If you have Indian IT stocks, should tech layoffs worry you?
2 years ago

If you have Indian IT stocks, should tech layoffs worry you?

Live Mint  

Many major US IT companies felt the burn of macroeconomic headwinds and prepared by trimming their employee strength through massive layoffs to improve margins. However, the revenue of the major Indian IT companies in the last quarter was consistent with the estimates with healthy outlook commentary, as per analysts. Going forward, healthy deals in the areas are estimated to drive growth,” said Vinod Nair, Head of Research at Geojit Financial Services on the IT Sector outlook post the massive layoffs. “Most companies see increased offshoring, improving utilisation and reduced subcontracting costs as major levers for margin expansion.” Given the strong demand environment, the revenue outlook for the December quarter and FY23, shared by IT services companies, continues to be strong, as per BNP Paribas.

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History of this topic

Tech Layoffs Continue Worldwide In July, See How Many Indians Felt The Impact
4 months, 3 weeks ago

Tech Layoffs Continue Worldwide In July, See How Many Indians Felt The Impact

ABP News  

The tech industry has been going through a wave of layoffs and the reduction in workforce has continued in July as well. The data showed that in the year so far, as of July 30, 2024, about 1,90,049 people were let go of from about 380 companies across the world, reported The Indian Express. July began with US-based software firm, …

India's top 5 IT firms continue headcount decline for 7th straight quarter
4 months, 3 weeks ago

India's top 5 IT firms continue headcount decline for 7th straight quarter

Business Standard  

TCS led the ranking with total 606,998 employees, while Infosys came in second with 315,332 employees For the seventh consecutive quarter, India’s top five IT services firms have experienced a decline in headcount. The news report quoted Deepti S, business head of technology staff augmentation at staffing company Xpheno saying, “The gradual slowdown of the degrowth with the quantum of …

More job losses? 10,000 freshers from major IT firms Infosys, Wipro and TCS await onboarding: Report
6 months, 1 week ago

More job losses? 10,000 freshers from major IT firms Infosys, Wipro and TCS await onboarding: Report

Live Mint  

India's major IT sector is causing major onboarding delay issues for freshers. The IT employee union Nascent Information Technology Employees Senate data revealed that at least 10,000 freshers who were offered jobs in the past two years have not yet been onboarded by IT companies, Times of India reported. As per the report, Harpreet Singh Saluja, the President of the …

Silent layoffs in Indian IT sector affect over 20,000 techies: Which companies cut most jobs?
6 months, 3 weeks ago

Silent layoffs in Indian IT sector affect over 20,000 techies: Which companies cut most jobs?

Hindustan Times  

India’s IT sector laid off around 20,000 techies during the calendar year 2023, in a manner known as a “silent layoff,” according to data shared by All India IT & ITeS Employees' Union, as reported by Moneycontrol. A “silent layoff” refers to a situation where employees are let go or have their employment terminated in a discreet or unannounced manner, …

‘Quiet Firing’: Are Indian IT Firms Taking The Silent Route Of Layoffs?
6 months, 3 weeks ago

‘Quiet Firing’: Are Indian IT Firms Taking The Silent Route Of Layoffs?

ABP News  

Some Indian companies, especially those in the IT services field, are letting employees go without making much noise about it, or they can say they are implementing ‘silent sacking’ or ‘quiet firing, ' according to an association. Layoffs pose a substantial financial burden for companies, as they are required to offer severance packages to affected employees, states a report by …

India's Tech Sector Insights & Trends: 190,000 Layoffs, 37,000 In Startups In 3 Yrs
7 months, 3 weeks ago

India's Tech Sector Insights & Trends: 190,000 Layoffs, 37,000 In Startups In 3 Yrs

News 18  

Google’s recent layoff confirmation, purportedly encompassing its entire Python team, mirrors a broader trend in the tech sector job market. Ramesh Alluri Reddy, CEO of TeamLease Degree Apprenticeship, which is TeamLease’s flagship blended learning programme designed to bridge the skill gap in the workforce, shared insightful data with News18 about the layoffs, job creation, and evolving trends, offering insights into …

Tech layoffs 2024: Flipkart, Amazon, Paytm, Google cut thousands of jobs; is AI the real villain?
11 months, 1 week ago

Tech layoffs 2024: Flipkart, Amazon, Paytm, Google cut thousands of jobs; is AI the real villain?

