/articleshow/112913256.cms" data-type="tilCustomLink" target="_blank"></a><a href="https://www.businessinsider.in/business/news/swiggy-co-founder-reveals-the-company-had-0-orders-on-day-1-now-it-has-over-3-lakh-partners/articleshow/112884424.cms" data-type="tilCustomLink" target="_blank">Swiggy co-founder reveals the company had 0 orders on day 1, now it has over 3 lakh partners</a> Will protest in front of Infosys office if date is breached: Nites president as 1,000 freshers get joining date

IIT Bombay 2024 placements: Lowest salary drops to Rs 4 LPA, 22 students get Rs 1 crore package

<ul><li>Other than IT, telecom and healthcare sectors also witnessed a notable decline in hiring in October this year as compared to last year. </li><li>The insurance sector saw a phenomenal year-on-year growth in hiring at 93% this <keyword id="36208" type="General" weightage="20" keywordseo="festive-season" source="Orion">festive season</keyword>. </li><li>The growth graph for hiring in the national capital was found to be flat as compared to last year.</li></ul>The slowdown is real in India’s information technology industry. The sector, which created the maximum jobs over the last two years, is seeing a hiring slowdown now. According to the <keyword id="15405162" type="General" weightage="20" keywordseo="Naukri-Jobspeak-index-report" source="Orion">Naukri Jobspeak index report</keyword>, hiring was down 18% this festive season in October as compared to last year. Bangalore, the IT hub of India saw the maximum drop in hiring at 16% in the <keyword id="46964" type="General" weightage="20" keywordseo="IT-sector" source="Orion">IT sector</keyword> this October, as compared to the same month last year. A similar trend was seen in Hyderabad (12%) and Pune (11%) during the same period. IT majors in India have cut down in hiring by at least <a href="https://www.businessinsider.in/business/news/amid-risks-of-a-slowdown-these-it-companies-are-best-placed-to-survive-the-storm/articleshow/95228871.cms">57% in the second quarter</a>. Wipro reported the maximum cut of 95%, followed by <keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> at 58%. This is in spite of the fact that attrition in the IT industry is high. <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword> and HCL Tech witnessed the highest attrition rates at 27% and 23% respectively. <cmsannotation type="cmsannotation" annotationid="Telecom, healthcare hiring slowed down too" comment="subhead" text="Telecom, healthcare hiring slowed down too">Telecom, healthcare hiring slowed down too</cmsannotation> Other than IT, telecom and healthcare sectors also witnessed a notable decline in hiring sentiments by 19% and 13% respectively in October this year as compared to last year. “The temporary deceleration in hiring activity was expected given the festive season, however when you compare the data with last year’s festive window (Nov’21), the Index is a healthy 13% ahead which is reassuring,” said <keyword id="2554121" type="General" weightage="80" keywordseo="pawan-goyal" source="Orion">Pawan Goyal</keyword>, chief business officer, Naukri.com. In comparison, the insurance sector in India saw a phenomenal year-on-year growth in hiring at 93% this festive season. BFSI, oil, travel and hospitality, real estate and auto are some of the other sectors which continued to show upward hiring trends this season. “It is also interesting to note that most key industries maintained hiring expansion during this month which is likely to only get stronger as year-end approaches,” Goyal added. <cmsannotation type="cmsannotation" annotationid="Delhi stayed flat in hiring" comment="subhead" text="Delhi stayed flat in hiring">Delhi stayed flat in hiring</cmsannotation> The growth graph for hiring activity in the national capital was found to be flat this festive season as compared to last year’s. Whereas, other metros like Mumbai and Kolkata continued to grow by 8% and 15% respectively. Amongst non-metros, cities like Jaipur, Kochi, Vadodara, and Coimbatore saw an uptick in demand for white collared professionals, says the report. While demand across experienced professionals stayed neutral in October this year, senior professionals with over 13 years of experience saw an uptick in demand growing by 6% over last year. Meanwhile, demand for freshers stayed flat and demand for mid-level professionals (4-12 years) declined by 4%. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/amid-risks-of-a-slowdown-these-it-companies-are-best-placed-to-survive-the-storm/articleshow/95228871.cms">Amid risks of a slowdown, these IT companies are best placed to survive the storm</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/more-indians-are-interested-in-buying-products-have-a-dating-experience-in-the-metaverse-report/articleshow/95232293.cms">More Indians are interested in buying products, have a dating experience in the Metaverse: Report</a>

Hiring slowed down in the IT sector this festive season: Report

<a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a>, for the first time since its existence of 33 years, saw negative growth in hiring this fiscal. 
 
A senior official of the Telangana Government, Jayesh Ranjan, quoted IT giant's co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=narayana+murthy&amp;sortorder=effectivedate">N R Narayana Murthy</a>, saying <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> hired nearly 6,000 people so far in the current fiscal as against 20,000 to 25,000 every year. 
 "Mr <keyword id="6355623" type="PERSON" weightage="20" keywordseo="Narayana-Murthy">Narayana Murthy</keyword> told me (recently) that in the 33 years history of Infosys, it is for the first time that they have got a negative growth of employment. Typically, they recruit about 20,000 to 25,000 people every year. This year for the first time they have recruited just 6,000 people. So recruitment of software engineers and software professionals at Infosys has dropped by 75 per cent. And 7,000 people quit the company for various reasons during the year. So they are minus by 1,000," said Ranjan. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate">Infosys CEO Vishal Sikka</a>, during the announcement of third quarter results, said the company had added 5,700 people during the first nine months of FY17 as against 17,000 during the same period last year. 
 
According to a company statement released at the time of Q3 results, Infosys had employee strength of 1,99,763 as on December 31 as against 1,99,829 as on September 30 and 1,97,050 as on June 30 of the current fiscal.

