HCL Assures There Will Be No Job CutsHCL Technologies CEO Mr Vineet Nayar says that the IT firm has not laid off any employees and will not fire any staff even if recessionary trends get worse. The company that employs 55,000 employees across 19 countries is cutting costs through other better means, eg. use of electricity, reducing cycle time from desire to implement of a project, controlling transportation and vendor bills. Mr Nayar says that the hiring plans of the company are on track and a decision on salary hikes will be taken around June next year.
Source: 21-12-08 Hindustan Times Business Compiled by Amresh Anjan
TCS Will Hire PhD Students From IITs Without Interviews Computer Science PhD students from across the Indian Institutes of Technology (IIT) in the country have a reason to cheer. Tata Consultancy Services (TCS) has announced that it would recruit such students without any interviews for the next five years. The company believes that this would encourage more students to pursue PhDs and take up research in computer science.
Source: 22-12-08 Business Standard Compiled by Amresh Anjan
IT Firms Asking Staff To Take A VacationIn these troubled times, IT companies are adopting various ways to cut costs. While companies like Infosys, MindTree and IBM have asked employees to increase operating efficiency and utilization, some other IT companies have introduced compulsory use of leaves and are asking employees to take a three-day weekend and utilize their pending leaves. Thus, employees are being encouraged to take ‘offs’ as this reduces vacation liabilities on the balance sheet of the companies.
Source: 24-12-08 www.dnaindia.com Compiled by Amresh Anjan
Ms Chanda Kochhar To Be The Next ICICI CEO ICICI Bank joint managing director and CFO Ms Chanda Kochhar will take over as the bank’s CEO from June 2009, when Mr KV Kamath retires. The 46-year old joined ICICI in 1984 as a management trainee. In 2001, she joined the ICICI Bank board and became the head of its wholesale and international banking businesses. In April, 2006, she was appointed deputy managing director and it was only last year that she took charge as joint managing director and CFO. She has the unique distinction of having worked across almost all departments ranging from project finance, treasury, the corporate centre and retail.
Source: 20-12-08 www.rediff.com Compiled by Amresh Anjan
IIM-A Networking With Alumni To Ensure Jobs For Its Students The Indian Institute of Management at Ahmedabad has sent a letter to its alumni, asking them to ensure that their employers do visit the institute for permanent placement. There is apprehension among the students that the downturn may play spoilsport during placements in March. However, the B-school is positive that it will remain unaffected by the downslide. During summer placements, all companies scheduled to come had arrived, and none has so far dropped out from the final placement list for the January placement cycle. The institute is also creating a web portal to manage placements and facilitate networking among alumni and recruiters.
Source: 26-12-08 www.dnaindia.com Compiled by Amresh Anjan
100 New Jobs In Turkey, Thanks To ‘Bush Shoe’Iraqi journalist Mr Muntazer al-Zaidi created history when he hurled his shoes at US president Mr George Bush during latter’s farewell visit to Iraq. Ever since the incident, demand for the world's most notorious pair of black leather shoes has shot up dramatically, generating over 100 jobs in Turkey. Mr Ramazan Baydan, the owner of the Istanbul-based Baydan Shoe Company, has recruited an additional 100 staff to meet orders for 300,000 pairs of Model 271, more than four times the shoe's normal annual sale. Around 120,000 pairs have been ordered from Iraq, while a US company has placed a request for 18,000.
Source: 22-12-08 www.sify.com Compiled by Amresh Anjan
Gems, Jewellery Sectors Lose Sheen; One Lakh People SackedAccording to Mr Mehul Choksi, who heads the gems and jewellery committee of Ficci, more than 100,000 people have been laid off in recent months by the gems and jewellery industry in India. The global downturn has forced the $50-billion gems and jewellery industry in India, which employs close to 1.5 million people, to cut down production by over 25 percent. India cuts and polishes around 90 percent of the rough diamonds produced globally.
