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Attrition Rises In Indian BPOs Human Resources (HR) department heads, particularly of the Business Process Outsourcing (BPO) firms are having a tough time due to the unexpected jump in tattrition rates. Even the major BPO firms are hit. In the April-June quarter of the 2010-11 fiscal, the attrition rate in TCS BPO was around 20 per cent, and the same in Wipro was around 16 per cent respectively. As per HR consulting firm Talentar Managing Director Mr Abhishek Udayai, "The job market is opening up and this has become a worry for many BPO firms. BPO is the highest job provider in the IT industry and the attrition rate is also very high in this segment." However, recruiters feel that BPO sector which was considered as a stepping stone to an IT or corporate career is gradually transforming and the industry has gone up the value chain. The industry has matured considerably and is one of the fastest growing sectors of India, employing 7,68,000 professionals which also poses a challenge of getting right talent. "The workforce is the backbone of the BPO industry and the attrition rates have becoming alarmingly high for the industry. Most of the companies are promoting within to ensure that talent remains," said Kelly Services India Managing Director Mr Kamal Karanth. HR firms and companies feel that the high rate of attrition is because of a sudden spurt in the market after dormancy for more than four quarters.
Source : 31-07-10 Deccan Herald Compiled by Amresh Anjan
IIM-Ahmedabad To Begin Summer Placements From Nov 12 The Indian Institute of Management, Ahmedabad (IIM-A) would start summer placements for the post graduate programme (PGP) batch 2010-12 from November 12, a release from the institute said. The B-school has decided to modify the basic process to include the cohort-based system, which is used in the final placement process for the PGP batch 2008-10 in March. The institute has decided to continue with the cohort-based process for placements due to its student-friendly nature that reduces stress and allows them more time for preparation. In this process, companies will be divided into groups called 'cohorts', based on multiple parameters such as roles, locations and salaries, and several cohorts will be held in one cluster. The cohorts would be scheduled based on the preference of the students. Interviews in the first cluster are scheduled to start from November 12 and will afterward proceed on weekends until all the students are placed in roles of their choice.
Source : 05-08-10 Business Standard Compiled by Amresh Anjan
India Inc Hiring To Increase 30% This Year India Inc is likely to raise its hiring activity by around 30 per cent during the current year with maximum positions offered in banking, IT and FMCG sectors, the staffing firm Kelly Services said. "Overall, across the main 7-8 key verticals studied by us, an average 30 per cent rise in hiring activity is likely this year as compared to the last year. Expansion plans of firms, revival in attrition rates and taking on board recruitment managers indicate a strong recruitment phase in the next six months," said Mr Kamal Karanth, managing director, Kelly Services. The main factors propelling the buoyant hiring sentiment include strong domestic demand along with country's fast economic growth as well as recovery in the US economy.
Source : 04-08-10 Hindustan Times Compiled by Amresh Anjan
Good News For Interns Of Three Medical Colleges In Delhi About 450 interns in three medical colleges in Delhi will get about 80 per cent increase in their stipend amount with the finance ministry giving its nod to a proposal in this regard. The stipend of interns at Maulana Azad Medical College, Lady Hardinge College and the University College of Medical Sciences here will be increased from Rs 5,000 to Rs 8,900 per month, according to sources. The Expenditure Finance Committee (EFC), under the finance ministry, has approved a proposal of the HRD ministry for a hike in the stipend amount.
Source : 04-08-10 Hindustan Times Compiled by Amresh Anjan
PFRDA Has Decided To Restructure NPS Within 15 months of the launch of the New Pension System (NPS), the Pension Fund Regulatory and Development Authority (PFRDA) has already decided to restructure the scheme as it is not moving ahead. The poor response for the scheme amongst employees of private firms and the unorganised sector and its weak incentive structure for fund managers to push the product have prompted the regulator to overhaul the scheme. "The fee structure for pension fund managers is so low, it's almost like free. For every account, they make losses at current levels," PFRDA's Chairman Mr Yogesh Agarwal said. The regulator has come up with a committee headed by Mr G.N.Bajpai, former chairman of the Securities Exchange Board of India (SEBI) and the Life Insurance Corporation (LIC) to recommend ways to improve the reach of NPS in its intended segments.
