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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
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.
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.comCompiled 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.comCompiled 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
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