Source: 26-12-08 news.in.msn.com Compiled by Amresh Anjan
Hinduja Foundries To Cut Working Days Hinduja Foundries would cut down the number of working days at its three units in Ennore, Sriperumbudur and Hyderabad. This is being done to avoid an inventory build-up in view of the reduced demand in the commercial vehicle and tractor segments and restrictions on the power supply in Tamil Nadu. The company has also decided to increase the number of holidays at its three units, which would be 5-6 days in a month.
Source: 23-12-08 Business Standard Compiled by Amresh Anjan
Unitech Retrenches 10% Of WorkforceUnitech, the second largest realty firm in India, has trimmed its workforce by about 10% (about 1,700 people). The reductions have been done as part of its cost-cutting measures to fight the credit crunch faced by the company. Apart from reducing the workforce, Unitech is also not filling up vacancies, which were left empty in the process of normal attrition. The firm has also shifted staff to its newly formed telecom venture from the real estate business.
Source: 25-12-08 www.topnews.in Compiled by Amresh Anjan
CEAT Asks Workers To Shelve Work For A WeekReeling under the recession and financial turmoil that has hit the automobile industry, tyre manufacturer CEAT has asked its workers to temporarily stall work for a week. Rising commodity prices and reducing demand has led to heavy losses at CEAT. So far, five managers have been fired amongst 1,800 permanent and 400 temporary workers.
Source: 25-12-08 www.business-standard.com Compiled by Amresh Anjan
DBS Bank On Hiring Spree Even as most foreign banks have shelved their expansion plans and are looking at sizeable job cuts due to global downturn, the Asian financial major DBS Bank is set to go on an expansion drive. The bank will hire aggressively for its 10 branches that it plans to operationalise by February. After February, the bank would seek the Reserve Bank of India’s nod for further expansion in the country.
Source: 26-12-08 www.hindustantimes.com Compiled by Amresh Anjan
Wal-Mart To Pay $640 mn To Settle Labour LawsuitsWal-Mart Stores Inc. has agreed to pay around $640 million to settle 63 lawsuits over wage-and-hour violations, putting an end to years of dispute. Each settlement will be approved by a trial court. The world’s largest discount retailer employs more than 1.4 million employees. Earlier this month, Wal-Mart had agreed to pay up to $54.25 million to settle a class-action lawsuit alleging that the firm cut workers' break time and didn't prevent employees from working off the clock in Minnesota.
Source: 24-12-08 news.yahoo.com Compiled by Amresh Anjan
Unisys To Slash 1,300 Jobs IT services and solutions provider Unisys Corporation plans to cut down nearly 1,300 jobs across the world. It is also freezing salary hikes for next year in most of the countries where the company operates. Unisys is undertaking a slew of cost-reduction measures ina n effort to reduce its annual cost structure by more than $225 million. Other than cutting personnel costs, the company plans to reduce its spending on third-party expenses, facility consolidations and a suspension of company matching contributions to the US 401(k) plan.
Source: 23-12-08 www.sify.com Compiled by Amresh Anjan
Aegis BPO To Expand In Tier II Cities Aegis BPO, the business process outsourcing arm of the Essar group, plans to open three new facilities in Bihar, Jharkhand and Madhya Pradesh. For its expansion, it will hire around 5,000 people in these centres.
Source: 20-12-08 Business Standard Compiled by Amresh Anjan
US Jobless Figures At 2.1 Million Since 2007Current recession and economic slowdown has rendered more than 2.1 Million individuals jobless in the US since last December. According to the Bureau of Labour Statistics, from the start of the recession in December 2007 through November 2008, the total number of mass layoff events was 20,712, and the number of initial (jobless) claims was 21,08,743. In December last year, the number of job losses due to mass layoff actions stood at 1,41,750.
