Wednesday, January 27, 2010

HR Headlines: Jan-10 (Part-6)


 

 For more article, Visit at : www.amreshanjan.co.cc


Banks Set To Hire Over 2, 00, 000 People


The Reserve Bank of India has allowed retired teachers, kirana shop owners and public call office (PCO) operators to be hired as business correspondents. This has pushed banks to hire over 200,000 people over the next few years to make financial inclusion initiatives. Till now, only a few banks have finalised the number of correspondents they would hire. While the State Bank of India is expected to hire at least 40,000 persons, Punjab National is looking at an additional 75,000. On the other hand, Union Bank intends to hire 50,000 business correspondents over the next two to three years. Canara Bank and Andhra Bank are yet to finalise the number they would hire. These correspondents would be basically involved in collecting deposits, helping account holders withdraw cash and also sell other financial products such as life insurance.


Source: 19-01-10   rediff.com   Compiled by Amresh Anjan


 

PPP Model To Get Extended To Rural Job Generation


The rural job generation will soon get a public-private partnership model. The initial success of the flagship National Rural Livelihood Mission has encouraged the rural development ministry to seek a four-fold increase in Budget allocation for the project. The new mission has been expanded from the government's Swarnajayanti Gram Swarozgar Yojana, which had a budget of Rs 2,350 crore in 2009-10. "This time, we have asked for Rs 10,500 crore from the finance ministry," said Ms Rita Sharma, secretary in the rural development ministry. The scheme allows private enterprises and non-government organisations to develop various skills among the people living in rural, with a guarantee of a job afterwards.


Source: 19-01-10   Business Standard   Compiled by Amresh Anjan


 

TCS Is Likely To Hire 11,000 This Quarter


Tata Consultancy Services (TCS) is planning to hire close to 11,000 employees in the January-March 2010 quarter. The company is expected to hire about 8,300 freshers and 3,000 experienced professionals. For the financial year 2010-11, it has already made 5,625 offers and visited 77 institutes. These students will join TCS in the second quarter (July-September) of the financial year.


Source: 19-01-10   rediff.com   Compiled by Amresh Anjan


 

IT Firms To Give Moderate Wage Hikes


Though Indian information technology companies are back on campuses to hire in big numbers, they plan to give moderate wage hikes for the financial year 2010-2011. "The general benchmark that we are getting to hear is in the range of 5-15 per cent. Clearly, the 30-40 per cent hike days are behind us. Along with the slowdown in the US markets, there is a general mismatch in demand and supply. I think firms are being cautious before announcing huge hikes," says Mr Shiv Aggarwal, CEO of ABC Consultants. Mr T Muralidharan, executive chairman of TMI Networks, concurs: "There are three bands -- multinationals, Indian large corporates and small IT firms. Among the MNCs, wage hikes will be in the range of 15-20 per cent. Infosys Technologies, Tata Consultancy Services and Cognizant and other large IT companies will give a hike of 8-15 per cent. Among the smaller firms (with headcount of 200-250), the quantum of salary hikes will be higher, at 30-35 per cent, as they will have to retain the experienced people," he adds. According to human resource analysts, going ahead, the 5-15 per cent wage hike range would be the benchmark for the IT services sector for a few more quarters, even though the economy is picking up.


Source: 20-01-10   Business Standard   Compiled by Amresh Anjan


 

LG To Increase Its Headcount By 4,000 In 3 Months


To enhance its after-sales services in the air conditioner segment, LG Electronics said it will hire around 4,000 people in India in next three months. The company is targeting to achieve 50 per cent sales growth in the AC segment to Rs 2,500 crore (Rs 25 billion) this year. "This year, our focus will be improving our aftersales services. We plan to expand our centres as well as open 24 hour service centres in the metros. So, we will be hiring another 4,000 people by March for the purpose," LG Electronics India (business head - air conditioners) Mr Ajay Bajaj said.


Source: 21-01-10   rediff.com   Compiled by Amresh Anjan


 

ISB Placements Flying High This Season


The placement scenario looks much better in Hyderabad-based Indian School of Business (ISB). As per a consulting firm, Citi Group has offered an analyst investment banker's position with so far the highest offer of Rs 40 lakh per annum, followed by a Rs 33-lakh offer by Parthenon Group. The highest offer during the boom in 2007 was Rs 43.91 lakh. The B-School has 579 students to place this year, as against 440 last year.


