<ul class="summary-list"><li><keyword id="11910848" type="UNKNOWN" weightage="60" keywordseo="workers" source="Orion">Workers</keyword> have been using the <keyword id="12122646" type="UNKNOWN" weightage="60" keywordseo="great-resignation" source="Orion">Great Resignation</keyword> to demand higher <keyword id="6356975" type="UNKNOWN" weightage="60" keywordseo="wages" source="Orion">wages</keyword> and better working conditions.</li><li>A recession could change things, say senior executives who spoke to Insider at the <keyword id="12777989" type="UNKNOWN" weightage="60" keywordseo="davos" source="Orion">Davos</keyword> summit.</li></ul>The Great Resignation that's swept through the American workforce over the past two years has been an expression of worker power. The pandemic lockdowns liberated them from their daily routines, desks and overbearing bosses, with workers exerting a new level of control.They're resigning in their droves, no longer willing to put up with companies that don't give them what they want. In March, <a href="https://www.businessinsider.com/record-number-of-americans-quit-march-great-resignation-strong-2022-5">4.5 million Americans quit their jobs</a>, notching up the 10th consecutive month that resignations surpassed 4 million. But a looming recession could change things, according to senior executives Insider spoke to at the World Economic Forum in Davos this week.Coram Williams, finance chief of the Adecco Group, told Insider: "If some of the things that people are talking about come to fruition – if the levels of inflation are sustained, if interest rates continue to rise, if energy prices don't come down – I think it by definition shifts some of the balance." <a href="https://www.businessinsider.com/recession-2022-or-2023-outlook-whats-happening-economy-growth-recovery-2022-5">While the US economy is not yet in a downturn</a>, some economists, Wall Street banks and execs warn that one may arrive by sometime next year.Supply chain woes, exacerbated by <a href="https://www.businessinsider.com/airbnb-set-to-quit-china-amid-covid-19-lockdown-pains-2022-5">COVID-19 lockdowns in China</a>, the <a href="https://www.businessinsider.com/sanctions-russia-oligarchs-long-lasting-impact-global-supply-chain-2022-4">Ukraine War</a> and rising energy prices, coupled with a tight labor market pushed consumer price inflation up to 8.3% in the 12 months to April.<a href="https://www.businessinsider.com/wage-growth-eci-q1-labor-shortage-job-market-hiring-raises-2022-4">Despite enjoying record rises in pay during the first quarter of the year</a>, increases have not kept up with inflation. The Employment Cost index, the best monitor of pay levels, rose by 4.5% in the year to March. Federal Reserve officials, who<a href="https://www.businessinsider.com/fed-raises-interest-rates-may-double-sized-hike-mortgages-loans-2022-5"> already raised the main interest rate by half a percentage point</a> this month, are expected to impose further increases over the coming months. Rising borrowing costs could slow demand sufficiently to help trigger a recession."I don't know whether it will be a soft or a hard landing," Williams added. "But it's clearly going to take some of the froth out of the world <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>. And that means that you have some aspect of rebalancing within labor markets, which probably shifts the pendulum slightly for slightly more back towards the employer."However, that doesn't mean workers will suddenly be left completely powerless.Dogged by ongoing labor shortages, employers have been <a href="https://www.businessinsider.com/microsoft-considering-significant-pay-raises-employee-survey-2022-5">increasing pay</a> and investing in perks and training to stem the flow. There's a growing awareness <a href="https://www.businessinsider.com/davos-ceos-office-return-policies-mandates-unrealistic-hybrid-working-future-2022-5">that forcing staff to return to a prepandemic, full-time office is unrealistic if companies want to attract the best talent</a>. Ravin Jesuthasan, global transformation leader at Mercer, told Insider: "These concepts of flexibility are here to stay, it's just not going to go. I know many hope we'll just go back to where we were in January of 2020, but that's just not going to happen."<h2>Is the great resignation simply the <keyword id="12479529" type="UNKNOWN" weightage="60" keywordseo="great-reshuffle" source="Orion">great reshuffle</keyword>?</h2>While Americans are quitting their jobs, they're not giving up work. They are seeking to take advantage of the labor shortage to move into roles that pay more and offer greater satisfaction and flexibility. Some are also setting up their own businesses. The unemployment rate for <a href="https://www.businessinsider.com/april-jobs-report-428000-payrolls-unemployment-rate-labor-market-inflation-2022-5">April stood at 3.6%, marginally above the 3.5% in February 2020,</a> according to the Bureau of Labor Statistics. The labor force participation rate of 62.2% is about 1 percentage point below February 2020 levels. "You can call it what you like – we call it the 'Great Re-evaluation'. What's really happening is that people are reconsidering the jobs that they do, not reconsidering their participation in the labor market," Williams said.Stephanie Trautman, chief growth officer at tech giant Wipro, told Insider: "People are still evaluating, you know, what do I do? Do I enjoy what I do? Do I have the kind of opportunities?"As long as the labor shortage persists, many workers will continue to hold the upper hand.

A recession could end the Great Resignation and cut workers' bargaining power, warn business leaders at Davos

New Delhi, Jan 31 () IT services major <keyword id="10862" type="COMPANY" weightage="20" keywordseo="Wipro">Wipro</keyword> on Friday said its CEO and Managing Director <keyword id="8574100" type="PERSON" weightage="20" keywordseo="abidali">Abidali</keyword> Z <keyword id="296498" type="PERSON" weightage="20" keywordseo="Neemuchwala">Neemuchwala</keyword> has decided to step down from the company. Neemuchwala, 52, will continue to hold the office of the CEO and Managing Director, until a successor is appointed for a smooth transition and to ensure that business continues as usual, the company said in a BSE filing. "...Chief Executive Officer and Managing Director Abidali Z Neemuchwala has decided to step down due to family commitments," the BSE filing said. The Board of Directors has also initiated a search to identify the next Chief Executive Officer, it added. "We thank Neemuchwala for his leadership and his contributions to the Wipro. Over the last four years, he helped build a strong execution mindset, drove key acquisitions and scaled our Digital business globally," Wipro Chairman Rishad Premji said. Neemuchwala said the company has made considerable progress in its transformation journey, improved its delivery engine and institutionalised deeper client centricity. "lt has been my honour and privilege to serve Wipro, a company with a rich legacy of almost 75 years...I thank <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, Rishad, our Board of Directors, my Wipro colleagues and customers for their support over the years," he added. SR AMS

Wipro CEO Abidali Neemuchwala resigns, board starts search for successor

<ul><li><keyword id="9586347" type="UNKNOWN" weightage="20" keywordseo="Ashwini-Kumar-Tewari">Ashwini Kumar Tewari</keyword> will take over as the new MD and CEO of the Company with effect from August 1, 2020 for a period of two years.</li><li>In a regulatory filing on Thursday SBI Cards said that Prasad's resignation comes into effect from the close of business on July 31.</li><li>SBI Cards and Payments Services' MD and CEO Hardayal Prasad has resigned from the post owing to this voluntary retirement from the State Bank of India and Ashwini Kumar Tewari has been appointed the new MD and CEO.</li></ul> SBI Cards and Payments Services' MD and CEO Hardayal Prasad has resigned from the post owing to this voluntary retirement from the State Bank of India and Ashwini Kumar Tewari has been appointed the new MD and CEO. In a regulatory filing on Thursday SBI Cards said that Prasad's resignation comes into effect from the close of business on July 31. Ashwini Kumar Tewari will take over as the new MD and CEO of the Company with effect from August 1, 2020 for a period of two years. The filing said that the board on Wednesday approved the "appointment of Ashwini Kumar Tewari as Managing Director &amp; CEO (nominated by State Bank of India) of the company with effect from August 1, 2020 for a period of two years, subject to all the requisite approvals including approval of the shareholders at the ensuing Annual General Meeting. This is to further confirm that Tewari is not related to any of the directors of the company". Shares of the company on the BSE are currently trading at Rs 706.05, higher by Rs 14.15 or 2.05 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/jio-glass-akash-ambani-and-isha-ambani-announce-reliances-latest-product-which-offers-holographic-video-calls/articleshow/76977640.cms">Jio Glass – Akash Ambani and Isha Ambani announce Reliance’s latest product which offers holographic video calls</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-16-increase-leads-to-surge-in-infosys-share-price-too/articleshow/76973619.cms">Wipro share price 16% increase leads to surge in Infosys share price too</a> <a href="https://www.businessinsider.in/science/health/news/moderna-covid19-vaccine-will-be-in-final-stages-of-human-trial-starting-july-27/articleshow/76972580.cms">Moderna's COVID-19 vaccine will be in final stages of human trial starting July 27</a>

