5 Minutes Read

Some Infosys employees to work from office for 10 days a month

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Last week, the company’s co-founder NR Narayana Murthy courted controversy by urging young Indians to work 70 hours a week for the development of the country.

India’s No.2 software-services exporter Infosys Ltd has asked some of its employees to work from office 10 days a month, a source familiar with the matter said on Wednesday.

The news comes at a time when companies across the globe are reversing or modifying their “remote work” policies that were put in place at the peak of the COVID-19 pandemic, citing reasons ranging from higher efficiency to better collaboration.

Infosys, which declined to comment on the news, has intimated certain entry and mid-level staff via e-mail about the change that will take effect from Nov. 20. The move will not affect all employees.

Read more: Indians work nearly 48 hours a week, check global working hours

“We are very clear that we want to remain flexible with our employees. Having said that, every quarter, every week we are seeing more and more employees back into the campus and we believe this will continue,” Infosys CEO Salil Parekh said at a post-earning conference call on Oct. 12.

Last week, the company’s co-founder NR Narayana Murthy courted controversy by urging young Indians to work 70 hours a week for the development of the country.

Larger rival Tata Consultancy Services has already asked workers to return to the office for five days a week.

Tech giants Amazon.com Inc and Alphabet Inc’s Google have also told workers to work from the office for at least a few days every week.

Also Read: Bottomline | Beyond the ’70-hour workweek’ line

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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TCS ends hybrid working policy, asks employees to join office starting October 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

In its FY23 annual report, the company said that new employees benefit from physical interactions with senior colleagues and leaders to acculturate and learn from their behaviors and ways of thinking. At present employees need to be in office for only three days a week.

Tata Consultancy Services (TCS), the country’s largest IT company is set to  end its hybrid working policy. In an internal communication sent in the mid of this month, the company mandated that its workforce should attend office for five days in a week starting October 1, 2023. At present employees need to be in office for only three days a week.

“As communicated by CEO and chief human resources officer (CHRO) in various townhalls, it is mandatory for all associates to attend office on all the working days (5 days per week if there are no holidays) starting 1 October 2023,” reads the official mail.

However, the company in its response to CNBC-TV18 said, “As we are in the silent period at the moment, we will not be able to comment on your query.”

In its FY23 annual report, the company highlighted the importance of returning to the office. The report mentioned that over half of the company’s workforce was hired after March 2020, and new employees benefit from physical interactions with senior colleagues and leaders to acculturate and learn from their behaviors and ways of thinking.

“Without those interactions, employee engagement as well as acculturation got badly impacted. All these factors led us to gradually bring back people to our offices during the year,” company said in its FY23 annual report.

Notably, TCS allocates more than half of its revenue to meet its wage bill. In FY23, the company had spent as much 56.6 percent of revenue as employee benefit expenses. TCS is the largest private employer in India with a workforce of over six lakh (600,000) people as of March 2023, so this change in policy could potentially affect a large number of employees who will now be required to commute to the office.

Earlier, in May 2020 during the first wave of the pandemic, TCS’s then CEO, Rajesh Gopinathan, had introduced the “25×25 model,” which aimed to bring back 25 percent of the workforce to the office by the year 2025.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Zoomed Out | Here’s why the female workforce witnessing a ‘silent exodus’ post the back-to-office call

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

As employees prepare to return to the physical workplace, women are facing another source of stress — the need to readjust once again. This transition presents additional challenges as they strive to adapt to the demands of the office environment while continuing to manage their family responsibilities.

Whether by choice or impelled by the global pandemic, office employees have become highly acclimatised to the concept of working from home. One interesting debate that arises out of this is –who is better adjusted to working from home, men or women? Certain studies indicate that women handle remote work slightly ‘better’ than men and that flexible work arrangements have been a catalyst for women to participate more actively in the workforce and contribute their skills and expertise.

As the world of work transitions into a post-pandemic normalcy, many organisations have shifted back to the traditional office settings. The whole of 2022 witnessed companies encouraging, some mandating, their employees to return back to office.

Also read: Great Resignation: Increments seen at 5-year high, but employees want more than just money

However, this push might have inadvertently led to a ‘silent exodus’ in the workplace, an increase in the attrition rate of women, worsening an already low female participation in the workforce. What is the reason(s) behind the high turnover rate among women?

