The vaccinated workers' great resignation
The great resignation is affecting plans of companies who are ready to call their fully vaccinated employees back to office
Short summary: Folks are vaccinated and ready to be called to office but are resigning to find greener pastures. Entertainment is inching back towards pre-COVID levels. Future of cloud is in multiples of what we have achieved till date.
Vaccinated and ready
“It is very encouraging that over 85% of our employees globally are now vaccinated with the first of the COVID-19 vaccines and over 50% are fully vaccinated with the recommended two doses. In many parts of the world, we are starting to return to our offices in a staggered manner, for example, in India are fully vaccinated senior colleagues can now come to office twice a week. The return to work will be a careful and gradual process as you can imagine. We are really keeping the safety of our employees and the needs of our customers in mind as we plan this.” Wipro (NSE: WIPRO) CEO Thierry Delaporte
“Over 95% of our associates have received at least one dose of the vaccine and over 70% have been fully vaccinated. We plan to bring back our workforce to the workplace gradually by the end of the year.” TCS (NSE: TCS) CFO Samir Seksaria
“One of the issues that we must cope with as we build talent scale is attrition. Our customers too are grappling with increased attrition. Wipro acknowledges this change of talent landscape and has adapted quickly to the new world of work. Hybrid work environment is definitely a part of this mix. We have doubled down our fresher intake with 8,150 young colleagues joining us from campus in Q2. We will continue to aggressively build on this. And I am happy to share that we are well positioned to add over 25,000 freshers in the next financial year.” Wipro (NSE: WIPRO) CEO Thierry Delaporte
“...the guidance given for Q3 does not assume an improvement of attrition, okay. So, if any different terms if attrition would go down, we could potentially do a little better. Now I frankly don't believe that attrition will improve, if I can say so, reduce in the next quarters. I actually believe that given the environment we will continue to face, the high level of attrition at least in the next two three quarters...” Wipro (NSE: WIPRO) CEO Thierry Delaporte
“…we have initiated a new cycle of compensation increase for 80% of our people in September. But besides that, we have also ramped up our fresher’s strategy. And going for a lot more, we have revised frankly, the level of ambition of our fresher’s intake…” Wipro (NSE: WIPRO) CEO Thierry Delaporte
“…we are seeing a high attrition in this three-to-six-year category...” Wipro (NSE: WIPRO) CEO Thierry Delaporte President & CHRO Saurabh Govil
Future of cloud
“…if you want to think about the potential that technology can represent for an organization, for a company in terms of, transformation of its ways of working, I think we are, the best of the transformation is ahead of us. I mean, the potential of if you look at the Cloud, so first of all, if you look at Cloud transformation, what I am reading and is quite consistent here, we probably have touched say 20% of the Cloud transformation wave. And so, the biggest part of it, and the largest part of it is ahead of us.” Wipro (NSE: WIPRO) CEO Thierry Delaporte
“As part of the modernization, we also saw instances of customer shifting their ERP and other enterprise applications from on-premise models to SaaS and hosted versions.” TCS (NSE: TCS) CEO Rajesh Gopinathan
Challenges of remote work
“…there is no doubt that companies have learned to work with teams that are working remotely. And when you are working remotely, whether you are working two miles away or 5000 miles away, doesn't change anything. You are working with teams that are not on site…” Wipro (NSE: WIPRO) CEO Thierry Delaporte
D2C and B2B ecom opportunity
“…another space which is gaining a lot of traction in recent times, let me talk about the emergence of the B2B commerce opportunity and also the direct-to-consumer commerce opportunity. CPG companies in particular, have been investing in direct-to-consumer initiatives to gain direct access to end consumers and to deepen insight-driven consumer engagement without encumbering the intermediary channels.” TCS (NSE: TCS) CFO Samir Seksaria
Forward and backward integration in the tech world
“…a leading global dental and medical products distributor who has partnered with TCS to accelerate the transformation of their digital channel. Facing intense competition from online players, our client wanted to move to a more touchless sales and service paradigm. The program covers B2B eCommerce transformation across Europe, UK, and Americas, covering customer-facing interactions and channels.
The counter-trend to this is that channel intermediaries are investing in technology to make themselves more relevant to the customer and in certain cases even seeking to achieve eclipse the OEMs. We are participating in that opportunity as well.” TCS (NSE: TCS) CFO Samir Seksaria
Entertainment back to pre-COVID levels
“…effective the month of September predominantly, all our casinos across Goa, Sikkim and Nepal have now become operational and we are witnessing the trajectory, we are witnessing the traction, we are witnessing a run rate which is almost at the pre-COVID numbers and in fact slightly better than what we were.” Delta Corp (NSE: DELTACORP) CFO Hardik Dhebar
Transcripts accessed from company websites, and Bloomberg.