Global hiring decline in 2023 impacted major IT companies like Cognizant and Capgemini. Indian IT firms a ...More

Global hiring decline in 2023 impacted major IT companies like Cognizant and Capgemini. Indian IT firms also faced headcount reductions. Everest Group attributed layoffs to Covid over-hiring, while Gen AI influenced hiring decisions. ...Less

With the year drawing to a close, ETtech looks at startups and tech companies— global and domestic—which ...More

With the year drawing to a close, ETtech looks at startups and tech companies— global and domestic—which laid off employees to cut costs amid economic uncertainties. ...Less

Cognizant's off-campus placement drive, offering a ?2.5 LPA salary to fresh graduates, has sparked online ...More

Cognizant's off-campus placement drive, offering a ?2.5 LPA salary to fresh graduates, has sparked online criticism, highlighting stagnant entry-level wages since 2002. This comes at a time when the disparity between CEO and employee pay is growing in the IT sector, with CEO compensations soaring. The widening gap is raising concerns about fairness in compensation, especially in a job market facing layoffs and AI-driven changes. Social media reactions reflect the growing discontent among the public. ...Less

Cognizant also announced a two-year rejig aimed at simplifying the operating model and rationalising offi ...More

Cognizant also announced a two-year rejig aimed at simplifying the operating model and rationalising office spaces to the tune of $400 million. The company is set to lay off around 3,500 employees or 1% of its total workforce. ...Less

Layoffs at Cognizant follow that of Accenture, which in April announced that 19,000 employees would be le ...More

Layoffs at Cognizant follow that of Accenture, which in April announced that 19,000 employees would be let go globally. ...Less

Ravi Kumar S, who quit Infosys to take charge of the US firm in January 2023, says while large-scale reor ...More

Ravi Kumar S, who quit Infosys to take charge of the US firm in January 2023, says while large-scale reorganisation is not required, the company will let go of 1% of its staff and rationalise office space. This (employee impact) will be across corporate functions, overheads who are non-billable workforce, he said. ...Less

This is intended to improve reporting, advance business decisions, and drive next best actions to provide ...More

This is intended to improve reporting, advance business decisions, and drive next best actions to provide a personalized experience to customers and recommend next steps, services or products. ...Less

The layoff wave has swept not only startups and mid-sized firms, but also big tech companies such as Amaz ...More

The layoff wave has swept not only startups and mid-sized firms, but also big tech companies such as Amazon, Microsoft, and Google parent Alphabet, among others. ...Less

The latest developments are an extension of what has transpired in the so-called new economy over the las ...More

The latest developments are an extension of what has transpired in the so-called new economy over the last six to eight months. Layoffs at tech startups are expected to continue until the end of quarter, after which the situation could improve, industry experts said. ...Less

In a big blow for the Vijay Shekhar Sharma founded fintech, the Reserve Bank of India has barred Paytm Pa ...More

In a big blow for the Vijay Shekhar Sharma founded fintech, the Reserve Bank of India has barred Paytm Payments Bank from offering all banking services after February 29. This and more in today’s ETtech Top 5. ...Less

Report speculative, Board fully supports strategic direction, management team: Cognizant ...More

Report speculative, Board fully supports strategic direction, management team: Cognizant ...Less

One company has chosen to plough ahead despite the less-than-ideal conditions. We spoke to Sahil Barua, f ...More

One company has chosen to plough ahead despite the less-than-ideal conditions. We spoke to Sahil Barua, founder and CEO of Delhivery, in an exclusive interview to find out why. ...Less

Ravi Kumar S, who took over as the chief of US-headquartered IT firm Cognizant four months ago, has terme ...More

Ravi Kumar S, who took over as the chief of US-headquartered IT firm Cognizant four months ago, has termed the last quarter “historic” amid a cautious macro environment. ...Less

In spite of the many startups laying off employees since last year, the Indian IT sector has so far remai ...More