Source: 16-01-10   Business Standard   Compiled by Amresh Anjan


 

CEO Of Dubai World's Istithmar Unit Resigns


The chief executive of Dubai World's Istitmar unit has been replaced with its chief investment officer, as the group focuses on managing its investments rather than making new acquisitions. Istithmar is one of the flagship companies of state-owned Dubai World, which has been hit hard by the global financial crisis. Mr David Jackson, who used to spearhead Istithmar's aggressive overseas expansion strategy, has been replaced by Mr Andy Watson, Dubai World said.


Source: 20-01-10   DNA   Compiled by Amresh Anjan


 

HDFC Standard Life Appoints Mr Amitabh Chaudhry As CEO


HDFC Standard Life has named Mr Amitabh Chaudhry, former Infosys head of business process outsourcing, as its CEO. He belongs to the famed club of having an undergraduate engineering degree from BITS Pilani and an MBA from IIM Ahmedabad. Besides serving Infosys, he has also been a part of Bank of America and Credit Lyonnais Securities.


Source: 19-01-10   DNA   Compiled by Amresh Anjan


 

Citi Group To Give Bonuses At 2008 Levels


Citigroup is likely to pay commercial and investment banking bonuses for 2009 that are similar to 2008 levels. The company may cap individual cash payouts at about $60, 000.


Source: 16-01-10   Hindustan Times   Compiled by Amresh Anjan


 

Bosch Plant Closure To Take Away 900 UK Jobs


A Welsh car parts plant is going to be closed next year at the cost of 900 jobs as production is moved to Hungary, Bosch said in a statement.


Source: 16-01-10   Hindustan Times   Compiled by Amresh Anjan


 

Nokia India Workers Go On A Strike


Nokia India workers went on strike after 55 employees were suspended earlier this week. "The strike started Tuesday after the management suspended 35 employees. On Wednesday, another 20 employees were suspended," an official of the Nokia India Employees Progressive Union said.


Source: 21-01-10   Hindustan Times   Compiled by Amresh Anjan


 

Civic Body To Crosscheck Claims Of 'Diabetic' Employees


The Municipal Corporation of Delhi (MCD) has decided to carry out medical examination on those employees who said that they could not register for the biometric system because of diabetes. This move came a day after it was reported that 6,000 employees had not registered for the system that was introduced to check punctuality and regularity of MCD staff. Mr Deep Mathur, director press and information, MCD, said "We have consulted medical experts of different disciplines of MCD hospitals who have confirmed that the fingerprints of the persons having diabetes do not wear off." The civic agency also claimed that there was no possibility of non-registration of their attendance through biometric system of attendance.


Source: 19-01-10   Hindustan Times   Compiled by Amresh Anjan


 

Citi Appoints Former Morgan Stanley Asia CEO


Citigroup named Mr Alasdair Morrison as an Asia senior adviser. Prior to this, he held roles of CEO and Chairman at Morgan Stanley Asia.


Source: 18-01-10   Business Standard   Compiled by Amresh Anjan


 

HDFC's MD Gets Three-Year Extension


The board of HDFC decided to give a three-year extension to Managing Director, Mr Aditya Puri. He has been with bank since its inception. The bank said that the appointment was subject to shareholder and regulatory approvals.


Source: 18-01-10   Business Standard   Compiled by Amresh Anjan


 

Axis Bank Appoints New Chairman


Mr. Adarsh Kishore has joined as non-executive chairman with Axis Bank. He has just returned to India after completing his term as executive director at the International Monetary Fund.


Source: 18-01-10   Business Standard   Compiled by Amresh Anjan


 

Premier Schools Gear Up For The Placement Season Next Month


Premier business schools of the country are gearing up for the placement season next month amid much anticipation that the class of 2010 is going to fetch higher salaries than offered in 2009. A survey by market research firm The Nielsen Company says that the average salary expectation this year in the country's major business schools is about Rs 14.6 lakh per annum. This is 13 per cent higher than average salary of Rs 13 lakh per annum for a domestic offer made to the 2009 batch in the Indian Institutes of Management (IIM). Big companies such as BNP Paribas, Barclays Bank, TCS, Citibank, Infosys, and Procter and Gamble have already confirmed participation in this year's campus placement programmes of the leading business schools.


