| Indian Executives More Satisfied With Their Jobs Than US Counterparts |
| According to an executive quiz by global executive recruitment firm Korn/Ferry International, nearly 50 per cent of the Indian executives surveyed are either extremely satisfied or satisfied with their current job positions. In the US, this figure stands at just 37 per cent. The report says that in India, executives have high employee morale and trust for corporate leadership. In terms of employee morale within their company, 79 per cent of Indian executives said it was 'good' or 'outstanding', followed by 'fair' by 21 per cent but no one said it was poor. In comparison to this, 45 per cent of employed executives in the US said the morale was either 'fair' or 'poor' and 55 per cent said it was 'good' or 'outstanding'. |
| Source: 19-08-09 www.rediff.com Compiled by Amresh Anjan |
| Govt Asks EPFO To Invest 3-5% Funds In Stocks |
| The finance ministry has asked the Employees Provident Fund Organisation (EPFO) to invest three to five per cent of its subscribers’ retirement funds in stocks to generate better returns than investments with negligible risk. The EPFO, with 4.5 crore subscribers, has a corpus of Rs 2.57 lakh crore. |
| Source: 18-08-09 News Paper Compiled by Amresh Anjan |
| Air India To Slash Salaries By 30-50% |
| Amid mounting losses, the national carrier Air India has decided to cut wages, allowances and performance-linked incentives of its employees by 30-50% starting September. The decision has been taken in view of instructions issued by the government under Department of Public Enterprise (DPE) norms. The cut will be implemented across the board. However, there will be no retrenchment or lay-offs as of now. |
| Source: 20-08-09 www.dnaindia.com Compiled by Amresh Anjan |
| No HRA For Govt Employees Living With Spouse In Official Accommodation |
| Delhi High Court has ruled that a government employee will not be entitled to House Rent Allowance (HRA) if he or she is residing with the spouse who has been allotted a government accommodation. |
| Source: 19-08-09 Hindustan Times Compiled by Amresh Anjan |
| BoB To Add 3,500 Staff By March 2010 |
| The booming public sector banking industry in India is hiring briskly. Bank of Baroda (BoB) will recruit 3,500 people including officers during the current financial year. This will include 2,000 clerks and 1,000 probationary officers. The bank will also conduct campus hiring at institutes like IIMs and IITs. As many as 200 management students and engineers would be hired during the year. In addition to this, the bank will recruit 250 agriculture officers. |
| Source: 18-08-09 www.business-standard.com Compiled by Amresh Anjan |
| SBI to hire 11,000 This Fiscal |
| Expanding its operations, State Bank of India (SBI) will hire 11,000 people in the current financial year. SBI is looking to open 1,000 branches this year. |
| Source: 21-08-09 www.rediff.com Compiled by Amresh Anjan |
| 1,500 Sales Managers To Be Hired By Aviva |
| In a bid to drive business growth, Aviva Life Insurance plans to hire about 1,500 sales managers and 13,000 agents by the end of current fiscal. Currently, there are about 37,000 advisers and the employee base of the company is 7,000. |
| Source: 19-08-09 www.rediff.com Compiled by Amresh Anjan |
| Hiring Back On Track In The Auto Industry |
| After a slump of many months, hiring in the auto industry is again warming up. With expansion plans of auto-makers, movement into new segments including the small car, and lower interest rates on vehicles, the auto industry is seeing some revival which, in turn, is fueling the recruitment drive. According to a survey on hiring trends by Iris, recruitments in auto and ancillary units were up 11% in July 2009, compared with June 2009. Toyota Kirloskar Motors Ltd has announced plans to hire around 2,000 employees over the next one and a half years. General Motors will take in 300 employees when the second shift for its Talegaon plant begins. Maruti Suzuki India Limited (MSIL) is planning to set up a new R&D division in Haryana and plans to ramp up the number of engineers at its Gurgaon plant form 760 to 1000 by the year end. |
| Source: 20-08-09 www.dnaindia.com Compiled by Amresh Anjan |
| StanChart To Double Its Team Of Relationship Managers |
| Standard Chartered Bank, country’s largest foreign bank, plans to double its team of relationship managers (RM) in India in the priority banking function over the next 12-18 months, to over 1,300 RMs. Currently, the bank employs 660 managers in its priority banking space in India. Standard Chartered is rolling out the new priority banking proposition in India besides China, Hong Kong, Malaysia, Singapore, Taiwan, Korea and United Arab Emirates. |