Hindustan Times  

Hundreds of Indian workers are left in a lurch in an even worse job market after multiple big tech companies like Amazon, Microsoft, Google, and Flipkart together cut thousands of jobs across multiple departments in the first two weeks of 2024. The first two weeks of 2024 saw thousands of job cuts One of the most significant layoffs in the …

Layoffs Reached All-Time High in 2023, India Ranked 2nd After US for Firing 18,000 Employees
11 months, 3 weeks ago

Layoffs Reached All-Time High in 2023, India Ranked 2nd After US for Firing 18,000 Employees

News 18  

Layoff-fyi, a website that tracks jobs globally, has revealed that 2.61 lakh people lost their jobs in 2023. According to statistics, here are the estimated numbers of individuals fired country-wise: United States: 179.2 Thousand India: 16.4 Thousand Germany: 13.1 Thousand Sweden: 11.1 Thousand United Kingdom: 9.4 Thousand Around 4,700 individuals were laid off in the ed-tech sector, followed by the …

IT stocks fall after Accenture cuts earnings growth guidance
1 year, 6 months ago

IT stocks fall after Accenture cuts earnings growth guidance

Live Mint  

Shares of all major Indian Information Technology services companies declined on Friday after US tech giant Accenture cut its revenue guidance for the fourth quarter, raising concerns over earnings of Indian software companies. Domestic brokerage firm Motilal Oswal expects a negative near-term impact of Accenture’s earnings commentary on Indian tech companies. “The overhang on the small deal extension and execution …

IT sector Q4 review: Mixed numbers, cautious outlook; what’s the road ahead?
1 year, 6 months ago

IT sector Q4 review: Mixed numbers, cautious outlook; what’s the road ahead?

Live Mint  

On expected lines, the January-March quarter numbers of Indian IT companies came on the softer side with signs of stress due to the economic slowdown in the key markets including the US and Europe. Mixed numbers As Mint reported earlier, both Infosys and TCS, which together comprise 11 per cent of the Nifty 50 index weightage, missed analysts' estimates in …

New challenges in the Indian IT industry are changing the employer-employee dynamic
1 year, 6 months ago

New challenges in the Indian IT industry are changing the employer-employee dynamic

Hindustan Times  

Indian IT has been a poster child for India not just because of its size and scale but, more important, for its continuous innovation in response to changing market dynamics. First, fast growth in machine learning and Artificial Intelligence is making many old low-tech jobs redundant and creating massive demand at the very top end, which the industry cannot meet …

Indian IT sector to reduce college hiring by 40%, will prioritise last year’s offers first
1 year, 7 months ago

Indian IT sector to reduce college hiring by 40%, will prioritise last year’s offers first

Firstpost  

Currently, the job market for the Indian IT industry is extremely competitive due to companies increasingly laying off employees as a cost-cutting measure. In light of this situation, an analysis conducted by recruitment firm TeamLease Digital has revealed that most Indian IT companies are planning to hire 40 per cent fewer freshers during the financial year 2023-2024. The report also …

IT firms may see a sharp decline in attrition rate
1 year, 8 months ago

IT firms may see a sharp decline in attrition rate

Live Mint  

India’s software services companies are expected to see a sharp drop in attrition rates in the coming quarters, from the current 20%-plus to as low as 16%, as the impact of hiring freezes and retrenchments takes effect. This slowdown of hiring started from November 2020 onwards and will continue to till September 2023,” said Saran Balasundaram, founder of HanDigital, a …

Around 24,250 Indian techies lose jobs at 84 startups till date: Know the reason why?
1 year, 8 months ago

Around 24,250 Indian techies lose jobs at 84 startups till date: Know the reason why?

India TV News  

Since the year got started, we are bombarded with the news of layoffs, job loss, company's planning for cost-cutting and whatnot. The reports have stated that the leading digital healthcare platform like Practo has laid off 41 employees, who are mostly engineers, as part of the company's continuous planning process and performance management. Image Source : FREEPIKAround 24,250 Indian techies …

Layoffs in US will bring lot of work to India: GlobalLogic CEO Nitesh Banga
1 year, 9 months ago

Layoffs in US will bring lot of work to India: GlobalLogic CEO Nitesh Banga

Deccan Chronicle  

New Delh: Layoffs by Big Tech in the US are expected to bring a lot of work to India and the country's IT sector is poised to gain significantly during the slowdown, a top official of the US-based firm GlobalLogic said. In an interview to PTI, GlobalLogic President and CEO Nitesh Banga said the company is looking to acquire talents …

