LTIMindtree CEO's pay jumps 10%

LTIMindtree's CEO and MD, Debashis Chatterjee, saw his total annual compensation rise to Rs 19.34 crore in FY24, up from Rs 17.5 crore in FY23, according to the company's annual report filed with BSE. This move comes in recognition of the company's robust financial performance and positive growth outlook. Chatterjee's leadership has been instrumental in driving LTIMindtree's success, with the company consistently delivering strong results across key metrics.

HUL rewards 200 managers with crore-plus salaries

Hindustan Unilever, a leading consumer goods company in India, revealed that 200 managers earned salaries surpassing ₹1 crore in the fiscal year 2024. Notably, one-third of these high-earning executives were under 40, continuing a trend from the previous year. The company acknowledges the critical role its employees play in its success and continues to invest in their development and well-being.

Randstad study finds ageism affects 40% of employees

A new study by Randstad India reveals age discrimination affects 40% of surveyed employees in India. The study, based on responses from nearly 1,000 employees, highlights a trend where younger workers (under 55) appear to be more impacted, with 42% reporting experiences with ageism compared to 29% of older workers. This can translate to feeling undervalued, as evidenced by only 51% of younger employees believing their contributions are fully appreciated due to their age. The study also identifies specific sectors – Pharma, Healthcare & Life Sciences (43%), BPO/IT-enabled services (43%), and Construction/Infrastructure/Real Estate (41%) – with higher reported rates of ageism.

Layoffs hit Ola Electric, Tata Steel, & Microsoft Azure

Electric Vehicle Startup Ola Electric is trimming its workforce by 400-500 employees to streamline operations ahead of a potential IPO. This aims to improve their financial standing before going public.

Tata Steel, undergoing a greener steelmaking shift, is laying off around 2,500 workers at its UK operations. Worker unions are protesting these job cuts. Tata Steel employs around 8,000 people across its UK operations.

Microsoft Azure, the cloud computing giant, confirmed layoffs impacting up to 1,500 employees, primarily in the Azure for Operators and Mission Engineering units. The company attributes this to a strategic shift towards AI and streamlining its cloud offerings.

AI to give back 51 mn hours to Indian workers

Generative AI could revolutionise the Indian workplace, potentially saving workers 51 million hours per week by 2026, according to a new Pearson study. The research reveals that AI could automate routine tasks like promoting products (saving 4.3 million hours), collecting consumer data (3.8 million hours), and developing marketing materials (3.5 million hours). This shift would enable Indian professionals to dedicate more time to strategic thinking, innovation, and collaboration, ultimately boosting productivity and job satisfaction.

85% of India Inc are optimistic about promotions 

Indian professionals are riding a wave of optimism, with 85% anticipating career advancements in 2024, according to a new Simplilearn survey. This confidence surge is fueled by a growing emphasis on upskilling, recognized as crucial by 97% of respondents.  The survey also reveals a significant shift towards online learning, with 65% of professionals currently enrolled in certification courses, particularly in high-demand fields like data science, AI, and cybersecurity.

Attrition rates decline in India telecom sector

Indian telecom sector experiences moderate growth, but workforce expansion slows. Despite this, demand for entry-level talent remains steady. Associate workforce growth dropped from 51.05% to 31.41% between FY21-22 and FY23-24. Nevertheless, telecom companies actively recruit field sales executives, customer relationship executives, and installation engineers.

Axis Bank launches LGBTQIA+ hiring

Axis Bank has announced the launch of its "ARISE ComeAsYouAre" programme which specifically targets the LGBTQIA+ community, offering an open campus recruitment process focused on skills and potential. This builds upon Axis Bank's existing commitment to diversity and inclusion.  In 2021, the bank launched its "ComeAsYouAre" charter, offering policies and practices for LGBTQIA+ employees and customers. This included allowing same-sex partners to open joint accounts and providing the "Mx" honorific for customers of diverse genders.

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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