Software industry body, Nasscom expects at least 70,000-80,000 engineering graduates who passed out in June 2009 and were offered jobs in their 5th and 6th semesters by TCS, Infosys and Accenture, among others, to get absorbed by March 2010. Not too long ago, there were apprehensions that the appointments of these tech grads could get deferred till 2011 in the aftermath of the global slowdown. However, the perception appears to have changed.
Speaking to the media, Nasscom Vice-President Sangeeta Gupta said, "There's some amount of pick-up in IT spending and clients have become active in the decision-making process. This augurs well for the IT industry and is likely to result in hiring by IT companies. Companies like TCS, Infosys and Accenture, among others, are expected to start honouring the offers they made. As a result, at least 70k-80k engineering graduates, who were issued offer letters, are expected to get absorbed by March 2010."
For instance, the country's biggest software firm Tata Consultancy Services (TCS) had made some 24,000 offers in 2008-09, according to its Q2 analyst call. The company had indicated that it would honour these offers this fiscal. In Q3, TCS is expected to absorb about 8,000-odd, and the balance, in the following quarter. Till Q2, the company had absorbed some 1,800 people.
Similarly, Infosys, in its Q2 earnings call, indicated that it would add 20,000 people instead of 18,000 indicated earlier. The additional 2,000 would be partly in BPO while the rest would make up laterals at Infosys Technologies.
Incidentally, Nasscom has urged member companies to recruit those who've completed their eighth semester to ensure that hiring is closer to the need of companies. For this fiscal, Nasscom has projected a mere 4-7 percent export growth. It is likely, that with IT sector showing signs of recovery, Nasscom will review the export target. "We can review the export target by end- December," she added.
McKinsey in its report titled 'Perspectives in the IT industry by 2020', has noted that with the current pace of reforms and expected constraints in talent and infrastructure supply, the exports component of the Indian IT industry is slated to reach $175 billion in revenues by 2020. The domestic component will contribute $50 billion in revenues by 2020, which is larger than the total export revenues for India now.
Agencies
Showing posts with label engineers. Show all posts
Showing posts with label engineers. Show all posts
Monday, November 2, 2009
Tuesday, April 7, 2009
Has IBM pulled out of $7b offer for Sun Microsystems?
IBM withdrew its $7 billion bid for Sun Microsystems on Sunday, a day after Sun’s board balked at a reduced offer, according to three people close to the talks.
The deal’s collapse after weeks of negotiations raises questions about Sun’s next step, since the IBM offer was far above the value of the Silicon Valley company’s shares when news of the IBM offer first surfaced last month. Sun, an innovative pioneer in computer workstations, servers and Internetera software, has struggled in recent years and spent months trying to secure a suitor. With IBM and others shying away from a deal, a bruised Sun could be forced to continue pursuing a solo business model whose prospects have been questioned by many analysts.
After the legal review, IBM shaved its offer on Saturday from $9.55 a share, the proposal on the table late last week, to $9.40 a share, said one person familiar with the talks. The offer was presented to Sun’s board on Saturday, and the board balked. The Sun board did not reject the offer outright, but wanted certain guarantees that the IBM side considered “onerous,” according to that person. Sun then said it would no longer abide by its exclusive negotiating agreement with IBM, a second person familiar with the discussions said. On Sunday, IBM’s board decided to withdraw the offer.
The breakdown in the talks, said the second person close to the negotiations, came over the shifting balance of price and conditions for the deal.
For example, IBM scrutinized the “change of control” contracts with Sun executives, senior engineers and managers. IBM felt that the payments to senior employees were higher and extended more broadly across the company than it had anticipated. IBM pointed to the change of control contracts as one reason it was reducing its offer price.
The breakup of the deal, analysts say, is a blow to Sun’s prospects. “For IBM, given its size, this was never a transformational deal,” said A M Sacconaghi, an analyst for the investment research firm Sanford C Bernstein.
“But in Sun’s case, it’s an extremely material event.” “This leaves Sun in a tough situation,” Sacconaghi added. “Sun was on a path to selling itself, and this will inevitably raise questions in customers’ minds, no matter what Sun says, about its commitment to a go-it-alone strategy.”
Sun was most concerned about securing tighter provisions to restrict IBM’s ability to walk away from the deal.
