IT solutions company Saksoft expects to double its headcount and revenue in the next three years. The company banks on infor-mation management serv-ices to sustain growth.
Saksoft has reported a revenue of Rs 120.48 crore for the year ended March 31 against Rs 120.10 crore in the previous year. Despite flat growth in revenue, its net profit increased from Rs 2.22 crore to Rs 9.63 crore for the last financial year.
Wednesday, July 1, 2009
Banks, IT/ITeS cos top employers in Q1: Study
Global demand for tech services is propelling banking and IT/ITeS sectors to emerge as the top employers in India, carving out a share of nearly 74 per cent in the total hiring plans during the first quarter of the financial year 2009-10, according to an Assocham Placement Pattern (APP) study.
The APP study on ‘Headcount Expansion Activities’ analyzed trends of jobs announced across different sectors in the first quarter of fiscal 2009-10 with the total number of headcounts being 38,460. The study focused on 8 prominent employment-generating sectors such as banking, IT/ITeS and telecom, among others.
The banking sector topped the chart with highest number of headcounts at 16,200. In the total job announcements during the study period, it’s share stood at 42 per cent.
Among the top banks with maximum number of headcount expansions, State Bank of India occupied the first position with addition of 13,000 people. The Kerala-based Dhanalakshmi Bank ranked second as it announced to double its employee strength to 2,700 by recruiting 1,300 employees during the same period. The third and fourth places were carved out by the Andhra Bank and Yes Bank, respectively. The former plans to generate 1,000 jobs in supervisory and clerical positions by 2010, and the later plans to hire 900 people in the current fiscal -- 500 for managerial level and 400 for retail service and sales.
The IT/ITeS sector was the second highest employment generator contributing 32 per cent in the total job offerings with 12,200 new hiring announced during April-June 2009.
The top company in the IT/ITeS sector with the highest number of job offerings was Wipro Technologies that announced the addition of 8,000 people by 2010. It was followed by internet products firm Directi which plans to grow its headcount to 2,000 from 500 people, within the next two years.
The telecom sector with total job announcements for 5,460 employees stood at the third position. The prominent companies hiring people for headcount expansions were Sistema Shyam Teleservices Ltd (SSTL) (planning to hire 4,500 people by 2010) and Aricent (with plans to recruit 960 human resources in the current fiscal).
The other major sectors which contributed in the total headcount announcements during Q1 FY10 were diversified (with 2,000 employees), pharmaceuticals (1,300 employees), steel (600 employees), aviation (500 employees) and consumer durable (200 employees).
The APP study on ‘Headcount Expansion Activities’ analyzed trends of jobs announced across different sectors in the first quarter of fiscal 2009-10 with the total number of headcounts being 38,460. The study focused on 8 prominent employment-generating sectors such as banking, IT/ITeS and telecom, among others.
The banking sector topped the chart with highest number of headcounts at 16,200. In the total job announcements during the study period, it’s share stood at 42 per cent.
Among the top banks with maximum number of headcount expansions, State Bank of India occupied the first position with addition of 13,000 people. The Kerala-based Dhanalakshmi Bank ranked second as it announced to double its employee strength to 2,700 by recruiting 1,300 employees during the same period. The third and fourth places were carved out by the Andhra Bank and Yes Bank, respectively. The former plans to generate 1,000 jobs in supervisory and clerical positions by 2010, and the later plans to hire 900 people in the current fiscal -- 500 for managerial level and 400 for retail service and sales.
The IT/ITeS sector was the second highest employment generator contributing 32 per cent in the total job offerings with 12,200 new hiring announced during April-June 2009.
The top company in the IT/ITeS sector with the highest number of job offerings was Wipro Technologies that announced the addition of 8,000 people by 2010. It was followed by internet products firm Directi which plans to grow its headcount to 2,000 from 500 people, within the next two years.
The telecom sector with total job announcements for 5,460 employees stood at the third position. The prominent companies hiring people for headcount expansions were Sistema Shyam Teleservices Ltd (SSTL) (planning to hire 4,500 people by 2010) and Aricent (with plans to recruit 960 human resources in the current fiscal).
The other major sectors which contributed in the total headcount announcements during Q1 FY10 were diversified (with 2,000 employees), pharmaceuticals (1,300 employees), steel (600 employees), aviation (500 employees) and consumer durable (200 employees).
Layoffs in India
Pinkslips haunting techies
Source: IndiaTimes.com
IT professionals in are battling the global downturn with the help of doctors. Living under constant fear of losing their jobs or trauma of seeing their colleagues getting the pink slip, techies are increasingly seeking medical help to survive what experts call "layoff survivor syndrome".
The intensity of the syndrome could become severe when a team member working on a project is benched or sent out, a leading psychiatrist said.
