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Once again, there is hiring at all levels. After almost three consecutive quarters that witnessed a hiring freeze with selective hiring, recruiters across key sectors such as healthcare, consumer electronics, automobile and information technology (IT) are now actively looking to increase their headcount. According to industry executives, mid-level hiring to hire managers with a few years of experience is the strongest sign yet of a recruitment rebound. Demand for entry-level executives is also up. Besides that, domestic demand is aiding consumer electronics and automobile companies. Samsung India is is in the process of recruiting middle and senior marketing professionals, though company officials did not give numbers. Its rival, LG plans to hire 250 to 300 people in the next six to seven months. Some 30 per cent of Maruti Suzuki's 700 planned hires will be senior and middle recruits and the remainder will be fresh engineers. Hyundai has also advertised overseas for recruiting experienced executives.
Source: 05-11-09 Hindustan Times Compiled by Amresh Anjan
New Staff Of Public Sector Banks To Come Under Government's New NPS
All those who get appointed at public sector banks on or after April 1, 2010 would come under the government's new pension system (NPS). Public sector banks are all set to recruit 30,000-40,000 employees in the next two years, with about 35 per cent of the total staff set to retire by 2011. "All new recruits would come under the NPS, the move would also give a push to the new system," a senior finance ministry official said.
Source: 05-11-09 Hindustan Times Compiled by Amresh Anjan
Jobs Better Than CAT – Many Young Professionals Believe
Last year, Mr. Rajeev Parashar, a quality assurance engineer in an IT company in Bangalore, appeared for the Common Admission Test (CAT) but couldn't make it to any of the top Indian Institutes of Management (IIMs). Soon after, the downturn hit the job market in India, which has made him put off his plan of taking the exam. He is not the only one who has taken this decision. These days, there are many such young professionals who have decided to hold on to their jobs rather than appear for the CAT exam. The figures say it all. The estimated number of CAT applications in 2007 was 230,000, which rose to 290,000 in 2008. Due to errors in application forms, some were rejected and in the end, the final number of accepted registrations in 2008 came to 276,000. This year, however, the total number of accepted CAT registrations has come down to 241,000, which is a 12 per cent drop compared to last year. According to Hyderabad-based Triumphant Institute of Management Education (TIME), which offers coaching for CAT, the number of aspirants has fallen in line with all economic indicators like recruitments and placements. Fee is also a matter of concern for many. Though IIMs offer need-based financial assistance, there is some worry about repaying bank loans at a time when there is uncertainity on pay packages offered during final placement.
Source: 02-11-09 Business Standard Compiled by Amresh Anjan
Fortune Names Apple's Steve Jobs As CEO Of The Decade
Apple's Chief Executive, Mr. Steve Jobs single-handedly saved Apple, wrought a revolution in online music, created a world-beating smartphone and led Pixar to dominate computer animation. So it's no surprise that he has been named CEO of the decade by Fortune magazine, which said that Jobs' success in reordering four industries - computers, music, movies and mobile telephones - was 'unheard of.' The report surveyed his achievements since he returned to Apple in 1997, 12 years after being ousted from the company he founded. It took him quite a few years to get the company back in shape.
Source: 06-11-09 ibnlive.comCompiled by Amresh Anjan
AI Pilots Threaten To Go On Strike
Air India pilots have served the management an ultimatum to sort out salary and allowances issues by November 10. The pilots have threatened to go on a strike if the management fails to resolve these matters. Indian Commercial Pilots Association (ICPA), the non-executive pilots' body of the erstwhile Indian Airlines, claims representation of 800 pilots. The association claimed that the company has not paid salary allowances, which constitute almost 70-80 per cent of their salary, since August.
Source: 03-11-09 ibnlive.comCompiled by Amresh Anjan
25 expat Pilots To Be Fired By Jet Airways
Jet Airways is understood to have decided not to renew 25 foreign pilots' service contracts, which ended in October. The airlines issued them a 30-day notice stating that their services were not required at this stage, a source said. When contacted, the spokesperson of the company said the pilots have been offered the option of availing temporary leave from work till market conditions improve.
Source: 03-11-09 rediff.comCompiled by Amresh Anjan
Nokia Siemens Networks Likely To Axe 5,760 Jobs
Nokia Siemens Networks is planning to slash 5,760 jobs worldwide, as the entity undertakes cost cutting measures. The company, a joint venture between Finnish cell phone maker Nokia and German conglomerate Siemens AG, is likely to bring down its annual operating expenses and production overheads by 500 million euros by the end of 2011.
