INDIAN IT HIRING
Zerodha to end zero-brokerage model; Unacademy lays off 250 employees
Online stock broker Zerodha will likely discontinue its zero-brokerage structure due to new Sebi rules. More on this in today’s ETtech Top 5.
Strong ER&D demand helps IT buck overall soft hiring trend
India's $250 billion IT services industry is facing sluggish hiring, but a bright spot is emerging in Engineering, Research & Development (ER&D). Demand for ER&D services is surging, driving a 15% increase in recruitment for these roles. Staffing firms report that tech companies are ramping up ER&D hiring to stay competitive in the global market.
White collar hiring activity dips by 7.62% in June: Report
In June, white-collar hiring activity dropped by 7.62 per cent, with sectors like telecom, BPO/ITES, education, and Global Capability Centres witnessing a decline. Insurance, FMCG/food industry, and pharmaceutical sectors saw positive growth. Cities in Rajasthan and Gujarat showed resilience, with Jodhpur, Kota, Rajkot, and Surat leading in new job creation. Mini-metros outpaced metros in hiring, with Gujarat emerging as a silver lining, according to Naukri JobSpeak Index.
'We hire more women because they are more disciplined', says Ola founder Bhavish Aggarwal on Foxconn controversy
Ola's founder Bhavish Aggarwal reaffirmed the company's commitment to employing women, including married women, amid reports of Foxconn's discriminatory practices. Ola's FutureFactory in Tamil Nadu employs an all-women workforce, with plans to extend this model to its new Gigafactory. Aggarwal emphasized that women are disciplined and dexterous, and Ola aims to address the low representation of women in the workforce by hiring at all levels, including senior management.
India Inc now picks its C-level champions from indoor pool
Indian companies like Mahindra and Aditya Birla Group are increasingly focusing on internal talent pipelines for leadership roles, showcasing a shift towards nurturing seasoned professionals for longer tenures within the organization.
25% of new hires are married women; nearly 70% workforce are women: Apple iPhone maker Foxconn
Foxconn clarified to government that 25 per cent of new hires are married women and safety protocol banning metal is not discriminatory. Ministry of Labour sought report on married women issue at Foxconn India Apple iPhone Plant. Foxconn emphasised that safety protocol applied to all, not just Hindu women. They brushed away media reports saying it was a misinterpretation.
Indian national Nikhil Gupta extradited in Pannun foiled murder plot: What's the impact on Indo-US ties?
Indian national Nikhil Gupta extradited to the US from Czech Republic for alleged foiled plot to murder Khalistan separatist Gurpatwant Singh Pannun, involving hitman hired by Indian government official. US Department of Justice claims Pannun targeted for exercising freedom of speech. Extradition coincided with US National Security Advisor Jake Sullivan's visit to India, overshadowing iCET talks.
Is it a case of ‘no bad news is good news’ for IT companies now? Rahul Jain answers
Rahul Jain of Dolat Capital says that the guidance for the current fiscal has been very weak in the case of the IT companies that give explicit numbers, be it Infosys or HCL Tech. And if they do not surprise positively during the earnings season, all the momentum can gradually fizzle out.
Pannun Case: Top democratic senators urge strong diplomatic response
Democratic Senators have called for a strong diplomatic response from the Biden administration to allegations of the Indian government's involvement in a foiled plot to assassinate Sikh extremist Gurpatwant Singh Pannun on US soil. The letter, signed by Senators Jeff Merkley, Ron Wyden, Tim Kaine, Bernie Sanders, and Chris Van Hollen, urged accountability and a briefing on the administration's engagement with the Indian government.
Companies cautious on short-term hiring, but overall outlook stays upbeat
Employers in India are showing caution in short-term hiring for the July-September quarter, with a net employment outlook of 30%, six percentage points lower than the current quarter and the same period last year. While 48% of employers plan to hire more people, 18% expect a decrease in hiring or have no plans to hire. The most optimistic sectors are finance and real estate, healthcare and life sciences, and IT, while communication services and transport, logistics, and automotive are less optimistic.
Julius Baer targets rich Indians in Dubai with UBS, JPMorgan hires
Julius Baer Group Ltd. hired senior bankers from UBS Group AG and JPMorgan Chase & Co. to strengthen its business serving wealthy Indians in Dubai.
Slowdown hits Indian IT companies’ campus recruitments
The IT service business model, which relies on pyramid structure with its base constituting young and less expensive employees, has been shrinking. In FY24, both TCS and Infosys saw the share of young employees in their total headcount plunge to a five-year low and a decadal low, respectively.
India needs lower tax on recruitment services to boost jobs, says industry body
India's Indian Staffing Federation (ISF) has called for a reduction in the 18% tax on recruitment agencies providing outsourced staff to big companies. The ISF, which provided 1.6 million outsourced workers to companies last year, believes the new government should support hiring more salaried workers. The ISF claims that the 18% goods and services tax discourages employers from hiring contract workers through recruitment agencies.
ChatGPT Effect? 7,000 IIT students still jobless as placement season ends; Institute sends SOS to alumni for help
Over 7,000 IIT students remain unplaced as the 2023-24 placement season ends. IIT Delhi, IIT Bombay, and BITS are seeking help from alumni to secure jobs for these graduates. Economic factors and technological advances, such as the rise of ChatGPT, have contributed to the decline in placements, with many companies adopting a cautious hiring approach.
Talent demand in EV segment drives in new roles and contract hiring
The electric vehicle (EV) industry is booming, creating a demand for diverse skills and expertise. Opportunities span technical, leadership, and operational roles. Contract staffing is playing a crucial role in meeting the industry's needs, with a focus on talent development and agile solutions. Leaders face challenges in talent acquisition and navigating industry dynamics amidst rapid advancements.
Senior-level IT services hiring in 2024 focuses on new-age skills
IT services and global market conditions impact senior-level hiring with pay hikes expected. Roles in finance, consulting, and program management are in demand. Companies hiring for roles like chief AI officer, delivery head-AI, and CFOs. Skills in cloud computing, machine learning, and data engineering are sought after. Gartner forecasts $5 trillion IT spending in 2024, with India's IT spending growing.
Late-stage startup funding up 3x in April
Data from market intelligence platform Tracxn reveals a new trend in Indian startups. While overall funding for startups declined in the first three months of 2024, late-stage funding (for more established companies) saw a dramatic increase, more than tripling in April.
Indian IT’s reliance on H-1B dropped 56% over past 8 years
Indian IT companies’ reliance on H-1B visas has fallen over the years as they have ramped up local hiring in the US. High denial rates during the Trump administration along with tightening of the immigration regime have also decreased visa usage, experts said.
How family businesses need to combine intuition with data-driven processes for hiring professionals
Infusing external talent to bring fresh perspectives, specialised expertise and strategic insight is imperative to propel the business forward. However, the senior talent acquisition process is not without challenges.
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