"It's a mental situation where IT professionals who of late have seen their colleagues, who are often friends too, being laid off," BN Gangadhar, professor of psychiatry at the premier National Institute of Mental Health and Neuro Sciences (NIMHANS) here, told media.
"First, it is the anxiety that the axe may fall upon them the next time and, secondly, a sense of remorse, with a tinge of guilt that they have survived, whereas their colleagues sitting next to them have lost jobs," Gangadhar said.
Two million people were employed in the Indian IT and BPO industry in 2007-08, according to the National Association of Software and Service Companies (Nasscom). The BPO sector employed more than 700,000 people.
"These are bad times. Recently two of my colleagues, who are also close friends, were fired. I am feeling terrible after the episode," said Sundar Gopal working with a reputed Indian IT company.
UNITES-Professionals (Union of Information Technology-Enabled Services-Professionals), says there is no clear estimate of the job loss in these sectors in the wake of the global economic meltdown.
Though UNITES claims that such unions have been formed in several countries, they are not recognised as a trade union either by the governments or employers.
"Every other employed IT professional is thinking that it's their turn next," rues Karthik Shekhar, general secretary of UNITES-Bangalore.
UNITES-Bangalore says it has more than 50,000 members. "Those who are still employed are working under great mental stress, which is taking a toll on their work and professional growth also," Shekhar asserted.
UNITES-Bangalore contends that the employers are not helping their staff to deal with the mental trauma of being laid off.
"The companies are not giving any kind of counselling before handing over pink slips to their employees. This leaves the employees distraught. The companies should provide some kind of counselling in not only giving mental solace to their employees but also some amount of guidance in helping them find an alternative means of livelihood," said Shekhar.
Several Bangalore hospitals say they are seeing increased number of IT professionals seeking help. "We're getting two types of IT professionals seeking our help. First are those who have already lost their jobs and second are those who're fighting the fear that they might lose their jobs soon," said M Srihari, a psychiatrist with the state government-run Bangalore Medical College.
"After counselling and medical aid, many have improved, but some are too shocked to believe that they have lost their jobs or their colleagues have lost their jobs," Srihari added.
He has a suggestion, particularly for youngsters. "Losing a job is not the end of life. Life has many things in store and they could easily try various options to rise again," added Srihari.
From the sprawling campuses of IT majors to the small backroom offices in the city the "psychological pressure" under which the staff goes about the daily work is evident when one talks to them.
Ramaya P, employed at a multinational company, said every day she works under the fear of being fired the next moment.
"Insecurity is palpable everywhere. I have heard of cases of so many people getting pink slips in recent times. My stress level has increased," said Ramya, who added she has not yet thought of going to a counsellor. Asked how she is tackling the situation, Ramya said: "I only hope the situation improves soon."
IT professionals in are battling the global downturn with the help of doctors. Living under constant fear of losing their jobs or trauma of seeing their colleagues getting the pink slip, techies are increasingly seeking medical help to survive what experts call "layoff survivor syndrome".
The intensity of the syndrome could become severe when a team member working on a project is benched or sent out, a leading psychiatrist said.
"It's a mental situation where IT professionals who of late have seen their colleagues, who are often friends too, being laid off," BN Gangadhar, professor of psychiatry at the premier National Institute of Mental Health and Neuro Sciences (NIMHANS) here, told media.
"First, it is the anxiety that the axe may fall upon them the next time and, secondly, a sense of remorse, with a tinge of guilt that they have survived, whereas their colleagues sitting next to them have lost jobs," Gangadhar said.
Two million people were employed in the Indian IT and BPO industry in 2007-08, according to the National Association of Software and Service Companies (Nasscom). The BPO sector employed more than 700,000 people.
"These are bad times. Recently two of my colleagues, who are also close friends, were fired. I am feeling terrible after the episode," said Sundar Gopal working with a reputed Indian IT company.
UNITES-Professionals (Union of Information Technology-Enabled Services-Professionals), says there is no clear estimate of the job loss in these sectors in the wake of the global economic meltdown.
Though UNITES claims that such unions have been formed in several countries, they are not recognised as a trade union either by the governments or employers.
"Every other employed IT professional is thinking that it's their turn next," rues Karthik Shekhar, general secretary of UNITES-Bangalore.
UNITES-Bangalore says it has more than 50,000 members. "Those who are still employed are working under great mental stress, which is taking a toll on their work and professional growth also," Shekhar asserted.
UNITES-Bangalore contends that the employers are not helping their staff to deal with the mental trauma of being laid off.
"The companies are not giving any kind of counselling before handing over pink slips to their employees. This leaves the employees distraught. The companies should provide some kind of counselling in not only giving mental solace to their employees but also some amount of guidance in helping them find an alternative means of livelihood," said Shekhar.