SBI Card CEO resigns, Ashwini Kumar Tewari to takeover

<ul class="summary-list"><li>A recent panel at the World Economic Forum in Davos highlighted one recent workplace trend: quiet quitting.</li><li>"I think that in some ways quiet quitting is the natural sequel to the Great Resignation," professor Adam Grant said.</li></ul>"Quiet quitting" — or doing the bare minimum at your job without leaving — has been one of the <a href="https://www.businessinsider.com/workplace-trends-2022-quiet-quitting-career-cushioning-great-resignation-labor-2022-12">hottest trends in the workforce</a> in the last year. But so has been the <a href="https://www.businessinsider.com/why-everyone-is-quitting-great-resignation-psychologist-pandemic-rethink-life-2021-10">Great Resignation,</a> which has seen a massive number of workers actually leaving their jobs.And it looks like there's a connection between these two popular trends, according to one expert. "I think that in some ways quiet quitting is the natural sequel to the Great Resignation," Adam Grant, organizational psychologist at the Wharton School of the University of Pennsylvania, said at a <a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2023/sessions/quiet-quitting-and-the-meaning-of-work" target="_blank" rel="noopener">panel</a> earlier this week at the World Economic Forum Annual Meeting in Davos, Switzerland.While some people ended up quitting during the pandemic, some workers may have wanted to see some kind of change out of work but ultimately didn't get that."Eventually, after trying to change their workplaces or their situation and failing, they said all right I'm just going to check out psychologically a little bit," Grant said.Grant isn't the only professor to highlight how the two may actually be related.James Detert, a professor of business administration at the University of Virginia, detailed in a post on <a href="https://theconversation.com/quiet-quitting-and-the-great-resignation-have-a-common-cause-dissatisfied-workers-feel-they-cant-speak-up-in-the-workplace-190390" target="_blank" rel="noopener">The Conversation</a> how the Great Resignation, quiet quitting, and <a href="https://www.businessinsider.com/labor-union-membership-fell-lowest-rate-record-2022-2023-1">unionization efforts</a> at big companies are actually similar."As a management professor who has studied worker behavior for over two decades, I believe these are all reactions to the same problem: Workers are dissatisfied in their current jobs and feel they can't speak up, whether about organizational problems, unethical behavior or even just to contribute their knowledge and creative ideas," Detert wrote. "So in response, they generally either leave or decrease their effort while suffering in silence."As noted during the panel and seen in previous <a href="https://www.businessinsider.com/is-quiet-quitting-new-genz-tiktok-millennial-boomer-2022-8">coverage</a> from Insider, "quiet quitting" isn't actually a new thing. It may even be better to describe this kind of work style as "<a href="https://www.businessinsider.com/forget-quiet-quitting-workers-acting-your-wage-work-life-balance-2022-9">acting your wage</a>."Thierry Delaporte, CEO and managing director of Wipro Limited and one of three CEOs during the "Quiet Quitting and the Meaning of Work" panel, said that one reason behind why people may be "a little less into the job than they were before or they would want to be" is because of how hard it is to find the balance between work and life.A <a href="https://www.lendingtree.com/debt-consolidation/quiet-quitting-survey/" target="_blank" rel="noopener">LendingTree survey</a> from October that included over 300 quiet quitters, found that a majority of them, 57%, saw their work-life balance improve. A <a href="https://www.pewresearch.org/fact-tank/2022/03/09/majority-of-workers-who-quit-a-job-in-2021-cite-low-pay-no-opportunities-for-advancement-feeling-disrespected/">Pew Research Center survey</a> similarly showed that among working US adults who quit a job in 2021, over half found it easier compared to their previous role to balance work and family.Grant, who doesn't like the term quiet quitting, noted in the panel that "quiet quitting, or whatever you call it, is a natural response to feeling that your employer, your boss has given up on you."Grant similarly expressed this on <a href="https://twitter.com/adammgrant/status/1563164741987893248?lang=en" target="_blank" rel="noopener">Twitter in 2022</a>, saying that "'quiet quitting' isn't laziness.""When they don't feel cared about, people eventually stop caring," Grant said on Twitter. "If you want them to go the extra mile, start with meaningful work, respect, and fair pay."The Great Resignation, and thus its "sequel" of quiet quitting, may continue in 2023 and be sticking around. One LinkedIn survey of US workers from December shows a majority, 61%, are thinking about making a job switch this year. And quiet quitters may also throw in the towel and look for new work. The LendingTree survey from October found that over half were looking for new positions, compared to 28% of those who weren't quiet quitters.People may resign from their jobs for different reasons. Grant said at the event in Davos that people who mainly ended up leaving a job during the pandemic were those who wanted to leave "<a href="https://www.businessinsider.com/workers-quitting-toxic-culture-low-pay-analysis-2022-1">toxic workplaces</a>" or had "abusive bosses."However, those weren't the only reasons people have decided to seek a new role somewhere else. For instance, some quit due to <a href="https://www.pewresearch.org/fact-tank/2022/03/09/majority-of-workers-who-quit-a-job-in-2021-cite-low-pay-no-opportunities-for-advancement-feeling-disrespected/#:~:text=Majority%20of%20workers%20who%20quit,opportunities%20for%20advancement%2C%20feeling%20disrespected&amp;text=The%20COVID%2D19%20pandemic%20set,in%20the%20U.S.%20labor%20market." target="_blank" rel="noopener">lack of chances for advancement</a>, as well as <a href="https://affiliate.insider.com?postID=63c97b94ba7556556c74070d&amp;site=bi&amp;u=https%3A%2F%2Fwww.flexjobs.com%2Fblog%2Fpost%2Fsurvey-resignation-workers-considering-quitting-jobs%2F" target="_blank" rel="noopener">pay and lack of flexible schedules</a>.Delaporte said during the event in Davos that quiet quitting is "an opportunity for us leaders to really reflect on" that the "labor market has fundamentally changed." Anjali Sud, the CEO of Vimeo, also talked about what leaders need to do during the panel."I think we're in a unique world right now where what the next generation expects and needs to be engaged in their personal lives has not translated to work. And there's a fairly necessary reskilling, I would say, of leaders," Sud said.And while this reskilling includes connecting with others in the "digital world," Sud said that she doesn't believe "most leaders feel equipped to do that." "It's not a skill set most of us moved up the ranks being great at," Sud said. "And I do think that without it, this same phenomenon of phoning it in or quiet quitting can in fact lead then to not being able to retain and make productive great talent, especially in an environment right now where we all need more impact and productivity from our teams."