Why we need to rethink our relationship with Big Tech
1 year, 10 months ago

Why we need to rethink our relationship with Big Tech

Hindustan Times  

Between 2020 and 2021, it seemed tech companies would be the engine of post-pandemic recovery: Their growth appeared unstoppable, and their leadership made ambitious plans to expand. Tech services and products across the board saw skyrocketing demand, with US tech giants– Facebook, Amazon, Apple, Netflix and Google, collectively known as FAANG – benefitting from a meteoric rise in share prices. …

From IT to Startups, these Indian companies laid off employees in 2023
1 year, 10 months ago

From IT to Startups, these Indian companies laid off employees in 2023

Live Mint  

In the recent weeks, over tens of thousands of tech employees have been laid off across the globe. Twitter, which fired more than 90 percent of its roughly 200-plus staff in India late last year, closed its Delhi Mumbai offices, people aware of the matter had told Bloomberg. We at KPMG in India remain focused on growth opportunities in India …

How tech layoffs will affect the H-1B worker economy
1 year, 10 months ago

How tech layoffs will affect the H-1B worker economy

Hindustan Times  

The technology industry in the United States is shrinking. During the pandemic, while many sectors of the economy shrank, the tech industry went on a talent hunt that some analysts say might have resulted in as much as 20% excess workers. While economic headwinds are there, it is worth noting that in January, the same month the US tech industry …

Tech Layoffs: Over 1 Lakh Employees Lose Job So Far In 2023 Alone; Company-Wise Layoff List
1 year, 10 months ago

Tech Layoffs: Over 1 Lakh Employees Lose Job So Far In 2023 Alone; Company-Wise Layoff List

News 18  

Tech Layoffs In 2023: Citing cost cutting due to macroeconomic pressures, tech companies across the world have resorted to layoffs in the past months. The year 2023 has witnessed mass layoffs by companies such as Google, Microsoft, Salesforce and Amazon, among others. Apart from these, Salesforce laid off 8,000 employees, Dell sacked 6,650, IBM about 3,900, SAP nearly 3,000, Zoom …

INDUSTRY | Will IT lay-off wave crash into Indian shores?
1 year, 10 months ago

INDUSTRY | Will IT lay-off wave crash into Indian shores?

The Hindu  

Published : Feb 09, 2023 10:25 IST It was a New Year gift that the employees of Big Tech did not see coming. “If a small company like mine has been told not to hire high-skilled workers, then it can happen anywhere.” Alagunambi Welkin, general secretary of the Union of IT and IT-ES Employees, said that it was odd that …

Watch | Business Matters: Will global layoffs jolt India’s IT industry?
1 year, 10 months ago

Watch | Business Matters: Will global layoffs jolt India’s IT industry?

The Hindu  

There has been a slew of layoff announcements in the Western corporate world these past months, gathering pace over recent weeks. E. Balaji, currently Global chief HR officer at TVS Supply Chain Solutions, who has also been a senior leader in the manpower placement industry for more than a decade prior to this position, says fear of reputation loss and …

IT, startups may cut up to 20,000 jobs in next 6 months
1 year, 11 months ago

IT, startups may cut up to 20,000 jobs in next 6 months

Live Mint  

India’s IT and startup sectors may lay off 15,000 to 20,000 employees in the next six months, battling slowing demand after the hiring frenzy of the last two years inflated salary costs. Over the last year, companies faced the fear of missing out on talent hiring and recruited in large numbers and paid them many folds more than inflation and …

Microsoft to cut 10,000 jobs as tech layoffs intensify
1 year, 11 months ago

Microsoft to cut 10,000 jobs as tech layoffs intensify

The Hindu  

Microsoft Corp said on Wednesday it would cut 10,000 jobs by the end of the third quarter of fiscal 2023, the latest sign that layoffs were accelerating in the U.S. technology sector as companies brace for an economic downturn. The layoffs and costs related to hardware-portfolio and other changes will result in a charge of $1.2 billion in the second …

Amid slowdown & rising caution, will IT firms deliver another weak quarter?
1 year, 11 months ago

Amid slowdown & rising caution, will IT firms deliver another weak quarter?

