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Home => News
- November 2008
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Mindteck to move 70% outsourcing work to India
After going through a series of mergers and acquisitions, Mindteck, a Bangalore-headquartered IT services company, is looking to consolidate its various businesses which will see more work being moved offshore, to locations in India.
The company has changed its sales model by moving 70 per cent of the outsourcing works to India, which was earlier being delivered in the US.
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BPO attrition down 5-15%
The US financial meltdown has finally managed to do what the business process outsourcing sector has been trying to do for years on end - reduce the attrition rate of employees by 5-15 percentage points. BPOs that were coping with 30-40 per cent employee turnover are now reporting numbers between 20 per cent and 30 per cent.
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Women workforce in IT-BPO industry growing: Nasscom
The number of women employed in the country's IT and business process outsourcing is growing rapidly, accounting
for 28 per cent of
the total two mn in 2007-08. Stating this here, industry body Nasscom President (National Association of Software and Service Companies) Som Mittal said, the number of women in the industry accounted for 24 per cent in 2005-06.
Significantly, at the entry-level, women accounted for 47 per cent of the total recruitment in 2007-08, up from 38 per cent in 2005-06, he said here on the sidelines of NASSCOM's IT Women Leadership summit 2008.
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Tata CEO sees opportunity as US banks cut back
The economic crisis may present a growth opportunity for India's top outsourcing firm, Tata Consultancy Services Ltd (TCS), as US financial services companies look to cut costs, but that opportunity is likely some months away, the company's CEO said on Wednesday.
It does not make sense for Wall Street firms to run their own "captive" back-office information technology operations that perform functions such as order processing, TCS Chief Executive Subramanian Ramadorai told Reuters.
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Indian BPOs to buck recession: Accenture COO
Indian outsourcing will buck the recession with certain pockets throwing up growth opportunities, according to Accenture COO Stephen J Rohleder.
Mr Rohleder said, “Despite the slowdown, certain outsourcing areas will continue to be strong like business process outsourcing in finance and accounting, learning outsourcing as well as procurement.”
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Genpact yet to feel slowdown impact: CEO
Country's leading BPO company Genpact on Monday said that it is yet to feel the impact of the ongoing global turmoil on its revenues.
"The company is yet to feel the impact of the ongoing slowdown on its revenues," Genpact CEO Pramod Bhasin told reporters on the sidelines of the India Economic Summit 2008 here.
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Aegis BPO Services will add 1,000 people per month
Pink slips, layoffs, termination....are the terms in the news recently. These words have conveyed bad news to many employees. But to give you some relief, here are the list of companies that are hiring. According to bank chairman O P Bhat, SBI will hire 25,000 fresh recruitment in this fiscal year. 20,000 in the clerical cadre and 5,000 supervisory staff. Bank of India will hire 10,000 over the next few months. This, on top of over 30,000 fresh recruits in 2008-09. The bank has planned to rope in 75,000 employees in the next two years.
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Layoffs: Techies turn to trade union
Nasscom will be meeting the Union for Information and Technology-enabled Services (Unites) has enlisted the help of the Switzerland-based Union Network International (UNI).
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Outsourcing one bright light in sea of global gloom
Business outsourcing may not be the most glamorous industry in the world but it is one of the few bright lights amid the doom and gloom of the global financial crisis.
The two countries which have benefited the most from outsourcing, India and the Philippines, expect to see some initial pain from the financial turmoil but the industry is confident it will ride out the storm.
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Animation parks to generate two lakh additional jobs by 2010: Assocham
Setting up animation parks with hi-tech studios will make India a hub for 3D animated movies to enable domestic animation industry perform all its production activities within the country and not be forced to spend its funds in the US, Canada, Philippines, China and Malaysia for making advanced animated movies, according to a paper on “Will Indian animation industry emerge as the next knowledge destination for jobs” brought out by industry chamber, Assocham.
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Fidelity picks up 6.77% in EXL, now holds 21.77%
US-based asset management firm Fidelity Investments has picked up an additional 6.77% stake in Nasdaq-listed BPO firm ExlService
Holdings, as per a regulatory filing by the Indian firm. The transaction takes Fidelity’s total stake in EXL to 21.77%.