Source : 03-08-10 Hindustan Times Compiled by Amresh Anjan
Obama Says Keeping Jobs Away From India, China Helped US Recovery US President Mr Barack Obama has said America is on the road to recovery courtesy his economic plan that included ensuring new jobs and industries don't go to China and India. He said he took office in January 2009 "after nearly a decade of economic policies that gave us sluggish growth, falling incomes, and a record deficit, and policies that culminated in the worst financial crisis that we've seen since the Great Depression". "Now, we didn't get here by accident," he said at a Democratic Party fund raiser event in Atlanta, Georgia, pointing that all told 8 million jobs were lost as a consequence of this crisis.
Source : 04-08-10 Hindustan Times Compiled by Amresh Anjan
$25,000 Floor Pay Restored By Government For Foreign IT Employees The government modified its policy on the employment of foreigners for the third time in five months, reinstating a minimum salary, but only for those hired by information technology (IT) firms. As per the clarification issued by the home ministry to all stakeholders, including the ministries of foreign affairs, labour and IT, the $25,000 (Rs11.55 lakh) minimum annual wage floor has been reinstated for those working in IT and IT-enabled services (ITeS). "Foreigners can apply for jobs in the IT sector provided Indian firms pay each of them a minimum annual salary of $25,000," a senior home ministry official said.
Source : 04-08-10 livemint.comCompiled by Amresh Anjan
Top Appointments In Govt Banks Delayed The delays that were typical to the appointment of public sector banks chiefs are back again. The reason for this has been pointed out as changes in rules proposed by the finance ministry. Already, the position of chairman and managing director in four government-owned banks is vacant, besides the similar vacancies in the Small Industries Development Bank of India and the National Housing Bank. It is quite unlikely that the vacancies will be filled soon. The delay is happening in spite of Finance Minister Mr Pranab Mukherjee's initiative to speed up filling of top posts in public sector banks. In two instances earlier this year, in case of United Bank of India and Indian Bank, appointment orders were issued more than a month before the incumbent retired. However, it's the same old story now. Top posts at four state-run banks, Punjab and Sind Bank, UCO Bank, Corporation Bank and Canara Bank, are lying vacant.
Source : 06-08-10 Business Standard Compiled by Amresh Anjan
Report On PSBs' HR Practices Gets No Acknowledgement, Attrition Continues To Rise One more report by a government-appointed panel is not expected to see the light of the day. The Anil Khandelwal committee report on reshuffling age-old human resource practices in public sector banks, submitted to the government last month, is likely to go waste. The panel says that instead of the present industry-level arrangement, wage decisions should be taken at the bank level. Also, the 'one-size-fits-all' model for remunerations, incentives or welfare of employees must be abandoned to push employees to achieve excellence. Besides that, it reported that about 35% of public sector bank employees are set to retire by 2012. The move has come at a time when attrition level and HR- related problems are already on the rise in public sector banks. "Until the HR practices are changed, it would be very difficult to attract talent to public sector banks," a senior executive at a public sector bank said. However, the government is not very keen on adopting the recommendations made in the report, sources revealed.
Source : 05-08-10 Hindustan Times Compiled by Amresh Anjan
Nafed Announces The Appointment Of New MD The government has appointed a new managing director to head National Agricultural Cooperative Marketing Federation (Nafed). Mr C V Ananda Bose, the former managing director who was dismissed by the federation's board for alleged misuse of funds, has apparently opted out after being recently empanelled to the rank of a secretary. Mr Sanjeev Chopra, an IAS officer of the 1985 batch from the West Bengal cadre, has been named as managing director. Before this posting, Mr Chopra was a joint secretary in the agriculture ministry. "Bose has opted to go out, as he has been empanelled to the secretary rank. The Appointments Committee of the Cabinet is likely to find an appropriate posting for Bose soon," according to an official in the agriculture ministry.