Live Mint  

Indian IT stocks underperformed in 2022 amid warnings of a potential slowdown in business on global recession fears and earnings downgrades. The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing growth momentum led by uncertainties in the US and UK. The brokerage expects large caps to outperform …

Cooling hiring frenzy is good news for IT firms
2 years ago

Cooling hiring frenzy is good news for IT firms

Live Mint  

High attrition rates have been a headache on the margin front for Indian information technology services providers. Industrial policy eyes forex pile for finance Cartels may get to settle cases without admitting offence A further sequential moderation would be on the back of a slowdown in hiring trends. In Q2, net employee hiring for IT services companies halved year-on-year to …

Data | Layoffs by IT firms in the U.S. will greatly impact H-1B workers from India
2 years ago

Data | Layoffs by IT firms in the U.S. will greatly impact H-1B workers from India

The Hindu  

In 2020, the number of people employed by Meta was about 58,000. Also, over 95% of people were already using social media and messaging platforms, according to GWI, an audience research company, so the potential for growth for companies was minimal. This is a problem that only Indian workers face, as the waiting time in other countries is less by …

Explained | How will global layoffs impact India?
2 years ago

Explained | How will global layoffs impact India?

The Hindu  

December 01, 2022 10:45 pm | Updated December 07, 2022 01:48 pm IST The story so far: Over the past two months, a slew of U.S. multinational companies including tech giants Amazon, Meta, Intel, Twitter and financial behemoths like Citi and Morgan Stanley, announced massive layoffs. As for operating profit margins, Infosys saw its OPM improve to 21.5% in July-September …

Watch | Business Matters | Why are company layoffs becoming common?
2 years, 1 month ago

Watch | Business Matters | Why are company layoffs becoming common?

The Hindu  

Let’s talk about the job scenario in the context of the coming winter for the global economy. Layoffs announced in India in the context of start-ups Job additions by the US economy that could serve as a signal to what exporters from here could WFH as an influencer What happened to jobs in India when the 2008 financial crisis hit …

Explained: How layoffs at Singapore tech firms are affecting Indians
2 years, 1 month ago

Explained: How layoffs at Singapore tech firms are affecting Indians

Firstpost  

Technology companies around the world and in Singapore — a major tech hub where many of the tech giants host their regional headquarters — are freezing hiring or downsizing in the face of sluggish consumer spending, higher interest rates and inflation Singapore: Meta, the parent company of Facebook, has announced it was laying off about 11,000 employees, or 13 per …

It's the end of the boom times in tech, as layoffs keep mounting
2 years, 1 month ago

It's the end of the boom times in tech, as layoffs keep mounting

NPR  

It's the end of the boom times in tech, as layoffs keep mounting Enlarge this image toggle caption Michel Spingler/AP Michel Spingler/AP For more than two decades, the U.S. tech industry has been a reliable source of booming stocks and cushy, high-paid jobs. "We're facing an unusual macro-economic environment, and want to balance our hiring and investments with being thoughtful …

Microsoft layoffs won’t be the last for tech industry
2 years, 2 months ago

Microsoft layoffs won’t be the last for tech industry

Hindustan Times  

Mass layoffs are one of the more painful consequences of a looming economic recession, and the high-flying and well-funded tech industry isn’t immune. Microsoft Corp. on Monday provided an omen of what’s to come, when it confirmed that it had cut jobs across multiple divisions including its Xbox unit, numbering under 1,000 people. Similarly, Facebook parent Meta Platforms Inc. will …

Indian IT firms cut staff bonuses as U.S., European clients tighten budgets
2 years, 3 months ago

Indian IT firms cut staff bonuses as U.S., European clients tighten budgets

The Hindu  

India's top IT services firms are freezing or cutting staff bonuses, worried that tightening budgets at U.S. and European clients who are bracing for a recession will sharply hit their own profits after a pandemic-led boom. Infosys Ltd., India's second-biggest IT company, and smaller rival Wipro recently told their employees they reduced the variable pay portion of employee compensations, according …

As US recession fears grow, what Indian IT employees, shareholders need to know?
2 years, 5 months ago

As US recession fears grow, what Indian IT employees, shareholders need to know?

