Human Resource Community

Torrent Power has signed an agreement with the Maharashtra government to embark on three pumped storage hydro projects. These projects, located in Karjat, Maval, and Junnar, will have a combined capacity of 5,700 MW and require an estimated investment of around Rs 27,000 crores. The company plans to complete the projects within five years, generating approximately 13,500 job opportunities. The strategic design of the projects will enable a minimum of six hours of energy storage per day. Torrent Power currently has an installed generation capacity of 4.1 GW, with a significant portion sourced from clean energy such as gas and renewables. They are also actively expanding their renewable capacity by an additional 0.7 GW. Recognizing the growing need for energy storage due to the increasing presence of renewable power in the grid, Torrent Power aims to address power distribution gaps and ensure efficient energy management. In the previous fiscal year, the company achieved significant milestones, including the integration of five acquisitions and investments totalling Rs 2,938 crore in capital expenditure.

The Punjab government is organizing a placement drive called Rozgar Mela, which aims to offer more than 10,000 job opportunities to job seekers in various districts. The event will be held simultaneously across all districts and will feature the participation of over 425 well-known employers, including Vardhman, Sportking, Flipkart, Airtel, and Reliance. The positions available will have a salary range of Rs 8,000 to Rs 60,000, catering to individuals with diverse educational backgrounds, including postgraduates, graduates (both technical and non-technical), diploma holders, ITI graduates, and candidates with 12th and matriculation qualifications. Even those without formal education are encouraged to participate. Interested candidates can register through the job portal or visit the designated venues directly. The placement drive aims to bridge the gap between job seekers and employers while promoting skill development and training within Punjab. It serves as a significant platform for individuals seeking employment, reflecting the government’s commitment to economic growth, skill development, and job prospects for the state’s residents.

Bajaj Finserv, a non-banking finance company, has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to invest Rs 5,000 crore in Pune. This significant investment is expected to create approximately 40,000 job opportunities in the city. Deputy Chief Minister Devendra Fadnavis hailed it as the largest investment in the fintech sector in recent years. The project aims to prioritize sustainability and environmental friendliness by adopting green solutions and adhering to global standards, including a net-zero model. Pune has been attracting numerous investors due to its favourable infrastructure and availability of skilled talent. Besides being a prominent tech hub with several global technology companies and centres of excellence, Pune is now emerging as a financial services hub with the establishment of the expansive Bajaj Finserv Campus. The city has also been recognized for its inclusive hiring practices, with a report highlighting Pune, along with Hyderabad and Chennai, as the top three cities in terms of hiring women applicants. This positive investment climate in Pune has seen the expansion of various firms, such as Luxoft and TresVista, strengthening the city’s position as a business and employment destination.

In response to the growing number of employees working from the office, Accenture plans to transition back to in-person work. By August 31, 2023, all team members in corporate functions are expected to work from their designated locations. Managers and team leaders have been given the responsibility to foster a positive and purposeful work environment, promoting strong connections among colleagues. Accenture emphasizes the importance of in-person interactions in deepening relationships, fostering collaboration, and delivering increased value to clients. Through face-to-face engagement, the company believes that teams can work together as a cohesive unit to meet client expectations. With the aim of creating memorable experiences, managers are encouraged to support their teams and facilitate connections among co-workers. An internal email has been circulated to employees in corporate functions, urging them to return to the office and experience the benefits of personal connections. The company expects employees to resume working from their assigned locations and embrace regular office attendance. In addition, managers and team leaders are encouraged to dedicate time to support their team members in critical projects and help them deliver their best work. Accenture places high importance on employee well-being and safety as more individuals transition back to their base locations.

Despite significant job losses, Australia’s technology sector grew by 8% in the preceding year. Notably, the sector was able to add over 10,000 new jobs in the first quarter of 2023. According to research done by the Tech Council of Australia (TCA), between January and March 2023, 10,500 jobs were created. Additionally, the country’s technology job opportunities increased by 70,000 jobs, totalling 935,000 positions by February 2023. The survey also found a striking pattern: for every post that was lost in the most recent quarter, 20 new ones were created. Most of these jobs came from the indirect technology sector, which includes tech-intensive professions in non-tech fields like retail, banking, professional services, government, and mining. Additionally, the growth in tech employment in non-traditional tech industries denotes a sizable and long-lasting structural change in the Australian economy. Additionally, it emphasises how thoroughly digital skills have been incorporated into all spheres of the business. Tech personnel are in high demand for their highly transferrable IT skills, which can be applied to any organisation, wherever in the nation. The tech industry has also grown to be a substantial employer in all states and territories, ranking as Australia’s seventh-largest employer. Additionally, compared to the average job in each state and territory’s economy, IT jobs are growing more quickly. The research asserts that this expansion highlights the benefits of working in the technology sector, particularly the flexibility it provides and the capacity for skill transfer between various professions. This expansion also fits with the council’s objective of creating 1.2 million tech employment by 2030, which is backed by the government.

