By William Trent, CFA of Stock Market Beat
We have noted several times how impressed we are with the rapid hiring pace at Indian IT services firms such as Infosys (INFY), Cognizant (CTSH) and Wipro (WIT). In fact, we viewed the need to constantly hire more people one of the only obstacles in the path of their rapid growth.
Still, as cost effective as labor based in India may be, the firms need feet on the ground in its customer’s local countries to take the orders and coordinate efforts. So perhaps it is not surprising that the offshore firms are now preparing a large onshore hiring thrust. The Telegraph – Calcutta : Business:
Wipro plans to have more foreign employees as it expands its business in Europe and South America.The company expects foreign employees to make up 25 per cent of its total workforce in future against 5 per cent at present.
Wipro chief Azim Premji today said as part of its policy to go global, the company would have to employ more local nationals in the countries to which it was spreading its wings.
Let’s hope they get started soon. The employment numbers could use their kind of hiring spree.
The author may hold a position in the securities discussed. The author’s current holdings are as follows: Long: Intuit (INTU) put options; Nasdaq 100 (QQQQ) put options; Bookham (BKHM; Ballard Power (BLDP); Syntax Brillian (BRLC); CMGI (CMGI); Genentech (DNA); Ion Media Networks (ION); Lion’s Gate (LGF); Three Five Systems (TFS); Adobe Systems (ADBE) call options; IShares Japan (EWJ); StreetTracks Gold (GLD); Starbucks (SBUX); U.S. Oil Fund (USO); Plantronics (PLT) call options; Short: Ceradyne (CRDN) put options; Lion’s Gate (LGF) call options; Dell (DELL) put options; Plantronics (PLT) put options;
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