Wipro’s benched staff receive pay cuts

Wipro’s benched staff receive pay cuts. In an extended bench period, the employees who are put on the bench will be on the loss of pay. This extended period will last for 3 months

Wipro's benched staff receive pay cuts

The company says that these employees will only receive insurance coverage and nothing else. Usually, in IT companies, the bench means that the employee is not part of any billable projects.

The count usually varies from 5-7% employees on the bench at any time. In bigger companies, the count can be more. In Wipro, the new change is directed towards employees who are already on the bench and received a bad assessment of their work.

The company sends out an email to the employees stating that while on the bench the employee may choose to use their available leave balance. Once the leave quota is over, the employee will be on unpaid leave for the rest of the period on the bench.

These are one of the first actions taken by the new CEO. If any employee fails to join any billable project in the given period, the company has the right to terminate the employee, according to the new rules.

Also, read: Karnataka government approves the 70% local jobs policy

Wipro says that one of the areas to focus in India right now is to protect jobs. The company believes that this new policy is a way to achieve that goal.

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Rent-free stay for residents who lost jobs: ZoloStays

ZoloStays announces rent-free stay for residents who lost jobs. The co-living space provider announces this to all of its residents who had lost jobs due to the corona epidemic. Also, this is applicable for its previous residents who stayed at any of the 450 ZoloStays properties for a minimum period of 6 months across the country.

Rent-free stay for residents who lost jobs: ZoloStays

The CEO of the ZoloStays startup sent out an email to all the residents and former residents. The welcome was great from the side of the residents with around 600 people accepted this gratefully.

This offer is available from June 15 to August 31.

The email from the CEO says ” During this pandemic, employers are relieving employees to cut costs. Even in this kind of crisis, you are extending support just like family, even though it is difficult providing rent-free stay to each one of us. I am heartily thankful for your noble cause Nikhil Sikri and Team Zolo. Always been a delighted customer and always will be”

Initially, Zolostays decided that all of its HR can help the residents who lost jobs due to this pandemic, can help them find a new job. But this lockdown slowed down the process. The startup believes that procuring jobs for their tenants is not completely in their hands but they can do as much as to provide mindfulness to their residents

Read more: Karnataka government creates an online job-forum

Some of the property owners of the ZoloStays decided not to charge for lease rentals for 75 days. ZoloStays is also conducting webinars for its residents on how to build the resume, how to answer in an interview. This plan is for the next few weeks to elevate the chances of procuring jobs for their residents.

The company also believes the philosophy of “Once a Zoloite, always a Zoloite” and ” with you, for you, always”

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Wipro plans to adopt new work from home model

After TCS and IBM, now Wipro plans to adopt new work from home model. The Wipro chairman announces that the company will come out strong from the COVID impact. Next month, Wipro is set to welcome its new CEO.

Wipro plans to adopt new work from home model

The chairman tells that almost 90% of the current employees are work from home right now. He also tells that the company cannot go back to the old model of working. Hence, it has to adopt a new model which includes the employees working from home

More articles: Cognizant forces its benched employees to resign

In his first letter to the new CEO, Azim Premji says that the company will come out stronger once this corona lockdown ends. The next few months will be crucial for the company to resurrect the business.

Why Wipro plans to adopt new work model?

Mr.Azim Premji also believes that as more and more companies focus on the resurrection, the more adoption of technological advancements. He also says that the company cannot now function with 100% of the employees working from the offices. The current employees are now trained efficiently to work from home

More articles: Infosysโ€™s 33% staff to WFH permanently in the future

On the appointment of the new CEO, Mr.Premji says that the new CEO Thierry will bring exceptionally great leadership, strong international exposure, deep strategic expertise to the company. He also has the experience to drive the transformation and managing technological disruption. He believes Thierry is the right leader currently for the company

How about other companies?

Recently, TCS announces a new work from a home model, in which only 25% of the total employees will work from the offices by 2025. Also, each and every employee will spend only 25% of their time in the office

Earlier, Infosys also announces a new work model. According to this model, around 80,000 employees will never come to the office. The company also wants 66% of the employees to work from offices and 33% to work from home permanently.

Along with TCS and Infosys, IBM also announced plans in which only 25% of the employees will come to offices and the rest will have flexible work from home plans. Also, IBM plans to reduce the workspace to 50% in India.

More articles: SBI employees might work from anywhere soon

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Infosys’s 33% staff to WFH permanently in the future

Infosys says that 33% of its staff will WFH permanently, in the future. Once the situation improves, 50% of its employees will start coming to offices. Rest of all will continue to work from home

Infosys's 33% staff to WFH permanently in the future

Gradually, Infosys looks to maintain 66% of people working from offices and 33% working from home. This might be a permanent work model for Infosys in the near future. The executive vice president and head HR of Infosys Richard Lobo announced this plan

Also, Infosys wants to rotate the people who are part of work from home. Not always the same set of people will work from home and it keeps on rotating.