'Quiet quitting is the natural sequel to the Great Resignation' as workers still rethink their jobs 3 years into the pandemic

<ul><li><keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, executive Chairman and Managing Director of <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, to retire by July. </li><li>His son <keyword id="197349" type="PERSON" weightage="20" keywordseo="Rishad-Premji">Rishad Premji</keyword> will be taking over his post. </li><li>Azim Premji had been the executive chairman of the IT company for 53 years.</li></ul>Azim Premji, founder of Wipro, will be resigning from his post of executive chairman and Managing Director by July according to <a href="https://www.livemint.com/companies/people/azim-premji-to-retire-next-month-rishad-chairman-md-ceo-1559817362459.html">reports</a>. His son Rishad Premji, who is currently on the board of Wipro and its Chief Strategy Officer, will be taking over as executive chairman. Premji Senior will continue to be on the board of the company. He had served as the executive chairman of the IT giant for a long period of 53 years. Meanwhile, a statement from the company also states that Abidali Neemuchwala, who has been the CEO of the company since February 2016, will also be the managing director of the company. Azim Premji, who has been at the forefront of IT growth in India, is a graduate in Electrical Engineering from Stanford University. According to the company’s website, Premji is responsible for turning Wipro into a “$8.5 billion Revenue IT, BPO and R&amp;D Services organization with a presence in 58 countries.” Premji, who is also one of the biggest philanthropists in India, had founded the non-profit organization Azim Premji Foundation in 2001. In March, Premji also earmarked all of his economic benefits for philanthropy, setting aside 34% of Wipro shares worth $7.5 billion. His total contribution to philanthropy now stands at a whopping $21 billion, including 67% of economic ownership of Wipro Limited. See Also: <a href="https://www.businessinsider.in/wipro-chairman-azim-premji-has-now-increased-his-charity-contribution-to-a-total-of-21-billion/articleshow/68395458.cms">Azim Premji has now set aside $21 billion to charity, 67% of economic ownership of Wipro</a>

Wipro founder Azim Premji to retire, son Rishad to take over

<ul><li>The stock has lost nearly half its value and overall profits have declined. </li><li>The prospects for the future are still cloudy due to reliance on banking, financial services, and insurance. </li><li>These are the five charts and a table on how the company has fared under <keyword id="296498" type="PERSON" weightage="20" keywordseo="Neemuchwala">Neemuchwala</keyword>’s leadership</li></ul>Six months after <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>’s iconic leader <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> stepped down, its Chief Executive Officer (CEO) Abidali Z Neemuchwala has resigned from the company citing family commitments, nearly 4 years after he took the corner office. Wipro tried to cushion the blow by announcing that Neemuchwala will stay on until a successor is found. Yet, the stock went down 2% in the morning trade⁠— the total fall since the senior Premji stepped down is now up to 10%. 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/1310332"></div><script src="https://public.flourish.studio/resources/embed.js"></script>
]]></cdata></div>



 Wipro is ranked four among India’s tech titans In the last few years, Wipro has continued to lag behind peers like <keyword id="6357150" type="DOMAIN" weightage="20" keywordseo="tcs">TCS</keyword> and <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> in terms of market value. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market capitalisation </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹799595.66 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹332656.48 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹163484.75 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹134913.03 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹78585.71 crore </td></tr><tr><td colspan="2" style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">As of Jan 31, 2019; Source: Moneycontrol.com </td></tr></tbody></table> The leadership of Neemuchwala Neemuchwala spent 23 years in TCS but he was made the CEO of Wipro just 10 months after he joined -- to steer the company out of its hurdles. However, the former IIT Mumbai alumnus had reportedly little experience in <a href="http://neemuchwala">client facing roles</a>, which is crucial for a software exporter like Wipro. The profit after tax in the financial year ending March 2016 was nearly ₹10,600 crore, three years later it was lower by 7%. And, the prospects are not looking very good either. 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/1310729"></div><script src="https://public.flourish.studio/resources/embed.js"></script>
]]></cdata></div>



 As recently as October 2019, global investment bank Morgan Stanley placed Wipro in the ‘underperform’ list, blaming the management. “The company management is uncertain of macro environment, and with growth lower than peers, Wipro should sustain lower P/E (price-earnings) multiple,” said<a href="https://economictimes.indiatimes.com/markets/stocks/news/foreign-brokerages-give-thumbs-down-to-wipro-post-q2-numbers/articleshow/71614624.cms?from=mdr"> Morgan Stanley.</a> The ‘price to earnings ratio’ measures its current share price relative to its earnings per-share (EPS). It is a way of the company. Higher the P/E ratio, more valuable the company. After the most-recent earnings for the three months ending December 2019, Neemuchwala hinted that the worst is behind for Wipro. “If you look at the portfolio, I do feel good that things that we had set out to both reengineer our portfolio and address Wipro-specific issues, as well as a lot of the investment in capability that we have been doing where we get the mind share and traction with customers with a very robust set of deal wins gives me confidence that those issues are behind us,” <a href="https://www.fool.com/earnings/call-transcripts/2020/01/14/wipro-limited-wit-q3-2020-earnings-call-transcript.aspx">Neemuchwala said in a call with analysts</a>. Not just Wipro, Indian IT has struggled as a whole The challenges, especially the reliance on banking, financial services, and insurance, are not unique to Wipro. Between Brexit, the US-China trade war, and a plethora of other challenges on the global scale, the growth in the BFSI segment has been volatile at best for most IT companies. 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/1310765"></div><script src="https://public.flourish.studio/resources/embed.js"></script>
]]></cdata></div>



However, Wipro was lagging behind its peers on the recovery path at the end of December 2019. 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/1310754"></div><script src="https://public.flourish.studio/resources/embed.js"></script>
]]></cdata></div>



The street was clearly not enthused. “The soft guidance for 4Q (Jan-March 2020) indicates that reaching industry-level growth is an uphill task. We reckon that growth will continue to lag peers ahead based on soft outlook on around 50% of rev comprising BFSI (banking, financial services, and insurance, Communications and Technology (hi-tech sub-segment),” said a report by HDFC securities. The incoming CEO after Neemuchwala has a tough task at hand to pick up a flailing business uphill in a tough business environment. That would also make it tougher for Chairman <keyword id="197349" type="PERSON" weightage="20" keywordseo="Rishad-Premji">Rishad Premji</keyword> to find Neemuchwala’s replacement.

Abidwali Neemuchwala’s scorecard as Wipro’s CEO for four years

<img class="gwt-Image" src="/photo/47147021.cms" /> Deemed to be the most stable management in the Indian <keyword id="6354185" type="ENTERTAINMENT" weightage="20" keywordseo="IT">IT</keyword> sector, Tata Consultancy Service with a sudden shuffle in its top management is showing traits of its <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> based rivals <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> and <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>. While the latter have been thundered with resignations and shuffles in last few months, TCS was a way better until its head of business process services <keyword id="2067405" type="PERSON" weightage="20" keywordseo="Abid-Ali-Neemuchwala">Abid Ali Neemuchwala</keyword> moved to Wipro. 
 As per a news report by The Economic Times, Vish Iyer, who was the company's <keyword id="2540" type="POSITION" weightage="20" keywordseo="President">president</keyword> " Asia Pacific, was replaced by Girish Ramachandran in Janauary. Iyer is now <keyword id="192276" type="POSITION" weightage="20" keywordseo="global-head">global head</keyword> for legal and corporate affairs, TCS' investor relations page shows. 
 J Rajagopal, executive vice president and global head for consulting, stepped down from the role December, his profile on professional social networking site <keyword id="28120" type="CITY" weightage="20" keywordseo="Linkedin">Linkedin</keyword> shows, confirmed the financial daily. The responsibility for consulting was moved to Krishnan Ramanujam who is also the <keyword id="2835786" type="UNKNOWN" weightage="20" keywordseo="global-head-for-enterprise-solutions">global head for enterprise solutions</keyword>. Rajagopal is now an <keyword id="2835785" type="UNKNOWN" weightage="20" keywordseo="advisor-at-TCS">advisor at TCS</keyword>. In March, TCS also appointed <keyword id="2763091" type="UNKNOWN" weightage="20" keywordseo="Aarthi-Subramanian">Aarthi Subramanian</keyword>, its global <keyword id="212848" type="POSITION" weightage="20" keywordseo="head-of-delivery">head of delivery</keyword> excellence, to its board. 
 
