The Indian tech industry is facing economic challenges, automation impacts, and a hiring slowdown, with major companies like TCS, Infosys, and Wipro seeing significant hiring declines in 2023. Tech Mahindra, the fifth-largest software exporter in India, also experienced a drop in revenue and net profit for Q4 FY2024, along with a slight decrease in its workforce. Despite these challenges, new CEO Mohit Joshi is optimistic about future growth, driven by the increasing push towards digital adoption.
Tech Mahindra has introduced hybrid work policies, inviting employees back to the office while allowing new parents to work remotely—mothers up to one year after childbirth and fathers up to four months. This policy aims to help new parents balance work and family responsibilities, according to Lobo.
The company has appointed a 'wellness officer' to lead holistic wellness programs and healthcare initiatives. Additionally, it uses an AI tool to detect unconscious bias in communication and provide corrective suggestions. Lobo highlighted the company's cultural diversity, with a workforce representing over 70 nationalities and policies designed to celebrate these differences.
In response to the AI advancements, Tech Mahindra has reskilled over 50,000 employees through a structured AI proficiency framework, investing in AI learning platforms, advanced labs, and training infrastructure.
New leadership programs like "Manager as a Coach" (MaaC) and "Maximizing Personal Effectiveness" (MPE) aim to enhance managerial skills and customer focus. Project Fortius, an initiative for fresh graduate induction and training, plans to consistently onboard and train 1,500 new hires per quarter in next-generation technologies.
Looking ahead, Lobo mentioned that Tech Mahindra is exploring comprehensive well-being solutions, digital health programs, and AI-driven personalized employee benefits. He emphasized the importance of innovative people practices in attracting and retaining talent during disruptive times. These practices include ongoing reskilling efforts, progressive company policies, and creating an engaging employee experience.
Despite short-term business challenges, Tech Mahindra remains dedicated to strategically investing in its workforce's development. This focus on employee growth is essential for long-term readiness in a rapidly changing industry, Lobo concluded.
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