Source: 21-01-10   Hindustan Times   Compiled by Amresh Anjan

 

 

 

 


Thursday, January 21, 2010

HR Headlines: Jan-10 (Part-5)


 

 For more article, Visit at : www.amreshanjan.co.cc



Virtual Reality - People Management

Key learnings:
  • Organisations have seen the cost advantage and become quite comfortable with virtual workers
  • Diverse virtual teams, when not managed effectively, can lead to dismal performance and employee burnout
  • HR has a key role to play to realise the benefits that a diverse virtual team can deliver


Work, these days, is perceived to be heavy, not in terms of volume but in terms of processes and approaches. Such situations demand intellectual collaboration from across boundaries. Geographical barriers no longer exist as the emphasis shifts towards virtual interactions and interfaces. In this process, organisations have seen the cost advantage and become quite comfortable with virtual workers. But which are more successful—homogeneo us or heterogeneous virtual teams?

There is enough research to prove that the latter are less effective than the former. The danger with heterogeneous groups is that there is a possibility of human patterning that forces a 'we–they' divide among employees. There are also surveys that tie positive performance of organisations to their collaborations. However, HR must make the right balance and take the lead in building virtual heterogeneous teams that help organisations emerge successful.

Bill Joy, co-founder of Sun Microsystems, has said, "No matter who you are, the smartest people work for someone else." Collaboration and round-the-clock operations, with people from various geographic regions, is one sure-fire way for firms to create successful, low-cost, breakthrough products/processes. As a result, there is a rise in the number of mergers, acquisitions and alliances. Knowledge sharing and transfer has become common fare. M&As aside, even within a company, specialist jobs are time sliced and allocated across various esteemed projects.

All this, and more, is evidence enough that diverse teams are beneficial to organisations. Nevertheless, diverse teams that are not managed effectively can lead to dismal team performance and subsequent employee burnout. Let us first take a look at why diverse teams fail, and then examine the role of HR in tapping into the advantages that a heterogeneous team can deliver.

Diverse teams, diverse problems!
Getting a diverse mix of employees to communicate through digital media is difficult! Virtual distance certainly matters a lot. Karen Sobel-Lojeski of Stony Brook University has arrived at an equation that determines virtual distance. According to her, three factors contribute to virtual distance and careful handling of those could help minimise distractions in a virtual environment.

Virtual distance is physical distance, operational distance and affinity distance put together. Karen defines virtual distance as "the perceived distance between individuals, organisations and groups".

Physical distance is made up of geographical spaces and time differences.

  • Operational distance consists of behavioural gaps that occur due to:
  • Day-to-day workplace situations
  • Technology barriers
  • Communication barriers, and delays arising thereof
  • Ill-defined team structures
  • Multi-tasking demands
  • Lack of motivation
  • 'We–they' disconnect

Affinity distance is the emotional disconnect between virtual team members due to:

  • Lack of trust
  • Cultural differences
  • Distances in social relationships
  • Interdependence distances

The general assumption is that diverse teams share valuable information—differen t types of knowledge and experiences. Research, however, reveals otherwise. Diverse teams are more engaged in trying to find commonality among themselves than working towards the best solutions.

Due to a mix of all the barriers mentioned above, diverse teams may not make smart decisions like their homogeneous counterparts. But is that all?

Fortunately, not!

Let us run through the example of a special collaboration between Boeing Inc., and Rocketdyne in their effort to build a new engine. Their virtual team comprised employees from different product design backgrounds, disciplines and design practices, who had never met before, even in an online environment. The diverse team reduced the number of parts of a critical component by about half, and manufacturing costs dropped from an estimated USD 7 million to USD 500,000. Team members spent less than 15 percent of their time in this effort and brought down the project duration considerably. Naturally, Rocketdyne senior executives agreed to fund the project!

Advanced digital communication media helps group dynamics and virtual team operations to a great extent. Team leaders must believe in the power of working in a virtual environment. Standardised processes and participant- led facilitation techniques could be used for all interactions and documentation. Motivation plays the most critical role here!

Role of HR
HR has a key role to play in the following areas:

Training: Collaboration in a diverse environment is an uphill task and it requires being knowledgeable in many areas.