For the first time in history, hiring drops in Infosys

<div type="image" title="A &quot;Now Hiring&quot; sign is posted in the drive thru of a McDonald's restaurant on July 07, 2021 in San Rafael, California." height="3551" width="4735" msid="89976011" hostid="261"></div><ul class="summary-list"><li><keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">Inflation</keyword> will remain elevated this year, bolstered by low <keyword id="11910050" type="UNKNOWN" weightage="60" keywordseo="labor" source="Orion">labor</keyword> participation.</li><li>Corporate America needs to get creative with sustainable paths to upward mobility for Americans.</li></ul>US inflation has hit its highest point in decades as prices climb 7.5% from 2021. Economists blame supply-chain disruptions and exploding pent-up consumer demand — while predicting that the buying frenzy will abate. Spending on goods will likely slow, but demand for services, such as those around restaurants, travel, healthcare, and education, will grow by all estimations. And the cost of services is driven primarily by the cost of labor.Let's take a peek at labor. While unemployment is dropping, participation in the workforce remains sluggish. There are still just about <a href="https://twitter.com/BLS_gov/status/1489592278968582145?t=8ZK5U4NPMmfAvOtWCBsZ4w&amp;s=19">60 unemployed people for every 100 job openings</a>. Job openings cruise above pre-pandemic levels, and businesses struggle to find skilled workers. The pandemic-induced uncertainty continues. A <a href="https://apc01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.linkedin.com%2Fpulse%2Fgreat-reshuffle-2022-top-trends-watch-karin-kimbrough%2F&amp;data=04%7C01%7CHarini_Babu%40infosys.com%7Cf2b30bf428244c52a45208d9effef26f%7C63ce7d592f3e42cda8ccbe764cff5eb6%7C0%7C0%7C637804700533316275%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&amp;sdata=fWYe9X4McGpjl1jpb5eAiSDmdAg%2FjapyfVqJ9jYZhlQ%3D&amp;reserved=0">LinkedIn survey</a> found just one in 67 paid jobs in the US offered remote work in 2020, and that number this year grew to one in six. But remote or hybrid work may not be viable for every business.The labor shortage is compelling companies to boost pay. That, in turn, is inflating prices of goods and services. And for those who see rising wages as an offset, the <a href="https://apc01.safelinks.protection.outlook.com/?url=https%3A%2F%2Ffortune.com%2F2021%2F12%2F08%2Fworkers-biggest-raises-years-inflation%2F&amp;data=04%7C01%7CHarini_Babu%40infosys.com%7Cf2b30bf428244c52a45208d9effef26f%7C63ce7d592f3e42cda8ccbe764cff5eb6%7C0%7C0%7C637804700533316275%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&amp;sdata=RzHaitjUP21bJzFyvmcx1hEjsd1RxQgzYMt9ZpdSJNA%3D&amp;reserved=0">3.9% wage bump</a> that most employers have budgeted for won't cover for inflation. With US consumer prices having jumped 6.2% last year, those who don't receive a wage increase of at least 6% will have less purchasing power than before.Employers, unsurprisingly, are accelerating their adoption of automation. In Chicago, for example, 10 McDonald's restaurants now use artificial intelligence to tackle drive-thru orders. This came after McDonald's made headlines last year for offering $50 to candidates who showed up for job interviews. It's not uncommon, either, to find grocery stores and pharmacies replacing cashiers with self-service kiosks. This is just the beginning.<h3>So what about the American worker who isn't ready to hand over their job to automation? </h3>The path with the most prospects for advancement is upskilling workers for higher-level roles as technology takes over simple, repeatable tasks. In addition, there's significant payoff for broadening someone's capabilities to include digital skills that allow the person to participate in the economy that creates and deploys technology.As environmental, social, and corporate-governance issues become salient, and corporations scrutinize their role in society, I believe corporate America is keen to adopt a more sustainable template to alleviate the labor shortage, with a mitigatory influence on inflation, while also empowering American workers.<div type="image" title="Ravi Kumar, President, Infosys" height="5616" width="3744" msid="89976013" hostid="261"></div>We need to chart disruptive paths to progress. When we hire for skills, not degrees, we can engage with a bigger workforce and help close the opportunity and employment gaps for the <a href="https://www.census.gov/content/dam/Census/library/publications/2021/acs/acsbr-009.pdf">almost 65% of US adults</a> who don't have a college degree. This also means transitioning to an always-on skills-based employment infrastructure that embraces not just credentials and certification but also fitness for a job and employability as outcomes. Employers can be instrumental in progressively moving people up with social mobility through smaller sprints of education delivered throughout their lives. The <a href="https://apc01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fgrow.google%2Fcertificates%2F%23%3Fmodal_active%3Dnone&amp;data=04%7C01%7CHarini_Babu%40infosys.com%7Cf2b30bf428244c52a45208d9effef26f%7C63ce7d592f3e42cda8ccbe764cff5eb6%7C0%7C0%7C637804700533316275%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&amp;sdata=scE%2BVY1JpZM6kSGi2SFO4%2FMcfSEj4zGqlVu0XPl19xs%3D&amp;reserved=0">Google Career Certificates</a> program is a great example. This education can also bring college credits when executed in partnership with instructors, similar to the way <a href="https://apc01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fgraduate.engineering.asu.edu%2Finfosys%2F&amp;data=04%7C01%7CHarini_Babu%40infosys.com%7Cf2b30bf428244c52a45208d9effef26f%7C63ce7d592f3e42cda8ccbe764cff5eb6%7C0%7C0%7C637804700533316275%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&amp;sdata=C0dG2yFHvQI3DESz73lud%2Bunw%2BXYdnz8LBBoZ5rRyZg%3D&amp;reserved=0">one forged by</a> <keyword id="11901188" type="UNKNOWN" weightage="60" keywordseo="infosys" source="Orion">Infosys</keyword> and Arizona State University works.We need to embrace AI and automation fearlessly. Tasks that were once executed by people are now carried out by both humans and machines. Low-complexity jobs will inevitably be automated, given the acute labor shortage, and the real opportunity will be in training people to take on higher-order responsibilities, which will allow enterprises to scale business purposefully. More progressive organizations will also ensure they nurture a rich cognitive diversity of talent, from across various walks of life, to enrich their workforces' problem-finding quotient as AI takes over the problem-solving. We need to transform more places into workplaces. Remote work means more people otherwise limited by their circumstances — like caregiving adults, students, and people with disabilities or in rural areas — can now be included in the nontraditional American workforce and gig economy. Remote hiring can also blunt the edge of workplace bias influenced by social norms, race, academics, and more.Smart American corporations will reset human capital to run their businesses at full throttle but equally and purposefully let human and ESG considerations lead the way.Ravi Kumar is president of Infosys