Live Mint  

Global brokerage and research firm JPMorgan's recent CIOs survey, conducted by its US Tech team, indicated that IT budgets are expected to contract 1-2% in ‘real terms’ growing 5/6% in nominal terms over CY22/23 vs inflation of 6-8%. In a recession, the report suggests that CIOs using Indian IT companies Tata Consultancy Services, Infosys, Wipro as a vendor would cut …

Top largecap, midcap, smallcap Indian IT stock picks as suggested by brokerages
2 years, 6 months ago

Top largecap, midcap, smallcap Indian IT stock picks as suggested by brokerages

Live Mint  

Indian IT stocks have recently been under pressure amid the current market selloff. Domestic brokerage and research firm Edelweiss in its latest report on IT said that it prefers HCL Tech, Infosys and Tata Consultancy Services among the large-caps and Coforge, LTI and Mindtree among midcap IT stocks. Analysts at brokerage JM Financial said that Accenture’s results confirm the ‘All’s …

Is all well for Indian IT firms? What Accenture’s results indicate
2 years, 6 months ago

Is all well for Indian IT firms? What Accenture’s results indicate

Live Mint  

US-based IT giant Accenture's earnings are often seen as an indicator of the performance of the Indian IT sector. Accenture’s strong performance and solid commentary supports brokerage Edelweiss' thesis of a robust tech upcycle. Analysts at brokerage JM Financial said that Accenture’s results confirm the ‘All’s well for now’ thesis for Indian techs despite increasing concerns of hit on IT …

How top Indian IT companies Infosys and TCS are fighting attrition
2 years, 6 months ago

How top Indian IT companies Infosys and TCS are fighting attrition

Live Mint  

Attrition rates have been high across IT companies through the last few quarters as demand for technology talent with digital skills continued to outstrip supply with increasing labor costs. “The companies have taken various measures such as offering competitive compensation, improving employee engagement, employee wellbeing, reskilling, and providing better opportunities to acquire and retain talent. Though attrition remained elevated, companies …

JPMorgan downgrades Indian IT sector but bullish on these 4 IT stocks
2 years, 6 months ago

JPMorgan downgrades Indian IT sector but bullish on these 4 IT stocks

Live Mint  

Since analysts at JPMorgan downgraded its Indian IT sector stance to underweight on 18 May, 2022, India IT performance has been volatile. Even as the global brokerage has remained underweight on the IT sector, it is overweight on only four Indian IT stocks which are Infosys, Mphasis, Tech Mahindra, Persistent Systems. Lastly, our analysis of management commentary this earnings season …

TCS sees fall in staff attrition, robust demand for IT services
2 years, 6 months ago

TCS sees fall in staff attrition, robust demand for IT services

Live Mint  

India's top software services exporter Tata Consultancy Services expects the rate of staff departures to fall and demand for its services to rise as companies continue with their pandemic-hastened digitisation processes, a company executive said. More tech talent is expected to enter the job market from startups facing funding crunches, as central banks withdraw stimulus and hike rates, TCS Asia …

Why investors in IT stocks remain on the edge
2 years, 6 months ago

Why investors in IT stocks remain on the edge

Live Mint  

Indian technology giant Infosys Ltd has dismissed concerns about a slowdown, and is optimistic on the demand outlook. In fact, the March quarter earnings for calendar year 2022 of companies such as EPAM Systems, Inc., Globant, Endava Plc and Capgemini have surpassed consensus expectations on revenue growth, said analysts at JM Financial Institutional Securities Ltd. “In addition to the strong …

What's behind record staff exits at Indian IT giants?
3 years, 2 months ago

What's behind record staff exits at Indian IT giants?

Business Standard  

If you are an IT worker in India, there is a chance you would have contemplated switching jobs in the past year or may have already done so. The country’s top four IT exporters – Tata Consultancy Services, Infosys, Wipro and HCL Technologies – reported a steep rise in voluntary attrition in the July-September quarter. Speaking to Business Standard, Wipro …

53% Indian Firms Plan Hirings, 60% Set to Increase Salaries as IT Sector Leads Rebound
3 years, 10 months ago

53% Indian Firms Plan Hirings, 60% Set to Increase Salaries as IT Sector Leads Rebound

News 18  

With TCS piping Accenture to become the most valuable IT company in the world, India’s IT sector has successfully negated the naysayers. Now, according to according to professional recruitment services firm Michael Page India’s ‘Talent Trends 2021 Report’, 53 per cent of companies say they are planning to increase their headcounts in 2021. According to the report, India projects an …

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