Regarding the accumulation of privilege leaves for employees who would be retiring within the current and succeeding fiscal years, Air India recently updated its policy. The airline, which is a part of the Tata group, first modified its privilege leave policy in March to better reflect the state of the market. All employees were only permitted to accumulate 60 days of privilege leaves in a single fiscal year starting on April 1 in accordance with the updated policy. However, Campbell Wilson, CEO and managing director of Air India, proposed a relaxation for those who have expressed worries about approaching retirement. He noted that the airline had previously resolved that any privilege leaves lasting longer than 60 days would be forfeited in a mail to the employees. However, after speaking with external tax authorities, Air India was able to come to an arrangement to postpone the redemption of luxury leaves for individuals who will be retiring in the following two fiscal years (FY 2023–24 and 2024–25) for more than 60 days. Unfortunately, despite their best efforts, they were unable to ensure the same ability for employees retiring beyond this time. Employees who are close to reaching superannuation can benefit from this decision because it will give them better retirement benefits. With the relaxation, eligible staff members can now take advantage of the tax exemption on leave encashments up to Rs 25 lakh during retirement. In the meanwhile, Air India is actively implementing its “Vihaan.AI” five-year transformation strategy. Campbell Wilson and other members of the management and Vihaan project teams will be visiting various cities around the nation in the upcoming months to interact with employees in person.

Infosys, a global leader in IT services, is collaborating with Adobe to improve digital skills through Infosys Springboard, its online learning platform. As part of Infosys’ Tech for Good initiative, this collaborative project intends to produce over 10,000 new globally certified Adobe experts by 2025. By granting free access to Adobe’s cutting-edge digital learning materials, the company will help with reskilling and closing the skills gap. Aspiring professionals and lifelong learners can use Adobe’s curriculum and explore their interests. While this partnership intends to develop a pool of knowledgeable and aspirational individuals, it also makes sure corporate learning is accessible on all devices. According to Anil Chakravarthy, president of Adobe’s digital experience business, companies must put a priority on maintaining the preparedness and success of their most valuable asset, their own employees, in order to flourish in the modern digital economy. In addition, he said, “Scalable training can help bridge the tech talent gap, and our collaboration with the company will empower the future workforce to upskill their digital proficiencies using Infosys Springboard.” According to Rajesh Varrier, EVP, head of Infosys’ Americas and global digital experience, “Infosys Springboard is designed to empower people, communities, and society with skills to be successful in the 21st century. Together with Adobe, it will provide free access to Adobe’s training program to develop digital competence at scale, create a skilled workforce and enhance employability”. By 2025, Infosys hopes to have more than 10 million Indians with digital skills through its Infosys Springboard program.  

Apple has notably been absent from the generative AI (GenAI) arena, despite Microsoft and Google making some significant advancements in the AI field. As an indication that it intends to make a significant entry into the AI market, Apple has recently began employing top AI developers and GenAI specialists. Apple products will consequently face greater competition. In order to improve its voice assistant technology, the company has decided to hire 176 people with a focus on machine learning (ML) and artificial intelligence (AI). 68 of these posts have been given to the Siri department. Furthermore, 46 posts would be devoted to macOS, while 52 will be focused on incorporating AI into iOS. It’s important to note that a number of roles will call for proficiency across various products, underscoring Apple’s dedication to smoothly integrating AI across its whole ecosystem and delivering a top-notch user experience. To prevent critical data leaks, Apple previously forbade its employees from using ChatGPT and other chatbots. The company said that its deliberate and intelligent approach to AI prioritises consumer transparency. While augmented reality (AR) and virtual reality (VR) will be the main topics of Apple’s Worldwide Developers Conference on June 5, there is anticipation that the company may also reveal new breakthroughs in artificial intelligence (AI). Apple’s strategic decision to strengthen its AI skills can have a significant impact on the future of AR/VR because AI is becoming more and more integrated with these technologies.

Starting this week, Meta is anticipated to let go of about 6,000 workers. The company already laid off 11,000 workers in November and announced the termination of another 10,000 workers in March 2023. As Facebook’s parent company, Meta has already laid off 4,000 employees, leaving 6,000 more people affected by the layoffs anticipated for May of this year. The economic crisis and Meta’s slow expansion, which has led to a decline in revenue growth, have been cited as the main causes of the layoffs. The company previously admitted in an email that it over hired recently to satisfy business demands. According to media sources, Meta officials are preparing to issue a statement to staff members outlining the timeline for the layoff process and the teams that would be impacted. A notice of the upcoming layoffs will be sent to the affected employees through email. In addition, the company is anticipated to offer compensation comparable to that which was given to workers who were previously laid off. One could wonder why Meta is laying off such a large number of people. Founder and CEO Mark Zuckerberg has already given justifications for this decision. The economic slowdown and Meta’s slow expansion are two factors that have contributed to the decline in revenue growth. The business stated in an email that it had recently over hired in order to satisfy business demands. However, Meta is currently reducing its workforce to solve these issues due to the current difficulties of poor growth and income struggles. According to Meta’s CTO, Andrew Bosworth, there are no scheduled layoffs at the company. He highlighted that the company would carry on with a focus on expansion and building. Bosworth admitted that unforeseen events like a drop in sales, a downturn in the economy, or unanticipated cost hikes might have an effect on the company’s future. He underlined how difficult it is to forecast such events and how uncertain the future is. The company has also praised the staff for their professionalism and resiliency in spite of the difficult circumstances, given the uncertain atmosphere.

Information and technology company Wipro disclosed through an exchange filing on May 17 that it had granted eligible employees stock options for roughly 3,98,733 shares. In accordance with the ADS Restricted Stock Unit Plan of 2004 and the Restricted Stock Unit Plan of 2007, 3,96,893 shares were distributed. In order to recognise employees’ accomplishments and increase their ownership, Wipro’s rival software giant Infosys previously distributed more than 5.11 lakh equity shares to its major contributors. Additionally, the company gave promotions and bonuses to all bands of employees throughout the last six months. The tech giant also increased variable pay to 80.25% in the fourth quarter and to 87% in the third and 100% in the second. The tech company also updated its portal and included new incentives, rewards, and R&R programmes to better handle actual on-the-ground activities and to offer help to the employees.