Software hubs in Bangalore are bustling with enhanced activities this Diwali - distinctly different from last year’s subdued celebration after a series of bank collapses starting with Lehman Brothers in the US.
The mood among most firms is upbeat, “much better, with the worst behind us”, they said.
For the HR Head of IT bellwether Infosys, Mohandas Pai “the mood is very positive. We have had a good quarter. We promised a salary hike to our employees from October 1 and that is already on the roll,” he told PTI.
Backed by an improved economic climate and slow easing of pricing pressure, India’ second largest software exporter posted a net profit of Rs 1,540 crore for the second quarter, registering a growth of 7.5 per cent.
For Wipro Technologies, positive vibrations of the festival are manifesting itself in the market place.
“The positive vibes of the festive season have been reflected in the market sentiments and the workforce in general,” Wipro Technologies CFO Manish Dugar said.
Last year, a series of bank failures in the US starting with Lehman Brothers and the resultant global economic downturn had had a profound impact on banking, financial services and insurance companies, which form a major part of clientele for IT firms.
In sync with Mr. Pai, Mr. Dugar describes the mood as “definitely upbeat and this festival season has been more positive compared to last year’s Diwali.”
Mr. Pai, who wishes to put behind the “worst period”, says “this time last year, we were apprehensive about the market place, there was an air of uncertainty, which is not there now“.
According to Mr. Dugar “in comparison between the situation last year and this year, we have seen an increase in the deal pipeline and the decision making at the customer’s end has been quicker and the worst is behind us“.
For Mohan Sitharam, Director People Function, MindTree Ltd, “the mood last time was low-key. People were apprehensive about what to expect next“.
“However, we as a company, whether things were good or bad, have never taken a decision that has impacted our employees,” he said.
“Now, of course”, says Mr. Sitharam, “the ambiguity is behind us, the mood is much better and things are looking up“.
The firms, however, are not planning any Diwali bashes for their employees as the feel “the festival is not a corporate but an individual affair“.
As a global company, Mr. Dugar says, “the employees do celebrate festivals in their respective regions with family and friends like they do on Diwali”.