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Tech firms’ temp worker costs dip as demand falls

Livemint

Livemint · 1y ago

Tech firms’ temp worker costs dip as demand falls

Top Indian IT services companies such as TCS, Infosys, HCL Technologies, and Wipro have successfully reduced their temporary staff costs, which had increased due to the pandemic. Sub-contractor expenses as a percentage of revenue for these companies in the December quarter fell below or near pre-pandemic levels. Spending less on temporary workers is a significant factor in improving profitability for IT firms. The decline in sub-contractor costs signals better profitability in the future. Despite the decline, sub-contractor hiring is expected to increase as demand and deal wins ramp up in the next 6-9 months.

Related News

Tech worker movements grow as threats of RTO, AI loom

Arstechnica

Arstechnica · 8m ago

Tech worker movements grow as threats of RTO, AI loom

In 2024, tech worker movements surged in response to mass layoffs, stagnant wages, and unpopular return-to-office (RTO) mandates. Labor rights groups supported organizing efforts that included major tech firms like Amazon and Microsoft. The Tech Workers Coalition and others noted the increasing influence of unionized tech workers pushing for better conditions. The unpopular RTO policies potentially contribute to "brain drain," risking top talent loss. Workers use organizing as a tool for advocacy and gaining workplace control.

Taiwan tech supply chain stocks bounce back after Trump tariff exemptions

Economic Times

Economic Times · 4m ago

Taiwan tech supply chain stocks bounce back after Trump tariff exemptions

Stocks in Taiwanese tech firms, key suppliers to companies like Apple, rose as the U.S. granted temporary exclusions from tariffs on electronics mainly imported from China. Foxconn and Quanta shares increased by 4% and 7%, respectively, despite Taiwan Semiconductor Manufacturing Co. (TSMC) experiencing a brief dip after hints of future U.S. tariffs on semiconductors. Uncertainty remains as the market reacts to the exemption news, awaiting further details and TSMC's upcoming earnings report.

When temp hiring becomes an increasingly permanent fixture in Indian companies

Livemint

Livemint · 10m ago

When temp hiring becomes an increasingly permanent fixture in Indian companies

Indian companies are increasingly turning to contract hiring instead of permanent employees to take on new projects and control costs. This shift comes as companies face uncertain economic conditions and project visibility. Contract hiring is expected to increase by 20% over the next few months, creating 600,000-700,000 jobs across various sectors. Industries such as FMCG, e-commerce, and quick-commerce are driving this growth. Contract employees are typically paid lower wages than regular staff and are not eligible for additional employee benefits. This trend is also driven by companies expanding in smaller cities and the transition of informal workers to formal employment.

India Inc pushes for temp hires in anticipation of a good summer

Livemint

Livemint · 1y ago

India Inc pushes for temp hires in anticipation of a good summer

The demand for temporary positions in India is expected to rise by 20% in the April-June quarter compared to the same period last year. Companies in sectors such as non-banking finance, retail, e-commerce, and consumer durables are opting for temporary employees for junior roles. This trend is driven by increased consumer spending after appraisals, the summer season, and the need for flexible scaling of staff. Industries such as beverages and IT are also showing an uptick in temporary hiring.

After rough ride in 2024, Indian startups look for a promising new year

Economic Times

Economic Times · 8m ago

After rough ride in 2024, Indian startups look for a promising new year

In 2024, Indian startups faced a funding dip but showcased resilience by achieving several unicorns and attracting significant investments, particularly in early-stage ventures. Key sectors like gig economy and quick commerce thrived, while government reforms, such as removing the angel tax, supported growth. Challenges remain, including high operational costs and infrastructure issues, but the rise of women entrepreneurs and innovations in AI and tech signal a promising future. Cautious optimism persists for 2025 and beyond.

DeepSeek gives Europe's tech firms a chance to catch up in global AI race

Economic Times

Economic Times · 6m ago

DeepSeek gives Europe's tech firms a chance to catch up in global AI race

DeepSeek, a Chinese AI model, is disrupting the AI landscape by offering significantly lower pricing compared to OpenAI. European tech firms, previously lagging in AI adoption due to funding challenges, view DeepSeek as a game changer for democratizing AI and leveling the playing field with larger tech firms. While regulators are investigating potential data-copying concerns, DeepSeek's affordability and accessibility could significantly impact the industry, prompting other companies to improve models and reduce costs.

Bain bets on Indian domestic work startup Pronto even as rivals face criticism

TechCrunch · 3m ago

Bain bets on Indian domestic work startup Pronto even as rivals face criticism

Bain Capital Ventures leads a $2 million seed round in Pronto, a startup offering rapid cleaning, laundry, and home services in India within 10 minutes. Founder Anjali Sardana emphasizes a worker-friendly model, diverging from traditional gig economy practices, aiming for fair compensation and worker protection. Amid increased sensitivity to gig worker treatment, Pronto plans expansion in Gurugram and other Indian cities, offering additional services. The model addresses urgent consumer demand and aims for comprehensive service coverage.

Zomato, Swiggy, other new age company stocks vault on budget sops for gig workers

Economic Times

Economic Times · 6m ago

Zomato, Swiggy, other new age company stocks vault on budget sops for gig workers

Zomato, Swiggy, and other new-age company stocks rose up to 10% after Finance Minister Nirmala Sitharaman's Union Budget 2025 announcement supporting gig workers. India's fast-growing quick commerce sector has increased gig worker demand, benefiting firms like Blinkit and Zepto. On budget day, Zomato's shares rose over 7%, and Swiggy's by 10%. Meanwhile, Nykaa and Ola Electric gained, but Paytm, PolicyBazaar, and Delhivery saw declines. The budget also revised income tax slabs and introduced a Rs 10,000 crore fund for startups.

Quick commerce revolutionised shopping, but faces hidden costs

Inshorts · 4m ago

Quick commerce revolutionised shopping, but faces hidden costs

Quick commerce has transformed shopping with 10-minute deliveries, but it has hidden costs such as worker exploitation, unsafe working conditions, environmental damage, impulsive buying habits, and rising operational losses. A sustainable future demands fair labour practices, ethical marketing, realistic delivery timelines, stricter data privacy, and eco-friendly alternatives.

Meta climbs and Microsoft falls as Wall Street ticks higher

Economic Times

Economic Times · 7m ago

Meta climbs and Microsoft falls as Wall Street ticks higher

Stocks saw varied performance as profit reports influenced market activity. Meta Platforms rose on better-than-expected profits and AI investment plans, while Microsoft's weaker cloud-business growth led to a decline. The S&P 500 and Nasdaq remained positive with slight gains, whereas the Dow Jones saw a marginal dip. Major airline stocks fell due to an accident involving an American Airlines plane. Meanwhile, the Fed kept interest rates unchanged, signaling stable economic policy amid uncertain economic outlooks.

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