The scale of transitioning work from office to home is staggering for Indian IT.
This is a fallout of Cognizant’s announcement in October that about 6,000 of its employees in the content moderation business for Facebook may be asked to go. The company had then said it would exit this business, and would try to find new homes for the employees involved.
Accenture was the top acquirer of companies in the last 30 months. It outdid itself in 2019, making a total of 24 deals - a 50% increase from 2018, showed data from Hampleton Partners' IT and business services M&A market report.
The contract between the student and institution is called the income share agreement (ISA). If the student gets a job with at least that salary, he/she will pay 15-17% of the monthly salary to the institution for the first two-three years.
A recession could make clients of IT services companies cut their technology spends.
IT industry body Nasscom’s data on American employees – disclosed for the first time – shows that TCS has 20,000 such employees, Infosys 14,000, HCL 13,400, and Wipro 10,000. For all of them, these numbers are about 70% of their overall US employee strength (including those on visas).
Shares of SBI fell 8%, while other lenders with large exposure to telcos like Yes Bank and IndusInd Bank also dropped up to 5% on Friday. Analysts fear that the SC order could lead to a Vodafone Idea shutdown. “It may result in Rs 1.2-lakh-crore debt default, large-scale job losses and subscriber churn,” said Motilal Oswal in a report.
One data point indicates that Indian IT firms are estimated to have paid an average compensation of $96,300 to its US employees in 2018, higher than the average wage of $94,800 that IT professionals get in the US. This is data from US research firm IHS Markit Research.
Premji Invest, the investment firm of Wipro’s founder chairman Azim Premji, has led a $126 million funding in Boston-based primary care provider Iora Health. Existing investors Cox Enterprises, Temasek F-Prime Capital, Devonshire Investors, 406 Ventures, Flare Capital Partners, Polaris Partners, and Khosla Ventures participated in the round.
Some are beginning to call it the ‘India Mafia’, like the PayPal Mafia. The latter was used to describe the many former PayPal employees and founders who went on to found and develop other technology companies such as Tesla, LinkedIn, Palantir, SpaceX, YouTube, Yelp, and Yammer.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon