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SAP Labs India Aims to Double AI Workforce by 2024 to Drive Business Evolution

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SAP Labs India, a branch of the renowned German software company SAP, has ambitious plans to double its workforce in India by 2024, with a specific focus on expanding its AI talent pool. This strategic move is driven by the evolving demands of the business landscape. SAP’s largest global research and development centre, based in Bengaluru, is poised to become the epicentre of the company’s AI advancements. The company is committed to offering readily accessible AI, seamlessly integrated into SAP applications that underpin critical business operations. To achieve this, SAP will bolster its AI capabilities through a combination of new hires and upskilling its current workforce. Presently, the Indian facility houses 15,000 staff members. Additionally, SAP is actively preparing for the launch of its second development centre in Devanahalli, Bengaluru, slated for early 2025. SAP’s AI solutions are deeply embedded in systems that drive essential business processes for customers. They collaborate with users to unearth valuable insights and efficiencies, thereby elevating their knowledge and overall value to their businesses. India is one of SAP’s five pivotal locations, with offices in Pune, Mumbai, Gurugram, Hyderabad, and Bengaluru. While India currently leads in terms of AI skill adoption and boasts a substantial concentration of AI experts, ranking fifth globally in AI research publications, a study by Nasscom in February highlighted this fact. Another study conducted by the Indian Institute of Management Ahmedabad (IIM-A) and Boston Consulting Group (BCG) in July emphasized India’s need for approximately 25,000 to 30,000 AI-ML specialists in the next five years.

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Capgemini Unveils its Tenth Employee Share Ownership Program

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Capgemini is taking significant steps to enhance employee development and performance by introducing a fresh Employee Share Ownership Plan (ESOP). This initiative is open to nearly 97% of the company’s workforce and will be implemented through a capital increase reserved exclusively for Capgemini employees, with a maximum allocation of 3,200,000 shares. Employees will have the opportunity to acquire Capgemini shares through subscription plans, including leveraged and guaranteed options. These plans will not only allow them to safeguard their invested amount until the shares become accessible but also ensure a certain level of protection. Furthermore, individuals holding these shares will have voting rights, which may vary depending on the specific plan and circumstances. These shareholders may include participants in the Fonds Commun de Placement d’Entreprise (FCPE), employees with direct share ownership, and/or the financial institution overseeing the offer or its affiliated parties. This marks the tenth installment in Capgemini’s ESOP offerings, aimed at maintaining employee shareholding at approximately 8% of Capgemini SE’s share capital. The timeline for this program is as follows: it will be open for participation from September 15 to October 4, 2023 (inclusive), followed by a subscription/revocation period from November 13 to November 15, 2023 (inclusive). The pricing for the new shares will be determined on November 10, 2023, and the increase in share capital will be completed on December 19, 2023. The implementation of the leveraged guaranteed offering will involve hedging transactions conducted by the financial institution responsible for organizing the offer. For this tenth program, Crédit Agricole Corporate and Investment Bank will be handling these transactions, which may take place in the market or off-market and may include actions such as buying and/or selling shares, acquiring call options, or any other relevant transactions.

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Chargebee Announces 10% Workforce Reduction Due to Market Shifts

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Chargebee, attributing market changes as the primary driver, has decided to lay off approximately 10% of its global workforce. This workforce reduction is expected to impact around 100 to 120 employees across various departments within the company. Chargebee now aims to focus on its upcoming phase of more streamlined expansion, which entails restructuring and concentrating on specific key objectives. Furthermore, in light of ongoing technological advancements and market dynamics in the industry, Chargebee will place greater emphasis on enhancing its customers’ experience and refining its core products. The company is committed to providing severance packages to departing employees and will adhere to labor laws applicable in their respective countries. This move follows a previous round of staff cuts at Chargebee in November 2022 when the company cited economic challenges, resulting in the separation of approximately 142 employees, equivalent to roughly 10% of its workforce at that time. Established in 2011 by Krish Subramanian, Rajaraman Santhanam, Saravanan KP, and Thiyagarajan T, Chargebee is a revenue management platform that streamlines revenue operations for SaaS businesses. As a unicorn company, Chargebee serves a client base of over 4,000 companies, including notable names such as Okta, Freshworks, and Calendly. In its most recent funding round, the company successfully secured $250 million, led by the US-based hedge fund Tiger Global and Peak XV Partners (formerly known as Sequoia Capital India). To date, Chargebee has raised nearly half a billion dollars in funding through multiple financing rounds.

