Business News Roundup: Talent, trends, and world of work updates
IBM to add 800 AI-related jobs in Ireland
IDA Ireland announced that IBM plans to hire up to 800 more people in Ireland. This marks the biggest job announcement in the country's multinational sector this year, as affirmed by a statement from the state investment agency, IDA Ireland. These positions will encompass various areas such as research and development, digital sales, and consulting. IBM's expansion in Ireland, where it already employs 3,000 people, challenges the notion of AI as a job eliminator. Could this signify a pivotal shift in the job landscape? More here.
86% of Execs Deploy AI for Revenue Growth: TCS Study
A new Tata Consultancy Services (TCS) study reveals that 86% of senior business leaders are using AI to boost revenue, highlighting AI's shift from cost-cutting to a catalyst for innovation. Despite widespread optimism about AI's potential, only 4% of the nearly 1,300 executives surveyed report significant business transformation through AI, underlining the challenges in implementation and integration.
India's Tech Talent Fuels Uber Eats' Expansion to 1 Mn Merchants
Uber Eats, the food delivery platform, has surpassed one million merchants worldwide. The company's engineering team based in India has been instrumental in achieving this feat, developing key features and innovations The Uber Eats journey began a decade ago with a small group of restaurants in Los Angeles, and has since grown to become a leading food delivery service in over 6,000 cities across 45 countries. Key contributions from the India engineering team include the development of "Menu Reader," an AI-powered tool for onboarding restaurant menus, and "BYOC," a feature allowing merchants to manage their own deliveries.
Indian AI Platform Goes Global with 98 Languages
India's GenAI platform, Hanooman, has launched with the ability to understand and respond in 98 languages, including 12 Indian languages. Developed by 3AI Holding and SML India, Hanooman aims to reach 200 million users within its first year. "We will release our most powerful multimodal which can process speech, audio, video and images in the coming weeks," said, Vishnu Vardhan, the founder and CEO of Vizzhy multiOmics. Hanooman is currently available on Android and web platforms, with an iOS launch coming soon.
Meesho Raises $275 Million in Latest Funding Round
Indian social commerce platform Meesho has reportedly secured $275 million in a new funding round. The investment was led by Peak XV Partners (formerly Sequoia Capital India) and Prosperity7 Ventures, with participation from existing investors.
The company plans to utilise the fund to enhance its technology infrastructure, expand its product offerings, and bolster its logistics capabilities. Meesho, which primarily caters to small businesses and individual resellers, aims to further democratise e-commerce access in India through this investment.
Wipro Veteran Vinay Firake to Take Over as New APMEA Chief
Wipro has appointed Vinay Firake, a 26-year company veteran, as the new Chief Executive Officer for its Asia Pacific, Middle East and Africa (APMEA) Strategic Market Unit effective immediately. Based in Dubai, Firake will report to CEO Srini Pallia and join Wipro's executive board. He succeeds Anis Chenchah, who is stepping down on May 31 after a two-year stint leading the APMEA region. Firake most recently served as Senior VP and Managing Director for Wipro's Nordics operations. An MBA graduate with leadership training from Wharton and Harvard, he aims to drive growth and innovation across the pivotal APMEA markets
India hiring sees 9% uptick in April 2024: foundit
Hiring activity in India witnessed a 9% year-on-year increase (April 2023 vs. April 2024) and a further 9% rise from March 2024. This growth is attributed to a remarkable 37% surge in startup activity in the past year. The report also identifies a shift in recruitment focus within startups, with over half (53%) of their job postings targeting fresh talent (0-3 years of experience).
Air India Express fires crew over 'premeditated' sick leave
Tata Group-owned Air India Express fired an unspecified number of crew members today following a mass "sick leave" protest on Wednesday. The airline called the coordinated absence "pre-meditated and concerted" and said it lacked "justifiable reason." The mass call-in resulted in the cancellation of at least 86 flights and disrupted operations. Details regarding the exact number of terminated employees remain unclear.
The Taplow Group S.A. Announces Global Expansion
Leading executive search firm The Taplow Group S.A. is accelerating its global expansion, targeting key regions like Asia (particularly Singapore), the Americas, and Europe. This strategic move follows a successful year with a 12% year-over-year global growth, primarily driven by expansion in Asia and the Americas. The firm now boasts 45 offices worldwide, a 50% increase from last year, further extending its reach to service clients across more than 70 countries.
Google debuts localised Wallet app in India
Google announced the launch of its digital wallet app, Google Wallet, in India today. Available for download on Android devices, Google Wallet offers users a platform to store and manage various essential items including boarding passes, loyalty cards, event tickets, public transport passes, gift cards, and more. Google Wallet is a separate app from Google Pay, the existing payment solution in India. As per a company release, Google has partnered with over 20 of India's top brands, offering a range of partners for any digital wallet in India.
Singapore workers quit over career stagnation
A new study by Randstad Singapore reveals a significant emphasis on career progression among Singapore's workforce. Many are willing to change jobs for advancement, as nearly 70% want greater managerial roles and 42% would leave a job without promotion potential. "Companies must invest in talent development and clear advancement paths to stay competitive," states Jaya Dass, Managing Director of Permanent Recruitment at Randstad Asia Pacific.
Infosys, ServiceNow Partner for AI-Enhanced Experiences
Infosys and ServiceNow are teaming up to develop AI-powered solutions, utilising ServiceNow's Now Assist AI and Infosys Cobalt cloud capabilities. They aim to enhance productivity, efficiency, and user interactions, certifying over 3,500 Infosys employees in ServiceNow GenAI skills.
OpenAI Launching New Search Product?
