IT industry goes remote 👏
Second wave of infections, NASA aborts mission, and job losses continue.
Hi 👋, Tanvi here.
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Let’s go ahead and get started:
Stock market summary: 😍
US - S&P 500 up 1.48% 🔼
India - Sensex up 3.25% 🔼
75% of TCS staff to work from home 🏡
In a bold decision, Indian IT giant TCS (Tata Consultancy Services) has decided to have 75% of its workforce working from home by 2025. The IT company with clients worldwide is embracing this ambitious course in a bid to value employee flexibility and at the same time cut costs of running large offices.
TCS CEO in their annual report expressed great enthusiasm from management as well as client confidence in the company to operate under this 75-25 work-from-home model. The company believes it will equip all employees with the necessary working station setup by the year 2025 to be fully remote.
TCS employs close to 450,000 employees worldwide, with majority of its workforce based in India. The move could be beneficial for women employees particularly, who brave many odds to balance work and personal lives.
Costs related to travel and real-estate overhead make up majority of TCS’ expenses. The company spends nearly 2% of its revenue on employee travel each year. Moreover, the company operates nearly 135 offices in India alone, costing over Rs. 2,181 crores a year. Read more about this here.
SpaceX aborts mission 🚀
Space X was forced to abort its mission today due to unfavorable weather conditions, just 15 mins before the official launch time. A storm formation over the south eastern coast of the USA forced engineers to abort the mission. Better safe than sorry.
The mission was a historic step in man’s quest to explore the space, as for the first time a private company was launching humans into space. Two veteran astronauts aboard SpaceX’s Crew Dragon capsule would be taken to the international space station, launched by SpaceX’s Falcon 9 rockets.
The launch is now scheduled for Saturday, May 30th 2020.
Prioritizing Menstrual Hygiene🔴
Today 28 May, is observed as the Menstrual Hygiene Day. The theme this year is “Its time for action”, an idea to ensures that girls don’t feel limited by the occurrence of their periods and are able to explore their full potential even during these times.
Millions of girls across the world drop out of schools annually on the onset of puberty due to lack of period management and proper menstrual hygiene. Sadly menstruation is still a hush hush topic in the society and the main reason behind this is lack of education on the issue and the myths and stigmas surrounding it.
The theme this year focuses on:
Breaking the silence around menstruation
Raising awareness in young women
Changing negative social norms
Maintaining a bad menstrual hygiene can lead to severe infections. To eradicate the myths around it there must be community involvement which aims at changing people’s negative perspective towards periods.
In one of our previous issues we spoke about how the pandemic is affecting the availability of sanitary pads to school girls as the schools remain shut.
F1 team furloughs employees🏎️
Super car maker McLaren plans on furloughing a quarter of its workforce. The company employs about 4000 people and around 1200 will be laid off of which a majority will be in the UK.
The company has been severely affected due to the pandemic and since the Formula 1 racing is suspended the demand for the super cars has fallen rapidly.
The pandemic seems to have upended hopes of small as well as big companies and the recovery is expected to be a very long and hard one. Previous attempts by the company to try to cut costs and avoid layoffs failed, forcing management to take this decision.
What else are we Snackin’ 🍿
🛒Walmart partners with Thred up, entering the second hand garment space
Hope you took a thing or two away from today’s edition. 😀
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