Several Bangalore hospitals say they are seeing increased number of IT professionals seeking help. "We're getting two types of IT professionals seeking our help. First are those who have already lost their jobs and second are those who're fighting the fear that they might lose their jobs soon," said M Srihari, a psychiatrist with the state government-run Bangalore Medical College.
"After counselling and medical aid, many have improved, but some are too shocked to believe that they have lost their jobs or their colleagues have lost their jobs," Srihari added.
He has a suggestion, particularly for youngsters. "Losing a job is not the end of life. Life has many things in store and they could easily try various options to rise again," added Srihari.
From the sprawling campuses of IT majors to the small backroom offices in the city the "psychological pressure" under which the staff goes about the daily work is evident when one talks to them.
Ramaya P, employed at a multinational company, said every day she works under the fear of being fired the next moment.
"Insecurity is palpable everywhere. I have heard of cases of so many people getting pink slips in recent times. My stress level has increased," said Ramya, who added she has not yet thought of going to a counsellor. Asked how she is tackling the situation, Ramya said: "I only hope the situation improves soon."
Satyam
Mahindra Satyam reshuffles top positions
Mahindra Satyam on Tuesday announced a reshuffle of its top brass, ringing in the entry of two senior-level Tech Mahindra officials at key positions. The company also officially announced the posting of former chief executive officer A S Murty as its chief technology officer.
Ex-Tech Mahindra executive, Rakesh Soni, takes over as the new chief operating officer of the company. He will head the delivery for manufacturing, BFSI, emerging verticals and strategic accounts. He will also lead the integration, corporate plan-ning and strategy portfolio.
Another Tech Mahindra official to have got a look in is Atul Kanwar. Kanwar will head the business development and operations for the regional business groups (Europe, Australasia, West Asia, Africa and India) while Manish Mehta will head the delivery for these businesses.
In a statement, Mahi-ndra Satyam described the changes as aimed at sustaining the recovery and positioning of the company for long-term growth. “Key aspects of the new organisation design include integrating sales and delivery into a ‘two-in-a-box’ collaborative model, strengthening industry verticals, regional focus, competency groups, align-ing business consulting capabilities, and rationa-lising support functions into logical groups,” the company said.
A person close to the development said the changes had been in the pipeline for a while. “The appointees had been decided for the various posts some time ago. It was just a matter of time before they were made public,” the person told Financial Chronicle.
Another key appoint-ment is that of Keshab Panda as head of the business development and operations for manu-facturing, BFSI, emerging verticals and strategic accounts.
T R Anand will head the business development and operations for telecom, media & entertainment, tech infra and semicon-ductor verticals in addition to channel business through alliance partners, Tech Mahindra and new technology companies. Ravi Bommakanti will head the delivery for these busi-nesses. Hari T will handle the dual role of chief people officer and chief marketing officer.
“This new organisa-tional structure is aimed at providing better service to clients as well as increasing efficiency and reducing costs,” the person said.
Ex-Tech Mahindra executive, Rakesh Soni, takes over as the new chief operating officer of the company. He will head the delivery for manufacturing, BFSI, emerging verticals and strategic accounts. He will also lead the integration, corporate plan-ning and strategy portfolio.
Another Tech Mahindra official to have got a look in is Atul Kanwar. Kanwar will head the business development and operations for the regional business groups (Europe, Australasia, West Asia, Africa and India) while Manish Mehta will head the delivery for these businesses.
In a statement, Mahi-ndra Satyam described the changes as aimed at sustaining the recovery and positioning of the company for long-term growth. “Key aspects of the new organisation design include integrating sales and delivery into a ‘two-in-a-box’ collaborative model, strengthening industry verticals, regional focus, competency groups, align-ing business consulting capabilities, and rationa-lising support functions into logical groups,” the company said.
A person close to the development said the changes had been in the pipeline for a while. “The appointees had been decided for the various posts some time ago. It was just a matter of time before they were made public,” the person told Financial Chronicle.
Another key appoint-ment is that of Keshab Panda as head of the business development and operations for manu-facturing, BFSI, emerging verticals and strategic accounts.
T R Anand will head the business development and operations for telecom, media & entertainment, tech infra and semicon-ductor verticals in addition to channel business through alliance partners, Tech Mahindra and new technology companies. Ravi Bommakanti will head the delivery for these busi-nesses. Hari T will handle the dual role of chief people officer and chief marketing officer.
“This new organisa-tional structure is aimed at providing better service to clients as well as increasing efficiency and reducing costs,” the person said.
Infosys, Outsourcing, TCS, Wipro
US cos ask Indian vendors to deliver projects locally
Top outsourcing customers such as Bank of America and several local governments in the US are asking vendors such as TCS, Infosys and Wipro to deliver more projects locally. They are also rescinding job offers to foreign workers in an attempt to address anti-offshoring sentiments and cope with legislative requirements of the Troubled Assets Relief Program (TARP).