During the pandemic, families went through significant changes to adapt to the evolving work landscape. However, it was observed that women, in particular, experienced heightened levels of stress as they suddenly had to balance office work with caregiving responsibilities. Despite the initial difficulties, many women were able to navigate through this situation over the extended period of the pandemic. Now, as employees prepare to return to the physical workplace, women are facing another source of stress — the need to readjust once again.

Also Read: Remote working new normal; 82% employees prefer working from home: Study

This transition presents additional challenges as they strive to adapt to the demands of the office environment while continuing to manage their family responsibilities. Many of them who do not have the support mechanism are choosing to quit.

From crisis to catalyst

The pandemic served as both a crisis and a catalyst for women in the workforce. The impact of pandemic-induced remote work on women has been complex and varied. On one hand, it offered women the opportunity to better balance work and caregiving responsibilities, reduced commuting time, and increased autonomy. On the other hand, it intensified existing inequalities and challenges for women, such as increased domestic workload, blurred work-life boundaries, and limited access to networking and career advancement opportunities.

But the percentage of women preferring work from home or flexible hybrid models in the post-pandemic increased as remote work offered better integration of work and personal life, eliminating the need for extensive commuting and enabling women to allocate their time more efficiently. Forced into new realities, women emerged as resilient leaders, innovators, and change-makers. The flexibility to work remotely in recent years has helped companies attract and retain talent, particularly women, as they found it easier to juggle office and home duties in a hybrid environment.

Career intentionality

A robust return-to-work programme, ensuring that women employees are provided with structured support to return to work, and helping them reintegrate into the workforce and rebuild their professional momentum is vital. Companies have embraced a more empathetic approach, recognising the importance of accommodating diverse work preferences in order to attract and retain top talent. This understanding has led to a realisation that flexibility in work options is crucial. Moreover, it presents cost-saving benefits for companies, such as reduced expenses related to office space and infrastructure.

However, it is essential to acknowledge that certain roles entail a combination of fieldwork and office-based responsibilities, necessitating interpersonal interactions at least part of the time.

For such positions, there remains a requirement for employees to spend a significant portion of their workweek in the office. This insistence on in-office presence acknowledges the specific demands and nature of these roles, which may require hands-on collaboration, face-to-face meetings, or physical presence at specific locations. Companies have started insisting on some of these to be done in a hybrid manner.

Final thoughts

No women left behind It is imperative that India, being the world's most populous nation and women constituting nearly half of its population, cannot afford to have women out of employment. As per World Bank data 2022, India’s female labour force participation rate stands at 24 percent, significantly lower than China’s rate of 61%. According to TeamLease records, out of the total contractual workforce hired in 2022, only 14 percent were women.

These numbers are not only an economic growth concern but also is a clear setback to India Inc’s efforts to promote gender diversity. Gender justice and responsive policies are national issues and need to be contextually developed in a systematic and sustained dial tone. The ultimate objective is not only to increase female labour force participation, but rather to create avenues for meaningful employment that will, in turn, contribute to the economic empowerment of women, thereby, leaving no women behind.

 

The author, Kartik Narayan, is CEO – Staffing, at TeamLease Services Limited. The views expressed are personal. 

 

 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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TCS says the firm encourages employees to work from the office but never linked it to career or pay

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Earlier, TCS had asked its staff to attend at least 12 days of office in a month. The tech giant had seen a net addition of 821 employees in the January-March 2023 quarter against the previous quarter when it saw a net drop of nearly 2,200 employees.

Tata Consultancy Services (TCS) has reacted to the news of the company sent memos to employees who violated the ‘work from office’ mandate.

In a statement TCS has said that for now, we have not communicated or deployed linkages to career or compensation.

‘We are excited to see our campuses buzzing with energy and want all our employees to be a part of that vibrant ecosystem. A significant number of employees have joined TCS in the last 2 years. It is important for them to experience the TCS environment to collaborate, learn, grow and also have fun together, thus developing a stronger sense of belonging to the organisation and enabling better integration. Over the last several months we have been encouraging associates in India to return to office and spend 3 days a week at the workplace. This has yielded good results with many of our people returning to office. Our objective is to have all associates work from office for at least 3 days a week on average in the month, and towards the same we continue working with all our groups to have everyone participate,” TCS spokesperson said in a statement.

