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The <keyword id="6354731" type="ORGANIZATION" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (<keyword id="13222" type="ORGANIZATION" weightage="100" keywordseo="sbi">SBI</keyword>) cut down its staff by at least 6,000 from 2.80 lakh to 2.73 lakh in Q1 of FY18. The exits were due to retirements and voluntary retirement scheme. SBI, now, wants to redeploy more than 10,000 employees keeping merger with associate banks and also digitisation in mind. The restructuring comes after the big merger. So far, SBI has merged 594 branches and rationalised 122 administrative offices. This in itself is expected to result in savings of over Rs 1,160 crore annually. As a part of re-deployment, SBI will have staff in government service branches. Around 30% of the staff of rationalised branches will be redeployed in sales functions. The bank has introduced a new employee appraisal system where performers will receive financial incentives. Also, SBI hired just 625 staff members in the first quarter. The bank is recruiting specialists for digital space and marketing though not in large numbers.

SBI cuts staff by at least 6,000; will redeploy 10,000 employees

<ul><li>IT services company <keyword id="28721" type="General" weightage="20" keywordseo="cognizant" source="Orion">Cognizant</keyword> reported a healthy growth in revenue and profit for the June quarter.</li><li>While its attrition rates remained highest in the industry, the company says it has been hiring a new employee every 56 seconds.</li><li>Its attrition rates rose to 31% from 26% in the previous quarter, indicating no end to attrition.</li></ul>Nasdaq-listed Cognizant’s net profit grew 12.7% sequentially to $577 million in the second quarter ended June 30, while revenues grew by 9.5% on year in constant currency to $4.9 billion. This is the fifth consecutive quarter of revenue growth with highest quarterly revenue to date. Note Cognizant follows the calendar year as its financial year. While the company delivered healthy earnings performance, elevated attrition remains core issue amid the inflationary environment similar to <a href="https://www.businessinsider.in/business/corporates/news/it-is-attrition-rates-and-not-the-wage-hikes-dampening-indian-it-cos-earnings/articleshow/93120202.cms">Indian IT companies that is sacrificing on profits </a>due to rising wage hikes. “During the quarter, we maintained a disciplined approach on pricing, while managing supply constraints and labor cost inflationary pressure. While quarterly bookings performance was below our expectations, our 1.2x book-to-bill supports our revenue growth outlook for 2022,” said Jan Siegmund, chief financial officer at Cognizant. In fact, the company lowered its full year revenue growth guidance to 8.5-9.5% in constant currency at $19.7-19.9 billion, from the 9-11% growth it guided in the previous quarter. Cognizant has the highest attrition rates in the industry and to tackle that it has also been hiring aggressively to an extent that it now claims a new employee is hired every 56 seconds. Its attrition rates rose 31% from 26% in the previous quarter, indicating no near end to the attrition war in the IT space. It added over 900 employees sequentially and 40,100 staff since the same quarter last year, raising the headcount to over 3.41 lakh employees amid the intensely competitive labor market. <div type="image" title="Copy of top 10 company" height="900" width="1200" msid="93189368" hostid="261"></div> Amid the talent war, Cognizant commits to retaining employees by investing in employee benefits programs. “In a period of unprecedented labor market conditions characterized by elevated attrition and significant wage inflation, we focused on our client commitments and delivered balanced financial results in the second quarter. As we position the company for sustained success, we will continue to invest in our talented employees, our clients and our capabilities,” said Brian Humphries, CEO of Cognizant. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-favourite-tea-time-snacks-such-as-samosas-aloo-bhujia-parathas-have-gone-global/articleshow/93186525.cms">The world is not enough for Indian snacks as the humble samosa has gone global</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/sbi-card-doubles-its-profit-as-its-customers-increase-spends-by-80/articleshow/93186947.cms">SBI Card doubles its profit as its customers increase spends by 80% – but FY23 off to a slow start</a>

Cognizant reports 12.7% profit growth QoQ, but lowers revenue guidance for the year