| Source: 19-08-09 Financial Express Compiled by Amresh Anjan |
| Ranbaxy Reduces CEO’s Pay |
| Ranbaxy has proposed an annual pay package of Rs 6 crore for its new CEO and MD Mr Atul Sobti. The proposed remuneration is less than one-third of what his predecessor Mr Malvinder Mohan Singh drew. Mr Sobti’s remuneration would include a salary of up to Rs 1.5 crore per annum and various allowances and perquisites worth Rs 4.5 crore. He would also be entitled to company-maintained cars with drivers, telephones at residence, company's contribution to provident fund and superannuation fund, gratuity and other retirement benefits and leave encashment. |
| Source: 16-08-09 Hindustan Times Business Compiled by Amresh Anjan |
| Management Restructuring At Shoppers Stop |
| The multi-format retail company Shoppers Stop has restructured its top management. Current managing director, Mr B S Nagesh will move into a non-executive position as vice-chairman of the company. Mr Nagesh will play the role of strategic advisor to the management of Shoppers Stop. He will also be mentor to the management team. Incumbent chief executive Mr Govind Shrikhande will take over as president and CEO of the company. |
| Source: 18-08-09 Business, Standard Compiled by Amresh Anjan |
| Blackstone's CEO Highest Paid In US |
| Blackstone's chief executive officer, Mr Stephen Schwarzman, has topped the list of 10 highest-paid executives in the US in 2008. His pay package stood at whopping $702 million according to reports from the Corporate Library. The bulk of the compensation, $699.8 million, came from the vesting of equity grants he received when Blackstone went public in 2007. Oracle Corp. CEO Mr Larry Ellison came second on the list pocketing nearly $557 million. |
| Source: 14-08-09 www.ibtimes.com Compiled by Amresh Anjan |
| US Jobless Claims Rise To 576,000 |
| With the US labour market still turbulent, the number of people in the US seeking unemployment benefits increased by 15,000 to 576,000 for the week ended August 15. The four-week moving average was 570,000 for the week ended August 15, as compared to the previous week's revised average of 565,750. |
| Source: 20-08-09 www.rediff.com Compiled by Amresh Anjan |
| 500 Jobs Lost At S Kumars-Owned US Clothier |
| Hartmarx, the US suit maker that was recently sold to Emerisque and its Indian partner, S Kumars Nationwide Ltd, is shutting down three US plants resulting in the loss of over 500 jobs. Hartmarx will shut factories in Rock Island in Illinois, Anniston in Alabama, and Hamilton in Ontario. Hartmarx employed 3,000 people nationwide and 1,000 in Chicago. |
| Source: 15-08-09 Business Standard Compiled by Amresh Anjan |
| Freddie Mac Hires Mr Witherell As COO |
| Freddie Mac has hired Mr Bruce M Witherell as chief operating officer. Mr Witherell has been the global co-head of the residential mortgage business at Morgan Stanley since 2006. He has also spent 15 years at Lehman Brothers Holdings. At Freddie Mac, he will receive a base salary of $700,000 a year. |
| Source: 20-08-09 Business Standard Compiled by Amresh Anjan |
| New CEO At Alcatel-Lucent Network |
| Alcatel-Lucent Network Management Services India Ltd. (ALNMSI), a joint venture between Alcatel-Lucent and Bharti Airtel has appointed Mr Arnaud Soubelet as its CEO. |
| Source: 20-08-09 www.hindu.com Compiled by Amresh Anjan |
| Mr T Sankaralingam To Join BGR Energy As MD |
| The former chairman and managing director of NTPC, Mr T Sankaralingam is joining Chennai-based BGR Energy Systems Ltd as managing director. He is likely to take charge from September 2009. |
| Source: 18-08-09 Financial Express Compiled by Amresh Anjan |
| Britannia Appoints Mr Nasser Munjee On Company Board |
| Britannia Industries has appointed Mr Nasser Munjee as the director on the board of the company. He has been appointed to replace Mr Stephan Gerlich who resigned from the board. |
| Source: 18-08-09 Financial Express Compiled by Amresh Anjan |
| Mr Ajay Bodke Quits IDFC MF |
| Mr Ajay Bodke has quit IDFC Mutual Fund as senior fund manager. Last month, Mr Tridib Pathak was hired to replace Mr Bodke as fund manager of IDFC Classic Equity Fund and IDFC GDP Growth Fund. |
| Source: 19-08-09 Business Standard Compiled by Amresh Anjan |
| Mr Sanjaya Baru Is New Business Standard Editor |
| Mr Sanjaya Baru will take charge as the editor of Business Standard from January 1, 2010. Mr Baru has been media advisor to Prime Minister Manmohan Singh and is former editor of Financial Express. The incumbent editor of Business Standard Mr T Ninan would assume a new role of editorial director. |
| Source: 20-08-09 Hindustan Times Business
Compiled by Amresh Anjan |
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