Source : 02-08-10 Business Standard Compiled by Amresh Anjan
Mr Kudip Kaura Is MD And CEO Of ACC ACC said that it has appointed former Vedanta Resources chief executive, Mr Kuldip Kaura as its new chief executive and managing director. He will be in the position until December 2013, ACC said.
Source : 06-08-10 The Financial Express Compiled by Amresh Anjan
Mr S Acharya Joins Kotak Life As Executive VP Kotak Mahindra Old Mutual Life Insurance Ltd (Kotak Life Insurance) has appointed Mr Subhasish Acharya as its new executive vice-president and head of tied channel. Mr Acharya would spearhead all the activities related to the channel, including strategy formulation, effective process and system implementation, service quality and customer satisfaction, the company said.
Source : 06-08-10 The Financial Express Compiled by Amresh Anjan
Hypercity Retail Gets A New CEO K Raheja group promoted Hypercity Retail (India) has appointed Mr Mark Ashman as its Chief Executive Officer. He joins Hypercity from Marks & Spencer.
Source : 06-08-10 The Financial Express Compiled by Amresh Anjan
Mr BS Nagesh Becomes Part Of Marico Board Marico Industries has appointed Mr BS Nagesh, customer care associate and vice-chairman, Shoppers Stop, on the board of Marico as a non-executive independent director. He replaces Mr Bipin Shah, who retired from the company's board in January 2010.
Source : 06-08-10 The Financial Express Compiled by Amresh Anjan
Symphony Names New CEO IT Firm Symphony Service has named Mr Sanjay Dhawan as president and Chief Executive Officer with immediate effect. Mr Pallab Chatterjee, who is presently serving as chairman and CEO, will revert to his role as chairman of the company's board, the company said in a statement. Prior to joining Symphony Services, Mr Dhawan served as president and COO of Aricent.
Source : 06-08-10 The Financial Express Compiled by Amresh Anjan
Good Relations India Inducts New CEO, COO Good Relations India has elevated Mr Deepak Kanulkar, currently chief operating officer, as chief executive officer and Mr Jhon Arokiasamy, currently head of national account management, as chief operating officer with immediate effect. Mr Deepak Kanulkar has been associated with Good Relations since October 2007 and has served as COO for the last two years. In his new role, he will focus on the growth of the consultancy in India, West Asia and Sri Lanka.
Source : 06-08-10 The Financial Express Compiled by Amresh Anjan
Mr Paul McGarty Named As President Of Lupinon Pharma major, Lupinon announced that it has appointed Mr Paul McGarty as the president of its US subsidiary. "With more than 25 years of experience in pharmaceutical operations as well as commercial functions in both generic and branded business, Mr McGarty brings invaluable experience and leadership skills to Lupin's growth plans in US," CEO Ms Vinita Gupta said.
Source : 04-08-10 The Financial Express Compiled by Amresh Anjan
Mr Jayant Dua Is Birla Sun Life MD Birla Sun Life Insurance Company (BSLI), an ancillary of Aditya Birla Nuvo, has appointed Mr Jayant Dua as the managing director of the company effective from Q1 July. Before this, he headed Aditya Birla Insulators (ABI) in the capacity of President and CEO.
Source : 05-08-10 The Financial Express Compiled by Amresh Anjan
YES Bank Appoints New President YES Bank said it has appointed Mr Vikram Kaushal as president and country head – wealth management. In this role, Mr Kaushal will be responsible for driving the bank's wealth management business across branch banking. Previously, he was heading the wealth management business at ICICI bank.
Source : 05-08-10 The Financial Express Compiled by Amresh Anjan
Marks & Spencer Names Mr Alan Stewart As CFO Marks & Spencer has named former WH Smith executive Mr Alan Stewart as Chief Financial Officer. Before him, Mr Ian Dyson was heading the finance function.
Source : 04-08-10 Business Standard Compiled by Amresh Anjan
Bharti Infratel Names New CEO Bharti Infratel, a unit of India's top mobile operator Bharti Airtel, announced the appointment of Mr Devender Singh Rawat as its chief executive officer. He would report to Bharti Infratel's managing director Mr Akhil Gupta.