Employees must be trained in using advanced electronic communication media to their advantage. They must be made particularly aware of the process structure of their teams. Workflow techniques must be understood clearly. Group behaviour must be emphasised and dealing with unwanted behaviour must be taught. Diversity training can be of major help. However, diversity proves to be an asset only when unique perspectives are shared within the team. The focus must be on making the team effective, not just viable! Organisations need effective diversity trainers who help teams understand that conflict and disagreement (healthy, of course) are essential to trigger creativity and innovation.

Grooming collaborative employees: Traditional controls and employer-employee relationships are changing. Virtual teams are a reality, and therefore, HR must play a role in grooming employees towards 'willingness' for virtual collaboration. They must groom leaders to manage virtual teams with multiple priorities as effectively as they monitor a 'physically-present' team.

Bridging cultural divide: HR plays a critical role in finding and nurturing leaders adaptive in global environments and cultures, where belief systems vary. A great attribute of effective leaders these days is the ability to think beyond cultural contexts to manage diverse employees.

Designing appropriate reward systems: Defining compensation policies, with an eye on various national and state laws, and union contract requirements, is a daunting task. However complex the task, the bottomline is that motivation (or the lack of it) makes a huge impact on worker productivity. Effective reward systems can be motivating, and designing appropriate systems is therefore essential. HR executives must consider team goals, roles, skills and composition, and bring a set of metrics and performance- based rewards to the fore.

There is a radical change in today's work environment. This means HR must change its assumptions about teamwork and diversity, and assume the responsibility to nurture virtually collaborative employees.

Source: 20-01-10  The Manage Mentor.


 Compiled by Amresh Anjan

 

 

 


Tuesday, January 19, 2010

HR Headlines: Jan-10 (Part-4)


 

 For more article, Visit at : www.amreshanjan.co.cc




Top Misconceptions about Taxes

 

Do I need to file my tax returns? How do I file them?

 

Misconception 1:

  • My employer has deducted tax at source from my paycheck and thus I don't have to worry about filing tax returns. Just because taxes have been paid on your behalf does not mean that filing a tax return is not required. If your combined annual income from all sources is above the amount that is exempt from income tax you are required to file your returns. Your employer gives to you a statement called Form 16 at the end of the financial year that shows the amount of tax that has been deducted at source. You will need to put the tax deduction amount shown on the Form 16 on your tax return form. Therefore, it is important to ensure that you obtain this statement from your employer on time.

Misconception 2:

  • Filing tax returns is a complex and cumbersome process. I need a Chartered Accountant to help me file my tax returns. Contrary to popular belief preparing and filing a tax return is actually quite simple. In fact if you have a digital signature you can accomplish the entire process sitting at home on your computer thanks to the e-filing facility available on the tax department website (www.incometaxindiaefiling.gov.in). Alternatively, you can submit the returns online, print a one-page receipt, sign it and drop it off at the income tax office within fifteen days of submitting the returns. No documents are required to be submitted with the receipt. If you so desire, you can fill out the forms on your own. However, if you want professional help there are many third party service providers who offer tax preparation and filing services for as low as Rs.200.

Housing and tax

 

Misconception 3:

  • he interest I pay on a home loan is deductible from my income from house property up to a maximum of Rs. 1,50,000 per year. This is true if you have taken a home loan for a single house and it is self-occupied. However, if you take a home loan on a second house, the entire interest paid on the loan can be claimed as a deduction from your income on house property. If you are planning to invest in real estate with the expectation that the property would appreciate in value over time, you could take advantage of the above rule. Thus a smart investment strategy would be to take a home loan on a second house, rent out the house and claim interest paid on the loan as a deduction from the rental income, thereby reducing your borrowing costs significantly.

Misconception 4:

  • I receive tax exemption on the actual rent I pay for my rented home. his is not entirely accurate. Section 13 A of the Income Tax Act states that the maximum amount that is exempt from tax is the lower of the following amounts: (i) the House Rent Allowance given by the employer, (ii) 50% of your basic salary if you live in a metro, (iii) or, actual rent paid minus 10% of your basic salary. Thus if actual rent paid is lower than 10% of your basic salary you receive no exemption. The other key point is that you cannot claim any exemption under this section if you live in your own home or if you are not paying rent to anyone.

The magical 80's

 

Misconception 5:

  • Section 80C benefits are available only on making an investment or saving or paying a premium on insurance. You can claim a deduction for the school or university tuition fees you pay for your children (maximum of two) as long as they are enrolled in a full time program at any institute in India. In addition you can claim a deduction for the repayment of principal on any home loan that you may have taken. Both these deductions have to of course be within the overall annual Section 80C cap of Rs.1lakh.

