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Time of India
17 minutes ago
- Time of India
‘Desperate calls, emails…': TCS delays onboarding 600 experienced lateral hires; NITES writes to government - here's what the IT giant has said
NITES indicated that the postponement in joining dates by TCS has left these professionals without employment and economically insecure. Tata Consultancy Services (TCS) has delayed onboarding over around 600 experienced lateral hires, sending out a communication about 'indefinite delay', sharing no revised timelines for these technology professionals to join the IT giant. Raising the issue with the government, the Nascent Information Technology Employees Senate (NITES) has written to Union Labour Minister Mansukh Mandaviya calling for immediate action, stressing on the impact of this uncertainty on the financial and mental health of the professionals. What's the TCS Delay in Onboarding? NITES addressed a letter to Mandaviya on July 22, highlighting that individuals with formal job offers from TCS were affected by indefinite postponement of their joining dates, according to an ET report. The letter indicates that candidates from several major Indian cities including Bengaluru, Hyderabad, Pune, Kolkata, Mumbai, and Delhi were affected by this situation. According to NITES, the affected professionals, with a work experience between two to eighteen years, have submitted their resignations from previous positions based on their expected joining dates at TCS. Also Read | TCS new benching policy: Employees face uncertainty, fear layoffs - here's what's happening When these individuals arrived at TCS on their designated joining dates, they were notified about an unspecified postponement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Many Filipinos don't know about this! Read More Undo Since then, there has been no further updates, modified schedules or confirmations provided, the letter said. NITES indicated that this postponement has left these professionals without employment and economically insecure, finding it difficult to pay their instalments, rental payments and daily living costs. "Beyond the financial strain, the emotional and psychological distress caused by this sudden state of uncertainty is deeply worrying," said Harpreet Singh Saluja, president of NITES and an advocate at the Bombay High Court. "Every day, we receive desperate calls and emails from professionals who feel abandoned and deceived." This follows recent legal complaints by TCS employees regarding the company's new bench policy, which stipulates a 35-day limit for employees without project assignments. Also Read | 'Character assassination': Delhi HC asks Wipro to pay Rs 2 lakh for defamation of ex-employee; termination letter full of 'stigma and insinuations' What TCS Has Said About Delayed Onboarding According to the ET report, TCS has affirmed its commitment to fulfil all employment offers extended to both freshers and experienced professionals. The company was quoted as saying, "We can confirm that, as always, TCS is committed to honour all offers we have made, whether it is to freshers or experienced professionals. Everyone who has received an offer from TCS, will be onboarded. The joining dates are decided as per business demand and in some cases, they do get adjusted to meet our business needs. We remain in continuous touch with all candidates in these cases and look forward to them joining our company soon. " NITES has submitted a formal request to the labour ministry, seeking their intervention to ensure TCS provides definitive timelines for the onboarding process of the affected candidates. The organisation's demands include financial compensation for the delayed period, provision of mental health support through TCS's Employee Assistance Program (EAP), and the possibility of alternative positions within the organisation for the affected individuals. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
an hour ago
- Time of India
More domestic capital flowing into start-up ecosystem compared to Covid period: STPI DG Arvind Kumar
The Software Technology Parks of India (STPI), an autonomous society under the Ministry of Electronics and Information Technology (MeitY), Government of India, was formed in 1991 with the aim to promote the IT/ITeS industry, foster innovation, support research and development (R&D), and encourage start-ups across the country. STPI has been actively working on strengthening India's start-up ecosystem by providing support and resources through its Next Generation Incubation Scheme (NGIS) and domain-specific Centres of Entrepreneurship (CoE). Arvind Kumar , Director General of STPI, talks to ET Digital about the organisation's initiatives that are shaping the future of India's technology and start-up ecosystem. Edited excerpts: Explore courses from Top Institutes in Please select course: Select a Course Category Data Analytics Operations Management Design Thinking Leadership CXO healthcare Management MCA Project Management Finance Technology Product Management Artificial Intelligence Degree Data Science MBA PGDM Digital Marketing Data Science Cybersecurity Healthcare Others Public Policy others Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details Economic Times (ET): Tell us about STPI's initiatives in the tier II and III cities. Arvind Kumar (AK) : We have 67 STPI centres in India, with 59 located in tier II and III cities. We also have 24 CoEs (Centres of Entrepreneurship) across the country. Most of these are in tier III cities. So, these 24 centres of entrepreneurship are domain specific. These are different from other incubators because other incubators are generally for all kinds of start-ups. But we have domain-specific or technology-specific centres. For example, we have CoE in Bengaluru for artificial intelligence (AI), medtech in Lucknow, and blockchain in Gurugram. We have created 8 COEs in the Northeast, including Kohima, Shillong, Itanagar, Agartala, Gangtok, and Guwahati. