As we wrap up with 2024, let’s look into some major business updates that occurred this week.
Ola Electric has hit another roadblock with the resignation of Suvonil Chatterjee, its Chief Technology and Product Officer, on November 30, 2024. Chatterjee, regarded as the second-most influential figure after founder and CEO Bhavish Aggarwal, leaves a significant gap in the company’s leadership. His departure comes at a critical juncture as Ola Electric grapples with declining sales and ambitious expansion plans. With questions about management stability mounting, the company must reassure stakeholders while navigating these turbulent waters. The challenge now lies in finding capable leadership to steer the company’s future.
The tech industry’s hiring preferences have sparked fresh debates, especially on immigration and workforce dynamics. Vivek Ramaswamy, co-leading the Department of Government Efficiency (DOGE) with Elon Musk, explained why tech firms increasingly prefer foreign-born engineers. This trend, attributed to specialized skills and work ethic, has faced criticism. Sriram Krishnan, Trump’s Senior White House Advisor on Artificial Intelligence, weighed in, emphasizing the need to balance immigration with domestic workforce development. The discussion underscores the importance of education reform, diversity in hiring, and fostering a globally competitive workforce while addressing cultural and economic concerns.
Zoho founder Sridhar Vembu offered a reflective critique of East Asian economic models, praising their growth while highlighting their societal costs. He noted that countries like Japan, South Korea, and China achieved economic prosperity through relentless work cultures, often at the expense of personal well-being and demographic stability. “Is this development worth the cost of a lonely old age for so many?” Vembu asked. His cautionary insights call for rethinking growth strategies, advocating for balanced development that prioritizes quality of life alongside economic success. The message resonates as nations grapple with aging populations and work-life balance challenges.
WhatsApp’s latest update introduces a built-in document scanning tool, enabling seamless sharing of scanned documents directly within the app. The feature, currently available to select iOS users, eliminates the need for third-party apps, enhancing both personal and professional usability. Version 24.25.80 represents WhatsApp’s continued innovation to remain competitive in the personal messaging space. This update not only simplifies document management but also pressures competitors to match its convenience and functionality. As WhatsApp evolves, it solidifies its position as a versatile platform for communication, productivity, and beyond.
Christmas Eve 2024 turned chaotic for American Airlines as a technical glitch grounded flights for nearly an hour. The timing, one of the busiest travel days of the year, exacerbated the impact, stranding thousands of travelers and disrupting holiday plans. While the issue was resolved quickly, the fallout highlighted the airline industry’s dependence on technology and the cascading effects of its failure. The incident serves as a reminder for airlines to bolster their tech infrastructure to prevent such disruptions. For travelers, it was a poignant reminder of the fragility of modern transportation systems.
A widening pay disparity in the IT sector is raising eyebrows. In FY24, the median CEO salary at top IT firms like TCS, Infosys, and Wipro soared to ₹84 crore, a 160% increase over five years. Meanwhile, fresher salaries stagnated, rising just 4% to ₹4 lakh annually. The CEO-to-fresher pay ratio is stark, with Wipro leading at an eye-popping 1,702:1. The disparity underscores the growing inequality in corporate India, sparking debates on fair compensation practices. As young professionals demand better opportunities, the industry faces mounting pressure to address these glaring inequalities for a sustainable future.