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Microsoft Introduces Confidential ‘Impact Descriptors’ for Managerial Performance Assessments

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Microsoft has introduced a confidential performance-rating system called ‘impact descriptors,’ specifically designed for use by managers and not disclosed to employees. These ratings play a crucial role in determining employee compensation and bonuses, which Microsoft refers to as ‘rewards.’ The company emphasizes that these descriptors are distinct from traditional performance ratings or labels associated with individual employees. These undisclosed ratings are intended to encourage a growth-oriented mindset. The impact descriptors consist of four categories: ‘Lower than Expected Impact (LITE),’ ‘Slightly Lower Impact than Expected (SLITE),’ ‘Successful Impact,’ and ‘Exceptional Impact.’ Each category is clearly defined in a guideline document to assist managers in their assessments. Employees in the ‘Lower than Expected Impact (LITE)’ category are those who consistently fall short of meeting expectations, lack a growth mindset, or do not align with Microsoft’s cultural values. In the ‘Slightly Lower Impact than Expected (SLITE)’ category are employees who occasionally miss expectations or display inconsistency in meeting cultural expectations but show a willingness to learn and improve. The ‘successful impact’ category includes employees who consistently meet or exceed expectations, embrace a growth mindset, and align with Microsoft’s cultural values. The ‘exceptional impact’ category is reserved for employees who consistently deliver exceptional results, surpass all expectations, demonstrate an outstanding growth mindset, and adhere to Microsoft’s cultural values. Managers are encouraged to evaluate and assess employee performance or ‘impact’ based on these impact descriptors, explaining how an employee has demonstrated a particular level of impact during the fiscal year. However, they are explicitly discouraged from using the acronyms LITE, SLITE, and so on, or converting the descriptors into ratings or labels. Microsoft’s managers are expected to utilize these descriptors solely as a guidance tool for assessing employee impact, facilitating reward decisions, and providing constructive feedback.

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Airbus to Ramp Up Workforce in India with 5,000 New Employees

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Airbus, the renowned international aerospace firm, has unveiled plans to bolster its workforce in India, with a target of hiring an additional 2,000 engineers in the coming years. This strategic move aims to increase the company’s total headcount in India to an impressive 5,000 employees. Airbus has solidified this commitment through the signing of a Memorandum of Understanding (MoU) with Gati Shakti Vishwavidyalaya (GSV) in Vadodara, wherein a specialized engineering program tailored for the aerospace sector will be established. The partnership with Gati Shakti Vishwavidyalaya is poised to cultivate a robust pool of highly trained professionals, primed to meet the burgeoning demands within the thriving aerospace industry. Airbus views India not only as a significant market but also as a crucial hub for talent. The company places paramount importance on nurturing the aerospace ecosystem in India and recognizes the pivotal role of investing in human capital development. Currently, Airbus boasts over 3,000 engineers within its design and digital centres, and by the year 2025, this number is anticipated to surge past the 5,000 mark. The MoU was formalized in the presence of Railway Minister Ashwini Vaishnaw. Airbus, a globally renowned aerospace giant, is renowned for its design, manufacturing, and marketing of commercial and military aircraft, including the iconic A320, A330, and A380 series. The company’s scope extends to the production of space-related equipment and boasts a global presence with subsidiaries and manufacturing facilities spread across various nations.

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Wipro Grants 41,667 RSUs to Employees via ESOP, Empowering Workforce Ownership

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Wipro, in a recent official exchange filing, disclosed its issuance of 41,667 restricted stock units (RSUs) to its employees as part of its Employee Stock Ownership Plan (ESOP). These RSUs will be distributed to eligible employees according to a predetermined vesting schedule approved by the Nomination and Remuneration Committee of the Board. Over a specified period outlined in the schedule, employees will gradually gain ownership rights to these RSUs. This move not only serves as an incentive for employees but also aligns their interests with the company’s growth and success. The allocation of these RSUs became effective on September 5, 2023. An important feature of this ESOP is that employees have the flexibility to exercise these RSUs during a predefined exercise period. The committee has also given its approval for this exercise period, as mentioned in the official company filing. This allows employees to convert their RSUs into company shares at their discretion, taking advantage of favourable market conditions. On September 6, 2023, Wipro’s stock was trading at Rs 429 per share, reflecting a slight decrease of 0.66 percent. While the company has assured its employees of an impending pay raise, the official announcement of the same has been postponed until the third quarter, which spans from October to December, as opposed to the previous financial year’s announcement in September. Despite an 11.9 percent increase in profits reported in the first quarter, the company plans to continue hiring in specific areas, despite an 8,812 decrease in its overall headcount.

Wipro Grants 41,667 RSUs to Employees via ESOP, Empowering Workforce Ownership Read More »

Flipkart Boosts Infrastructure and Workforce for Expansion

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Flipkart is actively pursuing its expansion plans by investing in infrastructure and building a highly skilled workforce. The company aims to utilize its Kirana delivery program for over 40% of its shipping operations. To support this initiative, Flipkart has increased its infrastructure by more than 19 lakh square feet in various states such as Uttar Pradesh, Bihar, Gujarat, Rajasthan, and Telangana. New hires are undergoing comprehensive training tailored to their roles, including knowledge about supply chain processes, scanners, handheld devices, mobile applications, point-of-sale machines, and other relevant technologies. This strategy not only involves physical expansion but also focuses on developing a skilled workforce capable of efficiently managing the complexities of the supply chain. Flipkart’s commitment to training its employees in advanced technology and providing them with the necessary tools reflects its dedication to streamlining the delivery process and ensuring a smooth customer experience. Additionally, the expansion of warehousing space in key Indian states signifies a strategic move to strengthen Flipkart’s storage and distribution capabilities. With this expansion and a well-trained workforce, Flipkart is poised for growth and enhanced efficiency as it continues to compete in the online retail landscape.