Whether the IBM decision amounts to a negotiating tactic to get agreement on the final sticking points is unclear. Though the offer is off the table for now, the two sides could resume bargaining if Sun’s share price drops from its $8.49 close on Friday and major investors pressure the company to come to an agreement. “There’s lots of testosterone going back and forth,” said a third person familiar with the discussions. All three people who discussed the deal would speak only on condition of anonymity because details of the merger talks are confidential.
Agencies
The deal’s collapse after weeks of negotiations raises questions about Sun’s next step, since the IBM offer was far above the value of the Silicon Valley company’s shares when news of the IBM offer first surfaced last month. Sun, an innovative pioneer in computer workstations, servers and Internetera software, has struggled in recent years and spent months trying to secure a suitor. With IBM and others shying away from a deal, a bruised Sun could be forced to continue pursuing a solo business model whose prospects have been questioned by many analysts.
After the legal review, IBM shaved its offer on Saturday from $9.55 a share, the proposal on the table late last week, to $9.40 a share, said one person familiar with the talks. The offer was presented to Sun’s board on Saturday, and the board balked. The Sun board did not reject the offer outright, but wanted certain guarantees that the IBM side considered “onerous,” according to that person. Sun then said it would no longer abide by its exclusive negotiating agreement with IBM, a second person familiar with the discussions said. On Sunday, IBM’s board decided to withdraw the offer.
The breakdown in the talks, said the second person close to the negotiations, came over the shifting balance of price and conditions for the deal.
For example, IBM scrutinized the “change of control” contracts with Sun executives, senior engineers and managers. IBM felt that the payments to senior employees were higher and extended more broadly across the company than it had anticipated. IBM pointed to the change of control contracts as one reason it was reducing its offer price.
The breakup of the deal, analysts say, is a blow to Sun’s prospects. “For IBM, given its size, this was never a transformational deal,” said A M Sacconaghi, an analyst for the investment research firm Sanford C Bernstein.
“But in Sun’s case, it’s an extremely material event.” “This leaves Sun in a tough situation,” Sacconaghi added. “Sun was on a path to selling itself, and this will inevitably raise questions in customers’ minds, no matter what Sun says, about its commitment to a go-it-alone strategy.”
Sun was most concerned about securing tighter provisions to restrict IBM’s ability to walk away from the deal.
Whether the IBM decision amounts to a negotiating tactic to get agreement on the final sticking points is unclear. Though the offer is off the table for now, the two sides could resume bargaining if Sun’s share price drops from its $8.49 close on Friday and major investors pressure the company to come to an agreement. “There’s lots of testosterone going back and forth,” said a third person familiar with the discussions. All three people who discussed the deal would speak only on condition of anonymity because details of the merger talks are confidential.
Agencies
Monday, January 26, 2009
TCS on a hiring spree; To hire 15,000 employees
Tata Consultancy Services (TCS) said on Friday that the company expects to add 15,000-18,000 people to its headcount over the next 12 months, compared with nearly 8,700 in the three months to December. TCS currently has about 144,500 staff.
However, CEO S Ramadorai said in an interview that the company expects to slow its rate of hiring new staff this year, as a broad economic downturn affects its global clientele.
Ramadorai said some contracts and projects were being delayed or cancelled, but the company expected to achieve some earnings growth in 2009 despite the worsening global economic outlook.
"We are confident of some growth, but what that amount is difficult to say," he said. "Yes, we are winning some contracts, but then there are delays in the decision making on a number of contracts," he said, adding there were hold-ups in implementing deals that had already been signed as well as several project cancellations.
"The slowdown is very obvious and very visible, and we think it will continue for the foreseeable future."
TCS, part of India's Tata Group, posted a lower-than-expected 1.6 per cent rise in October-December net profit on January 15.
Agencies
However, CEO S Ramadorai said in an interview that the company expects to slow its rate of hiring new staff this year, as a broad economic downturn affects its global clientele.
Ramadorai said some contracts and projects were being delayed or cancelled, but the company expected to achieve some earnings growth in 2009 despite the worsening global economic outlook.
"We are confident of some growth, but what that amount is difficult to say," he said. "Yes, we are winning some contracts, but then there are delays in the decision making on a number of contracts," he said, adding there were hold-ups in implementing deals that had already been signed as well as several project cancellations.
"The slowdown is very obvious and very visible, and we think it will continue for the foreseeable future."
TCS, part of India's Tata Group, posted a lower-than-expected 1.6 per cent rise in October-December net profit on January 15.
Agencies
Wednesday, December 3, 2008
Severe shortage; Canada woos skilled Indian workers!