Companies need to embrace an innovative path to create new employment opportunities

<ul><li>While the demand for IT services companies remains robust with the evolving digital environment, high attrition rates remain a top concern for IT firms.</li><li><keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword>, <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword> and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> will together hire 1.53 lakh employees in FY22 to hedge against employees leaving.</li><li>Wipro’s attrition rate remains highest at 20.5% followed by Infosys at 20.1% and TCS at 11.9%.</li></ul>While the demand for information technology (IT) services companies remains robust with the evolving digital environment, a huge number of employees leaving these organisations remain a top concern for IT firms. Attrition rate of IT companies has been rising consistently and in-line with growing demand for digital talent. With the earnings results available so far for the September quarter, Wipro has the highest attrition rate, among IT firms, at 20.5% followed by Infosys at 20.1% and <keyword id="6357585" type="General" weightage="20" keywordseo="tata-consultancy-services" source="Orion">Tata Consultancy Services</keyword> (TCS) at 11.9%. <div type="image" title="attrition chart" height="900" width="1200" msid="87013677" hostid="261"></div> However, a report by human resource solutions firm TeamLease shows that the average attrition rate in the IT industry was at 8.67% in September quarter, far less than what the big IT firms have reported. One of the key concerns of IT employees for leaving an organisation is muted growth in increments followed by poor employee benefits, rewards, digital skilling and so on, shows a ‘compensation benchmarking survey’ by Deloitte India and software firms’ lobby NASSCOM. The average increments for the technology services sector in India dropped from 9.5% in 2019 to 5.2% in 2020, which later increased to 8.8% in 2021 due to higher attrition rate. Average increments are expected to go up to 9% to 11% in 2022, said the report. <div type="image" title="compensation" height="900" width="1200" msid="87013730" hostid="261"></div> IT companies are all set to hire in bulk from campuses as they struggle to retain employees with the increasing demand for digital talent. TCS, which has already hired 43,000 freshers in the first half of FY22, expects to hire another 35,000 in the next six months. This takes up the total count of FY22 to 78,000 new employees. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IT companies </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY22 hiring </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">45,000 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">30,000 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">78,000 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> “We believe this attrition level will continue for the next 2-3 quarters. Having said that, our strong employer brand and our robust talent acquisition and talent development models will help us significantly overcome the supply side issues…We will continue to hire more and more and keep the supply ready since our model is robust. The attrition level is definitely concerning, but we can manage through that,” said Milind Lakkad, global head of human resources at TCS, in a press conference post earnings. High attrition rate in some of the largest IT companies in the country is expected to continue for the coming quarters and so is the huge hiring process. “In order to harness the full potential of the market opportunity, we are expanding our college graduates hiring program to close to 45,000 for the year. Simultaneously, we continue to strengthen employee value propositions including health and wellness measures, reskilling programs, appropriate compensation interventions and enhanced career growth opportunities,” said Pravin Rao, chief operating officer at Infosys. TCS is one of the biggest employers in the country with 5.28 lakh employees as of September quarter. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total headcount </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.28 lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.79 lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.21 lakh </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>At 11:12 a.m., on October 14, shares of Wipro were up 7%, Infosys stock was up 2% and TCS stock was down by 0.8%. ALSO WATCH: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/videos/talent-from-large-it-firms-has-been-flowing-towards-indias-tech-startups/videoshow/87014361.cms">Talent from large IT firms has been flowing towards India's tech startups</a> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/three-unicorns-hundreds-of-crore-in-loss-and-very-little-market-share-whats-the-hype-around-online-car-retailers/articleshow/87012417.cms">Three unicorns, hundreds of crore in loss and very little market share — What's the hype around online car retailers?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/infosys-wipro-vodafone-idea-and-other-hot-stocks-in-focus-on-october-14-as-results-season-heats-up/slidelist/87010496.cms">Infosys, Wipro, Vodafone Idea and other hot stocks in focus on October 14 as results season heats up</a>

India’s techies are leaving IT firms in hordes — Here’s why

<ul><li><keyword id="1912963" type="PERSON" weightage="20" keywordseo="Wipro-share-price">Wipro share price</keyword> has jumped by 16% on Wednesday morning after the Indian IT services giants announced its Q1 results on Tuesday. </li><li>Piggybacking on Wipro’s surge, <keyword id="620690" type="PERSON" weightage="20" keywordseo="Infosys-share-price">Infosys share price</keyword> is also up by 8%. </li><li>Analysts expect the impact of the coronavirus impact on Infosys — which is set to announce its results today evening, July 15 — to be less than its peers. </li></ul>Wipro’s share price is up by over 16% after the company announced its first-quarter results yesterday. Building on that momentum, Infosys share price — who is set to announce its Q1FY21 results after the stock market closes today — is surging by 8%. <div type="image" title="wipro share price (1)" msid="76974011" hostid="261" caption="&amp;lt;p&amp;gt;Wipro share price over the past month&amp;lt;/p&amp;gt;"></div> <div type="image" title="infosys share price (4)" msid="76974001" hostid="261" caption="&amp;lt;p&amp;gt;Infosys share price over the past month&amp;lt;/p&amp;gt;"></div> Wipro’s gross revenue was down 5.1% this quarter as compared the previous quarter, and most of it came from the drop in revenue from IT services which fell by 7.3% quarter on quarter (QoQ). <div type="image" title="Wipro revenue" msid="76973854" hostid="261" caption="&amp;lt;p&amp;gt;Wipro&amp;#39;s gross revenue and growth trajectory over the last five quarters&amp;lt;/p&amp;gt;"></div> However, it announced that it onboarded 7,000 new employees in the last three months, with plans to continue lateral hiring in the second quarter of 2020-21. Infosys to announce Q1 results on Wednesday After the results of Tata Consultancy Services (TCS) and Wipro, Infosys is set to announce its first-quarter results on Wednesday evening, July 15. Analysts expect Infosys to be less impacted than its peers. All eyes will be on new large deals that the Indian IT services giant was able to bring in over the next three months as well as the impact across different segments. The manufacturing and auto vertices are likely to see continued pressure. Piggybacking on Wipro’s jump in share price, the Infosys stock is also rising as investors expect the company’s results to be better than its counterparts. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/tcs-hiring-again-with-5-employees-to-return-to-offices/articleshow/76887172.cms">TCS to kickstart lateral hiring and bring back 5% of its employees to offices</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-q1-earnings-preview-growth-revenue-margins-theirry-delaporte/articleshow/76951601.cms">A new CEO, Brexit and supply-side exposure may leave Wipro’s Q1 earnings more dented than others</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-earnings-what-to-expect-and-comparison-with-tcs/articleshow/76952717.cms">The key thing to watch out for during Infosys earnings will be the size of the new deals</a>