Earlier TCS had asked its employees to attend at least 12 days of office in a month. Now according to a report by TOI the software company has said disciplinary actions will be taken if employees fail to adhere to the assigned work roster.

“You are warned and directed to start reporting to work from your office location according to the assigned roster with immediate effect,” reads the memo according to a report by TOI.

Last October, TCS implemented a policy requiring employees to physically attend the office three days per week. Over the past few months, TCS has been actively encouraging associates in India to resume working from the office.

TCS witnessed a net addition of 821 employees in the January-March 2023 quarter against the previous quarter when it saw a net drop of nearly 2,200 employees, the company’s financial results for Q4 released on April 12 show. This takes TCS’ workforce to 614,795 as on March 31, 2023, a net addition of 22,600 for the fiscal.

According to a LinkedIn report in 2023, TCS has been recognised as the leading workplace in India, with Amazon and Morgan Stanley following closely behind. In terms of financial performance,.

For the March quarter, the company reported revenue growth of 0.6 percent in constant currency terms, which was the slowest since the April-June period of financial year 2021, which is the quarter in which the pandemic hit.

For TCS, constant currency estimates varied over a broad range. While Nomura projected a 1.7 percent sequential growth, ICICI Direct had projected growth of 0.4 percent. A CNBC-TV18 poll had pegged the growth at 1 percent.

For other parameters, TCS’ US dollar revenue growth was slightly lower than analyst expectations.

Dollar revenue for the March quarter stood at $7.19 billion, a growth of 1.7 percent compared to the December quarter. The figure was slightly lower compared to the $7.21-billion estimate of a CNBC-TV18 poll.

In rupee terms, revenue increased by 1.6 percent sequentially to Rs 59,162 crore, while the estimate for the same was Rs 59,334 crore.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Wondering what is a Mouse Jiggler? Just a device to trick your employer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

So what does mouse jiggler do? As the name indicates, it is used to simulate mouse movement, preventing your computer from going into sleep mode.

Ever heard of a “mouse jiggler”? It is a device which has become quite popular among employees who are wanting to outsmart monitoring software. Ever since the pandemic-induced work-from-home (wfh) has witnessed a boom, employers are monitoring productivity like never before.

Devices like “tattleware” or surveillance software, are being used by employers to track employee screen time, keyboard usage, and clicks.

So what does mouse jiggler do? As the name indicates, is used to simulate mouse movement, preventing your computer from going into sleep mode.

Though the mouse jiggler may not help with keyboard usage or clicks, it is capable of tricking the screen time monitoring. If you are wondering if this device costs a fortune, let us tell you, it doesn’t.

Also read: AI-generated artwork wins competition in US, and artists are furious

As per a Reddit post, the mouse jiggler is priced at USD 30 (Rs. 2,391.51). A Reddit user shared the news on the platform saying, “This USD 30 mouse jiggler makes it look like you’re working when you’re not.”

Redditors are loving the idea of a mouse jiggler, however, some have pitched in with their unique creativity.

“Just use an oscillating fan and tape a stick to the fan and the mouse,” a user wrote, while another suggested, “Just put the mouse on an old-fashioned alarm clock.

The second hand will move the mouse just enough every minute.” “An analogue watch works too,” a third said.

However, the question boils down to why employers need surveillance. A report by The New York Times stated that 80 percent of the 10 largest private U.S. employers track the productivity metrics of individual workers.

Transparency is key to keeping the morale of your workers up.

However, a recent study by Gartner – a management consultant company – has explained the scope and purpose of monitoring can boost employees’ acceptance of the practice by about 70 percent.

Do you think employee surveillance is needed?

Also read: Instagram tests new features to let users control what they see on the app

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Over 75% organisations ready to give employees their preferred work model: TeamLease Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

A recent report by TeamLease stated that 43.46 percent HR leaders said that their employees wanted to return to work.

Over 300 organisations in the technology, manufacturing, BFSI, FMCG, retail, health and automobile sectors, are willing to adopt a hybrid or virtual work model in a post-pandemic era. At least 76.78 percent of organisations are ready to give their employees the preference to choose their work model, according to a recent report by TeamLease, a people supply chain company.