Misconception 6:

  • If I avail of tax free medical reimbursement from my employer up to Rs.15,000, I cannot claim deduction on health insurance premium paid. Tax free medical reimbursement by your employer up to an amount of Rs.15,000 per year for your family's medical expenditure is separate from the Rs.15,000 deduction available under Section 80D for the premium you pay on buying health insurance. Both these exemptions are covered under different sections of the Income Tax Act and you can enjoy benefits from both. The former covers costs for your daily medical needs and outpatient treatment (OPD), while the latter protects you from expenditure for hospitalization.

Misconception 7:

  • My friends tell me that the only interest payment I can claim an exemption for is the interest paid on home loans. There is a section of the Income Tax Act called 80E that permits deduction on interest paid on loans taken for higher education for self, spouse and children. There is no limit on the amount of deduction you can claim. The only thing to keep in mind is that the program for which the loan is taken should be a graduate or post-graduate program in engineering, medicine or management or a post-graduate course in the pure or applied sciences.

Interest income and others

 

Misconception 8:

  • Interest I earn on my savings account balance is exempt from income tax.After the removal of Section 80L of the Income Tax Act, interest income from any source including savings account balance, is subject to income tax. What you may be referring to is the rule around tax deducted at source for the interest payments you receive on your savings account. As per existing rules, as long as the combined interest income that you earn, on any savings accounts or fixed deposits, at a single bank branch, is less than Rs.10,000 there will be no tax deducted at source. If you want to better manage your cash flow and do not want tax to be deducted at source you could consider spreading your deposits across multiple bank branches, even if they are of the same banking company.

Misconception 9:

  • I have to pay taxes on interest received from my fixed deposits only on maturity. Your tax liability on interest income from your fixed deposit is calculated on an accrual basis. Let's say that you have made a fixed deposit for three years and have elected not to receive any regular interest payouts and instead have decided to receive a lump sum payout on maturity after three years. That does not mean that you are not liable to pay income tax annually on the interest that is credited to your fixed deposit account every year, even though you do not have access to that interest income.

Misconception 10:

  • I received cash as a gift from a close friend. I do not have to pay any tax. You are right as long as the amount was less than Rs.50,000 during the financial year. The applicable rules for gift tax state that any cash gifts, without any upper limit, received from specified relatives are exempt from income tax. However, if you receive a cash gift from a friend, which exceeds Rs.50,000 in one financial year, you are liable to pay income tax on the entire amount. However, the good news is that cash gifts received during your marriage, of any amount, and from anyone are totally free from income tax.

 Source: 18-01-10  www.itrust.in


 Compiled by Amresh Anjan





 

 

 

Monday, January 18, 2010

HR Headlines: Jan-10 (Part-3)



 

 For more article, Visit at : www.amreshanjan.co.cc

Job Market Looks Much Better Now, US Economy Preview

American companies may need to start boosting payrolls this year. The worst US employment slump in the post-World War II era may have almost ended in December, signaling the recovery will not be jobless much longer, economists said before reports this week. Payrolls probably fell by 1,000 workers last month, the smallest drop since the recession began two years ago, according to the median of 58 economists surveyed by Bloomberg News ahead of a January 8 Labor Department report. The unemployment rate may have climbed to 10.1 per cent from 10 per cent. Stimulus-driven gains in global demand mean American companies may need to start boosting payrolls in 2010 after eliminating 7.2 million jobs since the recession began in December 2007. Manufacturers are leading the rebound in growth as a pickup in orders and rising exports, combined with a record reduction in inventories, spurs production.

Source: 04-01-10   Business Standard   Compiled by Amresh Anjan

 

Life Science Firms Buoyant On Hiring

Domestic pharma and life science companies are now aggressively scaling up their R&D capabilities to meet the rising demand for clinical research from global majors, which has brought them back to the job market. USV Ltd, the healthcare company which focuses on generics, active pharmaceutical ingredients (APIs) and bio-similar, is planning to add 231 people to its headcount, this year, across the board. Mr Ravindra Waghmare, senior VP- HR at USV, sees 30-50% hike in salaries while changing jobs in the life sciences sector following a revival in the economy. "With pharma majors tapping opportunities in newer segments, the demand for medical researchers, field managers, marketing managers, manufacturing and logistic support will increase significantly," he added. It's not just the pharma biggies flexing their hiring muscle, small-and mid-sized firm are also gearing up to meet the spurt in outsourcing demand.