Wipro share price 16% increase leads to surge in Infosys share price too

Ten years back, <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+IT+sector&amp;sortorder=effectivedate">Indian IT companies</a> used to hire at least four lakh people and now in the present day and age, the numbers have dropped to two lakh. 
 
As per the <a href="http://www.businessinsider.in/searchresult.cms?query=nasscomm&amp;sortorder=effectivedate">Nasscom data</a>, 31,846 engineers were required to generate $1 billion of export revenue in 2009-10 but in 2015-16, only 16,055 engineers were required to clock the same revenue. 
 
This slowdown in hiring and increase in productivity is attributed to <a href="http://www.businessinsider.in/searchresult.cms?query=automation&amp;sortorder=effectivedate">automation</a>. 
 <keyword id="24019" type="PERSON" weightage="20" keywordseo="automation">Automation</keyword>, <a href="http://www.businessinsider.in/searchresult.cms?query=artificial+intelligence&amp;sortorder=effectivedate">Artificial Intelligence</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=data+sciences&amp;sortorder=effectivedate">data sciences</a>, etc is improving productivity since seven years now and has lowered down the hiring rate. 
 "What you're seeing now is about 200,000 people being hired in the IT industry -- it's not the 4-5 lakhs that they used to hire 10 years ago. And that's because the growth has shrunk from 35-40% and the competition was for resources. Even now the competition is for resources, but it's for slightly more experienced resources -- people who can work on automation, <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword>, machine languages, data sciences. So, it's not hiring for Java coding anymore," <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> co-founder Kris Gopalakrishnan had told ET. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate">Infosys CEO Vishal Sikka</a> had said that the rate of hiring will rise but not like earlier times as the number of people per value delivered will continue to come down. 
 
“This is the point of revenue per employee -- it happens in every industry. It has to happen in our industry as well. It is already happening," said Sikka. 
 
Not that long ago, India became a hub of IT sector. 
 
Companies such as Infosys, <a href="http://www.businessinsider.in/searchresult.cms?query=TCS&amp;sortorder=effectivedate">TCS</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=cognizant&amp;sortorder=effectivedate">Cognizant</a>, etc gave engineers dreams of working at plush offices. 
 
"In the past we looked at arbitrage, we looked at headcount, it was more like "you're told and we will do" versus looking at customer outcomes. Headcount is no longer a discussion - so I think it's more about customer-centric outcomes," Pankaj Phatarphod, managing director at RBS, which currently outsources IT to companies such as Infosys, told ET. 
 
(Image: Thinkstock)

Here’s why automation, AI is good for IT companies and bad news for you

<a href="http://www.businessinsider.in/searchresult.cms?query=Infosys&amp;sortorder=effectivedate">Infosys</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Consultancy+Services+&amp;sortorder=effectivedate">Tata Consultancy Services </a>are looking forward to hiring more engineers from universities in the <a href="http://www.businessinsider.in/searchresult.cms?query=United+States&amp;sortorder=effectivedate">United States</a>. This move comes along as they brace themselves for stringent visa rules that are expected to be revealed by the new American administration led by <a href="http://www.businessinsider.in/searchresult.cms?query=Donald+Trump&amp;sortorder=effectivedate">Donald Trump</a>. 
 
This will change the strategy for the Indian outsourcing companies, who earlier use to hire from India but now, will have to rely on US based people. 
 Recently, Senator <keyword id="707305" type="PERSON" weightage="20" keywordseo="Jeff-Sessions">Jeff Sessions</keyword>, in his confirmation hearing for the post of attorney general of the <keyword id="6356955" type="COUNTRY" weightage="20" keywordseo="united-states">United States</keyword>, said that the <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword> administration will push for legislative reform to curb what he termed as "abuse of H-1B visas for foreign workers”. The Indian outsourcing industry, whose biggest market is the US, has been a beneficiary of the H-1B visa system. 
 "We are (now) looking at hiring from more colleges in the US. With the (new) visa rules, we will have to look at building a pyramid there,” UB Pravin Rao, chief operating officer at <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>, told ET. 
 
The offshore-pyramid model, the bedrock of Indian IT's success, has a simple structure. Low-paid coders, mostly hired straight out of Indian engineering colleges, formed the large base of the pyramid. 
 
Better-paid mid-to-senior executives in roles like project managers formed the middle. While these two rungs worked predominantly out of India, a smaller number of engineers were sent on H-1B visas to work with clients onsite, in addition to sales executives who were hired in foreign markets. 
 
These companies also hired senior-level executives with many years of industry experience in overseas locations, termed as onsite hires. Campus recruitment, however, has been minimal so far. 
 India's largest IT services company <keyword id="6357585" type="CITY" weightage="20" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> also said it would increase the number of young engineers it will hire in the US. 
 
