11000 employees resigned from top Indian companies in the last 90 days

Due to the impact of COVID, 11000 employees resigned from top Indian companies in the last 90 days. This is the first in recent times when the employee count of these top companies reduce drastically

11,000 employees resigned from top Indian companies in the last 90 days

Although, these companies are hopeful of hiring in the upcoming days

In the April-June quarter, India’s largest software company TCS lost 4786 employees. In the same quarter, 3138 employees resign from Infosys. While the numbers at Wipro and Tech Mahindra are at 1082 and 1820 respectively.

A cumulative of around 11,000 employees resign from all these companies. Mr.Pravin Rao, the COO of Infosys says that currently the company has stopped hiring but it already has recruited around 5000 laterals around the world.

All these new recruits are onboarded remotely. Infosys also says there are plans to bring around 20,000 freshers this year.

Meanwhile, at Wipro, CFO says that the company has enough talent for its projects. He also says that the company always looks for revenue and if there is a need to hire new talent, the company is going to hire

Also, read: Swiggy announces that more job cuts are happening

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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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5 big companies in the country have slashed around 4400 jobs in the last month

In the consumer market space, in the last month only, five major companies have cut over 4000 jobs. This is mostly due to the lack of business during the spread of COVID and lack of demand as well

Recently, on Tuesday, Uber has announced that around 600 jobs are being laid off in the India-South Asia region. Most of them are located in India. The reasons for this as listed by Uber are unpredictable nature during the recovery for the impact of COVID.

In the last month, companies like Uber, Ola, Zomato, Swiggy, Cure fit have announced that layoffs had to be done in order to come out strong in this situation. These five companies collectively laid off around 4400 jobs in the last month. Uber president of South Asia & India had said that these layoffs are part of the previously announced job cuts globally.

  • With the future uncertain for the travel industry, UBER and OLA are cutting of jobs to survive this

Uber’s rival, Ola has also slashed jobs due to the revenue falling well below 95% in the last two months. The company had to let go of 1400 members due to the impact of COVID. A spokesperson at Ola had said that with most of the companies asking their employees to work from home, and travel will be banned for some time, the situation will be very difficult for Ola to recover.

The two biggest food delivery networks of the country, Swiggy and Zomato have also cut jobs in the last months. Zomato CEO has sent an email to its staff that it is expected that 25-40% of the restaurants will be shut down due to the corona impact and to survive this they had to let go of around 14% of its staff. Swiggy had also been hit very hard due to the coronavirus. To come out of this situation, Swiggy had to let go of around 1100 of its staff.

Health and Fitness startup Cure fit had also announced that it had to cut 800 of its employees. The company stated that this is mostly due to reducing costs.

  • Similar to travel, food industry also has been affected greatly. Swiggy and Zomato had to cut several jobs to handle the costs

Along with layoffs, some companies are also issuing salary cuts to their employees. Zomato announced that its staff will take a 50% cut in their respective salaries. Some of the higher-level people in Zomato have already announced that they are voluntarily taking a pay cut of 100%. Similar to this, Ola also announced that several members of the extended leadership team have also taken significant pay cuts.

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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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Sidelining of irrelevant projects, a shutdown of offices, and some more layoffs at UBER

Not so long ago, in the past period, UBER was more ambitious and clear about what they want to achieve in the industry. At Uber, the main goal was to introduce the self-driving revolution in the world. The situation has turned quite opposite since the spread of Coronavirus. In order to survive this situation, the company has to cut 3000 more jobs, which increases the total layoffs tally to 6700. Also, the company has announced that it is sidelining the projects which were not mainstream.

Most of the employees who were laid off belong to HR, Customer Support. In a recent email to the employees, the CEO has said that jobs will be the last casualties in this crisis. He also said that the company would stick to the two core agendas, which are rides and food-delivery. He further added that several out of the box units like Uber incubator, AI labs, Uber works, etc. will be shut down. 45 offices globally are being closed in order to survive in this crisis situation.

He also clarified that these decisions were taken not to impress the investors and also he urges that the company should be self-reliant, should not depend on the new investors for capital. On Monday, initially, Uber shares have risen about 9% before falling off to less than 4% by the end of the day. The planned cuts and other decisions taken by the company will cost them around $175 to $220 million.

Several experts predict that Uber has transformed itself into a cost focus company and in order for it to survive, the measures which are already taken might not be enough.

Earlier this month, Uber has announced a gradual decline in the gross bookings for the first time. Hence they had to push back the goal of being profitable to next year, instead of by the end of this year. Right now, Uber is in discussions with Grubhub, which could potentially make Uber a dominant player in the food market. This deal could also make enough savings for the company. Recently, Uber borrowed $100 million which adds to the $900 million bond sale priced last week,

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Now its Tech Mahindra. Pune Labor Commission has sent a notice to Tech Mahindra for imposing salary cuts

Pune’s Tech Mahindra has received a notice from the Pune Labor Commissioner’s office after an IT employee welfare organization has filed a complaint against Tech Mahindra over the reduction of salaries to its employees. The complaint has been filed by NITES(National Information Technology Employees Senate). NITES has received lots of complaints from the employees of Tech Mahindra.

Last week, the employees of Tech Mahindra has received a mail stating that the shift allowance payments ranging from Rs. 5000 to 10000 will be discontinued from May 1. Reports say that over 13000 employees are affected due to this. Earlier, Wipro has been subjected to such notice.

The letter says that NITES demands strong and strict action against the Tech Mahindra Pune branch, due to the company failing to follow the human rights and also violating the Maharashtra Government’s state orders. Along with the letter, a notice has also been sent by Nikhil Walke, Assistant Labor Commissioner. The Maharashtra Govt. orders are that during the lockdown, no employer should cut the salaries of their employees.

In response, a Tech Mahindra spokesperson has said that the employees who are coming to the office to work at odd hours are being paid the shift allowances and also to the people who are at client locations. Also, it is said that their primary focus is to ensure the well being of the employees and associates of Tech Mahindra while continuing the business.

The company has informed during the Q4 results that some of its clients are cutting down discretionary spending. The company also was affected in the BPO business, due to the delayed approval of work from home. Several analysts also confirmed that all the BPO businesses in the country are affected due to the same delay in getting the approval of the work from home of its employees.

Related Articles: Wipro received a notice for benching its employees

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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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