The news report by the financial daily reads, part of the reason for the moves is also a result of a problem that the Indian IT industry is just beginning to face. In the past, high-performing talent could always be given better roles as the industry was expanding into new service lines and geographies. But as the industry has grown and matured, new areas to expand into have grown scarce. 
 "With the <keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword> being quite a long way from retirement you have leaders of similar age moving on to CEO/COO roles as they will never gthe chance at TCS. Abid is one such person. They are also moving aside people to allow up-&amp;-comers space to lead and grow," Peter Bendor-Samuel, CEO at IT outsourcing consultancy, Everest told the ET. 
 
Analysts say that though growth at TCS has slowed over the past few quarters, the management changes are unlikely to be a reflection of that. 
 "I wouldn't ascribe the changes to the quarterly results. TCS has been one of the fastest growing companies in the Indian IT sector. I would say it is the normal process in the company," Thomas Reuner, <keyword id="24973" type="POSITION" weightage="20" keywordseo="managing-director">managing director</keyword> of IT outsourcing research at consulting firm HfS Research told the ET. 
 That is something TCS' Chandra has also said in an interview in April with the ET. "All of our units are run by very strong leaders," Chandra said. "So to be very <keyword id="227" type="PERSON" weightage="20" keywordseo="Frank">frank</keyword>, if you can take away one message, it's that our execution is solid. We have never had an execution issue. So, we are not going to rejig the structure for execution."

TCS has many new faces. Know
them all

<keyword id="859038" type="PERSON" weightage="20" keywordseo="Bihar-education-minister">Bihar Education Minister</keyword> <keyword id="4278447" type="PERSON" weightage="20" keywordseo="Mewalal-Choudhary">Mewalal Choudhary</keyword>, allegedly facing corruption charges in the recruitment of assistant professors and scientists, has resigned. He was sworn in as a cabinet minister just a few days ago along with Chief Minister <keyword id="6358190" type="DEFINITION" weightage="20" keywordseo="Nitish-Kumar">Nitish Kumar</keyword>. Chaudhary met Chief Minister Nitish Kumar on Wednesday. An hour after assuming office on Thursday, he resigned as education minister. Earlier on Thursday, Chaudhary had assumed charge of the education ministery. The opposition has been attacking the government over allegation of corruptions against the education minister ever since his name was announced. JD (U) General Secretary K.C. Tyagi said, "Nitish Kumar's identity is a leader with a difference in politics," Tyagi said. "Democracy runs on ethics and public morality. That is why, since allegations of corruption have been levelled against him, he has resigned from the post of education minister." It may be recalled that the RJD has been attacking the CM about the appointment. on Wednesday, Tejashwi Yadav had taken to Twitter to say. "By appointing Mewalal Choudhary, involved in assistant professor recruitment scam and corruption in building constructions as education minister, has the CM given him a free hand to indulge in more corruption and loot?" asked Tejashwi. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/loan-moratorium-case-indias-power-sector-players-want-the-supreme-court-to-plug-the-loopholes-in-rbis-restructuring-scheme/articleshow/79301830.cms">Loan moratorium case: India’s power sector players want the Supreme Court to ‘plug’ the loopholes in RBI’s restructuring scheme</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-ceo-delaportes-new-plan-could-allow-company-to-catch-up-to-to-tcs-infosys-hcl-tech-and-others/articleshow/79299467.cms">Wipro CEO Delaporte’s new plan could give the Indian IT services giant the edge it needs to catch up to its peers, according to analysts</a> <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-is-the-fifth-financial-firm-after-ilfs-dhfl-yes-bank-and-pmc-bank-to-collapse-in-india/slidelist/79286096.cms">Lakshmi Vilas Bank is the fifth financial firm to collapse in India within the last 30 months</a>

Nitish Kumar's choice for education minister resigns within hours of taking office on the back of corruption charges

<ul><li>The market regulator Securities and Exchange Board of India (SEBI) mandated that the chairperson, <keyword id="115930" type="POSITION" weightage="20" keywordseo="Chief-Executive-Officer">chief executive officer</keyword> (CEO) of the company can not be the same. </li><li>Wipro’s Abidali Neemuchwala and Karur Vysya Bank’s PR Seshadri quit citing ‘personal’ reasons. </li><li>Of the top 500 companies, more than 160 have shared chairperson and CEO posts — and another 50 companies have the chairperson related to the CEO. </li><li>Checkout the 10 top Indian companies are looking for CEOs.</li></ul>The resignation of <a href="https://www.businessinsider.in/business/news/abidwali-neemuchwalas-scorecard-as-wipros-ceo-for-four-years/articleshow/73794632.cms">Wipro CEO Abidali Neemuchwala</a> made headlines a few days ago. The reasons for his departure were ‘personal’, there are many other Indian firms that are looking for top talent to sit in the corner office. In a bid to scale up the the corporate governance practices, the market regulator Securities and Exchange Board of India (SEBI) mandated that the chairperson, chief executive officer (CEO) and the managing director (MD) of the company can not be the same. The new mandate, that is applicable to the fortune 500 companies will kick off on April 1, 2020. Of the top 500 companies, more than 160 have shared chairperson and CEO posts — and another 50 companies have the chairperson related to the CEO— <a href="https://economictimes.indiatimes.com/markets/stocks/news/sebis-cut-off-for-separate-chairman-and-md-is-here-are-family-run-businesses-ready/articleshow/72973247.cms">according to the</a> Economic Times report. This has opened up vacancies across companies like <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, Hindustan Unilever and ITC, aside from Wipro. While Neemuchwala will stay on till Wipro finds his successor, the corner office of <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/karur-vysya-bank-ceo-md-resigns/articleshow/73116982.cms">Karur Vysya Bank CEO PR Seshadri’s last working day</a> will be March 31, 2020. The key qualities of a CEO These top executives must have experience, observation skills, as well as a strong network to the table. “The top executive needs to have the ability to align themselves with the company’s vision. The new SEBI regulations which states that companies cannot have the same person as a CEO as well as Chairperson will create a lot of demand initially, this might lead to some relaxation of assessment standards for some time,” Ajay Shah, VP and head of recruitment at TeamLease Services told Business Insider. “These thought leaders provide much more than just a reference. They also provide counsel; they serve as sounding boards; they act as voices of depth and reason; they help frame a CEO search in the context of the organisation,” Deepak Parekh, chairman at HDFC <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/how-godfathers-of-ceo-hiring-in-india-inc-choose-best-candidate-for-the-top-job/articleshow/34348018.cms?from=mdr">told</a> the Economic Times. It doesn’t take days or hours of interviews. For me, 10 minutes is enough to assess if the candidate is right for the job,” Parekh added. “The <keyword id="1668152" type="PERSON" weightage="20" keywordseo="CEO-hiring">CEO hiring</keyword> protocols that Indian companies follow generally start with external agencies or search firms identifying suitable candidates and the boards or promoters interviewing them. Top 25 thought leaders in India across sectors are tapped for referencing for top appointments. Along with quality references these thought leaders also provide counselling for such hires,” Shah added. Here are the top Indian companies are looking for CEOs: Reliance Industries 
	<div type="image" title="ambani" msid="73997124" hostid="261" caption="&amp;lt;p&amp;gt;Mukesh Ambani&amp;lt;/p&amp;gt;"></div>