Source: 08-01-10   DNA   Compiled by Amresh Anjan

 

Port Workers' Withdraw Their Strike

After the Indian Ports Association (IPA) agreed to pay House Rent Allowance (HRA) from January 1, 2007, port workers have decided to withdraw the strike call. It was agreed that all other allowances would be paid with effect from January 1, 2008. The demand of the unions was that the management of the 12 ports should grant 23 per cent fitment amount to port and dock workers with effect from January 1, 2007, whereas IPA, which represented the major ports of the country, was offering fitment with effect from January 1, 2009.

Source: 05-01-10   Business Standard   Compiled by Amresh Anjan

 

Promising Placements For NIFT In 2010 After A Gloomy 2009

The country's leading fashion institute, National Institute of Fashion Technology (NIFT) is hoping that placements return this year. The institute saw a fall in average salaries by Rs 1.42 lakh in 2008 and faced deferred final placements in 2009 but it is optimistic that New Year will be promising in terms of placements. NIFT is planning to separate placement dates for its masters and undergraduate programme. "While there are no major changes in strategy, the placements for the masters' programme are offered on separate dates than bachelors," said Mr Prabir Jana, head-industry linkage unit, NIFT. The process will, apparently, help the institute offer quality time to firms as well as students.

Source: 04-01-10   Business Standard   Compiled by Amresh Anjan

 

PSU Banks Looking To Fill Up 40,000 Vacancies

Due to retirements, resignations and expansion of business, about 40,000 vacancies have been created in public sector banks. There are 19,000 vacant positions in the State Bank of India group, followed by mid-size banks like Syndicate Bank and Central Bank of India, which have over 3,000 vacancies each. The data has been submitted from the Department of Financial Services. The employee strength of all state-run banks is about 672,000 at present.

Source: 04-01-10   Business Standard   Compiled by Amresh Anjan

 

PwC Says Undervalued Employees 'Consider Quitting'

According to a recent study by auditing firm PricewaterhouseCoopers (PwC), a third of employees say they have not felt valued by their employer throughout the recession and admit they would leave their current position for a new job if an opportunity arose. It also revealed that respondents who do feel valued by their employer are more willing to stay put, with 41 percent of such individuals saying they plan to remain loyal to their current firm, compared to 23 percent who would take a new job. "As the long-term impact of people management decisions taken during the downturn begins to be felt, the winners and losers of the war for talent are starting to reveal themselves - with those who continued to focus on investment and employee engagement emerging as clear leaders," says Mr Michael Rendell, Partner and Leader, Human Resource Services at PwC.

Source: 08-01-10   siliconindia.com   Compiled by Amresh Anjan

 

Public Sector Banks Take A Look At Human Resources Challenges

Chief executives of India's public sector banks, which account for around 70% of the industry, need to answer questions like - how many employees do you have on your payroll? What's your business per employee and profit per employee? What is the average age of your employees? - and several other questions posed by a government-appointed committee that is looking into the human resources, or HR, challenges these lenders face. The business of banks has grown manifold in the past decade, but employee strength has dwindled significantly." Banks have been asked to respond to the questionnaire by the first week of January. Senior human resources officers of select banks, such as Bank of Baroda and Union Bank of India, will analyze these questionnaires and present the findings to the committee," said a senior executive of the national bankers' lobby, Indian Banks' Association, or IBA.

Source: 03-01-10   livemint.com   Compiled by Amresh Anjan

 

AIG Makes Several Executive Appointments

American International Group Inc. has made several senior appointments. AIG Chief Executive Mr Robert Benmosche said Mr Jeff Hurd, a senior employee at the giant insurer and recently its chief administrative officer, will become head of human resources. Mr Michael Cowan, a longtime employee at Merrill Lynch & Co., is joining AIG as chief administrative officer, as per the memo. Mr Nick Ashooh, AIG's senior vice president of communications since September 2006, is leaving to join aluminum giant Alcoa Inc. as its head of corporate affairs. He is being succeeded by Ms Christina Pretto, a former Citigroup Inc. executive who joined AIG's communications department a year back.

