IT COMPANIES EMPLOYEES COST
ESOPs exempt from GST, barring where foreign companies charge additional amount
The Central Board of Indirect Taxes and Customs (CBIC) clarified that multinational companies offering Employee Stock Purchase Plans (ESPPs), Employee Stock Option Plans (ESOPs), or Restricted Stock Units (RSUs) without additional charges will not attract GST. This decision benefits tech giants like Google, Microsoft, Oracle, and Walmart, alleviating tax litigation concerns
Q4 results: Stable costs boost India Inc. profits
Steady costs and firm domestic demand supported corporate performance in the March quarter.
I want to be one of the nicest guys they knew: Titan MD CK Venkataraman
Titan MD CK Venkataraman, who has been MD of Titan and Tanishq for four years, shares his experience in balancing the interests of various stakeholders, securing employee buy-in, and life after Titan. He explains that most decisions are about optimising stakeholder interest, but dealing with strong personalities with contrasting views is crucial.
BNPL startup Simpl undertakes another round of layoffs, rejigs senior leadership
Simpl, a Bengaluru-based consumer credit startup, laid off 30 employees after firing 160 executives. Senior executives Vatsal Jain, Ashwini Ravindranath, and Ramkumar Narayanan resigned. Earlier in April 2023, the BNPL startup let go 25% of its workforce or around 150 employees.
How startups are changing their hiring strategies to streamline costs
Facing a prolonged funding drought, startups are trying a new approach to cost-cutting. Layoffs continue, but some companies, like Swiggy and Ola, are strategically refilling certain open positions with lower-salaried junior staff, according to industry insiders.
Google cuts at least 100 jobs across its cloud unit: report
Alphabet-owned Google is laying off at least 100 employees from several teams in its cloud unit, CNBC reported on Monday. Roles in sales, operations, engineering, consulting, and 'go to market' strategy were some of the positions cut.
As work-from-home trend declines, flexible office spaces work for employees and companies
Providing convenience and flexibility for employees on one hand, cost-effectiveness, and asset-light models for employers on the other, coworking/managed spaces are booming. Demand for such spaces is soaring in large metros and Tier-2 cities alike as companies tighten return-to-office rules.
Global capability centres go big on hiring gig employees
India's multinational hubs are increasingly turning to hiring contingent workers to meet immediate talent needs while remaining cautious about permanent recruitment due to a bearish global outlook. There has been a significant rise in demand for gig employees in the last six months, with an expected increase of up to 70,000 gig workers in the next six months. This trend allows companies to create a balanced workforce that is agile and cost-effective, with access to specialized skills.
Attrition a major challenge in consumer durables and electronics industry: Report
A report by TeamLease Services revealed key insights into the temporary workforce in India's consumer durables and electronics industry. The average worker is a 31-year-old male with a monthly CTC of Rs 24,005 and additional Rs 6,356 in incentives. Gender disparity is notable, with 94% of the workforce being male. Most workers have education up to 12th standard or below (56%), while 38% have bachelor's degrees. The average work tenure is 2.8 years, with longer tenure in metro cities (3.4 years) compared to tier-two cities (2.3 years).
A quarter of hits & a few misses; and other top tech, startup stories
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week we’ve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.
Gland Pharma Q4 Results: Firm misses profit view on higher employee costs
Indian generic injectables maker Gland Pharma reported fourth-quarter profit below estimates on Wednesday, as soaring employee expenses outweighed strong demand in its core markets.
IT sweats to eke out margins on pricing squeeze, staff costs
Indian outsourcing companies face a margin squeeze in FY24 due to a triple threat: aggressive deal pricing, rising employee costs, and the pressure to boost revenue despite tight global budgets. Notably, Tata Consultancy Services (TCS), the industry leader, seems to be the only exception.
Zomato sees Esop costs rising on grant of stock options to Blinkit leadership
Costs incurred under the Esops head are non-cash expenses, and will rise in the ongoing fiscal “on account of grant of Esops to the Blinkit leadership team and senior employees,” the management said in a post-earnings call.
Esop non-disclosure triggers black money law
A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received notices from the Income Tax (I-T) department which has pointed out amounts that either went undisclosed or untaxed or both.
IT companies Cognizant, Capgemini hired 1.5 lakh less hands in 2023
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.
Google lays off at least 200 employees from its ‘Core’ teams: report
Google laid off 200 core team employees to cut costs. These core teams build Google's main products and keep users safe online. The company is moving some of these jobs to India and Mexico. This follows earlier layoffs in 2023 as Google restructures to focus on AI.
Prices can't dampen EV sales as it steps on leasing pedal
Leasing is becoming a key driver in electric vehicle (EV) sales in India, especially as the high upfront cost remains a barrier to adoption. Companies like Quiklyz, Ayvens, and Lithium Urban Technologies are witnessing significant growth in the EV leasing business. Fleet operators and logistics companies find leasing more economical than purchasing due to lower total cost of ownership and the ability to channel capital to other parts of their business. Leasing also offers flexibility and technology risk mitigation in the rapidly evolving EV industry.
Top IT firms saw wage bills rise 5.5% even as revenue growth dips
IT companies' cumulative wage cost rose by Rs 18,036 crore in the fiscal year. Experts said this was due to continuity in lateral hiring in high-demand areas such as AI, machine learning, and cloud and engineering services, coupled with the salary increments, even though they are in the lower single digits.
Google layoffs: Tech giant undertakes fresh job cuts in cost optimisation push
Alphabet-owned Google is undergoing a restructuring, with layoffs and expansion plans in key hubs like India, Chicago, Atlanta, and Dublin. Concerns are being raised about further job cuts amid economic uncertainties as Google seeks to enhance efficiency and align resources with product objectives.
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