Under US regulations, an investor picking up more than 5% stake in a listed company has to inform the stock market regulator Securities and Exchange Commission (SEC) within 10 days of the purchase. Though the exact purchase amount stands undisclosed, given the share price movement during the 10-day period, the transaction could be valued in the $10-14 million range.
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NASSCOM team to meet Obama officials in March 2008
For all its reassurance that Barack Obama’s elevation to the US Presidency won’t take away any joy from the outsourcing party, software industry body Nasscom is clearly taking no chances on that front.
A high-profile Nasscom delegation will be travelling to the US in March 2009 to lobby officials of the Obama administration, influencers (Senators et al) and key thinktanks to ensure that no nasty surprises greet Indian tech majors on the outsourcing issue.
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Slowdown cools attrition in outsourcing industry
First they tried bonuses. Then award programmes, and long-term planning for career. But the US financial crisis has helped Indian outsourcing firms do what they couldn’t quite do on their own: get employees to stick around.
Business process outsourcing (BPO) companies have struggled for years with a labour pool largely defined by young workers who hopped from one employer to another, and stayed with one, on average, for only 11 months. But that was before several of the world’s largest banks collapsed, the credit markets froze, and people started to worry more about whether or not they had a job than how good a job it was.
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Offshore Outsourcing: Quantifying ROI
Cost, quality and time are the typical parameters used to define success of an offshore outsourcing project; however, there are three critical—but often ignored—criteria that will help you measure actual ROI.
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Offshore Outsourcing: Kenya Shows Promise
When examining offshore outsourcing options, Kenya shows a lot of promise for cost savings, however, it has seen its IT services potential slowed by political instability and infrastructure improvement delays. When will this alternative to India and China be viable?
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5 Out-of-the-Ordinary Outsourcing Trends
Outsourcing is reaching new levels of creativity as entrepreneurs figure out more tasks that can be sourced elsewhere.
Outsourcing exists on a fairly simple premise: If you can do something, there must be someone else out there capable of performing that same task--only cheaper. With VoIP and the internet, almost anything can be outsourced with some time and consideration.
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Quatrro eyes PE funding for buyouts
Raman Roy-led Quatrro BPO Solutions is planning to raise $100-150 million from private equity firms to fund acquisitions. The company
is particularly looking at a large buy, in the range of $200-300 million.
“This is the right time to raise money. There are some very exciting assets available at reasonable prices. We don’t think debt is a viable option at this point. So, our acquisitions will be funded through equity stake sales,” said Quatrro MD Raman Roy. He refused to specify the quantum of funding.
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Tech Mahindra to open call centre in UK
Telecom firm Tech Mahindra will open a call centre in South Tyneside, creating about 500 jobs in the UK.
The regional development agency One North-East has given the firm 2 million pounds grant to bring the company to the area.
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BangaloreIT.biz: Infosys BPO and FirstSource adjourned best BPOs
Infosys BPO and FirstSource Solutions have emerged as the top Indian ITES/BPO Companies, while HTMT Global Solutions and aditya Birla Minacs Worldwide received the certificate of Excellence as the next two leading ITES/BPO Companies.
Among the MNC ITES/BPO Companies Dell International Services and Fidelity Business Services India emerged as the best, while Goldman Sachs Services and Global e-Business Operations were given certificate of excellence.
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Outsourcing has added jobs in US
While Indian BPOs are worried over the US president-elect Barack Obama’s comments on offshoring and outsourcing
, US corporates dismiss them as so
much propaganda, reports Gouri Agtey Athale in Pune.
“People are overreacting. While parts of the outsourcing industry may have funnelled jobs out of the US, most clients have added jobs in the US through outsourcing.
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Democrats win, but BPOs ain't cheering
The Democrat win in the US elections could at worse mean fewer H1-B visas for the Indian IT industry and at best, a faster recovery for the US economy from the current crisis. Indian firms are hoping it will be the latter.
Outsourcing, which has been an issue in the previous US election campaigns, has not been such a big theme this year as the US grapples with the financial crisis. There is also tacit acceptance that outsourcing can no longer be wished away or controlled.