<ul><li>CommerceIQ to hire 250 people globally and across India as well next year.</li><li>It intends to significantly scale its India operations, with additional key hires in software and product development, data science and analytics, product operations and support.</li><li>Some of the positions available across India currently.</li></ul>CommerceIQ, which is a US based <keyword id="12456764" type="General" weightage="20" keywordseo="e-commerce-management-platform" source="Orion">e-commerce management platform</keyword>, is looking forward to hiring 250 people globally next year, out of which 125 people will be in India (Bengaluru). The <keyword id="35621" type="General" weightage="20" keywordseo="e-commerce" source="Orion">e-commerce</keyword> management platform is planning to increase its headcount by 50% in India and looks to further accelerate growth in the coming year. It intends to significantly scale its India operations, with additional key hires in software and product development, data science and analytics, product operations and support. “The demand for e-commerce management solutions that are artificial intelligence (AI)-driven is unstoppable given the acceleration that the pandemic has brought on in this space. We are not only growing revenues, however, we are expanding our product capabilities, doubling down on our commitment to customer success”, said Guru Hariharan, co-founder and chief executive officer (CEO) of CommerceIQ, to Business Insider in an interaction. The company supports two offerings: sales and advertising and uses machine learning, analytics and automation to aggregate data across sales, marketing and supply chain operations. Kellogg’s, Mondelez International,Nestle,Whirlpool, Colgate, Johnson &amp; Johnson are some of its popular clients. He further added, “In addition, based on strong customer demand, we began expanding our offering to existing customers who wanted to leverage our technology across their global operations and we will be making some key announcements in this area soon. The fact is the e-commerce market is nearing $5 trillion on a global scale, with growth coming not just in the US, and we want to be there to capture the lion’s share of the opportunity. Asia in particular, will experience a near doubling of growth, and the fact that we have such robust operations in India gives us a strong foundation for growth in the region” These are some of the positions available across India currently — 1. Business analyst Eligibility criteria — 1-2 years of prior experience both performing and structuring advanced analyses with extensive experience with data manipulation using Excel and SQL. Key responsibilities — Analyse and identify deeper patterns in data and weave a story from the data at hand. 2. Customer operations manager Eligibility criteria — Minimum 5-7 years experience in operation management, managing mid and small size projects in pre-sales, client onboarding/kickoff, product operations, support and software implementations. Key responsibilities — Answer questions from Fortune 500 consumer brands and help uncover product opportunities that help brands win. 3. Director of e-commerce strategy and advertising Eligibility criteria — Around 8 years in total of professional work experience with 6 years experience in running enterprise-level media and advertising engagement with customers, in a consulting/agency role and 3 years of people and team management experience Key responsibilities — Lead a team of advertising managers and serve as a subject matter expert on all aspects of e-commerce advertising across channels such as Amazon, Walmart etc. 4. Senior recruiter Eligibility criteria — 5 years of recruiting experience in e-commerce or software-as-a-service (SaaS) companies. Key responsibilities — Partner with hiring teams to develop aggressive, achievable staffing strategies to fill openings through direct sourcing efforts. 5. Engineering manager Eligibility criteria — 6 years of relevant engineering work experience with 5 years software design, coding in Java/equivalent and a good understanding of frontend technologies. Key responsibilities — Manage the performance and career development of a team of engineers, and own significant parts of the company’s applications that require design, architecture, and coding (both frontend and backend). 6.Software development engineer III Eligibility criteria — 5 Years in designing and developing complex and scalable software modules. Key responsibilities — Candidate will be responsible for developing, testing and releasing features within time and with high quality that will drive revenue and margin impact to top brands. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/former-sbi-chairman-pratip-chaudhuris-arrest-will-lead-to-policy-paralysis-say-experts/articleshow/87482347.cms">The arrest of former SBI chief Pratip Chaudhuri may prevent bankers from making any risky decisions, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/news/indian-government-is-reportedly-working-on-a-package-to-push-semiconductor-production-in-india/articleshow/87482038.cms">Indian government is reportedly working on a package to push semiconductor production in India</a>

E-commerce management platform CommerceIQ will be hiring 250 people next year across various domains

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SBI cuts staff by at least 6,000; will redeploy 10,000 employees

BI India Bureau

Cognizant reports 12.7% profit growth QoQ, but lowers revenue guidance for the year

Bhakti Makwana

E-commerce management platform CommerceIQ will be hiring 250 people next year across various domains

Vaamanaa Sethi

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