 Market Cap: ₹924,038 crore Chairman &amp; CEO: Mukesh Ambani Hindustan Unilever 
	<div type="image" title="sanjiv mehta" msid="73997127" hostid="261" caption="&amp;lt;p&amp;gt;Sanjiv Mehta&amp;lt;/p&amp;gt;"></div>

 Market Cap: ₹464,839 crore Chairman &amp; CEO: Sanjiv Mehta ITC 
	<div type="image" title="sanjiv puri" msid="73997131" hostid="261" caption="&amp;lt;p&amp;gt;Sanjiv Puri&amp;lt;/p&amp;gt;"></div>

 Market Cap: ₹262,428 crore Chairman &amp; CEO: Sanjiv Puri ONGC 
	<div type="image" title="shashi shanker" msid="73997134" hostid="261" caption="&amp;lt;p&amp;gt;Shashi Shanker&amp;lt;/p&amp;gt;"></div>

 Market Cap: ₹135,112 crore Chairman &amp; CEO: Shashi Shanker NTPC 
	<div type="image" title="gurdeep singh" msid="73997139" hostid="261" caption="&amp;lt;p&amp;gt;Gurdeep Singh&amp;lt;/p&amp;gt;"></div>

 Market Cap: ₹110,621 crore Chairman &amp; CEO: <keyword id="108414" type="PERSON" weightage="20" keywordseo="Gurdeep-Singh">Gurdeep Singh</keyword> Adani Ports 
	<div type="image" title="adani" msid="73997149" hostid="261"></div>

 Market Cap: ₹75,174 crore Chairman &amp; CEO: <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword> Karur Vysya Bank 
	<div type="image" title="PRS Karur" msid="73997152" hostid="261"></div>

 Market Cap: ₹4,092 crore Former Chairman &amp; CEO: PR Seshadri Coal India Market Cap: ₹121,036 crore Chairman &amp; CEO: <keyword id="806462" type="PERSON" weightage="20" keywordseo="Anil-Kumar-Jha">Anil Kumar Jha</keyword> BPCL Market Cap: ₹107,161 crore Chairman &amp; CEO: Duraiswamy Rajkumar Power Grid Corporation of India Market Cap: ₹100,629 crore Chairman &amp; CEO: Kandikuppa Sreekant

At least 10 top Indian companies are looking for CEOs — do you have what it takes?

<ul><li>At 7:45 am, the SGX Nifty was up 0.58% at 8.70 points pointing towards a positive start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amid positive cues from the global peers, Indian stock-market indices are likely to open in green on Tuesday. At 7:45 am, the SGX Nifty was up 0.58% at 8.70 points pointing towards a higher start for Nifty50. On Wall Street, the S&amp;P 500 closed above the 3,400 thresholds for the first time, bolstered by gains in some big tech-related names. The Dow Jones Industrial Average also jumped 378.13 points to close at 28,308.46. These are the stocks to watch out for during the trading session on Tuesday: Future Retail Kishore Biyani-led Future Retail has averted a default as it repaid around $14 million (around Rs 100 crore) interest on foreign bonds to investors. The 30-day grace period for repaying the interest on ‘5.60 per cent Senior Secured Notes due 2025’ was to end on Monday. The shares of Future Retail plunged over 5% on Monday. Adani Enterprises Billionaire Gautam Adani’s Adani Group is in talks to buy out GVK and some of its partners in the Mumbai Airport as it aims to become the country’s biggest private airport operator. Adani Group is in talks to acquire a 50.5% stake held by GVK Group in Mumbai International Airport (MIAL) and another 23.5% of minority partners, Airports Company South Africa (ACSA), and Bidvest Group, two sources with knowledge of the matter told PTI. The shares of Adani Enterprises ended 7% higher on Monday. Axis Bank Axis Bank on Monday said it would acquire 17% stake in Max Life Insurance instead of the 29% proposed earlier as per a revised deal. Axis Bank currently holds about 1 per cent stake in Max Life and is the biggest banking channel partner for the distribution of the insurer’s products. Products sold through the bank reportedly account for 54% of Max Life’s revenues. The shares of Axis Bank ended 2% higher on Monday. GMR Infra GMR Infra board to consider raising of funds of up to ₹5000 crore in one or more tranches, through the issue of securities as an enabling resolution as per the requirements of applicable laws which shall be subject to the approval of shareholders. The shares of GMR Infra ended 5% higher on Monday. Wipro Wipro announced a partnership with Standard Initial Margin Model (SIMM) vendor, Quaternion Risk Management. As part of the deal, Wipro will offer SIMM-in-a-box to financial institutions covered under Uncleared Margin Rules (UMR). The shares of Wipro ended nearly a percent lower on Monday. Allcargo Logistics The promoters of Allcargo Logistics have proposed to delist the company shares as part of its efforts to pare debt, the company said in a stock-exchange filing on August 24. The shares of Allcargo Logistics ended nearly a percent higher on Monday. LIC Housing Finance Mortgage lender LIC Housing Finance reported a 34% jump in its net profit to ₹817.48 crore for the quarter ending June helped by lower provisioning. The total income of the company rose to ₹4,977.49 crore in April-June 2020 from ₹4,807.21 crore in the year-ago quarter, according to a regulatory filing. The shares of LIC Housing Finance ended nearly a percent lower on Monday. JSW Energy JSW Energy said that its Executive Director Jyoti Kumar Agarwal, who is also the Chief Financial Officer (CFO), has tendered his resignation and will step down with effect from September 15. In a regulatory filing, the company said that Agarwal has decided to pursue career opportunities outside the company. The shares of JSW Energy ended 2% lower on Monday. Indian Energy Exchange Indian Energy Exchange (IEX) on Monday said its board of directors had accepted the resignation of its Managing Director and CEO Rajiv Srivastava. The company has given Satyanarayan Goel the additional charge of Managing Director and CEO. “Board of directors of the company at its meeting held today, i.e. August 24, 2020, has approved the resignation of Rajiv Srivastava, Managing Director &amp; CEO of the company, who has tendered his resignation on August 24, 2020, from the board of the company, due to his personal reasons,” the company said in a stock-exchange filing. The shares of Indian Energy Exchange ended a percent higher on Monday. SEE ALSO:<a href="https://www.businessinsider.in/finance/banks/news/axis-bank-trims-its-investment-in-max-life-insurance-from-30-to-18/articleshow/77721249.cms" data-type="tilCustomLink"> Axis Bank trims its investment in Max Life Insurance from 30% to 18%</a> <a href="https://www.businessinsider.in/stock-market/news/airtel-stock-is-getting-knocked-down-as-investors-fear-it-may-have-to-pay-videocons-dues/articleshow/77714933.cms" data-type="tilCustomLink">Airtel stock is getting knocked down as investors fear it may have to pay Videocon's dues</a>

Top stocks to watch on Tuesday— Future Retail, Adani Enterprises, Wipro, Axis Bank, GMR Infra, LIC Housing Finance and more