Bank of America and other financial services organisations, who have received funds under TARP, need to ensure that they try and employ a local American worker before hiring a foreign worker from companies such as TCS, Infosys and Wipro. During the past few months, at least five new outsourcing contracts had new clauses, which mandated that certain work be delivered onshore.
“Bank of America’s Merill Lynch integration projects are being delivered locally because of TARP requirements — on any other day, Infosys could have done a majority of these projects from India and elsewhere,” said a US-based person familiar with the bank’s outsourcing initiatives.
When contacted by ET last week, a spokeswoman at Bank of America confirmed that her company had cancelled around 50 H-1B job offers in order to comply with TARP. A person familiar with these job offers told ET on conditions of anonymity that several graduates from the University of Michigan are among many potential H-1B workers left stranded in the US.
“Recent changes in US legislation made it necessary for Bank of America to rescind job offers it had made to students requiring H-1B sponsorship,” said Kelly E Sapp, a spokeswoman.
Bank of America and other financial services organisations, who have received funds under TARP, need to ensure that they try and employ a local American worker before hiring a foreign worker from companies such as TCS, Infosys and Wipro. During the past few months, at least five new outsourcing contracts had new clauses, which mandated that certain work be delivered onshore.
“Bank of America’s Merill Lynch integration projects are being delivered locally because of TARP requirements — on any other day, Infosys could have done a majority of these projects from India and elsewhere,” said a US-based person familiar with the bank’s outsourcing initiatives.
When contacted by ET last week, a spokeswoman at Bank of America confirmed that her company had cancelled around 50 H-1B job offers in order to comply with TARP. A person familiar with these job offers told ET on conditions of anonymity that several graduates from the University of Michigan are among many potential H-1B workers left stranded in the US.
“Recent changes in US legislation made it necessary for Bank of America to rescind job offers it had made to students requiring H-1B sponsorship,” said Kelly E Sapp, a spokeswoman.
Cost cutting, TCS
TCS says more cost-cutting ahead
Source: ndtv.com
Speaking at the company's annual shareholders’ meet, Chairman Ratan Tata said its growth may be hit unless economic situation improves and it will take further cost-cutting measures in this fiscal. Tata Consultancy Services expects lower or no growth in the foreseeable future as the IT industry battles the difficult global conditions, he said.
To adjust to the changing scenario, he said, TCS would look offshoring more jobs as part of revamping its business structure.
Forecasting low growth for IT sector, Ratan Tata pegged FY10 capital expenditure of TCS at Rs 1,300 crore. On the passport project, he said that the pilot version would be ready by October. Well, Tata is walking a tight rope as he finally admits to shareholders that next few quarters wouldn’t be good.
The slowdown in growth will force TCS, India's largest tech firm, to fall short of its target of achieving $10 billion in revenues by 2010. Ratan Tata, chairman of Tata Sons, said, "Expenditure on it is expected to be down due to slowdown."
Well, Ratan Tata not only came up close and frank with his investors, but also signaled that TCS was now ready for a complete recast for the company's business model.
This candid talk comes two months ahead of the retirement of the current CEO, S Ramadorai, leaving the new boss N Chandrashekharan, the task of radical changes. Meanwhile, Tata has set the tone not just for TCS but also for the industry. His tone was extremely bearish. Meanwhile, for TCS of course, there is a change of guard at the top. Both the company and the shareholders hope that younger hands will make a difference to their fortunes as well.
Speaking at the company's annual shareholders’ meet, Chairman Ratan Tata said its growth may be hit unless economic situation improves and it will take further cost-cutting measures in this fiscal. Tata Consultancy Services expects lower or no growth in the foreseeable future as the IT industry battles the difficult global conditions, he said.
To adjust to the changing scenario, he said, TCS would look offshoring more jobs as part of revamping its business structure.
Forecasting low growth for IT sector, Ratan Tata pegged FY10 capital expenditure of TCS at Rs 1,300 crore. On the passport project, he said that the pilot version would be ready by October. Well, Tata is walking a tight rope as he finally admits to shareholders that next few quarters wouldn’t be good.
The slowdown in growth will force TCS, India's largest tech firm, to fall short of its target of achieving $10 billion in revenues by 2010. Ratan Tata, chairman of Tata Sons, said, "Expenditure on it is expected to be down due to slowdown."
Well, Ratan Tata not only came up close and frank with his investors, but also signaled that TCS was now ready for a complete recast for the company's business model.
This candid talk comes two months ahead of the retirement of the current CEO, S Ramadorai, leaving the new boss N Chandrashekharan, the task of radical changes. Meanwhile, Tata has set the tone not just for TCS but also for the industry. His tone was extremely bearish. Meanwhile, for TCS of course, there is a change of guard at the top. Both the company and the shareholders hope that younger hands will make a difference to their fortunes as well.
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