Source : 01-08-10 DNA Compiled by Amresh Anjan
Mr P. R. Somasundaram Appointed As MD & CEO Of LVB Mr P. R. Somasundaram assumed the role of Managing Director and Chief Executive Officer of Lakshmi Vilas Bank on August 2. Prior to this, he was the CEO and MD of Standard Chartered-STCI Capital Markets Ltd., a subsidiary of Standard Chartered Bank.
Source : 04-08-10 The Hindu Compiled by Amresh Anjan
Upbeat Job Market, Wage Hikes Lead To Higher Apparel Sales
More and more young people taking up jobs and the ones already employed moving jobs is having an impact on the apparel sales of Central, Pantaloon Retail's chain of 'seamless' malls. In the last 12-15 weeks, the retail chain has witnessed buoyancy in the market, with apparel sales growing at about 40-50 per cent and the average stock cycle getting shorter by a few weeks, said Mr Rajesh Seth, Vice-President, Marketing, Central and Brand Factory. Attributing this to increasing activity in the job market and wage hikes in April, he hopes the confidence to spill over to the festive season in October-November.
Source : 23-07-10 The Hindu Business Line Compiled by Amresh Anjan
Wipro Issues Restricted Stock Options To Retain Its Staff
With the attrition rate going northwards, Wipro has issued restricted stock options to senior staff effective from July 1. About 8,000-9,000 employees are eligible for these options. The quantum will be decided based on the grade, seniority and performance of the employee concerned. The stock options will be given at face value. Besides this, the company has also effected wage corrections for its overseas employees in some specific countries.
Source : 24-07-10 Business Standard Compiled by Amresh Anjan
Hiring Sentiment Is Quite Positive, Says A Survey
As per the latest Employment Outlook Report for the period July - September 2010 released by TeamLease Services, the hiring sentiment is at an 18-month high for the present quarter beginning July and ending September 2010. Bangalore, whose job market is characterised by high attrition and also an optimistic hiring sentiment, has seen its employment outlook rise significantly to become double that of the other cities. Tier-II cities experienced a significant increase (3 per cent) in hiring intent to 19 per cent — an all time high, indicative of the talent supply potential of the areas. Hiring at the junior and entry levels of organisational hierarchy is set to make a strong comeback with 17 per cent and 11 per cent increases in hiring intent — the biggest rise after more than 24 months of stagnant or negative growth in index value.
Source : 26-07-10 Business Standard Compiled by Amresh Anjan
Air India May Axe 7,000 Jobs As Workers Retire
National Aviation Co. of India Ltd., the state-owned parent of Air India, is likely to cut as many as 7,000 jobs through retirements over the next three years as it seeks its first profit, according to the company's biggest union. About 9,000 workers will probably retire in the period of whom only 2,000 may be replaced, Mr George Abraham, the Aviation Industry Employees' Guild's general secretary, said.
Source : 23-07-10 bloomberg.comCompiled by Amresh Anjan
India Likely To Add 110 Million To Global Work Force: Says A Study
According to a recent study, India is expected to provide the biggest increase to the global labour force over the next decade, adding an additional 110 million workers by 2020. This huge rise in workers is equivalent to the current combined population of Britain and South Korea. The projection for India contrasts with forecasts by the International Labour Organisation that China's labour force will increase by just 15 million over the next decade while Japan's will decline by three million. The changing demographics could add four percentage points GDP growth to India's economy which is already expanding by more than eight percent, the Goldman Sachs report said. It also said that manufacturing could create the jobs needed to absorb the rise in the workforce, but the country will need a "massive overhaul of its archaic labour laws and (make) a heavy investment in education and skills training." Other than that, it revealed that firms employing over 100 workers cannot make layoffs without government permission, which reduces incentives to invest in skill development, discourages economies of scale and inhibits competitiveness.
