The Weekly Stack 8th to 14th October

Side Jobs 👩‍💻

How did WIPRO deal with ‘moonlighting’ employees?

After WIPRO fired 300 employees for moonlighting and working along with rival companies the company has started to question the subject of ‘side jobs’ and how it’s a conflict of interest. The information era has allowed people to discover new ways to make money with every kind of side hustle be it freelance writing or developing a simple app.

Gig Economy: Are ‘Side Hustles’ the new thing?

You get to choose what you do, set your own price and work on your own terms. But here’s the downside. Gig work, at the lower end of the skill chain, is low-paying, with no social security and job protection; it worsens the social and financial health of workers, damaging the economy's growth prospects.

Should I start a side job?

By this logic, gig work only makes sense to partake in when you’re confident that you’re above average in the field and can allocate enough time in your routine to take it up as a side hustle. This relates to an idea that has been seeded into the mindsets of 9 to 5 workers called quiet quitting.

Quiet quitting is a trend where people work only as much as their job requires them, not pushing themselves further. This may harm the overall company performance.

Stack Verdict: It’s more suitable to upskill yourself to seek out better opportunities before you quit your job.

Elon’s ‘Musk’ 👃

Why did Elon Musk start selling perfume?

Elon Musk had on Wednesday announced the launch of his perfume line 'Burnt Hair', priced at ₹8,400 and is touted to smell like a candle at the dinner table. At this point, they have already sold 20,000 units. If you’ve got a big name and people like you, turns out you can sell pretty much anything.

Is this influencer merchandising on a large scale?

Influencers and content creators sell everything from T-Shirts to keychains, books to posters in the form of “merch”. It's also a highly lucrative business. Custom t-shirt printing is forecast to reach a value of $3.1 billion by 2025. One of the main reasons people buy such products is patronage, to support the cause of the influencer.

What are Creator Coins?

Creator coins are a form of cryptocurrency developed by individuals or businesses as a way to directly benefit both the individual/business and its supporters. The more people buy your Creator Coins, the higher the value. It is all about speculating on a person’s reputation.

Stack Verdict: Influencer merchandising is more lucrative and rewarding than investing in cryptocurrency.

US Recession 🗽

Is the USA in a recession?

President Joe Biden hinted at a slight recession in the country. But according to the general definition—two consecutive quarters of negative GDP—the U.S. entered a recession in the summer of 2022.

How the US recession will impact India

With the US being one of India's major trading partners, its market share in India's merchandise exports stood at 18.1% in FY22. As a result, India is vulnerable to a US recession, and software exports are expected to have a worse hit. Comparing data from the past, India’s current inflation rate is at ~6.2% which is significantly lower than FY09 which was ~9%.

Impact on the Indian IT sector

The IT sector as a whole has pushed against the fears of a recession. Often considered as the bellwether for Indian IT, Infosys gave a strong forecast of 14-16% annual revenue growth in their first quarter. This forecast was even higher than the 13-15% projected previously.

Biggest Indian IT firms like TCS, Infosys, Wipro, HCL Technologies and Tech Mahindra have a 50% exposure to the US economy with the Indian IT industry generating 40-78% of their revenues in dollars.

Stack Verdict: Ask for a raise before that window of opportunity closes during a global recession, and invest long-term in a diversified portfolio. Postpone major purchases and continue building your emergency fund.

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