Ability to rotate people from one country to another; certainty with regulations to help IT companies: US-Indian CEO
It will be useful for companies with major footprints in India and the United States, especially in the IT sector, if they are able to rotate people between countries and there is certainty in terms of regulations, said an Indian-American CEO.
Nitin Rakesh, a distinguished leader in the IT services industry and CEO of Mphasis, said data privacy issues were important for IT companies as many Indian IT companies were expanding their footprint in the US and were now moving to smaller towns and rural areas. United States.
“A lot of them (Indian IT companies) actually opened local hubs in onshore locations. Then they left…things like a rural projection in the US creating proximity capabilities in cities,” said Rakesh told PTI in an interview Thursday.
“Another company in our industry opened a pretty big center in Indianapolis two years ago because they think they can create 2,000 to 3,000 (jobs) there. We opened one in Dallas and then in Canada. So it’s the ability to go where you find talent. And of course that became a little less of a bottleneck, because with this hybrid remote model, you can actually hire someone who’s sitting in Hawaii and working for you because they’re recording those eight, 10 hours a day from wherever they are,” he said.
CEO of Mphasis since 2017, Rakesh recently co-authored an award-winning book, ”Transformation in Times of Crisis – Eight Principles for Creating Opportunities and Value in the Post-Pandemic World”, a business playbook for leaders and companies to turn a crisis into an opportunity.
The book was recognized as “Best Business Book” in the American Business Awards’ “Publication Award Category” and won the International Business Book title at the 2021 Business Book Awards.
Rakesh is also an active member of various institutions globally, such as the United States-India Strategic Partnership Forum (USISPF) which spearheads the financial services consultancy and trade relations between the United States and India. .
“Obviously there are things around data privacy in India that make life easier for our customers. So as an industry we have a stake in the field with this provision because we want to make sure that our clients have no problems getting work delivered from anywhere, and at the same time they can also have a local business in India,” Rakesh said when asked about the recommendations policies to the Indian and US governments.
“The other element that always continues to be in discussion is the ability of our people to cross the border. So the whole issue of immigration is still important to us because two-thirds of H-1B visas go to our industry. And in that, the ability to bring people in, migrate them and rotate them from country to country is important to us,” he said.
“I think other than that, it’s just to make sure we don’t get stuck with the undesirable consequences of regulation. I think it’s a lot calmer now than it was under the previous administration. Lots and lots of proposals with the previous administration, where there was collateral damage, that sort of happened to us,” he noted.
Mphasis has doubled its market capitalization in the last five years and has done quite well during the COVID-19 years despite the challenges it is facing.
“So we have about $1.8 billion in revenue right now with about 38,000 employees. The United States is still the home market. American banking remains the main activity. So 60% of the revenue comes from banking and insurance in the United States and the rest of the business is split into other sectors such as high tech, logistics and travel, and a bit of healthcare. “, did he declare.
The company has a strong presence in India with 70% of its workforce in the country, with Chennai, Bangalore and Pune being its three major sites.
“A lot of work has been going on, of course, in the area of cloud migration right now for two or three years. That became the big theme,” Rakesh said.
The company’s growth, he said, has actually accelerated during COVID. “Industry has also benefited. But more importantly, we’ve built the full suite of features that customers are looking for when it comes to modernizing their infrastructure and application fleet,” Rakesh said.
“We have a pretty incredible footprint in areas like cloud and data, customer experience, cybersecurity, app modernization, new app development, and more. I think that’s a quick company profile,” he said, adding that the company had two years of strong growth in 21 and 22.
“This year we are also all facing some of the uncertainties caused by the economic environment, but it is still a fairly strong growth environment.
Healthy double-digit growth is quite visible for the industry if you look at the spectrum of large companies, he said, adding that supply is obviously very limited as the labor shortage is also very acute in computing.
“It’s something we solve every day by reskilling people and bringing them into the labor market at the bottom of the pyramid,” Rakesh said.
(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)