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Comments on outsourcing need not bother us: Chidambaram
Welcoming the election of Democrat Barack Obama as President of the United States, Finance Minister P Chidambaram on Wednesday said that his comments on outsourcing of services should not bother India.
"A comment here and a comment there (on outsourcing of services to India) should not bother us. . . once Obama is in office, he will realise that it is an interconnected world and countries have to work together," he said.
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Obama's victory bad news for India's BPO sector
US President-elect Barack Obama is a solid supporter of the growing Indo-US strategic partnership and backs the landmark bilateral nuclear deal, but has strong views about outsourcing of American jobs overseas, a cause of concern for Indian businesses.
The 47-year-old, elected as the first black President of the United States of America, is said to have a close affinity with things Indian. He carries a miniature figure of Lord Hanuman for luck and had a picture of Mahatma Gandhi placed in his Senate office.
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Industry hails Obama victory; downplays fear on outsourcing
Indian industry, particularly those working closely with US firms, hailed Barack Obama’s victory as the next American President, playing down the fears of an adverse impact on flourishing outsourcing business.
“Relations between the two countries will grow further. Bilateral trade is expected to reach $60 billion this year,” President of the Indo-American Chamber of Commerce S K Jain said. India-US trade stood at $45 billion in 2007-08.
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Obama Wins; Outsourcing to India Screwed?
Obama’s made it clear where he stands on the contentious issue of outsourcing that has stolen several thousand well paying jobs from Americans and handed them over to the cheaper Indian and Chinese coolies.
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Will Barack Obama's victory affect Indian Outsourcing Industry?
With Barack Obama elected as the 44th President of the United States, every Indian is wondering if his victory will affect the Indian Outsourcing Industry. The million-dollar outsourcing industry in India is looking forward to the United States for its survival. Although the BPO (Business Process Outsourcing) companies are receiving good number projects from the European countries, there is no denying that we still largely depend on the US companies when it comes to outsourcing.
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FM confident that Obama's win will not impact outsourcing
Finance Minister P Chidambaram today said that the new US president Barack Obama's anti-outsourcing stand will not impact Indo-US economic relations.
"I am very confident that US-India relations will only be stronger in the future. A comment here, a comment there about outsourcing should not bother us," Finance Minister said in his reactions after Obama was elected the US president.
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Obama's outsourcing threat not serious for India: Nasscom chief
The US democratic presidential nominee, Barack Obama’s statement to put a break on outsourcing if elected as American President should
not come as a threat to Indian IT/ITeS companies.
India’s apex IT body, Nasscom, chairman Ganesh Natarajan said Obama’s government, if at all it comes to power, will focus more on creating new job opportunities for its people rather than cutting down on outsourcing.
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British law firms outsource to India in a big way
Britain's biggest law firms are outsourcing jobs related to conveyancing, accident claims and due diligence investigations to India to cut
costs.
Thousands of Indian lawyers and fresh law graduates have reportedly been employed by British firms for a fraction of the cost if the work were done in Britain.
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Campaign outsourcing: Bangalore techies root for Obama
Democrat Barack Obama may not be enthusiastic about outsourcing work to India's Silicon Valley but that has not deterred a group of techies here from drumming up support for him in Tuesday's US elections.
The Barack Obama Bangalore Fan Club has not only been calling up, SMSing and emailing friends and relatives in the US to vote for him, it has also raised Rs 200,000 (about $4,100) from fellow Bangaloreans as contribution to his election fund!
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Obama Nama: Outsourcing firms may feel the jitters
He might be the great American change agent. But US presidential candidate Barack Obama’s win could dash the career hopes of many Indians. His fierce antioutsourcing stance — the subject of many a debate in the past — could spell bad news for the BPO firms and the IT industry.
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ITeS slowdown for West but Gujarat firms bask in sun
While global slowdown has hit the US economy hard, ITeS companies in Gujarat have a reason to rejoice. Rupee depreciation will add to the overall revenue of the state companies, expected to touch the Rs 1,500-crore mark, an increase of 50%. What’s more exciting for the companies here is that the slowdown has led to more number of projects coming their way.
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