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo Our scheme NGIS (Next Generation Incubation Scheme) is particularly for tier II and tier III cities. Under this scheme, we are supporting around 700 start-ups. Here, we provide Rs 25 lakh and incubation space at 12 locations to those who are selected. Along with this, we also provide mentorship and global connections to them. In the past three years, we have taken 25 to 30 start-ups to Silicon Valley along with this TiE Silicon Valley program. Live Events ET: What are some of the key challenges these entrepreneurs typically face? AK: When I meet investors and other stakeholders in the industry, they say that even though the start-up has a very good solution, they don't know how to pitch. This realisation came to us three years back and since then, we have been working with these start-ups, teaching them how to pitch right. We first did 90 days of intensive mentorship with them, where they got to understand how to talk to investors as well as those outside the country. An important factor here is also to be ESG (Environmental, Social, Governance)-compliant. So, in this mentorship programme, we have a number of mentors who are experts in climate change or in ESG, and they guide them on how to go and how to show your pitch to outside investors, assuring them that you are indeed ESG compliant. ET: Recently in an event, you mentioned that STPI was unable to meet its start-up target. What have you been able to analyse here? AK: So, we have the NGIS scheme, which was for three years. We need to fund around 200 start-ups in these three years. That was our target, but we were able to fund only 135 start-ups. Then we analysed the problem. This fund needs to be dispersed through the fund manager, and sometimes these start-ups are not even an official company yet; they don't have chartered accountants. It takes time. Sometimes they don't know what the shareholders agreement (SHA) is, so we have to make the SHA for them. And even then, they are sometimes not aware of the implications of some small conditions of SHA. When we select to disperse the Rs 25 lakh fund, we have to sign this agreement. Then sometimes they get this advice from somewhere that this will be bad for them, and they should remove themselves from the SHA. While we had selected more than 300 start-ups, we were able to onboard only 135 due to lack of awareness and compliance issues. Because it takes a lot of time. ET: The MeitY Secretary S. Krishnan had also recently said that a lot of innovations coming from start-ups are adopted by big tech companies and taken forward. And sometimes they are not able to find new start-ups to populate incubation centres. So, what has been your experience? AK: Not lack of ideas, but lack of awareness, like I said. So, they have ideas, but they don't know which incubator they should have. Sometimes one start-up may get incubated at 10 places. They may also get funded from 10 places. Sometimes, they are unable to present their ideas to any incubator or any fund investor. The problem is they aren't able to pitch the ideas before the right incubator based on what exactly they are looking at. Every incubator is offering something different. Every fund investor is offering something different. Some could be incubation equity and some could be investment equity. As a start-up, you are busier in building technical things but may not be able to identify incubators. ET: What kind of start-up sentiment are you seeing today, in terms of funding, ideas, and products, compared to a few years back when there was a funding winter? AK: The best of the time was actually the Covid-19 period, about four years back. So, 2021 was the best period when a start-up was getting a lot of funding. Once this period was over, there was a funding winter. Back then, most of the fund investors were from outside. India's capital was not moving towards the start-up ecosystem. Indian investors were looking at the stock market, real estate, and gold as investment options. While the Indian innovators were creating start-ups, HNIs (high net-worth individuals) in their fifties with a lot of money did not have start-ups in their investment portfolio. So, the big change that I can see today is now domestic capital is moving towards the start-up ecosystem. Now, domestic people who have money want to invest. Now they have a lot of awareness about start-ups. They are looking for a good start-up to invest in. So that is why today funding is not a major issue. Funding is coming from all corners. So, there is positive sentiment towards funding as of now.
Time of India
2 hours ago
- Time of India
Dearica Hamby's late heroics lift Sparks over Mystics
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