Source : 29-07-10 google.comCompiled by Amresh Anjan
IT Companies Look Beyond Salary Hike Option To Retain Staff
To rein in high attrition levels, India's top information technology (IT) firms are offering mid-term hikes and promotions to keep employees from switching the jobs. Infosys Technologies Ltd has given two salary raises —8% and 13-17%—since October. In June, the IT firm gave at least five shares to each employee to commemorate the beginning of its 30th year. Wipro Ltd gave promotions to 20,000 employees earlier in July—more than double its usual number in a year. Tata Consultancy Services Ltd's (TCS) attrition at 13.1% was the lowest among the big three. It gave promotions and average wage hikes of 10% in April, after a gap of one year. The company's focus is now on non-monetary components: rotating jobs more often, not just within projects but across technologies, verticals and locations; and encouraging more first-time managers to take up people management courses.
Source : 28-07-10 livemint.comCompiled by Amresh Anjan
Bangalore University Plans Job Cell For Science Students
Students pursuing post-graduate courses in Science at Bangalore University will have less to bother about jobs after graduation from this academic year. The varsity has decided to tie up with the Federation of Karnataka Chamber of Commerce and Industry (FKCCI) to set up a placement cell for such students at its Janana Bharathi campus. "The initiative will help attract students to Science subjects, mainly basic Science courses," Mr RM Ranganath, registrar (administration), Bangalore University, said. "We have had a preliminary meeting with FKCCI and we will soon sign a Memorandum of Understanding (MoU) with them in this regard," he added. FKCCI president, Mr S Srinivasa Murthy said, "The vice-chancellor reacted positively to our proposal and the placement cell for Science post-graduates will help both students and companies. We will start the cell as soon as the MoU is signed."
Source : 28-07-10 DNA Compiled by Amresh Anjan
UBS Plans To Hire 2,200 New Employees In Asia: Region Chief
Swiss bank UBS plans to recruit 2,200 new staff in the region, the head of UBS in Asia Pacific said. The bank believes that this move would return it to its pre-crisis splendour. Mr Chi-Won Yoon, said, "The defensive phase, in which we tried to maintain our standing and contain any loss of position, is behind us. We are now back on the offensive."
Source : 25-07-10 DNA Compiled by Amresh Anjan
Mr Barack Obama Signs Bill To Extend Jobless Benefits
President Obama signed legislation extending unemployment benefits for more than 2.5 million Americans by an election year fight over whether the cost should be added to the federal deficit. The president acted a few hours after the House gave final approval to the $34 billion plan on a 272-152 vote. Ten Democrats opposed the bill; 31 Republicans supported it. The Senate passed the legislation yesterday 59-39. "Americans who are fighting to find a good job and support their families will finally get the support they need to get back on their feet during these tough economic times," Mr Obama said.
Source : 24-07-10 Business Standard Compiled by Amresh Anjan
Tata Global Beverages' Executive Director Ms Sangeeta Talwar Steps Down
Ms Sangeeta Talwar, whole-time executive director of Tata Global Beverages, and one of the company's senior most representatives in India, has resigned after a six-year stint with the company. The company said the board had accepted the resignation and she was expected to be relieved of her duties effective August 1. According to industry sources, Ms Talwar might join the National Dairy Development Board.
Source : 24-07-10 Business Standard Compiled by Amresh Anjan
Labour Strike Threat At Jaguar
A labour strike looms large on the Tata-owned English marque Jaguar after two-thirds of the company's employees rejected its proposal to limit the terms of the voluntary redundancy scheme. The vote by 350 workers at the carmaker's Browns Lane base in Conventry, where the laminate and wood-lined internal trimmings for the Jaguars are produced, comes after the decision by Tata Motors to sell the facility for about 15 million pounds to Lawrence Automotive Interiors, the British division of the Chinese group Ningbo Huaxiang, which will do the job for Jaguar.
Source : 29-07-10 Business Standard Compiled by Amresh Anjan
Mr Noel Tata Appointed As Tata Intl MD
Mr Noel Tata has been appointed as Managing Director of Tata International. He will step down from the role of Managing Director of Trent on August 12. "Mr Tata will continue to remain on the board of directors as non-executive Vice- Chairman," Trent said.
