22nd October 2020

Confidant Classes

A Premier Judicial Service Coaching

IT services companies to suspend recruitment this year: Mohandas Pai

India’s information technology services industry would see a hiring freeze this year and executives would be cut by 20-25% in wages due to the negative impact of the coronavirus pandemic, said Mohandas Pai, a veteran of the IT industry. The former Chief Financial Officer of IT services major, Infosys Ltd, said the IT industry has done a “fabulous, unbelievable and remarkable” job in transitioning more than 90 per cent of its employees to work from home. It has achieved this task by setting up infrastructure at home, taking permission from their clients, and making sure that “security and oversight are there. The chairman of the private equity fund Aarin Capital and Manipal Global Education have declared that 25 to 30%, perhaps more, of the employees of IT companies will continue to work from home on a rotating basis, even after the closure of the caused closure by the coronavirus and the situation returns to normal. Speaking to P T I, Pai said he does not expect demand for office space in the IT sector to decrease in the future, as businesses now have to maintain social distance in their small offices.

“Now with social distancing, you need more space per person. So, 25 per cent working from home will provide additional space. I think space in the offices for people would get bigger; so for the next one year, the market (office space segment) could be very soft, and then it will grow at the normal pace”

– Mohandas Pai

“Secondly, if people leave, I don’t think they will fill up the backlog, because this quarter and next quarter, the market is going to be soft. All the clients are in the West, they have not opened their offices yet, they are still going through the pains. So, I think next year there is going to be recruitment, this year will be soft, they (IT companies) will not grow in (terms of) people,”

he added.

“There will be salary cuts. There will be promotions but not increments in salaries for most people. For senior level they will cut salaries to adjust costs. People getting Rs 75,000 to Rs one lakh and above per month, they will see salary cuts, may be 20-25 per cent,”

he added.

Judiciary FAQ’s Download

WWW.CONFIDANTCLASSES.IN-1Download
Read More
Judiciary FAQ’s Download

Daily NEWS Summary: 19.10.2020

Visitors will not be allowed inside the Durga Puja pandals in West Bengal – Calcutta High Court: Visitors will not…
Read More
Daily NEWS Summary: 19.10.2020

Daily NEWS Summary: 18.10.2020

India passed peak of COVID-19, Ministry of Science panel said India passed peak of COVID-19 in September and if current…
Read More
Daily NEWS Summary: 18.10.2020

Daily NEWS Summary: 17.10.2020

Take advantage of the experience of holding mass elections to plan the rapid delivery of the vaccine, said the Prime…
Read More
Daily NEWS Summary: 17.10.2020

Cinemas reopened

After being closed for nearly seven months, cinemas outside containment zones in various Indian states reopened on October 15. But…
Read More
Cinemas reopened

Amy Coney Barrett used the term “sexual preference”

During her confirmation hearings on Capitol Hill earlier this week, US Supreme Court nominee Amy Coney Barrett sparked considerable outrage…
Read More
Amy Coney Barrett used the term “sexual preference”

Daily NEWS Summary: 16.10.2020

Supreme Court Appoints Former Judge Madan Lokur As One-Man Group To Prevent Stubble-Burning Smog Former Supreme Court Justice Madan B….
Read More
Daily NEWS Summary: 16.10.2020

Daily NEWS Summary: 15.10.2020

Borrowing center Rs. Rs 1.1 crore to compensate states for GST deficit – in an apparent degradation of their position…
Read More
Daily NEWS Summary: 15.10.2020

Daily NEWS Summary: 14.10.2020

Following Mehbooba’s release, Farooq Abdullah calls a meeting of Gupkar signatories on October 15 National Conference (NC) President Farooq Abdullah…
Read More
Daily NEWS Summary: 14.10.2020

“Elephant corridor”

The Supreme Court on Wednesday upheld the power of the Tamil Nadu government to notify an “elephant corridor” and protect…
Read More
“Elephant corridor”

GST Compensation conflict

On Tuesday, the Center allowed 20 states to raise ₹ 68,825 crore through open market loans to fill the GST…
Read More
GST Compensation conflict
error

Enjoy this? Please spread the word :)