The findings from the report also showed that 58.04 percent of the surveyed organisations think 2022 is the year workspaces will become completely in-office. Although 43.46 percent of HR leaders conceded that their employees want to return to work.

While the future remote workforce is expected to grow, many will still want a place to connect with others in person. Co-working and community spaces are uniquely positioned to fill the void.

Also Read: Employees’ bargaining power in Indian organised job market here to stay for a few more month

As per the report, 36.61 percent of respondents claimed they had office space on lease before the COVID-19 pandemic, but moved to co-working spaces afterwards, while an almost equal percent of organisations (36.92 percent) said they had office space on lease pre-pandemic, but moved to fully-remote work settings without an operational office.

While 21.42 percent of organisations didn’t see any change in their workspace status quo, 5.05 percent said they intended to stay a virtual-only organisation for the foreseeable future.

Working remotely can seem like a dream come true for many employees tired of their morning commutes, but it can present its own set of challenges.
The report showed that 40.77 percent of respondents found employee performance management and productivity measurement as a significant challenge in virtual work settings, followed by 18.45 percent who found strategy implementation to motivate, engage and retain employees and planning for office workspaces a challenge.

To sort out their current challenges such as planning for a hybrid work environment and infrastructure (38.09 percent) and planning L&D initiatives in alignment with in-demand skills and increased business risks (32.73 percent), companies are contemplating devising strategic approaches to mitigate them.

Also Read: Annual salary hikes to be around 8.13% this year, states TeamLease Services report

Bringing in new skill proximity and learning agility metrics to quickly map the future skill needs (33.43 percent) and designing talent development programmes that are flexible, personalized, modular, and recognize individualistic learning patterns (30.44 percent) are a few of them.

“As the economy is slowly opening up and organisations are looking to welcome their employees back, they want to foolproof their workspaces and environment to accommodate the employee preferences in a way that also aligns with business sustainability and growth. Both can be balanced in the best way possible by redefining what productivity looks like, how it’s measured, and how employees are being engaged and retained in the long term,” said Ajoy Thomas, VP & Business Head for Retail, E-Commerce, Logistics & Transportation (RELT) Vertical at TeamLease.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Return to office, large scale hiring to drive office space demand in 2022: Tata Realty

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

On April 12, Canada Pension Plan Investment Board (CPPIB) announced an investment of Rs 2,600 crore to acquire a 49 percent stake in TATA Realty and Infrastructure’s two premium commercial office projects at Chennai and Gurugram. Tata Realty will hold the remaining 51 percent stake in these two projects.

Bullish on the growth potential of India’s office market, TATA Realty and Infrastructure MD and CEO Sanjay Dutt said the total leasing of office space across seven major cities is expected to rise to over 30 million square feet in 2022, compared to 26 million square feet in 2021 on better demand from corporates.

Dutt said that hiring at a large scale is already happening with many sectors bouncing back after the adverse impact of the COVID-19 pandemic.

“Commercial activities have gone up already with a sharp fall in COVID-19 cases. ‘Return to office’ will increase going forward. Early signs indicate that the total net leasing of office space in 2022 across seven major cities will cross last year’s number,” he said. The total net absorption of office space will cross 30 million square feet in 2022 as against 26 million square feet in the previous year.

Also Read: Air India to restore staff salaries to pre-COVID levels in phased manner

“Hiring on a large scale is taking place already. Many sectors are bouncing back. We think there is no threat rather the opportunities are even better,” Dutt said. Going forward, he said the company would develop office parks that are more relevant to the needs of the tenants.

“Everybody wants properties where employees feel safe, secure and more motivated to perform their work. We will be designing buildings which are sustainable, wellness certified and more engaging for employees,” Dutt said. Tata Realty & Infrastructures office parks, under the brand name ‘Intellion’, would be smart, sustainable and dynamic buildings, he added.

On April 12, Canada Pension Plan Investment Board (CPPIB) announced an investment of Rs 2,600 crore to acquire a 49 percent stake in TATA Realty and Infrastructure’s two premium commercial office projects at Chennai and Gurugram. Tata Realty will hold the remaining 51 percent stake in these two projects.

The joint venture between the two companies plans to further invest Rs 2,000 crore to buy land and completed assets for future growth. Tata Realty has formed a partnership with CPPIB to develop and own commercial real estate assets.