In spite of the many startups laying off employees since last year, the Indian IT sector has so far remained resilient. However, the recent announcement by global IT major Accenture that it will cut 19,000 jobs has brought back some of the fears again. Accenture has opted for retrenchments to drive resilience. “We are trying to cut structural costs so that we are in a better position. We are trying to mitigate the cost by driving efficiency,” Sweet added. ...Less

Stack Overflow, a question and answer website for programmers, has laid off 10 per cent of its workforce, ...More

Stack Overflow, a question and answer website for programmers, has laid off 10 per cent of its workforce, or 58 employees, amid global macroeconomic pressures and focus on profitability. ...Less

Byju's quest to settle the $1.2 billion TLB feud might come at a steeper price. The embattled edtech firm ...More

Byju's quest to settle the $1.2 billion TLB feud might come at a steeper price. The embattled edtech firm might have to pony up an additional $50-60 million to service the increased interest rate it has offered to conclude the revised terms for the deal. This and more in today’s ETtech Morning Dispatch. ...Less

Gurugram-based food delivery platform Zomato reported its first-ever profit in the April-June quarter of ...More

Gurugram-based food delivery platform Zomato reported its first-ever profit in the April-June quarter of FY24, reversing losses of Rs 186 crore from the year-ago period. Striking an upbeat note following the results, the company’s management said it expects profitability to sustain going forward. This and more in today’s ETtech Top 5. ...Less

The Dublin-based company's revenue beat street estimates as it posted a revenue of $16.56 billion, up 3% ...More

The Dublin-based company's revenue beat street estimates as it posted a revenue of $16.56 billion, up 3% year-on-year, for the fiscal third quarter. It though narrowed its revenue guidance for the ongoing fiscal year to a narrower range of 8-9% from 8-10% earlier due to a lower-than-expected small-size deal wins. The company follows a September-August financial year. ...Less

The New Jersey-headquartered firm will be more employee centric, strengthen on winning larger deals and b ...More

The New Jersey-headquartered firm will be more employee centric, strengthen on winning larger deals and better operational metrics in order to “accelerate growth”, according to Rajesh Nambiar, MD and Chairman of Cognizant India. ...Less

The government-backed Open Network for Digital Commerce (ONDC) is being seen as a serious threat to food- ...More

The government-backed Open Network for Digital Commerce (ONDC) is being seen as a serious threat to food-delivery majors Zomato and Swiggy. We’ll explain today what it means for the food-delivery space. ...Less

The employment-focused professional network had also announced layoffs in February this year. ...More

The employment-focused professional network had also announced layoffs in February this year. ...Less

Cognizant’s net profit increased 3% in the first quarter to $580 million on lower administration costs an ...More

Cognizant’s net profit increased 3% in the first quarter to $580 million on lower administration costs and a bump in other income. It will let go of 3,500 people over the next two years. ...Less

Chief Financial Officer James Kavanaugh told Reuters that the company was still "committed to hiring for ...More

Chief Financial Officer James Kavanaugh told Reuters that the company was still "committed to hiring for client-facing research and development". The layoffs - related to the spinoff of its Kyndryl business and a part of AI unit Watson Health - will cause a $300 million charge in the January-March period, IBM said. ...Less

Staffing firm TeamLease expects a 40% drop in FY24 headcount addition vis a vis FY23 addition, based on t ...More

Staffing firm TeamLease expects a 40% drop in FY24 headcount addition vis a vis FY23 addition, based on the current outlook from companies. ...Less

Accenture is offering a seven-month severance payout to employees impacted by its latest layoffs. The pac ...More

Accenture is offering a seven-month severance payout to employees impacted by its latest layoffs. The package is high considering most companies offer a two-three months’ payout, or one month of salary for every year of service put in. ...Less

This is a fallout of Cognizant’s announcement in October that about 6,000 of its employees in the content ...More

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. ...Less

...More

...Less

Many of those laid off were mid- or upper-level techies, with low lateral skills for other industries. ...More

Many of those laid off were mid- or upper-level techies, with low lateral skills for other industries. ...Less

Most of these employees are based out of India. The list has been submitted to chief executive officer Br ...More