OpenAI is reportedly expanding ChatGPT's capabilities with a new search feature, according to media reports. This development could significantly enhance the AI chatbot's functionality and position it to compete with search tools like Google and Perplexity. The feature would allow users to ask ChatGPT questions and receive answers that incorporate information from the web. Some versions of the product are said to include images alongside written responses, adding a visual element. This enhancement could make ChatGPT even more useful for tasks like research and learning.
Workers Resist Return-to-Office Mandates
Two new studies from Germany and Malaysia paint a picture of a divided workforce. While nearly half (47%) of German office workers surveyed by Continental would quit if forced back to the office full-time, a similar study by Randstad Malaysia shows 39% of Malaysian workers would consider leaving their jobs if full in-office work became mandatory. Interestingly, despite employee pushback, the Randstad study also found that over half (52%) of Malaysians already face increased pressure to return to the office compared to just six months ago.
AI Challenges Trust in Accounting
Artificial intelligence (AI) promises unprecedented opportunities for businesses, but a new study by ACCA highlights how it disrupts traditional trust mechanisms in accounting and finance reporting.
Chief executive officers and chief financial officers need to build trust in artificial intelligence by taking steps in their organisations to manage the associated risks. Central to this is ensuring confidence in the oversight and controls of AI used in financial processes.
Silicon Valley Relies on Indian Talent: US Chamber Chief
Indian professionals are a driving force behind US tech innovation, according to the CEO of Silicon Valley's Chamber of Commerce. Harbir K Bhatia in an interview with PTI highlighted the significant contributions of Indian talent, noting that a substantial portion of Silicon Valley CEOs or founders hail from South Asia or India. This underscores how the US tech industry relies on a global network of skilled professionals for innovation and growth.
AI Saves Time for 94% of Indian Service Pros: Salesforce
A new Salesforce report reveals that 94% of service professionals in India using AI state that it saves them time. The report also found that 73% of Indian service organisations are currently using or evaluating AI, and 93% plan to increase AI investments this year. “As customer expectations continue to increase, the benefits of AI are clear - increased productivity, cost reduction and improved customer experiences," said Arun Kumar Parmeswaran, Managing Director - Sales, Salesforce India.
Luminar Cuts 20% of Staff in Restructuring Effort
Luminar Technologies, a leading developer of lidar sensors essential for self-driving vehicles, today announced a restructuring plan that includes a 20% reduction in its global workforce.
With over 800 full-time staff across facilities in the United States, Germany, Sweden, India, and China, the company also plans to reduce its global footprint by potentially sub-leasing portions of its existing facilities. Luminar expects the immediate implementation of this restructuring to result in an annual cost reduction of between US$50 million and US$65 million by the end of the current year.
Microsoft Expands Responsible AI Team to Over 400
Microsoft's responsible AI team has over 400 employees. The move, outlined in the company's first annual AI transparency report, highlights the growing importance of ethical AI practices within the tech industry. Microsoft's team includes a diverse range of experts beyond traditional computer science, enabling them to proactively identify and mitigate potential biases in AI systems.
JPMorgan Announces Global Promotions for Asia, EMEA
In a sweeping move, JPMorgan Chase has promoted over 150 executives across Asia and the Europe, Middle East, and Africa (EMEA) regions. Sources reveal the bank's commitment to diversity, with women representing a third of the EMEA promotions. These changes come amidst continued leadership restructuring in the region, including recent high-profile departures.
ICICI Bank CEO Denies Resignation Rumors
ICICI Bank has firmly refuted claims that its CEO Sandeep Bakhshi plans to step down. The bank condemned the report published by The Morning Context as "baseless" and "misleading," suggesting it may be a deliberate attempt to harm the bank's reputation.
OECD Predicts Steady Global Growth for 2024 & 2025
Despite lingering financial pressures, the global economy is projected to maintain steady growth, according to the OECD's Economic Outlook. Global GDP growth is pegged at 3.1% for 2024 and a slightly higher 3.2% in 2025. The report highlights moderating inflation, improved consumer confidence, and a rebound in trade as positive signs.
International Travel Risks Come with a Hefty Price Tag
Business trips and overseas assignments can go seriously wrong, and a new report reveals the financial toll. International SOS and KPMG estimate failed assignments may cost companies up to USD 1.25 million each. The study emphasizes that investing in employee health, safety, and mental well-being isn't just about morale – it's a sound financial strategy.
American Express Invests Big in India's Tech Talent
American Express signals its confidence in India's workforce with a new, nearly million-square-foot campus in Gurugram. The LEED-certified facility boasts modern workspaces, health and wellness amenities, and is primed to support American Express' global growth from India.
Atlassian's AI Tool Promises to Transform Workplace Knowledge
Atlassian aims to transform how teams find and use information with the launch of Rovo. This AI-powered tool taps into the company's "teamwork graph" to search across popular apps, provide insights tailored to your organisation, and streamline tasks. Rovo promises to unlock hidden knowledge and boost efficiency.
Freshworks CEO Shakeup: Founder Takes New Role
Freshworks' leadership sees a shift as founder Girish Mathrubootham transitions to Executive Chairman, passing the CEO position to Dennis Woodside, former Dropbox COO and Google veteran. Mathrubootham seeks to focus on product strategy, while Woodside is poised to accelerate the company's ambitious expansion plans.
HR Tech Firm AmbitionBox Identifies Inclusive Companies
AmbitionBox shines a light on gender diversity with its Top Rated Companies for Women to Work For 2024 awards. Based on reviews from over 2.8 lakh women employees, companies like JP Morgan, Genpact, HP, S&P Global, and Synchrony stand out for their commitment to creating inclusive workplaces.
UiPath Taps Tech Veteran for CTO Role
UiPath strengthens its technology leadership with the appointment of Raghu Malpani as Chief Technology Officer. Malpani, whose experience includes building platforms for Microsoft and Meta, is expected to drive UiPath's innovation in the enterprise automation sector.
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