IDFC FIRST Bank recently announced that its senior management has volunteered to take a 10% cut in compensation in the current financial year 2020-21. Along with the leadership team, V Vaidyanathan, MD & CEO, IDFC FIRST Bank, has also voluntarily offered to take a pay cut of 30% in his compensation including Fixed compensation as…
Indian IT major Wipro recently announced that it has signed a Memorandum of Understanding (MoU) with the state government of Maharashtra under which it will repurpose one of its information technology campuses at Hinjewadi in Pune to a 450-bed intermediary care COVID-19 hospital in four weeks and hand it over the state government. The hospital…
Zoho Corporation, a global technology company, recently announced that is introducing its Vertical Relief Plan (VRP) comprised of programs and tools to assist businesses and organizations in need across three verticals severely impacted by the crisis: Education, Non-Profit & Government, and Retail. “We are so grateful to all the workers who are helping us weather…
In an attempt to promote employee welfare and the company’s relationship with dealers and franchise owners, Bharti Airtel will reportedly pay the April month salary of nearly 25,000 employees belonging to its dealers, distributors and franchisees. According to a report by Mint, the company has told its partners to pay their employees full salaries for…
Alphabet and Google CEO Sundar Pichai has donated ₹5Cr to non-profit Give India, thus matching Google’s earlier donation of ₹5Cr to the online NGO donation platform. Thanking Pichai, Give India in a tweet said, “Thank you @sundarpichai for matching @Googleorg’s Rs 5 crore grant to provide desperately needed cash assistance for vulnerable daily wage worker…
Private banking company Kotak Mahindra Bank recently announced that the group’s leadership team has unanimously and voluntarily opted to take a 15% cut in compensation for the financial year 2020-21. The Managing Director of the bank, Uday Kotak has personally opted to forgo his salary, and will receive Re 1/- as compensation. The bank in…
COVID-19 has impacted the global hospitality industry significantly with occupancies of various hotel chains being affected drastically. Many Indian startups in the segment are slashing salaries across levels to conserve cash and extend their runway. Indian hospitality unicorn OYO Hotels & Homes is no different than these startups affected by the pandemic. The Ritesh Agarwal-led…
As the world battles with the coronavirus pandemic, several business leaders and organizations have come in support of the governments to help them combat the deadly virus effectively. Companies across the globe have pledged funds to government relief funds and are contributing in whichever manner possible for a faster containment of the virus. Extending support…
US-headquartered IT firm Cognizant Technology Solutions is looking to pay an additional 25% of base pay to some of its employees in India and the Philippines as a major chunk of its offshore workforce is working remotely due to the coronavirus pandemic. As the world battles coronavirus pandemic, different companies are trying in their own…
India’s leading technology, engineering, construction, manufacturing, and financial services conglomerate Larsen & Toubro, recently announced that it is committed to participating in corporate India’s response to COVID-19 through funds, community welfare plans and through leveraging its expertise to offer assistance. Responding to the call given by Hon’ble Prime Minister of India, the company will donate…
Corporate and investment banks (CIBs), facing rising challenges that the COVID-19 crisis has made even more pressing, must fundamentally transform themselves—targeting high-value clients, shedding subscale business lines, and converting to customer-centric operating models while working within integrated, agile teams—if they hope to survive and reestablish themselves as significant contributors to bank growth over the next…