HR Headlines: Oct-08 (Part-3)

Talented People Need Not Worry About Jobs
Indian companies are sailing smoothly in the turbulent times despite sectors like information technology and other outsourced businesses feeling the heat of the crisis. In fact, human resource (HR) consultants believe that headhunters would swipe out all the joblessness in the market in the next three months. The best way to hedge against job loss, it is best to get the resume in place, contact former colleagues and bosses and tell them you are looking for a job change and contact good recruitment agencies as a short-term measure. “Vacancy-wise, India has deeper pockets. Indian companies are creating jobs and employing people,” said Mr. Sanjay Teli, Managing Director of ESP Consultants, an HR consultancy firm.
Source: 22-09-08 HT Business Compiled by Amresh Anjan

CEO Battered To Death By Dismissed Employees
The Chief Executive Officer of an Italy-based auto components manufacturing company was battered to death by a group of dismissed employees inside its manufacturing unit. It happened when a group of employees, who were dismissed two months ago, turned violent during a meeting with the management and attacked Mr. Lalit Kishore Chaudhary, CEO and Managing Director of Graziano Trasmissioni India Pvt Ltd, at Udyog Vihar with lathis and rods. The company had dismissed about 200 employees after they vandalized its premises during an agitation two months ago demanding a rise in salary.
Source: 23-09-08 The Hindu Compiled by Amresh Anjan

Government Move To Enhance Overseas Job Prospects
The Government is to commission studies to spot employment opportunities to locate and fill skill gaps to boost overseas job prospects for Indians. The decision was taken at the first meeting of the Governing Council of the Council for Promotion of Overseas Employment (COPE) of the Ministry of Overseas Indian Affairs. The council, chaired by Secretary, Mr. K Mohandas, decided that these studies will go into emerging labour supply gaps and skill shortages in the international labour market and the net availability of workers with requisite skills in India to fill these shortages.
Source: 21-09-08 The Hindu Business Line Compiled by Amresh Anjan

Junior Bosses Are Better Than Top Bosses, Says A Report
Top bosses inspire respect at office, but it's the junior bosses who enjoy the confidence of employees, although nearly one - third who participated in a survey feel that they can do jobs of their bosses better. Three out four employees are satisfied with the performance of their immediate bosses, but they are divided in the middle while rating C-level executives (CEOs, COOs etc.) of their companies. At the same time, nearly one-third of the employees believe that they could do their bosses' job better, as per the survey conducted within the US by research firm Harris Interactive. Experts feel that the trend should be somewhat similar in India and other countries also. Forty-five per cent of workers said they do not feel secure in the C-level leadership of their organisations and more than half complained that they do not feel motivated within their organisations and expressed a desire for more personal attention and development. Also, about 55 per cent of workers said that senior management takes no initiative or effort to build working relationships with employees on every level, and 58 per cent said senior management does not motivate them.
Source: 22-09-08 DNA Compiled by Amresh Anjan

Variable Pay To Beat The Realty Slump
Real estate companies are taking different measures to deal with the slowdown. Hit by falling fund-raising avenues and demand from customers, real estate companies are in the process of increasing variable pay packages for a large chunk of their employees. “Since the market conditions are changing, many developers may try to increase the variable portions of the salaries to cut down fixed costs,” said Mr. Shobhit Agarwal, Joint MD (Capital Markets), Jones Lang LaSalle Meghraj. Till now, no Indian firm has trimmed work force for the fear of bad publicity. However, their salaries are no longer attractive. Earlier, people with three years of experience used to get a 50 percent rise in salaries while joining a new place, but now they have to be satisfied with a 20 percent increase, according to senior officials in placement firms.
Source: 23-09-08 Hindustan Times Compiled by Amresh Anjan

Silicon Valley Unemployment Rate Inches Upward
Another example of a slowing economy: the unemployment rate in the Silicon Valley inched upward for a fourth consecutive month in August to reach a four year high. According to data released by California’s Employment Development Department, unemployment in Silicon Valley reached 6.6 percent last month, up from a revised 6.5 percent in July and 5 percent in August 2007. The 6.6 percent unemployment rate in Silicon Valley is the highest since July 2004, when it was 6.7 percent.
Source: 22-09-05 The Hindu Business Line Compiled by Amresh Anjan

JP Morgan Offers Discounted Salaries To Lehman Staff
JP Morgan has conducted interviews for Lehman Brothers’ employees in India, but the investment bank is offering salaries at a discount of 35-40%, according to sources. The interviews were conducted for people across all levels. The interviews were conducted for people across all levels. JP Morgan and Morgan Stanley had received mails from Lehman Brothers requesting them to hire Lehman employees. Performance appraisal of Lehman’s back-office employees at Powai was due in November, but the parent company had filed for bankruptcy and the employees were asked to look for another job.
Source: 22-09-08 DNA Compiled by Amresh Anjan

