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Providence to double headcount to 3,500 employees in one year

Thehindubusinessline

Thehindubusinessline · 1y ago

Providence to double headcount to 3,500 employees in one year

Providence India, the Indian branch of US company Providence, has launched a global healthcare engineering, operations, and innovation centre in India. The $26bn firm operates 51 hospitals and over 1,000 physician clinics, and plans to double its workforce to 3,500 by 2025. The new centre will focus on critical areas such as cloud, cybersecurity, digital solutions, data analytics, product development, process automation, and emerging technologies. Providence India currently employs 1,400 healthcare, operations, and technology experts, including 37% women. The company aims to accelerate digital transformation and unlock value for US health systems through AI-enabled products and services.

Related News

TCS top performers receive double-digit hike, attrition cools to 12.5%

Livemint

Livemint · 1y ago

TCS top performers receive double-digit hike, attrition cools to 12.5%

Tata Consultancy Services (TCS), India's largest IT company, has reported a decline in its attrition rate to 12.5% in the fourth quarter, improving from the previous quarter's rate of 13.1%. The company also announced double-digit annual increments for its top performing employees. However, TCS has experienced a decline in its total headcount. In terms of financial performance, TCS recorded a net profit of ₹12,434 crore in the fourth quarter, representing a year-on-year growth of 9.1%.

TCS, Infosys report dip of about 12,000 employees in Q3

Economic Times

Economic Times · 1y ago

TCS, Infosys report dip of about 12,000 employees in Q3

India's top IT majors Tata Consultancy Services (TCS) and Infosys reported a decrease in their headcount by a total of 11,781 employees in the fiscal third quarter. TCS saw a sequential headcount reduction of 5,680 employees, while Infosys reported a dip of 6,101 employees. TCS ended the period with 603,305 employees, while Infosys had 322,663 employees. Both companies experienced attrition rates lower than the previous quarter. Despite the reduction in hiring, the IT sector is expected to onboard 32% fewer engineering graduates in fiscal 2024 compared to the previous year.

How HCLTech bucked the shrinking headcount trend

Livemint

Livemint · 1y ago

How HCLTech bucked the shrinking headcount trend

Major Indian software services companies, such as Tata Consultancy Services (TCS) and Infosys, witnessed a decline in their collective headcount in the recently concluded financial year. TCS reported a reduction of 13,000 employees, Infosys cut around 26,000 positions, and Wipro decreased its workforce by 23,000. Conversely, HCL Technologies was the only company among the top four to see an increase in headcount. These changes in headcount are monitored as an indicator of sales and billings for IT services firms. However, the link between headcount and sales may change with the advent of artificial intelligence.

Indian IT Giants Infosys and TCS Face Headcount Challenges Amidst Market Shifts

Business Bytes

Business Bytes · 1y ago

Indian IT Giants Infosys and TCS Face Headcount Challenges Amidst Market Shifts

Indian IT giants Infosys and TCS are facing headcount challenges amidst changing market dynamics. Infosys has been reducing its headcount over the past three quarters, with a further reduction of 7,530 employees. TCS has warned of weakness in technology spending, particularly in the US market. Experts predict negative net headcount additions for the second half of fiscal year 2024. These challenges highlight the need for IT companies to prioritize efficiency, cost management, and innovation to stay relevant in the evolving technology landscape.

Meet Indian IT industry's best paid CEO

Livemint

Livemint · 1y ago

Meet Indian IT industry's best paid CEO

Ravi Kumar Singisetti, CEO of Cognizant Technology Solutions Corp., received $22.56 million in compensation last year, making him the highest-paid Indian boss at a tech services company. The amount includes a one-time stock reward. Kumar's compensation is 0.11% of Cognizant's $19.35 billion revenue. Notably, Cognizant's revenue declined, and the company let go of 3,500 employees to improve profitability. Comparatively, other Indian IT services CEOs received lower proportions of their respective company's revenue as remuneration.

Citigroup to beef up India I-banking headcount amid surge in deals

VCCircle

VCCircle · 1y ago

Citigroup to beef up India I-banking headcount amid surge in deals

Citigroup plans to increase the headcount in its India investment banking unit as it anticipates a surge in equity capital market and M&A deals in the country. Rahul Saraf, managing director and head of the India investment banking unit, stated that the increase in headcount would be a significant one between this year and next year. India has seen a sharp surge in equity deals and is currently the second busiest market for equity ECM deals globally. Citi has been a prominent player in the Indian market, advising on several billion dollars' worth of transactions this year.

AI fraud detection software maker Inscribe.ai lays off 40% of staff

TechCrunch · 1y ago

AI fraud detection software maker Inscribe.ai lays off 40% of staff

Inscribe, an AI-powered fraud detection software provider, has laid off approximately 40% of its staff due to missing revenue goals for over a year. The San Francisco-based startup confirmed the headcount reduction, stating that advancements in AI in the financial services industry led to a pivot in the company's product strategy. Inscribe aims to align with industry shifts and plans to launch a new product later this year. The company had previously raised $38 million in funding and expected to double its workforce in the next 12 to 18 months.

IT jobs FY24 review: Headcount crashes by 63,759 in TCS, Infosys, and Wipro

Livemint

Livemint · 1y ago

IT jobs FY24 review: Headcount crashes by 63,759 in TCS, Infosys, and Wipro

India's top IT companies Tata Consultancy Services (TCS), Infosys, and Wipro have reported a decrease in their total employee headcount for the fiscal year 2023-24 (FY24). This is the first time all three companies have seen a full-year drop in headcount. The decline in headcount is attributed to weaker global demand and falling discretionary spending. TCS reported a 13,249 drop in headcount, Infosys reported a 25,994 drop, and Wipro reported a 24,516 drop for FY24. The companies also reported a sequential decline in attrition rates. Analysts expect near-term weakness in revenue growth but anticipate a stronger outlook for FY25.

What the vacant seats at TCS mean

Livemint

Livemint · 1y ago

What the vacant seats at TCS mean

Tata Consultancy Services (TCS), India's largest IT services company, ended FY24 with fewer employees than at the beginning, the first decline since the firm went public in 2004. However, TCS downplayed concerns, attributing the dip to a recalibration following a hiring spree in previous years. Some industry experts believe this may indicate a shift towards AI replacing employees in IT services firms. TCS stated that headcount fluctuations are a result of utilization and not revenue. The company plans to hire 40,000 freshers this year, with specialists in high demand.

Okta fires 400 people

Business Insider

Business Insider · 1y ago

Okta fires 400 people

Okta is reducing its headcount by 7% as part of its commitment to achieve profitable growth. The company will lay off around 400 employees, with affected workers being notified via email. This is not the first time Okta has made job cuts, as last year it reduced its workforce by 300 employees. CEO Todd McKinnon stated that the decision was necessary to ensure greater efficiency and manage costs effectively. These layoffs come amidst a trend of tech companies, including Amazon and Google, making similar job cuts.

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