Also, read: Infosys signs climate-pledge by Amazon

According to the current numbers, if 33% of the employees will start working from home it will be around 80,000 people. These are the ones who will work from home permanently.

Infosys did not commit any timeline to implement this plan. Mr.Lobo believes the timeline for implementation entirely depends on the Covid-19 recovery

Infosys believes that this work from the home model is not that tough to implement and many companies have already successfully done it. Also during the corona lockdown, this implementation is done by several companies

After the Q4 results, Infosys’s COO announced this same thing. He reiterates that there is no decrease in productivity during the lockdown, even though most of the employees are working from home

Also, read: Increase in expenses during WFH: TCS

Earlier, TCS announced that by 2025, 3/4th of its workforce will work from home permanently.

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‘Marginal impact on Profits’ for Infosys due to the impact of COVID19. Salary of CEO at $6.15 million

Infosys has recently said that the business has been marginally impacted on profits due to the impact of coronavirus. It was also stated that the cash flows negatively for them, currently. According to the latest reports, the CEO drew a package of $6.15 million for the FY20. This has been mentioned in the regulatory filing by the Infosys

Infosys also said that the profits which are marginally impacted are due to most of their clients are asking for price reductions and discounts. In a 20-F submission to the US securities, Infosys has said that their cash flows are negatively impacted by the prolonged payment term requests from clients and low profitability. This may impact the payment of dividends to their stakeholders.

The company has also said that some of its clients have invoked the ‘Force Majeure’ clause in their contracts which is negatively impacting their business.

Not just Infosys, the corona outbreak has negatively impacted the global economy and all the businesses. Most of the companies, including Infosys has decided not to provide a revenue outlook for FY21 due to the impact of coronavirus

Pre-COVID, Infosys has said that there has been an increase in the number of rejections for visa and visa renewal from the United States and some other countries. Due to this, the company has to face the delay or bear the additional cost due to the uncertainty of whether the employee will join at the right time in the right project. The company also highlights that similar situation happened in Australia and the UK as well where the government will focus on “net migration”

Due to this crisis, the companies are preferring to employ local individuals and this could lead to an increase in the restrictions by the governments. The company also says that these extended restrictions will impact the overall cost and expenses for client delivery due to the additional costs in renewing the visas

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15% of employees to return to Offices for Infosys, as part of the second phase

This week, Infosys had planned a second phase of resuming its operations. As part of this second phase, 15% of its employees will be returning to offices. Recently, the government also had eased the restrictions in the country which led to IT companies establishing such rules.

Currently, Infosys employs a total of 242,371 employees globally. 15% of them are 36,350 employees who will be returning to the offices.

In the first phase, less than 5% of its employees are attending the offices in all regions. After this, executive VP and group HR head of Infosys had said that the company is planning to ramp up gradually and increase the attendance in the offices in the upcoming weeks.

Infosys CEO Salil Parekh had returned to the office in the first phase. He has started working at the headquarters of the company which is located in Electronic City. VP of Infosys had said that the company still believes that the employees’ safety is their utmost priority. They do not want to rush the employees to offices ensuring the safety and well being of the employees.

A spokesperson at Infosys had said that the company has taken all the necessary measures to keep their employees safe. Also, it has been noticed that the productivity of the employees is still at the required levels. Still the company has been working on bringing out robust technology for the employees to work remotely with ease.

The company is also planning to make sure that the employees who will be working from home will remain motivated. There are several measures being implemented by the company like issuing virtual breaks, online/phone meets. Yoga sessions, tips for the children of the employees as well to increase their productivity are being taken by the company.

The company has been following the virtual onboarding of the lateral employees making sure that all the offers made, are honored. The company is also planning to board campus hires in the same virtual manner, during the second phase.

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Revenue losses at OLA lead to 1400 job cuts

OLA cabs had announced the layoffs of 1400 employees from its total workforce. The laid-off employees received emails from CEO, Mr.Bhavish Agarwal on Wednesday morning

The e-mail says that all the people at OLA have expected this crisis to be a short-termed one but people, companies are still suffering due to this crisis. With this, the long term future of the company is unclear. It also said that this virus had its greatest effect on the cab/travel industry.

The CEO has mentioned that the overall revenues have fallen down by 95% in the last two months. With this, the company has taken a decision to downsize some operations. As of now, the layoffs are being done in the mobility business and soon it will also happen in Ola Foods and Ola Financial Services. The CEO also mentioned that, after this round of layoffs, there will not be any more layoffs.