Most of these employees are based out of India. The list has been submitted to chief executive officer Brian Humphries’ office, the people said. They are part of the 10,000-12,000 mid-to-senior level positions globally that the company said in October it would remove from their current roles in the coming quarters, the people said. ...Less

Recruitment firms have received at least a few tens of thousands of queries for entry to senior levels in ...More

Recruitment firms have received at least a few tens of thousands of queries for entry to senior levels in IT services space. Xpheno, a specialist staffing firm, has seen almost 40% spike in CVs from senior tech professionals from IT services companies over the last fortnight. ...Less

The Teaneck, New Jersey-headquartered firm has been cutting jobs for the last two years. ...More

The Teaneck, New Jersey-headquartered firm has been cutting jobs for the last two years. ...Less

But now the company faces fierce, well-funded competition in the form of Flipkart, which plans to roll ou ...More

But now the company faces fierce, well-funded competition in the form of Flipkart, which plans to roll out similar services in the coming months. ...Less

The compensation increases have come at a time when the company said it was laying off as many as 200 sen ...More

The compensation increases have come at a time when the company said it was laying off as many as 200 senior executives. ...Less

??The axe will fall mainly on midlevel employees and those who haven’t picked up relevant skills. ...More

??The axe will fall mainly on midlevel employees and those who haven’t picked up relevant skills. ...Less

"All these IT multinational companies have been earning huge profits and there is no reason to retrench e ...More

"All these IT multinational companies have been earning huge profits and there is no reason to retrench employees. The firing operations are being taken up on the pretexts of ‘growth plans', ‘restructuring', ‘role rationalisation' etc, which are nothing but measures to maximise their profits at the cost of employees," CITU said in a statement. ...Less

Cognizant said its headcount growth had outstripped revenue growth in the past two quarters. ...More

Cognizant said its headcount growth had outstripped revenue growth in the past two quarters. ...Less

?Amid a funding crunch globally, frugality and unit economics are the new buzzwords among startups as the ...More

?Amid a funding crunch globally, frugality and unit economics are the new buzzwords among startups as they focus more on cutting costs and making a profit. Investors, founders and recruiters we spoke to said there will be cost-cutting drives across startups amid increased investor scrutiny of money-guzzling business models. ...Less

...More

...Less

Last year, Cognizant had offered nearly 400 employees a voluntary retirement scheme but this year's move ...More

Last year, Cognizant had offered nearly 400 employees a voluntary retirement scheme but this year's move by the company to cut senior level jobs is involuntary. ...Less

Accenture, Infy, TechM, Cognizant, MphasiS investing to make workforce future-ready. ...More

Accenture, Infy, TechM, Cognizant, MphasiS investing to make workforce future-ready. ...Less

Cognizant spokesperson said: “Cognizant has not conducted any layoffs. Each year, as is the best practice ...More

Cognizant spokesperson said: “Cognizant has not conducted any layoffs. Each year, as is the best practice across our industry, we conduct performance reviews. ...Less

The ET Top Recruiters Survey found that 10 of India’s biggest recruiters hired a total of 1,175 MBA stude ...More

The ET Top Recruiters Survey found that 10 of India’s biggest recruiters hired a total of 1,175 MBA students from 26 leading B-schools in 2017. ...Less

“The growing realisation among Indian workforce that reskilling is the only way to stay competitive led t ...More

“The growing realisation among Indian workforce that reskilling is the only way to stay competitive led to a 37% increase in registrations during the February-April period compared to last year," said Raghav Gupta, India country director, Coursera. ...Less

Those in support of laid-off workers say the firing policies based on performance reviews are often discr ...More

Those in support of laid-off workers say the firing policies based on performance reviews are often discriminatory. ...Less

Reports suggest that over 6,000 employees in India have lost jobs even as the company has put in place a ...More

Reports suggest that over 6,000 employees in India have lost jobs even as the company has put in place a voluntary separation programme for mid to senior execs. ...Less

The nod to set up India's first dedicated IT employee union is a significant moment, the first big breakt ...More