TCS's HR head Ajoyendra Mukherjee, though, added that it was too early to break down the composition of the onsite pyramid. 
 
"At this stage, it will be difficult to comment as to what the percentages would be and we have to ensure that we make our deliveries as per customer requirements. I am not going to get into the percentages of the pyramid,” Mukherjee told analysts. 
 
Engineers with under three years of work experience comprise about 30-35 per cent of the Indian IT industry, which employs about 4 million people. A backof-the-envelope calculation would peg the number of young engineers at between 1.2 million and 1.4 million of the total workforce. 
 
Hiring at Indian IT companies is already dropping. Infosys said it hired 17,000 people in the first nine months of fiscal 2016. It has hired fewer than 6,000 in the same period this year.

Indian IT firms will now hire fresh talent from the US as they don’t want to take any chances

<ul><li>Wipro reported that it added 7,000 employees to the company over the last three months during its first-quarter earnings call. </li><li>Saurabh Govil, Wipro’s Chief Human Resources Officer (CHRO), said the company will continue hiring in Q2. </li><li>Even though Wipro doubled its hiring in 2019-20, its net addition of employees was in the red suggesting low attrition. </li></ul>Wipro has hired new 7,000 employees in the last three months, their first quarter, between April to June. And, they plan to keep on hiring, according to Wipro’s Chief Human Resources Officer (CHRO) Saurabh Govil. This comes in the backdrop Wipro reporting the largest decline in employees during the last quarter in comparison to its peers Tata Consultancy Services (TCS), Infosys and other Indian IT services companies.“Lateral hiring never stopped,” said Govil during the first-quarter earnings call. “We will continue to hire in Q2 based on demand,” he added. <div type="Article" hostid="261" msid="76960126" title="Wipro management pins hope on wider margin and new clients while revenue takes a dip" mstype="2" mssubtype="0"></div> Govil added that the company has started on-boarding freshers as per earlier offers. “It would be staggered and delayed based on business requirements,” he said. Even last quarter, Govil asserted that hiring would not be suspended at Wipro in lieu of the coronavirus pandemic. However, the company did not rule out furloughs and leaves at the time. <div type="Article" hostid="261" msid="75173292" title="Wipro's hiring will be slower in the coming months and current employees may be asked to go on leave without pay" mstype="2" mssubtype="0"></div> Wipro in comparison to top Indian IT companies Indian IT services companies have been pushing on fresh hiring as the industry’s attrition rate continues to remain flat. Despite new hires being on the rise, companies across the board reported a dip in total employees. Even Wipro doubled its hiring in 2019-20, however, its total employee count was lower than the year before. Even its net addition of new employees has been the lowest in comparison to TCS and Infosys. While TCS’ numbers were in the ten-thousands, Wipro was still in single digits if not bleeding employees. <div type="Article" hostid="261" msid="75669358" title="Hiring at Infosys and Tech Mahindra is down at least 40% in line with the trend in top five IT firms⁠— and it's not just because of COVID-19" mstype="2" mssubtype="0"></div> Last quarter, while Infosys also reported a dip in employees, Wipro’s drop in net addition was four times higher. <div type="image" title="Hiring IT" msid="76972636" hostid="261" caption="&amp;lt;p&amp;gt;Hiring across top 3 Indian IT services companies&amp;lt;/p&amp;gt;"></div> Even though Wipro plans to keep hiring in the coming quarter, Govil pointed out that all hiring will happen depending on demand. Its utilisation levels this quarter also stood at 75% — 1.6% higher than the previous quarter. According to Wipro Chief Financial Officer (CFO), Jatin Dalal, higher utilisation was one of the factors behind Wipro’s margin expansion this quarter. “We also kept a tight watch on incremental spend… Third is foreign exchange,” he said. Wipro Chairman Rishad Premji disclosed that the company hasn’t laid off a single employee during the coronavirus pandemic during the Annual General Meeting (AGM) on Monday. The National Information Technology Senate (NITES) has alleged in May that Wipro was benching many employees, mainly those at its Pune office, who were subsequently laid off. A claim that Wipro denies. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hiring-at-infosys-and-tech-mahindra-is-down-40-in-line-with-the-trend-in-top-five-it-firms-and-its-not-just-because-of-covid-19/articleshow/75669358.cms">Hiring at Infosys and Tech Mahindra is down at least 40% in line with the trend in top five IT firms⁠— and it's not just because of COVID-19</a> <a href="https://www.businessinsider.in/careers/news/tcs-hiring-again-with-5-employees-to-return-to-offices/articleshow/76887172.cms">TCS to kickstart lateral hiring and bring back 5% of its employees to offices</a>

After last quarter’s massive dip, Wipro adds 7,000 employees with plans to continue hiring in Q2