Source : 30-07-10 The Hindu Business Line Compiled by Amresh Anjan
BP Names Its First Non-British CEO
Beleaguered British oil giant BP has finally broken the tradition by hiring its first non-British chief executive. The firm announced that 54-year-old New York born Mr Robert Dudley will be taking over as Chief Executive from Mr Tony Hayward. Though, till now, BP's chief executives have come from different backgrounds, they have all been quintessentially British.
Source : 27-07-10 The Hindu Business Line Compiled by Amresh Anjan
Cholamandalam Fin Names New Chairman, MD
The board of directors of Cholamandalam Investment and Finance Company Ltd (CIFCL) has named Mr M B N Rao and Mr Vellayan Subbiah to the board. Mr M B N Rao, former chairman and managing director of Canara Bank and India Bank, has been appointed as additional director. He also succeeds Mr M A Alagappan as chairman of CIFCL. On the other hand, Mr Subbiah has been appointed managing director of the company and is slated to join in the third week of August.
Source : 30-07-10 The Financial Express Compiled by Amresh Anjan
Grey Delhi Gets A New Branch Head
Mr Ketan Desai is now the associate VP and branch head of Grey Delhi. He started his career with the then Trikaya Grey in Kolkata 11 years back. He has worked in several Grey offices in the region and across many verticals like automobiles, media FMCG, hospitality and tobacco. He will report directly to Mr Jishnu Sen, COO of Grey India.
Source : 30-07-10 The Financial Express Compiled by Amresh Anjan
Magma Design Board Appoints A New Director
Magma Design Automation, a provider of chip design software, has appointed Mr Dave Sugishta, a veteran in the semiconductor and electronics design automation industries, to its board of directors. Previously, he was in various senior financial management positions in various companies, including as Chief Financial Officer at EDA supplier Synopsys.
Source : 30-07-10 The Financial Express Compiled by Amresh Anjan
Mr George Mitra Appointed As Avendus Capital ED
Mumbai-based investment bank AvendusCapital has named Mr George Mitra as executive director for its wealth management business. He was earlier with Deutsche Bank's wealth management unit, and was also heading the Delhi office.
Source : 30-06-10 The Financial Express Compiled by Amresh Anjan
Daiwa Capital Hires Former Nomura ED
Mr Ajay Marwaha has been appointed as head of fixed income at Daiwa Capital Markets India. Earlier, Mr Marwaha was responsible for Ficci product trading at Nomura and was involved in the launch of primary dealer business lines at Lehman Brothers and Citi Group.
Source : 30-07-10 The Financial Express Compiled by Amresh Anjan
In spite of tall claims, the vote-catching Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) has fallen short of its targets. As many as 15 states including Gujarat, West Bengal and Kerala have performed badly as compared to the national average of 48 days in executing the flagship programme. In its Mid Term Appraisal (MTA) of the 11th Five Year Plan, the Planning Commission has observed that only 14 per cent of worker households have finished 100 days of work mandated under the Act. Kerala, which the most socially advanced state in the country, was able to provide work for only 22 days. The plan panel also found that Gujarat was able to provide an average 22 days of work per household whereas West Bengal provided 26 days same as Bihar. Moreover, these three states have the poorest record on MGNREGA fund utilization with Gujarat spending only 1 per cent.
Source : 21-07-10 Hindustan Times Compiled by Amresh Anjan
A Professional Degree Can Not Guarantee A Plum Job
If you are a student in an engineering or MBA institute that is not among the top 100 in the country, there are chances that you might not get a placement or might have to settle for a very average pay. This is irrespective of the economic scenario and the hiring plans of companies. A survey covering 200 engineering colleges and 200 MBA institutes beyond the top 100 reveals that, on an average, only 15-20% engineering students, and about only 30-40% management students get placed. Moreover, the average salaries for the engineering passouts range between Rs 10,000 and Rs 15,000 per month, while for MBA graduates, they are between the Rs 12,000-15,000 band. The survey by Elements Akademia, a talent and training company, covered 20 cities including Kanpur, Bhopal, Indore, Coimbatore, Madurai and Ahmedabad over two years from 2008. It evaluated placements and salaries of the last three years.