The employees who are part of these layoffs will be informed in their one-on-one discussion with their HR on Saturday. As part of the severance package, the employees are going to receive three months of fixed salary, irrespective of the notice period. The employees who are will Ola for a long time will receive higher pay based on their tenure.

All the ESOP’s will be vested to the closest quarter, and for the employees who didn’t even spend 1 year at Ola, the ESOP’s will be vested for the time period they spend at the company. Ola is also planning to extend insurance and health benefits until December 31, 2020. The company is also planning to extend its outplacement support like allowing its employees to use the company laptops until some time.

CEO also said that the company is also conserving cash during this crisis, which it will look to invest in the future. The company also said to invest a lot in R&D to increase their contribution of innovation and engineering

Last year, Ola has restructured its business in November with a goal of profitability. During that time, around 5-7% of the employees are affected of the whole 4500 employees. Those layoffs are part of the plan of Ola to become public in the next 18-24 months

However, with the corona crisis, this seems to be a distant goal. In the month of March, the CEO has decided to not take the salary for the whole year. The company had also worked with the government to provide emergency medical travel.

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Salaries are cut and increments are canceled by Tech Mahindra. But jobs are safe

One of India’s biggest IT service provider Tech Mahindra has released a statement saying that due to the corona lockdown all the promotions and bonuses are put on hold for now. This is due to the lack of revenue since the start of the lockdown. TechMahindra has reported a huge loss of 29% in revenue.

On the brighter side, Tech Mahindra has confirmed that no employee will be fired for now.

Yesterday, while announcing the financial results of the quarter, Tech Mahindra CEO has confirmed the same by saying they are canceling all the bonuses, hikes, and increments for this quarter. This is applicable to all employees of Tech Mahindra.

For senior and mid-level employees, there were undisclosed salary cuts. But for junior-level employees there were no salary cuts planned, Tech Mahindra CEO has confirmed. The situation for now at Tech Mahindra is that no employee is going to be fired. But in the future, depending on the revenue and number of projects at hand, some employees might be asked to leave the organization.

Tech Mahindra CEO has added that unless there is a situation where a complete line of business will be closed, there won’t be any firing of the employees.

Around 90% of the Tech Mahindra employees are currently working from home. The CEO while announcing the quarter results has described that this is a tough period for the company. The company has reportedly lost 29% of the consolidated profits in this quarter. Currently, there are around 1,25,236 employees working in Tech Mahindra which is 4.3% less than the previous quarter.

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US Staff at Oyo is sent on temporary leave. Indian jobs might be safe.

OYO, the Indian hotel chain has promised its employees that there will be no layoffs in India even though the situation is not good due to the corona spread. Unline in India, the staff in the US and other countries were being sent on ‘temporary leave’.

Ritesh Agarwal, the CEO of OYO has said that they are keeping their promise to Govt. of India that there will be no layoffs or salary cuts to all of its 10,000+ employees. Just 3 months back, the company has finished its latest round of layoffs as of recognition strategy to cut the costs. During that period, OYO has laid off around 30% of its US employees and 800 Indian employees.

He also said that no other sector would have impacted bigger than travel, tourism and hospitality sectors. The company is expecting a 10-15% losses due to this lockdown and corona situation. Globally, the overall revenues of the company have fallen over 50-60%.

The company is said to be thinking of all the different options in order to keep the jobs safe. Some of them are giving temporary leaves to OYOpreneurs, etc. However, they are planning to take back their employees on a full-time basis, once this situation is over.

OYO is back on track in China as the situation eases there. Also in Japan, Denmark the company is back to doing good. Recently, OYO’s competitor Treebo has given its employees an option for voluntary resignation. While in MakeMyTrip, the founders have taken a salary cut for the entire year.

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52% of CEOs expect job losses: CII Snap Poll

With the widespread of the COVID19, the country’s economy has been hit very hard. Most of the firms have seen revenue declining, and job losses as well according to a CII CEOs Snap Poll.

Around 200 CEOs have participated in this survey. According to the survey, most of the firms are expecting a loss of more than 10% revenue this year due to the corona spread. Some are expecting their profits to decline by about 5%.

Firms feel that this decline in the revenues and profits may have a huge impact on the GDP of the country. In other results of the survey, around 52% of the firms feel that they might lose jobs this year. Around 47% of the firms are expecting 15% job losses. 32% of firms expect 15-30% job losses.

The survey also told that 80% of the firms are having their inventory idle at their warehouses. Half of these, 40% of the firms expect that their inventory will last for more than a month once the lockdown is over. They are expecting a low demand scenario after the lockdown.

The majority of the firms participating in the production of necessary goods are having a difficult situation to supply, due to the lockdown. They feel that manpower access and movement of products has been the biggest challenge during this lockdown.

Even though the government has allowed the manufacturing of necessary products, the scarcity of workers at the local level has become a challenge.

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