The nod to set up India's first dedicated IT employee union is a significant moment, the first big breakthrough for techies grappling with prospects of job loss. ...Less

Defending the industry as a whole, Viswanathan said that early estimates from Nasscom indicate that the I ...More

Defending the industry as a whole, Viswanathan said that early estimates from Nasscom indicate that the IT industry will be net hirers as the year ends. ...Less

There is a gentle deceleration in net new hiring growth rate and the emphasis is shifting from scale to s ...More

There is a gentle deceleration in net new hiring growth rate and the emphasis is shifting from scale to skills, said Nasscom. ...Less

Those taking the hit first are mid- and senior-level professionals. But lower level employees, too, will ...More

Those taking the hit first are mid- and senior-level professionals. But lower level employees, too, will be hurt later in the year due to sluggish growth. ...Less

While there could be pressure on employment in some of the IT sectors, it is not necessarily in terms of ...More

While there could be pressure on employment in some of the IT sectors, it is not necessarily in terms of literally a job destruction, said Urjit Patel. ...Less

Tamil Nadu's labour laws provide for aggrieved employees to approach the Conciliation wing of the state l ...More

Tamil Nadu's labour laws provide for aggrieved employees to approach the Conciliation wing of the state labour department to settle disputes with employers. ...Less

Cognizant, Infosys, Wipro won’t disclose how many jobs they cut, but it appears the industry is going thr ...More

Cognizant, Infosys, Wipro won’t disclose how many jobs they cut, but it appears the industry is going through one of the largest retrenchments in its history. ...Less

Jobs replaced by automation do not go for good. You can beat the gathering gloom in job market by equippi ...More

Jobs replaced by automation do not go for good. You can beat the gathering gloom in job market by equipping yourself with the latest tech skills. ...Less

Sundararajan said the industry was continuing to grow at 8-9% this year, same as last year, and reports o ...More

Sundararajan said the industry was continuing to grow at 8-9% this year, same as last year, and reports of massive job losses in the industry were untrue. ...Less

According to executive search firm Head Hunters India, job cuts in IT sector will be between 1.75 lakh an ...More

According to executive search firm Head Hunters India, job cuts in IT sector will be between 1.75 lakh and 2 lakh annually for next three years. ...Less

Global corporations, the paymasters of Indian software vendors, are no longer so keen to ante up for appl ...More

Global corporations, the paymasters of Indian software vendors, are no longer so keen to ante up for application development and maintenance. ...Less

The Forum for IT Employees had filed a petition on "layoffs" by the IT giant, alleging that Cognizant was ...More

The Forum for IT Employees had filed a petition on "layoffs" by the IT giant, alleging that Cognizant was illegally terminating thousands of employees. ...Less

"We are here to create jobs, not to downsize," he asserted after TCS launched a BPO centre here to create ...More

"We are here to create jobs, not to downsize," he asserted after TCS launched a BPO centre here to create new opportunities as part of the government's Digital India push. ...Less

The Teaneck, New Jersey-based IT services provider earns around 38% of its $16.8 bn revenue from digital ...More

The Teaneck, New Jersey-based IT services provider earns around 38% of its $16.8 bn revenue from digital businesses. ...Less

The new service line -- Digital Business and Technology -- will be headed by current president and head o ...More

The new service line -- Digital Business and Technology -- will be headed by current president and head of digital business, Malcolm Frank. ...Less

Vinod AJ, general secretary of the All India Forum for IT Employees (AIFITE), said Cognizant employees ac ...More

Vinod AJ, general secretary of the All India Forum for IT Employees (AIFITE), said Cognizant employees across Chennai, Bengaluru, Hyderabad, Pune, Kochi and Kolkata have been affected. ...Less

"We have to retrain and reskill our staff and I think you saw a conscious effort on that over the last co ...More

"We have to retrain and reskill our staff and I think you saw a conscious effort on that over the last couple of quarters….we still have some work to do." ...Less

Cognizant has cut the bench time for employees, opening up the possibility of more exits. ...More