<ul><li>The tech industry has seen more than 200,000 <keyword id="6357067" type="General" weightage="100" keywordseo="layoffs" source="Orion">layoffs</keyword> since the start of 2022.</li><li>Instead of performance, the focus for layoffs is more on eliminating redundant roles that no longer add a major value to the organization.</li><li>Some of the red flags an employee should look out for are a decrease in hiring, budget cuts and changes in management.</li></ul>Bipin Singh, a business development manager at Byju’s with over 11 years experience in the EdTech industry was laid off last month after a stint of 1.5 years at the company. In his LinkedIn post he mentioned about the layoff and urged everyone to reach out to him with job offers or if not, like share and comment on his post to increase reach. Anil <keyword id="906861" type="General" weightage="50" keywordseo="sahani" source="Orion">Sahani</keyword>, a software engineer, lost his job in Accenture recently .“I was one of the first ones to let go as I was a contract employee and also did not have any notice period. The layoffs are still on.” Singh and Sahani are among the thousands of employees who have been affected by tech layoffs in India. Google trend data, which reflects what people search for, shows that between January 22-28 this year, the term ‘layoff’ was at its peak popularity of 100, while between January 23 to January 29 last year, it was just at five. This is not surprising because layoffs are being reported majorly in the media and almost every other post on Linkedin is talking about layoffs. It all started with the news that the big tech giants like Amazon and Google parent Alphabet were laying off in large numbers. While Alphabet laid off 12,000 people, the Amazon layoffs affected more than 18,000 people. Microsoft said it will lay off 10,000 people by the end of the third quarter of 2023 and even SAP and IBM have started laying off employees. It seems it is almost like a contagion that is spreading rapidly like wildfire. The Indian situation: Which brings us to the question: Is the situation as bad in India? Layoffs are now a reality in India too. Reports suggest that around 21,000 techies have lost their jobs in the last three to four months. In the third week of January, Wipro fired more than 400 freshers for failing performance tests. While Amazon has laid off 1,000 of its employees in India, IBM and SAP are also laying off employees, affecting their employees in India as well. Very recently, Byju’s laid off 1,000 people, in a second round of layoffs in February. Sivaprasad N, vice president &amp; business head, TeamLease Digital, a staffing solutions company, puts the number of layoffs in the tech industry at more than 2,00,000 since 2022. Over 21,000 employees <a href="https://www.businessinsider.in/business/news/70-plus-indian-startups-show-exit-door-to-21k-techies-more-pink-slips-coming/articleshow/97411761.cms?">have been laid off </a>by 70 startups in the past 3-4 months including from unicorns like BYJU'S, <keyword id="6354720" type="General" weightage="50" keywordseo="ola" source="Orion">Ola</keyword>, MPL, Innovaccer, Unacademy, Vedantu, Cars24, OYO, Meesho, Udaan and many more. Anuj Gupta, who has over 10 years of experience in SEO, has lost his job in edtech company upGrad and is a part of the current tech and marketing layoff wave. The layoff situation in India is currently more of a spill-over effect of shake-ups in the West. Unlike the funding winter that hit the Indian funded tech startups cohort in 2022, the current layoffs by big labels are largely corrective talent adjustments. “Despite potential opportunities coming our way due to global shakeups, it is prudent for India Inc. to treat the current layoffs as a tip of the iceberg,” says <keyword id="138078" type="General" weightage="50" keywordseo="kamal-karanth" source="Orion">Kamal Karanth</keyword>, CoFounder, Xpheno, a specialist staffing company. He adds that enterprises, especially in tech, will benefit from remaining alert and conservative on costs for at least two quarters. Agrees Sivaprasad, “Companies are battling a slowdown in demand after a hiring frenzy. No company is certain to avoid significant cutbacks in such an economic environment. We are witnessing a significant drop in tech hiring unlike previous years as companies are only doing selective hiring for critical projects. It looks like the trend will continue for some time.” Many IT majors have announced mass layoffs in the last couple of months, quoting factors like overhiring, an impending recession and geopolitical conflicts. “We expect businesses to exhibit caution in hiring and workforce management through a major part of 2023,” <keyword id="13896318" type="General" weightage="50" keywordseo="sachin-alug" source="Orion">Sachin Alug</keyword>, CEO, NLB Services - a global technology &amp; digital talent solutions company. Delhi-based Pankaj Kumar, laid off from a software company this month, says that one day he got a message saying that the company was restructuring and that it was his last day. “However, we were forced to resign and also we received very little in the name of assistance as promised.” Kumar feels that most startups today have no clue about manpower requirements and just hire to show their investors that they are doing well without having an idea of how they can sustain themselves in crucial times. Tech jobs have been the most affected: As discussed, tech companies, especially IT firms, are very vulnerable to an impending recession in the US. “The tech sector has always been highly sensitive to economic cycles, and the current economic downturn could have a significant impact on these companies. A recession could lead to decreased consumer spending, reduced corporate investment, and layoffs, which could all hit tech companies hard,” says <keyword id="328697" type="General" weightage="50" keywordseo="sandeep-budhiraja" source="Orion">Sandeep Budhiraja</keyword>, Co-founder, Executive Director and Chief People Officer - BYLD Group which provides HR and Business productivity solutions, Additionally, the US market is a major source of revenue for many tech companies, so a recession here could have a widespread impact on global operations. Finally, any disruption to the global supply chain could further disrupt tech companies, as many rely on components and materials sourced from around the world. “The sectors that may be most affected, other than the technology, are telecommunications, financial services and retail. The telecommunications sector could be hit by reduced investment in infrastructure and lower customer demand. The financial services sector could be adversely affected by a decrease in credit availability and tightened lending standards, while the retail sector could suffer from decreased consumer spending,” adds Budhiraja. Everyone is vulnerable: “Instead of performance, the focus for layoffs is more on eliminating redundant roles that no longer add major value to the organization. Usually, mass layoffs affect employees invariably regardless of their performance but in organizations that choose to let go of a selected few, performers at a certain level tend to be the target,” says Alug. The primary causes of layoffs are the foreseeable recession and the geopolitical scenario which have led to inflation, impacting many industries. Prominent players in the IT and Technology domain are being cautious to ensure profitability and better predictability of business. Agrees Karanth, “The larger layoffs related to enterprise strategy and austerity are mostly across the ranks and ratings of performance. Such layoffs related to macroeconomic movements are typically steamrollers on entire divisions, geographies and business units. While each enterprise has their own pattern of priority on the layoffs, the high cost and high volume headcounts typically come under the lens faster.” Look out for red flags: “Layoffs in a situation like now are largely written on the wall. It is often the speed and style of a layoff that's a surprise to talent, and not the layoff by itself,” says Karanth. Some of the red flags an employee should look out for are a decrease in hiring, budget cuts and changes in management. “Additionally, if a company is reducing or eliminating certain departments or projects, it may be a sign that layoffs are coming. If there are rumours of layoffs or if employees are being asked to take unpaid leave, this could also be a sign that layoffs are imminent. Finally, if the company is not meeting its financial goals or is experiencing a downturn in business, layoffs may be a possibility,” says Alug. Hiring remains slow: “Many of those who lost their jobs are still looking for work, as nearly every major corporation has put a freeze on new hiring due to global macroeconomic conditions and recession fears. We are witnessing a significant drop in tech hiring unlike previous years as companies are only doing selective hiring for critical projects. Looks like the trend would continue for some time,” says Sivaprasad. However Karanth feels that while tech hiring has slowed down, there are opportunities for talent who are flexible and agile to look beyond their domain. The non-tech sector's talent demand has been compensating well for tech's hiring slowdown. <keyword id="2838370" type="General" weightage="50" keywordseo="shraddha-jain" source="Orion">Shraddha Jain</keyword>, who is also known as 'Aiyyo Shraddha' on social media, posted a hilarious video on Instagram, where she slammed companies for laying off employees despite making a profit. "At the company offsite, we celebrated the company tripling its profit in a year. What happened? A month later we are so poor. Who robbed us?" she asked. While these are questions that reflect the grim reality of large scale layoffs, employees should brace themselves for tough times ahead. 2023 will be a turbulent ride.

