Page 8 - It Firms

Infosys allows employees to take up gig work with managers' prior consent

Infosys has allowed employees to take up 'gig' jobs on the side with prior consent of managers provided such an engagement does not compete with the company, its clients or pose conflict of interest. The company, in an internal communication to employees, detailed how staff can take up 'gig' work. Analysts say, the move may help the company to address some attrition challenges, since it allows employees to take up additional source of earnings, and chase their tech passion, albeit with firm riders. It, however, did not define 'gig' work nor did it term it as 'moonlighting'. The latest move comes at a time when debate around moonlighting has grabbed headlines. Put simply, moonlighting refers to employees taking up side gigs to work on more than one job at a time. During the company's Q2 earnings, Infosys had made it clear that the company does not support moonlighting and that it has fired employees who were into dual employment over the last 12 months. In an email to employees on

Top headlines: Hikes, bonuses come down for IT firms, GACs in IT rules

The crazy salary hikes and bonuses with attrition hitting the roof is finally tempering down for the Indian IT services sector. Read more in our top headlines

Salary hikes and bonuses start to come down for Indian IT services sector

FY24 hikes will stay at lower levels than the spike seen in FY22 and 23

Action for moonlighting can ruin a career, TCS will show empathy: COO

Action against moonlighting can ruin a person's career and hence, it is important to show empathy while dealing with the issue, a top official from TCS has said. Nothing prevents the country's biggest IT services exporter from taking action against employees for moonlighting when it has evidence because it is a part of the service agreement, but young kids will have to be dissuaded, the company's chief operating officer N Ganapathy Subramaniam told PTI. "The consequences (of taking action) will be that the person's career will be ruined. Background check for the next future job will fail for him...We have to show some empathy," Subramaniam said. He said the company looks at an employee like being a part of the family and given the consequences of any action, would rather focus on dissuading the family member from going astray. It can be noted that in the past few months, amid increased demand for talent, moonlighting or side hustles have come to the fore in the over USD 220 billion

IT companies headed for lower attrition in coming quarters, say analysts

Fears of global recession and spate of layoffs in the start up space are expected to have a sobering effect on high attrition levels in Indian IT industry over the next 2-3 quarters, say market watchers as majority of large tech companies talked of easing of supply side pressures in September quarter. Infosys, whose high levels of attrition had alarmed analysts at one point, reported lower attrition of 27.1 per cent in just-concluded quarter, compared to 28.4 per cent in June quarter. For Wipro, the attrition came down to 23 per cent in Q2FY23, from 23.3 per cent in the previous sequential quarter. The attrition rates for HCL Tech had been rising since quarter ended September 2021 (15.7 per cent in Q2FY22), but it plateaued at 23.8 per cent in Q2 FY23, holding on to the same levels as June quarter (Q1FY23). "It has already stabilised, and it is early indication of where we are in terms of what we look forward to, from here on. So we are in a good place there," Ram Sundararajan, Chie

FY23 will likely be double digit on revenue...and profitable: Mindtree MD

In a Q&A, Debashis Chatterjee, who is also the firm's CEO, talks about the demand environment, merger with LTI and moonlighting

Infosys Q2 net profit rises 11% to Rs 6,021 cr, raises its FY23 guidance

Bloomberg had estimated revenue to be Rs 36,564 crore and net profit at Rs 5,902 crore

Attrition to continue to spike even as IT biggies reduce hiring: Experts

HR experts also point that pre-pandemic industry attrition was in the range of 12-13 per cent, to come back to that level is going to take some time.

Wipro Q2 results: Net profit declines 9% to Rs 2,659 cr; revenue rises 15%

However, on a sequential basis, the IT firm's profit rose 3.72% in the quarter under review, from Rs 2,563.6 cr in the previous June quarter

Attrition in IT companies likely to stay at 20% over recession fears

Tata Consultancy Services (TCS), in its quarterly results announced on Monday, said that the attrition in Q2FY23 was 21 per cent, it was 19.7 per cent in Q1FY23

A viral tweet explains how Wipro caught its employees moonlighting

Taking a tough stand against those involved in moonlighting, IT services giant Wipro sacked 300 employees in September; here's how they caught the moonlighters

Infosys shares drop 2.6% despite buyback proposal, end at Rs 1,425

The stock underperformed both the Nifty and the Nifty IT index, which fell 1.5% and 2%, respectively

TCS beats Street estimates in Q2, net rises 8.4%; attrition remains high

Net profit has crossed the Rs 10,000-crore mark for the first time

Aug 30 flood in Bengaluru led to a loss of Rs 225 cr: IT firms to CM Bommai

The flood on August 30 which brought parts of Bengaluru to its knees led to a loss of about Rs 225 crore on a single day, the Information Technology and banking companies said in their letter to Chief Minister Basavaraj Bommai seeking his attention to address the "appalling infrastructure" of the city. In a letter to Bommai dated September 1, the Outer Ring Road Companies Association (ORRCA) said half-a-million professionals are employed along the Outer Ring Road (ORR) between Central Silk Board and Krishnaraja Puram corridor. President of the ORRCA Manas Das and vice-president Archana Tayade said this corridor measuring about 17 km provides employment to close to one million people. ORR IT generates revenue of USD 22 billion per annum, which is 32 per cent of Bengaluru's revenue, and is the highest tax contributor, they said. The poor infrastructure on this corridor, however, is bringing down the efficiency and productivity of the companies and putting employee safety and wellbein

IT firms increase scrutiny of employees amid moonlighting trend: Report

IT firms now have started to clamp down on such activities, as the companies think moonlighting affects employees' productivity and creates conflicts of interest

Fresh intake, higher offshoring in IT sector impacting revenue per employee

Adding to this, record number of hiring that the industry did means the bench at companies have gone up.

IT industry's 'people' conundrum may delay its revenue growth targets

The current talent crisis may delay the industry's efforts to move up the value chain by delinking headcount and revenue streams

Cognizant Q2 profit up 12.7% at $577 mn, lowers revenue guidance

Revenue was at $4.9 billion, up 9.5 per cent in constant currency on a year-on-year (YoY) basis

Tech Mahindra net profit falls 16.4% to Rs 1,132 crore in April-June

"We remain resilient and watchful given the dynamic global macroeconomic environment and will continue to invest in new and emerging technologies to deliver differentiated offerings," its MD &CEO said

Infosys disappoints on profit, ups FY23 revenue growth guidance to 14-16%

Its net profit for Q1FY23 was below expectations at Rs 5,360 crore, up 3.2 per cent year-on-year (YoY) but was down 5.7 per cent sequentially