<ul><li>The tech major expects a $50 million to $70 million hit in the ongoing quarter due to the ransomware attack.</li><li>The management projected margins to remain below 16-17% in 2020. </li><li>Cognizant shares are down 17.80% from the recent peak on February 6. They have under-performed the Nasdaq which is down 0.66% year to date. </li></ul>IT major Cognizant has reported a 16.7% drop in its March quarter net income at $367 million, and said it expects a challenging demand environment throughout 2020 amid the coronavirus pandemic. Cognizant follows January-December as financial year. Its net profit was at $441 million in the March 2019 quarter. In 2020, the company plans to continue investments in developing digital skills and wants to hire about 20,000 entry-level hires to adjust the employee cost structure. 41% of the first-quarter revenue came from digital services and they grew by 19% compared to the same time last year. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/cognizant-ransomware-attack-impact-to-get-worse-in-q2-and-coming-quarters/articleshow/75644164.cms" data-type="tilCustomLink" target="_blank">The Cognizant Maze ransomware saga will show its full impact for many months to come</a> The US-headquartered company, which has about 2 lakh employees based in India, had previously withdrawn its FY20 guidance amid uncertainties on account of COVID-19 pandemic. Cognizant shares are down 17.80% from the recent peak on February 6. They have under-performed the Nasdaq which is down 0.66% year to date. The quarterly revenue was at $4.2 billion, up 2.8% (3.5% rise in constant currency) from the year-ago period. "We executed well in what was a challenging quarter, and posted our strongest quarterly signings since 2017," <keyword id="7606578" type="UNKNOWN" weightage="20" keywordseo="Cognizant-CEO-Brian-Humphries">Cognizant CEO Brian Humphries</keyword> said. The company projected margins to remain below 16-17% in 2020. The second quarter (April-June 2020) including a $50-70 million impact due to the Maze ransomware attack, apart from business demand uncertainty and increased costs due to the COVID-19 pandemic. "Since becoming aware of the attack, the company has taken decisive actions to remediate the threat while keeping clients regularly informed. The company believes these measures enabled it to continue its operations in a timely and secure manner," it said. Cognizant noted that since over 60% of its business is in financial services and healthcare, it is less exposed to some of the hardest hit industries, including travel, hospitality, retail and automotive. Coronavirus-related disruptions reduced revenue in March, reflecting delays in project fulfillment as Cognizant rapidly enabled the shift to work-from-home capabilities across its delivery teams. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-follows-tcs-and-infosys-lead-says-50-of-its-employees-will-work-from-home-even-after-the-lockdown-is-lifted/articleshow/75593968.cms" data-type="tilCustomLink" target="_blank">HCL Tech follows TCS and Infosys' lead — says 50% of its employees will work from home even after the lockdown is lifted</a> <a href="https://www.businessinsider.in/tech/news/sudhir-krishnaswamy-on-facebook-oversight-board-which-will-control-controversial-content-on-facebook-and-instagram/articleshow/75593282.cms" data-type="tilCustomLink" target="_blank">Meet the Indian on Facebook's oversight board which will police content on Facebook and Instagram</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-ceo-says-the-business-model-is-20-years-old-and-its-time-to-go-employee-lite/articleshow/75243124.cms" data-type="tilCustomLink" target="_blank">TCS CEO says the business model is 20 years old — hinting that it may be time to go employee-lite</a>

Cognizant CEO Brian Humphries warns of a tough 2020— plans to hire 20,000 freshers this year

A considerably higher percentage of <keyword id="6362513" type="ORGANIZATION" weightage="100" keywordseo="Startups">startups</keyword> are flush with funds today compared to a decade earlier. As a consequence, in the last few years, the market prices for certain type of talent has shot up, mainly fuelled by the whirlwind of VC money made available. 
 
 
 
(Image Source: Dilbert.com) 
 
The machinations of startup finances require them to pay over the odds for top talent. While they are high pressure jobs that require cross-functional skill sets, not unlike other industries, they are also high-risk, as the environment is relatively new, unexplored and extremely competitive. 
 
Undeniably, salaries contribute massively to the burn-rate of startups, especially at unicorns. Often, wages were the single biggest expense items at a startup. At one point it appeared as though the unicorns were trying to outspend each other in enticing the best talent from top B-schools and the valley, but more as an ostentatious show of strength rather than out of requirement or necessity. It reminds you of those pubs that have a scoreboard announcing which table spent the most on alcohol. Needless to say, there has been plenty of debate on when the bubble would burst. 
 
The problem with too much money and overpaying key personnel is that you start operating in a separate market altogether. 
 
That means expensive hires could turn out to be expensive mistakes too, when exorbitant severance packages are factored in. Also, there aren’t many corporates willing to pay unicorn-level startup wages, even for above-average talent which results in them getting locked-in at the startup. 
 
All of this (combined with other macro factors) hastened the fund crunch, leading to lay-offs and a <a href="http://economictimes.indiatimes.com/small-biz/startups/funding-freeze-puts-startup-hiring-in-cold-storage-up-to-50-drop-in-recruitment/articleshow/57240893.cms">50% drop in recruitment</a> in the last 18 months. 
 
Using <keyword id="1454728" type="UNKNOWN" weightage="100" keywordseo="high-wages">High Wages</keyword> as a Strategy 
Ashish Sinha, in his <a href="https://www.nextbigwhat.com/indian-startups-foreign-competition-297/">critical post</a> against protectionism mentions how “excessive funding” shaped the thinking of a “startup founder’s <keyword id="6357342" type="PERSON" weightage="100" keywordseo="Hiring">hiring</keyword> mantra”, which was to give 
 
…so much salary to employees that the salary becomes an exit-barrier. 
 
He goes onto mention that, several startups “had to shut shop because they couldn’t afford to bring in great talent, thanks to the talent-hoarding war by the likes of Flipkart and Ola.” 
 
It can be supposed that, 
 
Such practices created an environment where it appeared as if there existed two markets, one for unicorns and another for the rest. 
 
 
 
(<a href="http://www.tnhh.net/assets/posts-images/throw_money_at_it.jpg">Image Source</a>) 
 
In a way, when growth is the focus and the pace set is extremely ambitious and aggressive, there are few options left other than ‘throwing money at the problem’. So, the <a href="http://www.livemint.com/Companies/55bKNDKYIn4YFlBVuuxitL/Startups-pay-top-dollar-for-Silicon-Valley-talent.html">best talent was lured in at a considerable premium</a> which further skews the wage index heavily. 
 
But paying extremely high salaries comes with its cons besides increasing cash-burn. A recent Bloomberg report mentions how some Google self-driving car experts were <a href="https://www.bloomberg.com/news/articles/2017-02-13/one-reason-staffers-quit-google-s-car-project-the-company-paid-them-so-much">overpaid so much that they quit</a>. Back here, there’s been a spate of exits at the highest levels at <a href="http://www.livemint.com/Companies/LgBrTHVqAM6MBeCAhdDIVJ/Flipkarts-new-CEO-has-his-work-cut-out-in-the-wake-of-topl.html">various</a> <a href="http://economictimes.indiatimes.com/news/company/corporate-trends/top-executives-from-flipkart-snapdeal-ola-and-paytm-quit-companies-to-start-own-ventures/articleshow/51901907.cms">unicorns</a>. While the reasons vary, they have been largely attributed to lack of innovation and work culture in the latter case. 
 