Also Read: Tata Digital’s purpose is to be trusted partner for better life of Indian consumers, says N Chandrasekaran

“We want to grow our commercial real estate business. Our target is that we will develop a 45 million square feet area in the next 5-7 years,” Dutt said. The company already has a completed portfolio of 7.5 million square feet while 14 million square feet is under various stages of design and development from its existing land bank.

“We want to invest at least Rs 2,000 crore to buy new land parcels. For this, we have formed a partnership with the Canada Pension Plan Investment Board,” Dutt had said. Under the partnership, CPPIB has acquired a 49 percent stake in two projects Intellion Park Chennai with 4.6 million square feet of gross leasable area and Intellion Edge Gurugram having 1.8 million square feet of gross leasable area. The Chennai project is fully complete while the Gurugram project is 50 per cent complete.

The total aggregate equity value of the joint venture will be Rs 5,300 crore. CPPIB has invested Rs 2,600 crore as equity. The total gross asset value of these two projects will be Rs 8,000 crore after fully completed. TATA Realty Infrastructure is a 100 percent subsidiary of Tata Sons. It has an extensive portfolio of over 50 projects across 15 cities.

Also Read: Tata Neu super app launched: What does it offer?

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Great Resignation: Increments seen at 5-year high, but employees want more than just money

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Companies are grappling with a talent exodus amid a hot job market and high inflation. HR analysts and staffing firms CNBC-TV18 spoke to say businesses will have to redefine talent strategies to keep pace with the war for talent.

India Inc employees are returning to offices after two years. But their office wear, ride to the workplace, and lunch have become costlier and paychecks are worth less than they were during the pandemic as inflation bites.

An Aon survey noted in February average salary increments would touch a five-year high of 9.9 percent in 2022 after analysing data across over 1,500 companies. Deloitte’s early projections also peg average salary hikes at 8.6 percent in 2022.

But will the hikes be enough to tackle the great resignation?

According to Aon, attrition rates dropped to 12.8 percent—the lowest in a decade—in 2020 before hitting a two-decade high of 21 percent in 2021. Also, the 21 percent attrition happened when most employees were still working from home. As per Deloitte surveys, attrition rose to 19.7 percent in 2021 against 15.8 percent in 2020 and 17.5 percent in 2019, owing to the great resignation wave.

Source: Aon

Experts feel better-than-pandemic pay increments alone are unlikely to cheer those adjusting their lives yet again by hiring costlier helps to do chores they did themselves, spending to refresh wardrobes, buying or renting vehicles to commute, setting aside more for driver and fuel expenses, and those spending again to make sure kids and elderly are taken care of until they return from work.

India’s CPI (Consumer Price Index) inflation rose to an eight-month high of 6.07 percent in February 2022. The Russia-Ukraine war is making matters worse by choking supply chains, leading to increased costs for several consumer goods. With the employee-employer relationship evolving, firms this year may find workers pointing to high inflation as they demand more significant raises and better working conditions.

‘Firms planning non-cash approach for retention’ 

“When an employee chooses to leave, they take into account ‘total rewards’,” Dinkar Pawan, director, Deloitte India, told CNBC-TV18. “They evaluate each facet of a financial reward—competitiveness of fixed compensation, bonus, stock awards, and benefits. They also assess the organisation’s culture, quality of learning, and growth potential.”

Source: Aon

Pawan said employers offering a wholesome value proposition would be more successful in retaining talent. “To tackle the great resignation, some firms are offering salary corrections, one-time bonuses, long-term incentives, and promotions to key talent. They are also exploring non-cash approaches like job rotation, flexible hours, upskilling, and faster career progression for long-term retention,” Pawan said. He added he does not expect a significant uptick in attrition considering the macro volatility and retention strategies.

‘Attrition may stabilise next year’

“Given the continuing demand for new-age tech talent, we see attrition numbers remaining high in 2022. They will likely stabilise by next year,” Roopank Chaudhary, partner and chief commercial officer, Human Capital Solutions, Aon, told CNBC-TV18.