Cognizant has cut the bench time for employees, opening up the possibility of more exits. ...Less

Speculation about thousands of job cuts last month has heightened anxiety among employees. ...More

Speculation about thousands of job cuts last month has heightened anxiety among employees. ...Less

The latest contract to be scrutinised is one with Walt Disney, which recently signed a deal with US-based ...More

The latest contract to be scrutinised is one with Walt Disney, which recently signed a deal with US-based Cognizant Technology Solutions. ...Less

Under new CEO, Cognizant is undergoing a widespread restructuring aimed at boosting growth & lowering cos ...More

Under new CEO, Cognizant is undergoing a widespread restructuring aimed at boosting growth & lowering costs. ...Less

From around 1.65 lakh employees on its payroll in 2011, IBM's India headcount is expected to slide to one ...More

From around 1.65 lakh employees on its payroll in 2011, IBM's India headcount is expected to slide to one lakh by March this year. ...Less

Two things happened around 2016 that might provide a clue to this collapse. ...More

Two things happened around 2016 that might provide a clue to this collapse. ...Less

IT cos have no choice but to lay off some of their mid-level staff to become more agile, said ex-CFO of I ...More

IT cos have no choice but to lay off some of their mid-level staff to become more agile, said ex-CFO of Infosys. ...Less

Firms are now going big on outplacement and career-transition services for staff who are being let go of. ...More

Firms are now going big on outplacement and career-transition services for staff who are being let go of. ...Less

The company is letting go of 10% of the workforce, or around 2,200 people. ...More

The company is letting go of 10% of the workforce, or around 2,200 people. ...Less

Cognizant clarified the number of job losses that were being targeted.“The number of senior job cuts will ...More

Cognizant clarified the number of job losses that were being targeted.“The number of senior job cuts will be under 200,” a Cognizant spokesperson told ET. ...Less

Cognizant slashed its revenue growth guidance earlier and said it was looking at cutting jobs to reduce c ...More

Cognizant slashed its revenue growth guidance earlier and said it was looking at cutting jobs to reduce costs. ...Less

The development on Friday is a hard-earned relief for the eight employees fearing the axe amid reports of ...More

The development on Friday is a hard-earned relief for the eight employees fearing the axe amid reports of higher-than-expected non-performer exits from the IT firm. ...Less

Emerging technology poses a big threat to jobs and companies. It can force companies to rationalise workf ...More

Emerging technology poses a big threat to jobs and companies. It can force companies to rationalise workforce and even finish certain jobs. ...Less

In an email sent to employees from Jim Lennox, CTS's chief people officer, said revisions and promotions ...More

In an email sent to employees from Jim Lennox, CTS's chief people officer, said revisions and promotions will be effective from October 1. ...Less

"We are planning to organise a united front of IT employees associations to hold talks with Karnataka gov ...More

"We are planning to organise a united front of IT employees associations to hold talks with Karnataka govt to resolve the issue," an AIITEA official said.. ...Less

Infosys had announced that it could hand out pink slips to hundreds of mid and senior-level employees as ...More

Infosys had announced that it could hand out pink slips to hundreds of mid and senior-level employees as it carries out bi-annual performance review. ...Less

Last month, Mahindra Group Chairman Anand Mahindra had tendered apology over the manner in which an emplo ...More

Last month, Mahindra Group Chairman Anand Mahindra had tendered apology over the manner in which an employee of Tech Mahindra was asked to quit. ...Less

The programme gives participants a chance to explore other opportunities while making way for the next ge ...More

The programme gives participants a chance to explore other opportunities while making way for the next generation of leaders to step up. ...Less

Former employees of IT firms including Cognizant, Tech Mahindra and Wipro in Pune on Thursday filed separ ...More

Former employees of IT firms including Cognizant, Tech Mahindra and Wipro in Pune on Thursday filed separate petitions with the Maharashtra Commissioner of Labour against their former employers saying that their services have been terminated illegally. ...Less

The stark takeaway from ET's Jobs Disruption survey of nearly 11,000 employees is that the fear of job lo ...More