When M&amp;As become the primary strategy for top talent acquisition-When unicorns can’t get the talent they desire, they ‘acqui-hire’ 
Usually an effective strategy to on board entrepreneurial talent who have a high risk appetite, it turns out to be quite expensive too (especially if the buy-out is an all-cash deal). Many a time, post acquisition, the founders lose motivation and may not align completely with the acquirer’s vision. Sometimes, it could turn out to be bad cultural fit for both organisations. 
 
An interesting case was when Flipkart <a href="http://www.livemint.com/Companies/DbMTb2tDKuZoTfEa203XBL/Flipkart-acquires-UPIbased-payments-startup-PhonePe.html">hired back their ex-employees</a> by acquiring the startup they had just founded for a rumoured $20 million. The acquisition was done so quickly, that the founders were yet to launch their product after having quit. It does make one wonder why they weren’t given the freedom to develop that product while they were still employed. 
 
But the playing field is more level now than ever before 
The sheer quantum of dollars flowing in and number of deals happening has resulted in the Indian startup system becoming a more level playing field in reality. 
 
Everyone has reasonable spending power and there is only so much top talent the unicorns can hire. 
 
And the absolute elite talent from the valley, could not be lured in to make that extra difference. That meant, other funded startups could attract local talent, albeit above market prices. 
 
Issues due to wage disparity 
Another problem is that while the top management is paid top dollar, it does not filter down the pyramid at the entry-level or mid-level roles. It is becoming increasingly common for employees to have that <a href="http://www.huffingtonpost.in/2016/08/22/justifying-recent-layoffs-flipkarts-sachin-bansal-claims-he-wa/">odd spat with the management</a> and sometimes even <a href="http://www.thehindu.com/business/Industry/sacked-tinyowl-employees-confine-founder-for-48-hours/article7850903.ece">openly revolt against the founders</a>. But, that is expected when there’s uncertainty over future funding and/or revenue sources. 
 
The recent <a href="https://m.yourstory.com/2017/02/the-infosys-severance-drama/">Infosys episode</a> on high severance packages is a clear example of the old guard trying to uphold core values and maintain transparency as the current management team has adopted a growth-at-all-costs approach which has upset the founders who built their success on frugality and efficiency. 
 
N R Narayana Murthy felt his “compassionate capitalism” philosophy was under threat, which recommends that the ratio between highest compensation in the firm and the median salary should ideally between 50% to 60%. The salary hikes and severance packages, NRN claimed, affected employee morale and increased dissatisfaction. 
 
Regulate Wages? 
Does bringing in regulations on salaries make sense? I don’t think so. We operate in a free market and market dynamics should always dictate wages. That is key for a performance based economy to flourish. 
 
However, to create companies that last at least a couple of decades, firms could insert clauses in the company’s charter that impose reasonable restrictions on salaries. 
 
So what then is the solution? 
Focusing on the fundamentals of building a company and never losing sight of it as the firm grows, is key. That means, getting the work culture right, building lean teams, reducing redundancy and increasing efficiency are critical for success. 
 
But more importantly, it always starts with <a href="https://www.linkedin.com/pulse/8-steps-hiring-right-your-startup-praveen-rajaretnam">choosing the right candidates</a>. 
 
Share your thoughts with me on <a href="https://twitter.com/prajaret">Twitter</a>. 
 
Read: <a href="https://www.linkedin.com/pulse/8-steps-hiring-right-your-startup-praveen-rajaretnam">8 Steps to Hiring Right at Startups</a> 
 
(Main Image: Thinkstock)

Here’s how the startup hiring scene has changed in the unicorn era

It is a common saying that a <keyword id="7346" type="PERSON" weightage="100" keywordseo="Daughter">daughter</keyword> is her father’s favourite and though your brother might refuse to agree to that fact or your father may try claiming that he loves both of you ‘equally’- it’s a given that a father-daughter relationship is indeed very special. 
 
But, even then we don’t tend to associate the birth of a daughter as a life-changing event for a father when actually it completely changes their perspective towards life among other things. 
 
And, that is exactly what <a href="http://www.businessinsider.in/searchresult.cms?query=narayana+murthy&amp;sortorder=effectivedate">Narayana Murthy</a>, founder and CEO of <a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a> tells his daughter <a href="http://www.businessinsider.in/searchresult.cms?query=akshata+murthy&amp;sortorder=effectivedate">Akshata Murthy </a>in this beautiful letter. 
 In the letter, which has been published in <keyword id="1336189" type="PERSON" weightage="100" keywordseo="Sudha-Menon">Sudha Menon</keyword>’s book ‘Legacy: Letters from eminent parents to their daughters,’ Murthy articulates how Akshara’s birth changed his life. 
 
He says, “Your birth raised the benchmark of my life, in every aspect. My interactions at the workplace became more thoughtful and measured; the quality of my transactions with the outside world more considerate, dignified, and mature,” adding that he felt a need to deal with every human being more sensitively and courteously. 
 
Here’s the full text of the letter- 
 
Akshata, 
 
Becoming a father transformed me in ways that I could never have thought possible. I could never go back to being the person I used to be before. Your arrival in my life brought unimaginable joy and a larger responsibility. I was no more just a husband, a son, or a promising employee of a fast-growing company. I was a father, who had to measure up to the expectations his daughter would have of him at every stage of her life. 
 
Your birth raised the benchmark of my life, in every aspect. My interactions at the workplace became more thoughtful and measured; the quality of my transactions with the outside world more considerate, dignified, and mature. I felt a need to deal with every human being more sensitively and courteously. After all, some day you would grow up and understand the world around you, and I didn’t want you ever to think that I had done anything even remotely wrong. 
 