Source: 05-01-10   The Wall Street Journal   Compiled by Amresh Anjan

 

Tata Elxsi Plans To Hire 400 Employees In 2010

Tata Elxsi, a Tata Group company, said that it will increase its headcount by about 400 this year as it looks to expand its services and businesses, especially in the US. "We will be increasing our workforce by another 10 per cent this year. We would be inducting about 400 professional during the year," Mr Nitin Pai, vice-president and marketing head, Tata Elxsi told PTI at the 10th Auto Expo. The company currently employs around 4,000 professionals in six centers across the country.

Source: 07-01-10   rediff.com   Compiled by Amresh Anjan

 

Mr. Yogesh Agarwal Appointed As IDBI Bank Chairman

IDBI Bank Chairman and Managing Director, Mr Yogesh Agarwal has been shortlisted for the post of the chairman of the Pension Fund Regulatory and Development Authority (PFRDA). The banker, who is due to retire in June, was selected from a panel of three names that was prepared following an interview by a committee.

Source: 08-01-10   Business Standard   Compiled by Amresh Anjan

 

Insiders Appointed To Head Infosys BPO And KPO Divisions

Infosys Technologies has announced new heads for its business process outsourcing (BPO) subsidiary, Infosys BPO, and the knowledge process outsourcing (KPO) practice. The company has elevated Mr Swaminathan D ('Swami' Swaminathan) — the current COO and Senior Vice President of Infosys BPO — to the position of CEO and MD. Mr Kishor Gummaraju — who was earlier AVP and Head of Consumer Packaged Goods (CPG) Solutions at Infosys — has been appointed head of the KPO practice. The company is expected to announce these appointments after disclosing its results on January 12.

Source: 06-01-10   Business Standard   Compiled by Amresh Anjan

 

Indo-US Finance Head Fired By Koss

Koss Corp, a leading US stereo headphone maker has handed a pink slip to its auditor, Messrs Grant Thornton, as an expanded internal investigation into alleged embezzlement by an Indian American Finance executive turned up new losses totaling $31 million. Ms Sujata Sachdeva was charged with embezzling $4.5 million.

Source: 05-01-10   The Hindustan Times   Compiled by Amresh Anjan

 

IN Entertainment Appoints New CEO

Hinduja Group has named Mr Sunir Kheterpal as Chief Executive Officer of IN Entertainment. The company plans to invest Rs 250 crore in the content business over the next 2-3 years and Mr Kheterpal will be responsible for spearheading its aggressive growth plans in the media and entertainment space.

Source: 07-01-10   The Financial Express   Compiled by Amresh Anjan

 

Actuary Is The Best Job Of 2010

Calculating statistics to determine probability and risk, in short, being an actuary is the best job to have in 2010 and the worst job is working on an oil rig as a roustabout is the worst, according to a study. An actuary earns about $85,000 a year and has few physical demands, little stress, a good work environment and a positive outlook for employment and income growth, as per the study. The second-best job is software engineer, followed by computer systems analyst, biologist and historian.

Source: 07-01-10   The Financial Express   Compiled by Amresh Anjan

 

Mr Ghosh and Mr Mizuno Join Credit Suisse As VCs

Swiss banking major Credit Suisse has named Mr Bunt Ghosh and Mr Atsushi Mizuno as Vice Chairman of its Fixed Income business in Asia Pacific region. Mr Ghosh, who was earlier the global head of Fixed Income Research for Credit Suisse, would relocate from London to Hong Kong as Vice Chairman, said the bank. Mr Atsushi Mizuno, who is a former member of the Policy Board of Bank of Japan, has been re-hired as Vice Chairman. The two would play a key role in developing senior client relationships and providing strategic input for the development of Credit Suisse's Fixed Income Department in the Asia Pacific region.

Source: 06-01-10   Business Standard   Compiled by Amresh Anjan

 

Satyam Fresher's Finally Get Their Call Letters

About 6,000 Satyam fresher's, who were given offer letters in 2008-09 by the tainted management of Satyam Computer Services, seem to be getting their call letters finally. Mahindra Satyam sent call letters to the fresher's, reviving the offers. However, the new management might go for a fresh screening of the candidates, before selecting some of them.

Source: 07-01-10   The Hindu Business Line   Compiled by Amresh Anjan