Source: 03-11-09 rediff.comCompiled by Amresh Anjan
Microsoft Slashes 800 Jobs
Microsoft Corp said that it is trimming a further 800 jobs across its operations, on top of 5,000 jobs already eliminated under a plan to minimize costs that was announced in January. A spokesman for the world's largest software firm said the latest job cuts are spread across the company's global operations, but about 200 are in and around its headquarters in Redmond, Washington.
Source: 05-11-09 ibnlive.comCompiled by Amresh Anjan
Johnson and Johnson Plans To Trim 8,000 Jobs
Johnson and Johnson announced that it would cut around 8,000 jobs in a bid to trim costs in the wake of the recession. The lay-offs amount to some 6 per cent to 7 per cent of the company's employees. They are designed to save some $1.7 billion by 2011, the company said.
Source: 04-11-08 ibnlive.comCompiled by Amresh Anjan
CEOs' Overpaid By 129 times Their 'Ideal Salaries' In 2008
According to a researcher at Purdue University, Mr. Venkat Venkatasubramanian, Chief executives in 35 of the top Fortune 500 companies were overpaid by about 129 times their 'ideal salaries' in 2008. He said, "One of the most pressing economic and corporate governance issues of the day is how to determine fair pay packages for CEOs. The proposed theory allows us to compute what the fair pay is for a CEO, including bonuses and stock options, under ideal conditions." Using the new analysis method, he calculated the 2008 salaries of the top 35 CEOs in the United States and said that they were about 129 times their fair salaries.
Source: 04-11-09 rediff.comCompiled by Amresh Anjan
Summer Placements Begin Well For IIM Calcutta
The Indian Institute of Management, Calcutta (IIM-C) announced that at least 30 first-year students will intern at three investment banks next summer, signalling a turnaround in the financial sector. On the first day, Royal Bank of Scotland (RBS) selected 11 students for internship. "As many as three leading investment banks made offers in double digits," IIM-C said in a statement. Among the financial services firms that made offers were Bank of America-Merrill Lynch, Barclays Capital, the investment banking division of Barclays Bank Plc, Morgan Stanley and Japan's Nomura group, which took over the European and Asian operations of Lehman Brothers Holdings Inc.
Source: 05-11-09 livemint.comCompiled by Amresh Anjan
More Job Losses Coming Soon In The US
US president, Mr. Barack Obama said in the coming weeks and months, more US jobs will be lost but stressed that the economy had recovered a lot of ground since he took office in January. He said the economy was beginning to stabilise after the deep slump that it entered amid a US and global financial crisis, but he said it still had a long way to go and that policymakers need to find new models for future growth.
Source: 03-11-09 DNA Compiled by Amresh Anjan
TCS Employs 300 Associates For Its U.S. Software Centre
Tata Consultancy Services (TCS) said it had hired 300 associates for its North America domestic delivery centre, TCS Seven Hills Park.
Source: 06-11-09 The Hindu Business Line Compiled by Amresh Anjan
Reliance Money Gets A New CEO
Mr. Vikrant Gugnani has been appointed as the new CEO of Reliance Money. He will take it as an additional responsibility along with heading the international business arm of Reliance Capital. He was the head of Reliance Capital Asset Management till December 2008.
Source: 04-11-09 Hindustan Times Compiled by Amresh Anjan
Chennai Petro Names New MD
Mr. K. Balachandran has been appointed as Managing Director (operations) at Chennai Petroleum Corporation Ltd (CCPL). He will take over from Mr. K.K. Acharya, who is likely to join the ministry of Petroleum, according to company sources:
Source: 06-11-09 Business Standard Compiled by Amresh Anjan
Mr. V. Ravichandran Appointed In Murugappa Group's Corporate Board
The Chennai-based conglomerate, Murugappa Group has announced the appointment of Mr. V. Ravichandran, Managing Director Of Coromandel International Ltd, to the Murugappa corporate board. He will now be the Lead Director for both EID Parry and Coromandel International, while continuing as the Managing Director of Coromandel International Ltd.
Source: 02-11-09 Business Standard Compiled by Amresh Anjan
3i Infotech Plans To Grant Just 4-Day Work Week To The US Staff
3i Infotech, the IT services firm which recently raised Rs 317 crore via qualified institutional placement to reduce its debt, says it will focus on debt management and cost reduction during the current financial year. The company would execute measures such as offshoring and 4-day work week for its US employees to cut costs.
Source: 05-11-09 DNA Compiled by Amresh Anjan
Morgan Stanley's India ECM Head Quits
Morgan Stanley's, India equity capital markets head, Mr. Sumeet Puri has quit. Mr. Puri joined Morgan Stanley in late 2007 from Merrill Lynch's India unit and has been instrumental in the company's strong showing in India this year.
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