According to Lohit Bhatia, president of workforce management, Quess Corp, attrition should start stabilising in 2022-23, except for high growth segments like digital, IT, consulting, manufacturing, infra, e-com, and logistics. Bhatia also said companies would develop accelerated compensation models to benefit individuals who are delivering faster results.

Hikes would be a sticky subject for firms that report good profits. But Pawan said most could not “suddenly offer extremely high increments to all”, given the current cost pressures companies face.

‘Good news: Firms are differentiating for top talent’

Chaudhary said higher hikes would somewhat get mitigated due to the inflation. “The good news is that companies are differentiating strongly for their top talent, and increments for that category will go up as high as 23.7 percent,” he said.

Indian firms tend not to link increment budgets with inflation directly. “There are two reasons for it. First, there is little consensus on which measure of inflation is the most accurate—is it the CPI, Core CPI, WPI, or household expectations survey? Second, inflation movements can occur due to both supply- and demand-side factors. Increments tend to be higher when demand-side issues drive inflation uptick,” Pawan said.

He said that less than 10 percent of Indian firms use macro-economic variables to determine increments as per Deloitte surveys. “Most companies decide their budgets depending on micro factors, such as financial performance and the market salary increase rate to maintain a competitive level of compensation,” Pawan said.

Jump in firms looking for talent

Staffing firm Quess Corp’s Bhatia said the company had seen a more than 20 percent jump in staffing demand and a higher jump in tech resources year on year. He said the real shift to office would happen once all education institutes return to physical teaching from April 1. “That will take a lot of pressure off from working parents. Many companies are ending WFH incentives by March 31. That, too, will weigh in on the decisions that professionals make for themselves,” he said.

TeamLease Services, one of India’s largest flexi-staffing firms, has said hiring in e-commerce, banking, retail, IT and telecom sectors has been “red-hot”. TeamLease EdTech has predicted that almost 50 percent of Indian companies will hire more this year.

‘Double-burden syndrome’

“Some reasons for the great resignation were inadequate health safety measures, desire for flexible work norms, limited career opportunities, and shift to more suitable professions. But we are observing a U-turn. There are concerns over loan repayments, and lack of connectivity with colleagues,” Rituparna Chakraborty, co-founder and executive vice-president, TeamLease Services, told CNBC-TV18.

She said there had been an increase in “double-burden syndrome”, where employees working from home are juggling between personal and professional roles.

‘Off-cycle increments likely if inflation doesn’t abate’

Chakraborty also reiterated that though the Indian corporate sector might see higher salary hikes, pay alone may not be enough to retain employees. “Along with hikes and bonuses, a closer focus on career enrichment, upskilling and reskilling, inclusion, adequate health measures, and flexible working policies, are going to aid largely in retention,” she said.

So, to stop talent exodus amid a hot job market and high inflation, HR managers will have to redefine talent strategies, even while managing profitability as geopolitical tensions worsen. Like Chaudhary pointed out: “Companies may even opt for mid-year or off-cycle increments if the rising inflation doesn’t abate and is accompanied by high attrition levels.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Half of Indian jobseekers want permanent work-from-home: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Over 32 lakh searches were made for permanent and temporary remote jobs in past six months, out of which 57% were permanently remote job searches, according to Naukri.com.

Indian jobseekers are increasingly looking for remote, hybrid or permanent work-from-home (WFH) options. India’s largest job platform, Naukri.com reported that more than half of the jobseekers looked for permanent work-from-home roles.

According to the report, over the last six months, over 32 lakh job searches were for permanent/temporary remote jobs using a new filter. About 57 percent of these job searches were made for only permanent remote jobs. The number touched the highest mark in December 2021, with over 3.5 lakh searches.

Also read: Work From Office? Sorry boss, give us a break, say employees

The website had launched a new feature for ‘permanent remote’ and temporary ‘work from home during Covid.’ With this, companies can post job opportunities by specifying the nature of remote work to help them match with candidates who are looking for such opportunities.

Since this feature rolled out in July 2021, the portal saw over 93,000 permanent and temporary jobs being listed. Out of this, 22 percent jobs were for permanent WFH roles.

The trend is primarily driven by the demand for such jobs from candidates. While most restrictions might have been lifted, people are still looking to work from the comfort of their homes.