Nomura Buys Lehman’s Asian Operations, Saves 175 Indian Jobs
The Japanese securities group, Nomura is understood to have reached a deal with Lehman Brothers to buy its Asian operations for $225 million (1, 021 crore), saving 3,000 jobs. The proposed deal, which would cover Lehman’s investment banking services, equity research, and institutional brokerage services in Mumbai, will help save at least 175 jobs.
Source: 23-09-08 Hindustan Times Compiled by Amresh Anjan

300 Ex-Air Deccan Employees Sacked By Kingfisher
Just after the completion of the merger between the two Bangalore-based carriers, Air Deccan (now named as Kingfisher Red) and Kingfisher Airlines, three hundred employees are being laid off by Mr. Vijay Mallya, UB Group Chairman. The staff at Bangalore and some other offices has been asked to accept the severance package and resign. Many of these employees have been with Air Deccan for nearly five years. According to a Kingfisher spokesman, the retrenched employees include 200 security personnel, 50 airport services staff and 50 from the engineering department.
Source: 23-09-08 Hindustan Times Compiled by Amresh Anjan

Pay Limits For Executives Whose Firms Benefit In The Financial Bailout
The White House has agreed on a crucial change in the $ 700-billion financial bailout plan, and President Mr. Bush prepared a speech to the nation as the administration scrambled to pull loudly resistant lawmakers onboard to stave off a deepening economic crisis. Republican officials said that Treasury Secretary, Mr. Henry Paulson had agreed to demands from critics in both parties to limit the pay packages of executives whose companies would benefit from the proposed bailout.
Source: 25-09-07 The Indian Express Compiled by Amresh Anjan

Tata Realty Names Mr. Ubale As MD & CEO
Tata Realty and Infrastructure has announced the appointment of former IAS officer, Mr. Sanjay Ubale as its Managing Director and Chief Executive Officer. Prior to this, he has held key positions as Managing Director of Maharashtra State Seeds Corporation and as Collector and District Magistrate in Sangli District.
Source: 26-09-08 Hindustan Times Compiled by Amresh Anjan

Gitanjali Announces Appointment of Mr. C Subramaniam
Gitanjali Group has appointed Mr. C Subramaniam as the Group President, Human Resources. He has over 18 years of experience in the HR function.
Source: 24-09-08 DNA Money Compiled by Amresh Anjan

HSBC Trims 1, 100 Jobs In Investment Banking
Due to turmoil in the financial markets, banking major HSBC has cut 1, 200 jobs in its investment banking division. About 500 of the bank employees, including both front and back office staff and permanent and temporary workers were based in London and the majority of the remainder in Europe and the US.
Source: 26-09-08 DNA. Compiled by Amresh Anjan

Tata AIG Names COO
Tata AIG Life Insurance Company has announced the appointment of Mr. Suresh Mahalingam as the company’s Senior Vice-President and Chief Operating Officer. He will handle retail distribution, channel marketing, customer management group, individual profit centers and operations and systems.
Source: 26-09-08 The Hindu Business Line Compiled by Amresh Anjan

Intelenet Appoints Mr. Gayatri Balaji
Intelenet Global Services has announced the appointment of Ms. Gayatri Balaji as Chief Operating Officer of its domestic BPO business for South India. She will be responsible for managing operations and all the support functions of the company’s centres in the region.
Source: 23-09-08 Business Standard Compiled by Amresh Anjan

HCC Names New COO
Hindustan Construction Company has announced the appointment of Mr. Vinayak Deshpande as President and Chief Operating Officer of EPC and construction business.
Source: 23-09-08 Business Standard Compiled by Amresh Anjan

Godrej Tyson Names Mr. Malik Sadiq As CEO
Godrej Tyson Foods has announced the appointment of Mr. Malik Sadiq as Chief Executive Officer. Mr Malik joined Tyson as a Senior Director in the corporate strategy and development department, took over as the company’s Vice-President last year.
Source: 21-09-08 The Hindu Business Line Compiled by Amresh Anjan

Mr. R Subramaniyam Joins Ogilvy Action As National Head
Mr. R Subramaniyam joins OgilvyAction, a division of Ogilvy & Mather, as National Head. He has over 15 years of experience in the fields of advertising and integrated marketing, with focus on events and promotions.
Source: 23-09-08 DNA Money Compiled by Amresh Anjan

ASK Group Appoints Mr. Amit Bhagat As CEO
ASK Group, engaged in equity research and portfolio management services, has appointed Mr. Amit Bhagat as Chief Executive Officer of its proposed real estate asset management and advisory business. Mr. Bhagat has moved from ICICI Home Finances, where he was the head of property services business.
Source: 24-09-08 DNA Money Compiled by Amresh Anjan