Here's good news for engineers, technicians and other skilled workers wanting to work abroad. Canada is trying to attract young talent from countries like India by relaxing norms for visas in this category, says a Canadian immigration expert.
'There is an acute shortage of skilled workers in Canada and the situation will worsen in the next 5-10 years unless the government makes an effort to attract talent from a young country like India,' said Curtis Panke, director of global operations for the Ontario-based Global Placement Services.
Pointing out that the retirement age for most occupations in Canada is 55 years, he said in the next five years, more than 20 percent of the country's engineers, doctors, professors and geologists would retire.
'This huge void cannot be filled with domestic talent alone. If we do not attract the talent from outside, there will be a talent vacuum of up to 70 percent in the next 10 to 15 years,' Panke told the media.
Keeping all this in mind, he said, the Canadian government has made vital changes in its immigration policy and relaxed certain norms for a Canadian visa in the skilled worker category.
The latest fast track processing of visa applications in the federal skilled worker category ensures a Canadian visa in a shorter period of just 6-12 months, pointed out Panke.
The Canadian government has issued a list of 38 high-demand occupational categories, including health, finance, engineers, heavy-duty mechanics, industrial technicians, food service managers and other skilled trades.
Panke is in Punjab to gauge the talent pool available and to conduct seminars all over the state in collaboration with the city-based World Wide Immigration Consultancy Services (WWICS), which has sent over 60,000 families and around 250,000 individuals to Canada till date.
'There are thousands of Punjabis in Canada, who are doing extremely well in their professions and contributing to the country's economy. Comparatively, we have more applicants from this region if we compare it with other states in India,' stated Panke.
Asked about the impact of global recession on the Canadian economy, Panke said a majority of the organisations and companies there would be unaffected in the long run. 'There is some impact but all this is a temporary phase and will pass very soon. Moreover, there is no impact on the openings available under skilled category there and Canada is looking forward to employ skilled workers in a big way.'
Talking about Canada's federal investor category for permanent residency in the country, Lt Col (retd) B.S. Sandhu, chief managing director of WWICS, said: 'An investor is only needed to invest Rs.5 million in some flourishing trade in Canada and can relocate there under the Canadian Investor Program.'
The applicant, under this category, only needs to have a work experience of two years and no language proficiency test like IELTS is required, he added.
Source: Agencies
'There is an acute shortage of skilled workers in Canada and the situation will worsen in the next 5-10 years unless the government makes an effort to attract talent from a young country like India,' said Curtis Panke, director of global operations for the Ontario-based Global Placement Services.
Pointing out that the retirement age for most occupations in Canada is 55 years, he said in the next five years, more than 20 percent of the country's engineers, doctors, professors and geologists would retire.
'This huge void cannot be filled with domestic talent alone. If we do not attract the talent from outside, there will be a talent vacuum of up to 70 percent in the next 10 to 15 years,' Panke told the media.
Keeping all this in mind, he said, the Canadian government has made vital changes in its immigration policy and relaxed certain norms for a Canadian visa in the skilled worker category.
The latest fast track processing of visa applications in the federal skilled worker category ensures a Canadian visa in a shorter period of just 6-12 months, pointed out Panke.
The Canadian government has issued a list of 38 high-demand occupational categories, including health, finance, engineers, heavy-duty mechanics, industrial technicians, food service managers and other skilled trades.
Panke is in Punjab to gauge the talent pool available and to conduct seminars all over the state in collaboration with the city-based World Wide Immigration Consultancy Services (WWICS), which has sent over 60,000 families and around 250,000 individuals to Canada till date.
'There are thousands of Punjabis in Canada, who are doing extremely well in their professions and contributing to the country's economy. Comparatively, we have more applicants from this region if we compare it with other states in India,' stated Panke.
Asked about the impact of global recession on the Canadian economy, Panke said a majority of the organisations and companies there would be unaffected in the long run. 'There is some impact but all this is a temporary phase and will pass very soon. Moreover, there is no impact on the openings available under skilled category there and Canada is looking forward to employ skilled workers in a big way.'
Talking about Canada's federal investor category for permanent residency in the country, Lt Col (retd) B.S. Sandhu, chief managing director of WWICS, said: 'An investor is only needed to invest Rs.5 million in some flourishing trade in Canada and can relocate there under the Canadian Investor Program.'
The applicant, under this category, only needs to have a work experience of two years and no language proficiency test like IELTS is required, he added.
Source: Agencies
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