My mind often goes back to the initial days after your birth. Your mother and I were young then and struggling to find our feet in our careers. Two months after your birth in Hubli, we brought you to Mumbai, but discovered quickly enough, that it was a difficult task to nurture a child and manage careers side by side. So, we decided that you would spend the initial years of your life with your grandparents in Hubli. Naturally, it was a hard decision to make, one which took me quite a bit of time to come to terms with. Every weekend, I would take the plane to Belgaum and then hire a car to Hubli. It was very expensive, but I couldn’t do without seeing you. 
 
What never ceased to amaze me was how you created your own little happy world at Hubli, surrounded by your grandparents and a set of adoring aunts and relatives, oblivious of our absence from your life…. 
 
 
 
I am often asked about the qualities that I have imparted to my children. I tell them that it is your mother who shouldered this great responsibility and I am ever so grateful to her for bringing you up to be the fine individuals you are. She communicated values more by action than by talking about them. She taught Rohan and you the importance of simplicity and austerity. There was this one instance, in Bangalore, when you were selected for a school drama for which you were required to wear a special dress. It was in the mid-eighties, <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> had just begun its operations, and we did not have any money to spend on non-basic goods. Your mother explained to you that we would not be able to buy the dress and that you would have to drop out of the performance. Much later, you told me that you had not been able to understand or appreciate that incident. We realize it must have been a bit drastic for a child to forgo an important event in school, but, we know you learnt something important from that- the importance of austerity. 
 
Life has changed for us since then and there is enough money. But, you know, our lifestyle continues to be simple. I remember discussing with your mother the issue of sending you kids to school by car once we were a little comfortable with money, but your mother insisted that Rohan and you go to school with your classmates in the regular autorickshaw. You made great friends with the ‘rickshaw uncle’ and had fun with the other kids in the auto. The simplest things in life are often the happiest and they are for free. 
 
You would often ask me why there was no television at our home when the rest of your friends discussed stuff they watched on TV. Your mother decided early on that there would be no TV in our home so that there would be time for things like studying, reading, discussions, and meeting friends. She insisted that it was important to create an environment conducive to learning at home. Therefore, every night we dedicated the time between 8 pm and 10 pm to pursuits that brought the family together in a productive environment. 
 
It is quite a well-known fact that when a daughter gets married, a father has mixed feelings about it. He hates the fact that there is somebody else in his daughter’s life with whom she shares her affections–a Smart, confident, younger man who gets the attention that was earlier his alone. I, too, was a little sad and jealous when you told us you had found your life partner. But when I met Rishi and found him to be all that you had described him to be-brilliant, handsome, and, most importantly, honest-l understood why you let your heart be stolen. It was then that I reconciled to sharing your affections with him. A few months ago, you made me a proud grandparent. If holding you in my arms for the first time gave me indescribable joy, seeing Krishnaa, your lovely daughter, for the first time at your home in Santa Monica, was a different experience altogether. I wondered, whether from now on, I would have to behave like a wise, grand old man! But, then I realized the bonus to growing older and becoming a grandparent. I would have the joy of pampering a child silly! Besides, you know what they say about grandparents and grandchildren having a common enemy-the parent! I am convinced Krishnaa and I will eventually exchange notes and crib about you and be completely on the same page when it comes to criticizing you! 
 
As you pursue your goals and live a contended life, remember that there is only one planet for us to live in and that planet is now becoming endangered. Remember that it is your responsibility to pass on this planet to Krishnaa in a better condition than you got it from us. 
 
Take care, my child! 
Lovingly, Appa

Infosys founder Narayana Murthy’s beautiful letter to his daughter will warm your heart

<a href="http://www.businessinsider.in/searchresult.cms?query=IT+companies&amp;sortorder=effectivedate">IT companies</a> have become careful after US President <a href="http://www.businessinsider.in/searchresult.cms?query=donald+trump&amp;sortorder=effectivedate">Donald Trump</a>’s protectionist stance. 
 
The Trump effect has shadowed hiring in B-schools and IT companies, which are generally largest <a href="http://www.businessinsider.in/searchresult.cms?query=recruitment&amp;sortorder=effectivedate">recruiters</a> in management schools, have slashed hiring. 
 
This placement season saw a considerable drop in IT recruitment, especially in tier I and II cities. The drop has been reported by 20-40%. 
 
For instance, IT hiring slid down by 26% at Management Development Institute (MDI), Gurgaon. 
 
"Consulting remains relatively stable but it's the back-end roles that have been hit hard. Infosys and Accenture are among those that have cut numbers at MDI, while IBM did not come for final placements," MDI placements chairperson Kanwal Kapil told ET. 
 
As per reports, <a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a> took just 13 people from one business schools as compared with 40 last year. Even Dell hired three against five and Wipro recruited five compared with nine last time. 
 
"We are expecting at least 30 per cent less hiring in IT as compared with last year," Saveeta Mohanty, associate dean for career advisory services at Xavier Institute of Management, Bhubaneswar (XIMB), told ET. 
 
As per Top Recruiters survey 2016, six of the top 10 recruiters by numbers across 26 B-schools were from the technology space during last placement season. 
 
ET reported on January 17 that Infosys and <a href="http://www.businessinsider.in/searchresult.cms?query=TCS&amp;sortorder=effectivedate">TCS</a> will hire more engineers from campuses in the US as they brace themselves for stringent visa norms under the new administration. Among Trump's top election pledges were restricting immigration and bringing jobs back home. 
 
Apart from Trump, another factor is <a href="http://www.businessinsider.in/searchresult.cms?query=automation&amp;sortorder=effectivedate">automation</a>, which is going to eat up several jobs. 
 
"The Trump effect is definitely there. Adding to that is the fact that expected numbers are also muted for the industry in terms of growth. The focus on automation and increasing productivity per employee are other factors," an analyst tracking the IT sector told ET. 
 
An Infosys spokesperson, however, told ET: "Hiring from US may not have a substantial impact on the recruitment numbers in India." 
 
(Image: Thinkstock)

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