Tech layoffs to continue for sometime thanks to a slowdown in demand and an uncertain economic environment

<ul><li>Investors are celebrating a surprise 15% growth in the latest quarterly and upgrade in future earnings estimates.</li><li>The stock is at a one-year high but still nearly 20% below the peak in 2018, the year Rajan Nanda, the company's Chairman for nearly two tough decades, passed away.</li><li>A new book called '<keyword id="6204401" type="UNKNOWN" weightage="20" keywordseo="Back-from-the-brink">Back From The Brink</keyword>' charts the company's slide into 'coma' and 'the claw back' of Escorts.</li></ul>The share price of Escorts surged nearly 7% on Thursday (January 30) as investors cheered a surprise 7% growth in the company’s quarterly profit. Brokerages lauded the performance of the company ⁠— which is the world’s largest Pick `n` Carry Hydraulic Mobile Crane manufacturer⁠— and raised the estimates for future earnings growth. The stock has doubled in the last three years but it is still 20% below the peak it hit in 2018. This was before Rajan Nanda ⁠— the company’s Chairman for nearly two long and strenuous decades⁠— passed away. This, despite the company clocking a spectacular 40% growth in profit in the last financial year ending March 2019. 
 
 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/1310510"></div><script src="https://public.flourish.studio/resources/embed.js"></script>
]]></cdata></div>









 However, the improving prospects of the company, known for its tractors in India, may be the result of a long, focussed effort in reimagining the 76-year old conglomerate in the 21st century under the leadership of Rajan’s son Nikhil Nanda. 
 
 
 
 <div type="image" title="Nanda family" msid="73791780" hostid="261" caption="&amp;lt;p&amp;gt;(Clockwise from left) Rajan Nanda, Nitasha Nanda, Nikhil Nanda, Shweta Bachchan Nanda, Ritu Nanda and Reema Jain at the legendary actor and filmmaker Raj Kapoor&amp;#8217;s birthday celebrated by his children &amp;#8211; Rishi Kapoor, Randhir Kapoor, Rajiv Kapoor, Ritu Nanda and Reema Jain in Delhi. Photo: Samik Sen from 2017&amp;lt;/p&amp;gt;"></div>









 A new book called ‘Back From the Brink’, written by Seetha and Sharad Gupta and published by Harper Business documents Escorts’ ‘claw back’ after ‘sliding into coma’. The group’s foray into telecom and healthcare had dragged it into debt. A young Nikhil Nanda from Wharton joined his father’s company, Rajan Nanda was restructuring it. 
 
 
 
 <div type="image" title="Back from the brink" msid="73791865" hostid="261" caption="&amp;lt;p&amp;gt;A new book called &amp;#8216;Back From the Brink&amp;#8217;, written by Seetha and Sharad Gupta and published by Harper Business documents Escorts&amp;#8217; &amp;#8216;claw back&amp;#8217; after &amp;#8216;sliding into coma&amp;#8217;. &amp;lt;/p&amp;gt;"></div>









 But by the time Nikhil took over as the chairman, he was left with mounds of debt, now, four struggling businesses, and the trust he lost with banks. So much so that bankers refused to pay attention to his presentation. And, one of them even offered to “to cut him a cheque to walk out gracefully”. His family’s reputation has taken a beating at multiple levels. His wife Shweta Bacchan Nanda once overheard a banker friend’s remark, ‘How can Nikhil and Shweta come to our homes and socialise with us, when his company owes us money?” In times of despair, Nikhil reminded himself that his family has always risen from the ashes. His maternal grandfather H P Nanda brought it back to life twice after Partition, and another hostile takeover by NRI Swraj Paul. 
 
 
 
 <div type="image" title="swraj paul" msid="73791919" hostid="261" caption="&amp;lt;p&amp;gt;Escorts Chairman Nikhil Nanda&amp;#39;s maternal grandfather H P had to fend off a hostile takeover attempt by NRI industriialist Swraj Paul (in the picture above).&amp;lt;/p&amp;gt;"></div>









 It was time for Nikhil to take drastic action - the first was the sale of telecom, IT and hospital businesses. But the bigger problem was lack of communication between businesses and rampant financial indiscipline. With his father’s approval, he grilled the chief executive of a small but bleeding business and when he received vague responses, fired him. That had sent the much needed shockwaves through the company. The last six years Nikhil also helped set-up audit committees across businesses that improved scrutiny which gave the management a better picture of businesses. Yet, the much needed stability was yet to come in as a flurry of CFOs came and left the company. That is when he decided to promote in-house talent and brought Rohtash Mal as the ED and CEO, who was then heading the tractor business. Mal had to deal with daily walk-ins of supplier complaints, dealers and bankers and they included cases of cheque bouncing. The employees were scared and official politics had taken a vicious turn. And Mal was unearthing shocking discoveries like empty liquor bottles on the shop floor. The very next day, he handed a senior executive in the manufacturing department two letters - an unsigned resignation letter and a termination letter. Nikhil did not intervene with his decision. Slowly but steadily Nikhil regained control over the financial and the management, by screwing the cap on costs; convincing bankers to extend credit lines and more importantly refusing the airbrushed versions presented of the businesses. Today, apart from bankers, brokerages too put their trust into the company in spite of the effects of the slowdown eating into the business. Cut to 2020 In the last few years, the company’s market worth has gone from ₹6,000 crore to ₹10,000 crore. Nearly 30% of the jump has come in 2020 itself as investors saw structural changes take effect in the company’s financial performance. “Escorts’ third quarter performance is a reflection of stability in volumes, benefit of mix improvement and cost savings, all of which should sustain in the coming quarters. According to management, FY21 outlook has turned positive with estimated low single-digit growth,” said a research report by Motilal Oswal adding that the stock may gain as much as another 9% in the next 12 months. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/bucking-the-slowdown-dominos-operator-jubilant-fevicol-maker-pidilite-and-pesticide-maker-rallis/articleshow/73761693.cms?src=hp_latest" data-type="tilCustomLink" target="_blank">Bucking the slowdown — Dominos operator Jubilant, Fevicol maker Pidilite, and pesticide maker Rallis</a> <a href="https://www.businessinsider.in/exclusive-tcs-ceo-shares-his-hopes-and-fears-from-the-budget-2020/articleshow/73753459.cms" data-type="tilCustomLink" target="_blank">Exclusive: TCS CEO shares his hopes and fears from the budget 2020</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-ceo-abidali-neemuchwala-resigns-board-starts-search-for-successor/articleshow/73789746.cms" data-type="tilCustomLink" target="_blank">Wipro CEO Abidali Neemuchwala resigns, board starts search for successor</a>

The inside story of how Escorts turned around to become a nearly ₹10,000-crore company

