Bengaluru: Software major Infosys has maintained its annual revenue guidance, or expected rise in income, at 10-12 percent for this financial year — or what it had projected in April. In dollar terms, though, the guidance has been revised upward by 100 basis points.
“We have retained revenue guidance at 10-12 percent year-in-year (YoY) in constant currency but increased it to 7.2-9.2 percent YoY in dollar terms from 6.2-8.2 percent YoY projected in April for FY 2016,” the IT bellwether said in a regulatory filing with stock exchanges on Tuesday.
The city-based outsourcing major reported consolidated revenue of Rs.53,319 crore for last fiscal (2014-15) in rupee terms and $8.7 billion in dollar terms, which was 6.4 percent growth YoY in rupee terms and 5.6 percent in dollar terms.
The IT outsourcing major has discontinued giving a quarterly revenue guidance in percentage and numbers since fiscal 2014.
The company’s conversion rate for rest of the fiscal 2016 is Rs.63.65 per US dollar.
WASHINGTON, May 5, 2017:India-based technology company Infosys said Tuesday it will create 10,000 jobs in the United States, growing its American footprint at a time when it has become a political target in the U.S.
Infosys has been a big user of H1-B visas in the U.S., a program under which overseas firms, most often technology companies, move foreign workers to the United States after the overseas businesses declare they cannot find enough qualified U.S. workers. Critics of the visa program say the foreign firms have cost U.S. workers their jobs, however, because the foreign companies usually pay the temporary workers less than they would have had to pay American employees to do the same job.
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As part of his “America First” pledge, President Donald Trump recently ordered government agencies to review the visa program. Trump said he wants to bring in the “best and brightest” foreign workers and reform immigration laws as they relate to work and border security. But one suggested reform – that companies paying the highest wages be granted the work visas – would directly affect Infosys.
The U.S. Citizenship and Immigration Services, which manages the visa petitions, says that about 70 percent of the 85,000 H1-B visas issued annually go to Indians, and more than half of them are working for information technology companies like Infosys, which then outsource the workers to American firms.
Infosys has been one of the biggest users of the H1-B visa program, sending more than 15,000 workers to the U.S. in the last two years, although it has trimmed its visa requests for this year. Under the program, foreign-born workers typically can be employed for three years by a sponsor company and apply to stay longer.
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Infosys said it would hire the 10,000 U.S. workers over the next two years, opening four technology centers, with the first in the midwestern state of Indiana, where Vice President Mike Pence was governor before Trump tapped him as his running mate in last year’s national political campaign.
Infosys chief executive Vishal Sikka told Reuters, “The reality is, bringing in local talent and mixing that with the best of global talent in the times we are living in and the times we’re entering, is the right thing to do. It is independent of the regulations and the visas.” (VOA)
In this era of globalization, competition is increasing in every field. In India, jobs in IT sector are multiplying day by day and the craze among the employees to go abroad is on a high note.
Nirman Jain, an employee in the reputed firm ‘IBM’ was very proud upon his first onsite posting in Jordan but his family had security concerns. On the borders of Syria and Iraq, this country is at a high risk location. These locations are sometimes good for you as companies pay a hefty package and allowances. IBM paid him a daily hardship allowance of about 40 Jordanian Dinar (roughly Rs.4,000). He was able to buy a house in Bangalore after spending three years in Jordan continued in South Africa.
But these packages are not given by all companies. Another employee, Rahul Bhatnagar working in a large Indian IT firm didn’t got a single penny extra after working in Iraq for 3 years. He also had a narrow escape from the country couple of times. Finally, he is back to home after resigning his job.
Rules and Regulations monitoring Allowances
IT firms like IBM, Cognizant etc. are bound to give extra allowances to employee sent to high risk locations due to US regulations. But in India, there are no rules and regulations to monitor these allowances given by IT firms. Thus, it is different for different Indian companies.
The issue is tending as the countries like London, Brussels, Paris and Sydney which was considered safe before are now prone to terrorist activities. Raghavendran Ganeshan, an employee of Infosys (an IT firm) was killed in the recent attack in Brussels. These incidents are giving rise to family concerns.
Huge Indian employees working abroad
According to Nasscom, IT services firms have deployed about 500,000 Indians overseas. Where these employees are working? There is no data available to show region wise deployment of Indian workers.
As the whole whole world is now engulfed by ‘Terrorism’, experts think that hardship allowances and insurance will cover the hiring pattern very soon.
“When companies such as IBM pay hardship allowances, it will put pressure on other IT firms to follow suit as otherwise it will increasingly become difficult for the latter to attract talent,” says Sanchit Gogia, CEO, Greyhound Research.
As mentioned earlier there are no specific rule in India regarding the extra allowances which results in the variation in different IT firms. “There are enough people willing to go to locations such as the Middle-East and Africa because of the additional allowance they receive over and above their salary,” says Kris Lakshmikanth, CEO of Headhunters India.
“It is cheaper to pay compensation after an unfortunate incident than paying risk allowance or insuring an employee,” says Lakshmikanth.
However, Nasscom Chairman BVR Mohan Reddy says that IT companies are doing a lot for employees in risky areas.
“The firms take good insurance cover on dynamic premium tariffs. The covers are much larger than are offered in India,” he says. While most of the top IT firms declined to give on-record comments for this report, Tech Mahindra said that it has put in place various measures to ensure that employees who travel abroad on work are taken care of in the event of a crisis.
Safety measures that could be taken by employees
“All associates travelling to certain countries can download a mobile app and get alerts on their mobiles about medical, clinical, and security measures and precautions to adopt. We also provide emergency response services and support,” says Rakesh Soni, Chief People Officer of Tech Mahindra. He added that the company offers its employees comprehensive insurance.
Sudhir Chaturvedi, Chief Operating Officer of NIIT Technologies, which has employees in Brussels, says the company has protocols to deal with terror attacks. “We alert our staffers and facilitate conversations with their family members back home. Should they want to come back from the place in question, we will arrange for that,” he said. NIIT Technologies set up a war room after the Brussels attacks.
In accordance with the above steps, the employee should assess all the past conditions of the host country before migrating there. Also, they should think about their families before taking such decisions.
Aakash is pursuing B.E , Electrical and Electronics Engineering from Sir M. Visvesvaraya Institute of Technology, Bangalore.
She also said that two other Indians, both employees of Jet Airways, who were injured were “recovering well”.
At least 34 people were killed on Tuesday. Two deadly explosions rocked the Zaventem airport and a more powerful blast ripped through a train coach at a Metro station in the heart of Brussels. It is the worst terror attack in Europe in four months. (IANS) (Image Source: fortunedotcom.files.wordpress.com)