Source: 22-12-08 www.rediff.com Compiled by Amresh Anjan
Google Cancels Christmas Cash Bonus For Staff This year, Google Inc is not doling out any cash bonus to its employees. Instead of the usual USD 1,000 pay cheque, the search engine giant is giving a version of its G1, the recently released mobile phone, to its employees. The holiday bonus is a Google tradition but the economic downturn forced it to stall the cash bonus and replace it with the newly launched phone. The customised G1 devices would be given to permanent Google employees in the United States, Western and Central Europe, Canada, Australia, Singapore and Japan, covering about 85 per cent of its 20,123 global staff. Google employees in other parts of the world will receive USD 400 instead.
Source: 24-12-08 www.dnaindia.com Compiled by Amresh Anjan
Malaysia To See 5,000 Job Losses Soon As the global economic recession hits Malaysia, 137 employers in the country are set to retrench nearly 5,000 workers, including foreigners, in the next three months. According to Human Resources Minister Mr S Subramaniam, lack of demand has led to such a scenario and those working in the electronics sector will be hit the hardest. Government will take measures to get alternative employment for the retrenched workers.
Source: 23-12-08 www.rediff.com Compiled by Amresh Anjan
Caterpillar To Cut White Collar Pay By 50 %US heavy equipment maker Caterpillar Inc has decided to cut white-collar pay by up to 50 percent. To further cut costs, the company is also offering buyouts to some employees. Earlier, the blue-chip industrial company announced plans to lay off 814 workers at its Mossville, Illinois, engine assembly plant. Before Caterpillar, package delivery giant FedEx Corp forced its salaried workers to take pay cuts of at least 5 percent.
Source: 22-12-08 news.yahoo.com Compiled by Amresh Anjan
HT Media Reshuffles Mint Editorial Leadership HT Media ltd has announced key changes in the editorial leadership of its business daily, Mint. Its managing director Mr R Sukumar will take over the position of editor from Mr Raju Narisetti. The latter will become an advisor to HT Media. The editorial pages editor Mr Niranjan Rajadhyaksha will become managing editor while still retaining his prior responsibilities. Both Mr Sukumar and Mr Rajadhyaksha joined HT Media in 2006.
Source: 26-12-08 www.livemint.com Compiled by Amresh Anjan
Satyam's Independent Director QuitsMr Mangalam Srinivasan, an independent director on Satyam Computer's Board has resigned. The resignation follows the mess that Satyam is in currently. Speculation is rife that Mr Srinivasan resigned for being a party to the controversial buyout of the two firms - Maytas Properties and Maytas Infrastructure- owned by the family of Satyam’s chief Mr B Ramalinga Raju. The board of Satyam is scheduled to meet next week to consider a share buyback.
Source: 26-12-08 www.reuters.com Compiled by Amresh Anjan
New COO At SynaptrisSynaptris has appointed Mr Nagaraj Bhargava as its Chief Operating Officer. Prior to this, he was the Vice president of marketing at SAP India. Mr Bhargava possesses vast experience in the software industry across business operations and strategic initiatives. In his new role at Synaptris, he will be responsible for driving business and revenue growth, strategic customer and market initiatives and go-to-market strategies.
Source: 24-12-08 money.aol.com Compiled by Amresh Anjan
Two New Directors At Aviva Life Aviva Life Insurance has appointed two new directors. Mr Munish Sharda has been appointed as Director (Direct Sales Force) based in Delhi and Mr Rishi Piparaiya as Director (Bancassurance) based in Mumbai. Both of them join Aviva from Citibank and hold varied experience in retail financial services, insurance and marketing.
Source: 26-12-08 www.thehindu.com Compiled by Amresh Anjan
Patni Appoints Mr Fred Cohen As Group’s Vice-President IT and BPO services provider Patni Computer Systems has announced appointment of Mr Fred Cohen as the group’s Vice-President to head its global asset management business. Mr. Cohen possesses over 20 years of experience in the financial industry, having worked with Thomson Financial and Lehman Brothers. He would work from Patni’s North American head office in Cambridge.
Source: 23-12-08 www.thehindu.com Compiled by Amresh Anjan
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