Also read: This US firm will soon hold meetings in California’s redwood forests; here’s why

Companies are also considering making some job profiles and roles with high individual contribution that do not require intervention on a daily basis, and are permanently remote. Jobs in all three categories were posted by large and small companies. According to the report, IT, software, software services, ITeS and recruitment/staffing sectors are posting more permanently remote jobs.

Companies like Amazon, Tech Mahindra, HCL, PWC, Trigent, Flipkart, Siemens, Deloitte, Oracle, Zensar, TCS, Capgemini etc are posting both temporary and permanent remote jobs.

Also read: COVID pandemic boosts demand for tablets; CMR Research expects 5-10% growth in 2022

“At Naukri, we constantly observe the recruitment environment based on 10 million+ data points, and introduce features that enable relevant matchmaking between recruiters and jobseekers,” said Pawan Goyal, Chief Business Officer, Naukri.com, in its press release.

“There is a foundational change in how recruiters are setting up organisational structures. While uncertainty prevails due to the pandemic, more and more recruiters are acknowledging the benefits of work from anywhere like access to talent & more inclusion and are now beginning to make permanent changes to the human resource and infrastructure requirements at a corporate level”, he added. 

Also read: The Great Shift: 21 months of the 21st Century

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Remote working new normal; 82% employees prefer working from home: Study

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The study further revealed that 64 percent employees said they are more productive working from home and feel less stressed. The new normal for HR shifted from engaging face-to-face to engaging with remote employees whom they meet only virtually most of the time, it stated. More than 80 percent of the HR managers admitted that hiring employees for full-time office presence is getting more difficult, the study said.

With the COVID-19 pandemic bringing unprecedented changes in work life, a study has revealed that 82 percent respondents admitted that they prefer working from home to going back to the office. The remote work trend was initially forced on employees due to the pandemic, however, after two years remote working has become a new normal and as things settled down new habits have formed, according to the Tech Talent Outlook by job site SCIKEY.

The study revealed that 82 percent of respondents admit that they prefer working from home to working from the office. The Talent Tech Outlook 2022 study is an analysis of inputs from 100-plus C-suite and human capital leaders across four continents, done by SCIKEY through surveys, social media inputs, interviews and panel discussions.

The study further revealed that 64 percent employees said they are more productive working from home and feel less stressed. The new normal for HR shifted from engaging face-to-face to engaging with remote employees whom they meet only virtually most of the time, it stated. More than 80 percent of the HR managers admitted that hiring employees for full-time office presence is getting more difficult, the study said.


Also read: View: What job markets indicate for engineering graduates in 2022 and beyond


Working from home is no longer a choice but a new normal that every tech talent expects from their employer and the employers not willing to adapt will face challenges in hiring good talent and retaining those already employed, it observed. The tech workforce has found new love with remote working, giving them freedom and productivity that requires HR to be more trusting, it said adding that unengaged or underutilised employees will find alternatives faster and exit faster than pre-pandemic times.

“It is interesting to observe how the fast-evolving ‘Future of Work’ is getting past the world of conventional HR and transforming into an ecosystem that now involves people beyond the confines of company payroll and office boundaries. Welcome to the world of remote work, the gig economy, and the power of the crowd that is waiting to be explored before it explodes,” SCIKEY founder and CEO Karunjit Kumar Dhir said.


Also read: Storyboard18 | How some agencies are handling ‘The Great Reshuffle’


Technology is already moving swiftly to change the way companies engage with their employees and get a deeper, more meaningful engagement to everyone’s advantage, he added. Meanwhile, the study found that only 18 per cent of tech hiring managers are looking at using psychological assessment as a part of the hiring process in 2022, down from 68 percent in 2019.

Since remote is the new normal the offices too will become more occasional meeting places and alternate workplaces, the study stated. More than 67 per cent of companies admit that hiring talent with office-only working conditions has become increasingly difficult, it said. However, two years of remote working has given a sense of new flexibility that benefits both employers and employees, it added.

The study said more than 70 per cent of HR and Tech managers admitted that giving on the spot or quick awards for a job well done is more important to retain a workforce that is scattered and needs that ‘little’ motivation regularly. Over 36 per cent of the respondents have already initiated quick rewards as their model to engage and retain their talented workforce, it added.

Also read: 2 of 3 people want mandatory work from home to avoid mass COVID-19 spread, finds survey

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?