The stark takeaway from ET's Jobs Disruption survey of nearly 11,000 employees is that the fear of job losses is not overblown but a near-term reality. ...Less

Domestic IT giants are bracing for tougher rules for H-B1 visas in the US and disruptions due to new tech ...More

Domestic IT giants are bracing for tougher rules for H-B1 visas in the US and disruptions due to new technologies ...Less

"As digital becomes more prevalent we are looking for skills like design talent and data science and we w ...More

"As digital becomes more prevalent we are looking for skills like design talent and data science and we will hire those folks in other parts of the world, the US included." ...Less

Though reports of companies laying off employees have been surfacing since long, this is the first quarte ...More

Though reports of companies laying off employees have been surfacing since long, this is the first quarter in which these many companies have reported a dip in employee numbers. ...Less

A bunch from the workforce in Chennai is preparing for conciliation proceedings with the state labour dep ...More

A bunch from the workforce in Chennai is preparing for conciliation proceedings with the state labour department in what they claim is a fight against retrenchment. ...Less

"Such reports are incorrect. In fact the industry continues to be a net hirer with over 1.5 lakh people b ...More

"Such reports are incorrect. In fact the industry continues to be a net hirer with over 1.5 lakh people being employed on a net basis each year," Nasscom said. ...Less

"Layoffs are regular, performance-based things that we do every year. The number is really 300-400," Info ...More

"Layoffs are regular, performance-based things that we do every year. The number is really 300-400," Infosys COO UB Pravin Rao said. ...Less

Placement heads across colleges said they are keenly tracking developments on layoffs, visa issues, etc, ...More

Placement heads across colleges said they are keenly tracking developments on layoffs, visa issues, etc, and ensuring students are kept in the loop. ...Less

Retrenched employees claim their former employers pressured them to hand in resignations instead of firin ...More

Retrenched employees claim their former employers pressured them to hand in resignations instead of firing them, thereby saving on the expense of severance pay. ...Less

The need to secure and sustain a good job is critical. Find out how to ensure a stable career and free yo ...More

The need to secure and sustain a good job is critical. Find out how to ensure a stable career and free yourself from job concerns. ...Less

IBM did not confirm the number of employees who will be affected but said that "re-skilling and rebalanci ...More

IBM did not confirm the number of employees who will be affected but said that "re-skilling and rebalancing is an ongoing process as we accelerate the benefits of cloud technologies for clients." ...Less

Tamil Nadu, home to an estimated four lakh IT professionals, is witnessing increasing job losses typicall ...More

Tamil Nadu, home to an estimated four lakh IT professionals, is witnessing increasing job losses typically among middle-level managers. ...Less

A few employees of Cognizant recently approached the state Labour Department alleging that the IT company ...More

A few employees of Cognizant recently approached the state Labour Department alleging that the IT company was forcibly taking resignations from employees citing poor performance. ...Less

Since the situation may get more acute, professionals may be forced to switch industries and look for job ...More

Since the situation may get more acute, professionals may be forced to switch industries and look for jobs in emerging sectors such as fintech or ecommerce. ...Less

With opportunities shrinking and markets transforming, a fifth of 40 lakh Indian software engineers are l ...More

With opportunities shrinking and markets transforming, a fifth of 40 lakh Indian software engineers are likely to lose their jobs by 2020. ...Less

The job cuts are also affecting mid-to-senior employees who are at the centre of the reskilling and restr ...More

The job cuts are also affecting mid-to-senior employees who are at the centre of the reskilling and restructuring conversations happening across the sector ...Less

To retain margins, IT cos are increasing proportion of fixed cost projects in revenue, tightening costs a ...More

To retain margins, IT cos are increasing proportion of fixed cost projects in revenue, tightening costs and recruiting more freshers, less experienced staff. ...Less

The company did not specify the number of employees that could be asked to leave. Industry sources sugges ...More

The company did not specify the number of employees that could be asked to leave. Industry sources suggest that the number would run into hundreds. ...Less