Source : 17-07-10 DNA Compiled by Amresh Anjan
Wage Board Probable For Tea Workers
The Union government is planning to form an independent wage board in line with the same applicable for the plantation workers in the coffee and rubber industry in South India to bring parity in the wage structure of tea plantation workers throughout India. The proposal to form an independent wage board, which was a long-standing demand of the National Union of Plantation Workers, has been forwarded by the West Bengal labour department to the Union labour ministry. West Bengal labour minister, Mr Anadi Sahu, said that the initial reaction of the Union government on this proposal has been quite positive. He also said that even the Tea Board has been more or less positive on this proposal. Once the independent wage board is formed at the national level, their recommendations on the fixation of wage would be compulsory for the employees in the sector.
Source : 21-06-10 DNA Compiled by Amresh Anjan
MCD Not Giving Pension For Last 9 Months, Claim Its Councilors
The cash-starved Municipal Corporation of Delhi (MCD) has not been able to pay the pension beneficiaries for last nine months, several councillors claimed. It pays Rs 1,000 per month to 750 beneficiaries in each ward under this scheme. But pensioners from only a few wards have been paid the amount, and that too only for October, November and December 2009. Rest of the amount has still not been paid due to a shortage of funds.
Source : 20-07-10 Hindustan Times Compiled by Amresh Anjan
RBI Introduces Performance Pay For Contractual Staff
The Reserve Bank of India (RBI) has introduced a variable pay structure for the employees it plans to appoint on contract basis. The central bank has released advertisement in its website that it will recruit 200 executive interns in the age group of 21-30 years on a contract basis for three years with an annual package of Rs 500,000 in the first year in addition to a variable pay upto Rs 50,000 per year. Though the bank has not specified in the advertisement which department the new employees will join, sources revealed that most of the new recruits will join the information technology department.
Source : 20-07-10 Business Standard Compiled by Amresh Anjan
Staff Salaries To Leave Little Money For BMC's City Work
The threat of an indefinite strike by disgruntled employees has forced the municipal corporation to pay them as per the Sixth Pay Commission recommendations and cough up their arrears. But this puts an additional burden of Rs 1,500 crore on the civic body, and this would come at the cost of Mumbai's maintenance and development. The decision increases the Brihanmumbai Municipal Corporation's (BMC) establishment cost from the current 65 per cent to 87 per cent. This means only 13 per cent will be left to provide civic facilities. "The finance crunch will reflect in a disappointing budget for the next three years till all dues are paid. It will affect services such as maintenance of roads and footpaths, cleaning drains," a senior official said.
Source : 18-07-10 Hindustan Times Compiled by Amresh Anjan
SC Helps A Man In Keeping Extra Wages
A government employee from Uttar Pradesh who was mistakenly paid more than his salary for several months was saved by the Supreme Court and by rising inflation from returning the extra money. The UP government had asked Mr Ram Prasad, now retired, to return the extra amount — Rs 50,000. Interestingly, rather than giving in, Mr Prasad took the matter to court and ended up getting richer. Hearing his case in the Supreme Court, a bench headed by Justice Mr Markendeya Katju dismissed the government's petition, saying it was not fair to ask a retired man to return the money at a time when prices are skyrocketing. Mr Prasad was paid a salary in the scale of Rs 1,320-2,040, which is Rs 120 more than his actual scale.
Source : 17-07-10 Hindustan Times Compiled by Amresh Anjan
US Congress Votes To Restore Aid For Jobless In The Country
The US Congress voted last week to restore aid for about 2.5 million jobless Americans while President Barack Obama had a setback in his fight against unemployment when initial claims for benefits surged. The extended benefits for the long-term unemployed cleared the US House of Representatives on a vote of 272-152, a day after the Senate ended a weeks-long partisan stalemate over the USD 34 billion cost of the measure and its impact on deficits and the economy. The bill now goes to the President, who is expected to sign it quickly into law. The Labor Department said that initial claims for state unemployment benefits surged by 37,000 to a seasonally adjusted 464,000 last week.
