Tech3 | The human cost of Infosys layoffs; Binance bets big on India; and more

One quick thing: Nykaa Q3 profit up 51% to Rs 26 crore?

In today’s newsletter:

• The human cost of the Infosys layoffs?
• Binance bets big on India, eyes institutional pie?
• Jumbotail looks to add Solv to cart

The human cost of the Infosys layoffs

“Please let me stay the night. I will leave tomorrow. Where will I go right now?”

Tears rolled down the face of a female Infosys trainee as she pleaded with officials on February 7, only to be told:

“You are no longer part of the company. Vacate the premises by 18:00.”

Catch up quick: Infosys fired around 400 trainees?last week after they failed evaluation tests three times.

• Many had waited over two years?for their onboarding, only to be terminated months later
• Trainees were called in batches, their laptops in hand, and made to sit in rooms guarded by security

Emails sent the previous day warned them to maintain confidentiality.

• "Mutual separation" letters were handed over, while buses were used to shield the proceedings from visiting US clients, sources told us

Infosys claims these assessments have been part of their hiring process for over two decades. However, trainees allege that the 2024 criteria were excessively stringent.??

What stringent criteria?: Trainers allegedly warned that the test was designed to fail a large number of candidates.

• While freshers previously had flexibility in completing their syllabus, the new system compresses months of learning in about 100 days
• The syllabus expanded, the passing percentage rose, and the number of coding problems doubled

The result was a dramatic surge in failure rates.? Previously, termination rates were below 10%, but now, they range from 30-40%.

Mounting anxiety:?The sudden firings have left trainees stranded in Mysuru, scrambling to return home after years of waiting.?

• Some are even afraid to tell their families, burdened by shame

Around 4,500 trainees still in the system now live in fear, wondering if they will be next.?

• As the Bengaluru-based company slows hiring amid a tough market, trainees wonder if they were ever meant to clear the tests

On February 14, another 450 trainees from the October 2024 batch will take their third attempt at the test—only time will tell whether they will meet the same fate or not.

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