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Hindustan Coca-Cola Beverages to Train 25,000 Women in Financial and Digital Literacy

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Hindustan Coca-Cola Beverages (HCCB) has embarked on a mission to provide financial and digital literacy training to 25,000 women across India in collaboration with the Y4D foundation. This initiative aims to bridge the knowledge gap in financial matters and technology. The training will be conducted in classroom settings at various locations throughout the country. Through this effort, HCCB seeks to empower women to take control of their financial independence and harness the opportunities presented by government schemes and the digital realm. HCCB has previously supported women-led self-help groups, enabling them to manage their businesses successfully, and now aims to cultivate more entrepreneurs through this initiative. The financial literacy training will cover essential concepts such as banking fundamentals, account opening procedures, unified payments interface (UPI) training, investment guidance, net banking, and information on government schemes like Beti Bachao Beti Padhao and Sukanya Samriddhi Yojana Nari Shakti. The digital literacy training will encompass subjects like mobile banking, digital market connections, and cyber safety and security to equip these women with the necessary skills to thrive in the digital age. The women will be grouped based on their individual requirements, needs, digital literacy levels, and financial knowledge to ensure a more focused and effective learning experience. According to Himanshu Priyadarshi, Chief Public Affairs, Communications & Sustainability Officer at Hindustan Coca-Cola Beverages, the company is committed to fostering an equitable environment, not only for its employees but also for the communities in which it operates. By enhancing the financial and digital literacy of these women, HCCB hopes to contribute to India’s economic growth. HCCB firmly believes that the financial and digital inclusion of underserved women is vital to unlock India’s economic potential, aligning with Prime Minister Modi’s call for women-led development and the role of technology in promoting inclusivity and positive change. Gaurav Sharma, Chief People Officer at Hindustan Coca-Cola Beverages, emphasizes that their commitment to empowering women extends beyond the organization to society at large, creating sustainable progress. He is confident that these training sessions will serve as impactful channels to uplift and equip these 25,000 women with essential digital and financial skills, fostering positive change in the broader community and contributing to a more empowered, inclusive, and resilient society.

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Central Government Employees Anticipate 3% DA Hike as Inflation Soars

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In the latest developments, a significant number of central government employees are eagerly awaiting the forthcoming Dearness Allowance (DA) hike. According to recent data and reports, there is a strong likelihood that the government will announce a 3 percent increase in the current DA rate, which currently stands at 42 percent. The surge in retail inflation in the country, reaching a 15-month high in July, has fuelled expectations for a 3 percent DA hike among employees. If this announcement materializes, it will elevate the DA for central government employees to 45 percent. While there hasn’t been an official confirmation regarding the specific date for the DA and Dearness Relief (DR) announcement, the latest reports indicate that the good news could arrive in September for both central government employees and pensioners. If confirmed, the DA hike will be retroactively effective from July 1, 2023. The Central government makes announcements regarding DA and DR adjustments twice a year, catering to central employees and pensioners. This allowance is crucial in mitigating the effects of inflation. The computation of the DA amount relies on the most recent data from the Consumer Price Index for Industrial Workers (CPI-IW), in accordance with the guidelines established by the 7th Pay Commission. The DA and DR benefits extend to over 1 crore central government employees and pensioners at present. With the earlier hike of 4 percent implemented in January of this year, the DA rate escalated from 38 percent to its current level of 42 percent.

Central Government Employees Anticipate 3% DA Hike as Inflation Soars Read More »

DMC Staff to Receive Salary Boost in Line with 7th Pay Commission Recommendations

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The New Delhi Municipal Council (NDMC) staff is finally set to receive a salary boost in line with the recommendations of the 7th Pay Commission after a seven-year wait. This decision will impact both current and former NDMC employees, specifically those who retired before December 31, 2015. The announcement was made by Kuljit Chahal, an NDMC member, who stated that all departments within the NDMC would implement the salary structure outlined in the 7th Pay Commission. This proposal was presented during a council meeting held on August 23, 2023. In addition to this significant change, there was a suggestion to extend the Delhi Transco Limited (DTL) pay scales to other NDMC sections, such as accounts, audit, and law departments, covering the period from April 1, 1998, to December 31, 2015. Chahal stressed that this move aims to prevent legal disputes and ensure satisfaction among affected personnel. Furthermore, adopting the 7th CPC is expected to streamline long-pending promotion processes, with no deductions from employee salaries for any recoveries. Chahal also highlighted ongoing efforts by the NDMC, including addressing matters like regularizing 4,500 regular must-roll (RMR) employees and providing job opportunities for compassionate employees.

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