Article: Top 10 newsmakers of April 2024 you need to know


Top 10 newsmakers of April 2024 you need to know

April 2024's news highlights India's changing landscape: from tech talent restructuring to the ascent of women in the industry, and projections for India's growth. Here's a roundup of 10 newsmakers shaping the narrative today.
Top 10 newsmakers of April 2024 you need to know

April 2024 was a month of significant shifts in the global and Indian tech landscape. While established tech giants like TCS, Infosys, and Wipro underwent workforce optimisation amid global economic jitters, a wave of optimism emerged in other areas. 

Female leadership surged, with women projected to occupy a significant portion of tech roles by 2027. India's robust economic growth led to a trend: fewer skilled workers are seeking jobs abroad, choosing to stay home and contribute to the nation's tech boom. 

Beyond these headline-grabbing developments, discussions around crucial topics like pay transparency, bridging the skills gap, and the evolving work culture with initiatives like mandatory in-person collaboration weeks took centre stage. 

Tech Giants Downsize Amidst Global Shift

India's IT mammoths - TCS, Infosys, and Wipro - shed 64,000 jobs, reflecting global economic jitters. Client budget constraints and automation necessitate workforce optimization, but experts believe India's tech sector holds long-term promise with strategic upskilling and innovation. 

The Rise of Female Leaders in Tech

A digital revolution is underway, with women's participation in India's tech industry projected to surge by 24.3% by 2027. From Global Capability Centers to core tech roles, women are on the rise, shattering glass ceilings and reshaping the tech landscape. 

India's VC Market Cools

India's VC scene witnessed a transformation in 2023. Funding moderated, but the nation remained Asia-Pacific's second-largest VC hub. While caution prevails, smaller deals and tech-focused sectors like consumer tech and fintech continue to attract investor interest, indicating confidence in India's long-term potential.

Pay Transparency Coming to Asia

Aon's 2023-24 survey sheds light on a growing trend - pay transparency. Companies in Asia, including India, are preparing for regulations mandating pay disclosure, similar to those already implemented in North America and Europe. This shift ensures fairer compensation practices and empowers employees.

Fewer Indians Seek Jobs Abroad

A new survey reveals a surprising trend in the Indian workforce: despite India's growing appeal as a global work destination, fewer Indians are seeking employment abroad. The study by BCG, the Network, and the Stepstone Group found a significant drop in the percentage of Indians willing to relocate for work, down to 54% in 2023 from 78% in 2018 and 2020.  

India Struggles with Educated Unemployment

India's "educated unemployed" phenomenon presents a complex challenge. The "India Employment Report 2024" highlights a "discord" - a mismatch between educational offerings and industry needs. The report proposes a multi-pronged approach: creating quality jobs, fostering skill development, and addressing gender disparities. 

IMF Clarifies India's Growth Projection

Clearing up recent confusion, the International Monetary Fund (IMF) clarifies that they did not make an 8% growth prediction for the Indian economy in 2024. Accurate information is crucial for informed decision-making, and this clarification ensures transparency in economic forecasting. 

WeWork Works Its Way Out of Bankruptcy

Relief for WeWork! The company nears an exit from bankruptcy with a strategic plan. Closure of underperforming locations and lease renegotiations will significantly reduce future rent payments, paving the way for a more sustainable future. 

Infosys Mandates In-Person Weeks 

In a move to boost teamwork and innovation, Infosys implements mandatory "In-Person Collab Weeks" for specific departments. This initiative highlights the evolving work culture and the company's belief in the power of face-to-face interaction alongside advancements like AI and strategic partnerships.

OpenAI Expands to Tokyo

The world of AI gets bigger! OpenAI ventures into its third international location, setting up shop in Tokyo. This expansion signifies the growing importance of AI and positions OpenAI as a key player in the global AI landscape. 

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Topics: Technology, #NewsmakeroftheMonth, #Layoffs

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