<ul><li>Just a month ahead of the budget, Britain is now making way for its new Finance Minister — <keyword id="221875" type="PERSON" weightage="20" keywordseo="Rishi-Sunak">Rishi Sunak</keyword>. </li><li>The 39-year old Indian-origin leader joined politics in 2014 and was the secretary to the Treasury before this. </li><li>Sunak figured his way into politics at the Oxford University, where he studied Philosophy, Politics and Economics. </li><li>Before foraying into politics, he worked as an analyst for the investment banking firm Goldman Sachs.</li></ul>Just a month ahead of the budget, Britain is now making way for its new Finance Minister — Rishi Sunak. This comes after the sudden resignation of <keyword id="8776490" type="PERSON" weightage="20" keywordseo="chancellor-sajid-javid">Chancellor Sajid Javid</keyword> over differences with Prime Minister <keyword id="6380867" type="PERSON" weightage="20" keywordseo="boris-johnson">Boris Johnson</keyword>. The 39-year old Indian-origin leader — who was one of the early supporters of Johnson — joined politics in 2014 and was the secretary to the Treasury before this. Sunak, who was born in 1980 and brought up in Hampshire, UK after his grandparents moved there from Punjab, was a ‘first generation immigrant.’ Sunak is married to <keyword id="80833" type="PERSON" weightage="20" keywordseo="Akshata-Murthy">Akshata Murthy</keyword>, the daughter of the Indian billionaire and co-founder of IT services giant Infosys Narayana Murthy. “ I’m a first generation immigrant. My parents emigrated here, so you've got this generation of people who are born here, their parents were not born here, and they've come to this country to make a life,” he had once said. After completing his education at the elite private school Winchester College in the UK, he did his MBA from Stanford University and worked as an analyst for the investment banking firm Goldman Sachs and later moved on to become co-founder to a global investment firm. A plunge into politics But later Sunak figured his way into politics at the Oxford University, where he studied Philosophy, Politics and Economics — often called the ‘trusted route for aspiring Westminster politicians.’ Since then, he has the leaders backing him up on his political career. Javid recently said for his successor — "The force is strong with young Sunak." While he remains a rising star of Conservative Party. Lord Hague of Richmond, the leader of his party calls him ‘exceptional.’ "From working in my mum's tiny chemist shop to my experience building large businesses, I have seen how we should support free enterprise and innovation to ensure Britain has a stronger future," Sunak had <a href="https://www.ndtv.com/india-news/rishi-sunak-son-in-law-of-narayana-murthy-appointed-uk-finance-minister-2179753">said</a> during the Brexit referendum. 
 
 <div type="image" title="Rishi Sunak arrives at Downing Street in London" msid="74129724" hostid="261" caption="&amp;lt;p&amp;gt;Rishi Sunak arrives at Downing Street in London, Britain February 13, 2020. REUTERS/Toby Melville&amp;lt;/p&amp;gt;"></div>



 He is a fan of sports like football and cricket. Football player Matt Le Tissier is one of his childhood heroes. "One of my prized possessions is an 18th birthday card signed by the entire Saints team, but Matt in the middle there, which I've still got," Sunak <a href="https://www.bbc.co.uk/sounds/play/p07qtbdx">told the BBC</a> in October 2019. He was born in the UK but his upbringing keeps his roots within India. "In terms of cultural upbringing, I'd be at the temple at the weekend - I'm a Hindu - but I'd also be at the Saints game as well on a Saturday — you do everything, you do both." In the interview with BBC, he said he had been blessed for not facing much racism growing up but has one such incident in his memory still. "I was just out with my younger siblings, and I think I was probably a mid-teenager, and we were out at a fast food restaurant and there were people sitting nearby, it was the first time I'd experienced it, just saying some very unpleasant things. The 'P' word. And it stung. I still remember it. It seared in my memory. You can be insulted in many different ways, certainly in this job, but that stings in a way that is hard to explain," Sunak <a href="https://www.bbc.com/news/business-51490893">said</a>. See also: <a href="https://www.businessinsider.in/business/news/abidwali-neemuchwalas-scorecard-as-wipros-ceo-for-four-years/articleshow/73794632.cms">Abidwali Neemuchwala’s scorecard as Wipro’s CEO for four years</a> <a href="https://www.businessinsider.in/business/corporates/news/boris-johnsons-brexit-deal-sets-tata-group-and-other-stocks-alight-in-india/articleshow/71632946.cms">Boris Johnson's Brexit deal sets Tata Group and other stocks alight in India</a> <a href="https://www.businessinsider.in/politics/news/britains-new-parliament-votes-for-boris-johnsons-brexit-bill/articleshow/72906025.cms">Britain's new parliament votes for Boris Johnson's Brexit bill</a>

Britain’s new FM Rishi Sunak is a ‘first generation immigrant’ with family ties to Narayana Murthy, a doyen of Indian IT

<keyword id="1848833" type="UNKNOWN" weightage="100" keywordseo="Sandeep-Dadlani">Sandeep Dadlani</keyword>, president of <keyword id="733751" type="UNKNOWN" weightage="100" keywordseo="Indian-IT-firm">Indian IT firm</keyword> <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>, has resigned from his post for an 'out-of-the-world' assignment. His move will come hard on Infosys CEO <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword>, posing difficulties in monetizing his moves into new software and platforms. Dadlani had been in-charge of was the company’s revenue and margin from new software. It was on Thursday that Dadlani announced his resignation on LinkedIn, saying “I am extremely optimistic of Infosys’ continued success and its strong leadership team. I have decided to pursue my personal interests elsewhere. Next up: An out-of-the world assignment! Stay tuned.” His LinkedIn announcement was followed by a press release from Infosys announcing Dadlani’s departure, and the appointment of Karmesh Vaswani and Nitesh Banga in his place. Vaswani has been appointed as the Global Head – Retail, CPG &amp; Logistics, while Banga is the new Global Head of Manufacturing, effective July 15, 2017. “Sandeep has played a key role in the success of Infosys over his career and in our transformation journey these past three years. We wish him the best in the journey ahead,” said a statement from Sikka. In other news, Infosys has also appointed ex-Wipro employee Inderpreet Sawhney as its Group General Counsel, with effect from July 3, 2017. (Image source: Infosys)

You Searched For "wipro ceo resigns" and got 14 results

A recession could end the Great Resignation and cut workers' bargaining power, warn business leaders at Davos

Spriha Srivastava,Stephen Jones

Wipro CEO Abidali Neemuchwala resigns, board starts search for successor

PTI

SBI Card CEO resigns, Ashwini Kumar Tewari to takeover

IANS

'Quiet quitting is the natural sequel to the Great Resignation' as workers still rethink their jobs 3 years into the pandemic

Madison Hoff

Wipro founder Azim Premji to retire, son Rishad to take over

Sanchita Dash

Abidwali Neemuchwala’s scorecard as Wipro’s CEO for four years

Navdeep

Sriram

TCS has many new faces. Know them all

BI India Bureau

Nitish Kumar's choice for education minister resigns within hours of taking office on the back of corruption charges

IANS

At least 10 top Indian companies are looking for CEOs — do you have what it takes?

Prerna Sindwani

Top stocks to watch on Tuesday— Future Retail, Adani Enterprises, Wipro, Axis Bank, GMR Infra, LIC Housing Finance and more

Navdeep Yadav

Tech layoffs to continue for sometime thanks to a slowdown in demand and an uncertain economic environment

Anagh Pal

The inside story of how Escorts turned around to become a nearly ₹10,000-crore company

Sriram

Katya

Britain’s new FM Rishi Sunak is a ‘first generation immigrant’ with family ties to Narayana Murthy, a doyen of Indian IT

Prerna Sindwani

Sandeep Dadlani quits Infosys for an 'out-of-the-world' new assignment

BI India Bureau