Winning Deposits From Asia Increase Salaries For Swiss Banks
Swiss banks witnessed the highest wage demands in three years from bankers skilled at winning rich clients in Asia, where the number of millionaires rose 26% last year. UBS AG, Credit Suisse Group AG and Julius Baer Group, three of Switzerland's biggest fund companies, are fighting for so-called relationship managers as heightened scrutiny of individuals' tax affairs in Europe drives them to seek rich customers living in the world's fastest-growing economies. Retaining or hiring senior advisers in Asia can cost two to three years of bonuses, said Mr John Koh, managing director of WMRC, a recruitment firm in Singapore. Base pay increases of about 30% are available for switching firms and bankers with eight to 10 years of experience who have brought in assets of $300 million to $500 million can earn S$500,000 ($363,742). Entry-level advisers are paid about S$120,000, he added.
Source : 22-07-10 The Financial Express Compiled by Amresh Anjan
Wipro Creates Band For Its Employees
Wipro has created a grade (band) to make sure its employees in the entry- and mid-level categories continue to grow by giving them speedier promotions and faster wage hikes. The firm feels that it is in these segments that the attrition rate is higher. It witnessed an attrition rate of around 17 per cent in the last quarter. Employees of the company are clubbed under five grades - A, B, C, D and E - based on experience and seniority. While freshers fall under the category of band A, people of the rank of vice-presidents and above belong to the E-band. Once a fresher completes a year, he is promoted to the B1-band. Employees of the rank of team leaders and similar positions, with more than four years experience, mostly belong to the B2-band. The company has split the B1 and B2 grades, meant for software professionals, to create another grade, B3. It hopes that this will help employees grow faster in the organisation.
Source : 22-07-10 Business Standard Compiled by Amresh Anjan
Vikas Sadan Is Boring, Says DDA Staff
Interestingly, according to babus of DDA, a swanky new office building can make the Delhi Development Authority (DDA) more people-friendly and less corrupt. This is one of the suggestions that came up after DDA, the country's largest land development agency, asked for suggestions from its employees to improve its public image. The feedback given by employees includes suggestions like better training for employees, removing disparity of cadres in matters of salary and promotion, simpler procedures and faster disposal of public grievances, besides others. Majority of employees have responded that the DDA headquarters – Vikas Sadan – is drab and intimidating. "They feel that building should be beautified and there should be more landscaping, so people get a welcoming feel when they visit here," said a senior DDA official. The authority asked its employees for suggestions after being directed by Delhi's Lt. Governor Mr Tejendra Khanna, who is also Chairman, DDA.
Source : 22-07-10 Hindustan Times Compiled by Amresh Anjan
Mr Hitesh Oberoi Elevated To The Position Of Infoedge's CEO
Info Edge India Ltd has named its chief operating officer Mr Hitesh Oberoi as its new managing director and chief executive officer in place of Mr Sanjeev Bikhchandani who has been designated as founder and executive vice chairman. Both Mr Bikhchandani and Mr Oberoi will report directly to the Board. Mr Ambarish Raghuvanshi, director and chief financial officer, Info Edge India, has now been designated as group president, finance and CFO. According to the company, Mr Raghuvanshi will work with both Mr Hitesh Oberoi and Mr Sanjeev Bikhchandani in their respective roles.
Source : 23-07-10 naukri.comCompiled by Amresh Anjan
Mr Shirish Dattatraya Is Bank Of Maharashtra Workmen Employee Director
Bank of Maharashtra announced that the ministry of finance has nominated Mr Shirish Dattatraya Dhanak as workmen employee director on the company's board with effect from July 21. The appointment has been made for a period of three years or till Mr Dhanak ceases to be a workmen employee of Bank of Maharashtra or until further orders.
Source : 23-07-10 The Financial Express Compiled by Amresh Anjan
Convergys Appoints New Country Manager
Convergys Corporation has named Mr Hanumant Talwar as country manager for Convergys' customer management operations in India. In this role, Mr Talwar is responsible for overseeing the operations of Convergys' seven contact centers and nearly 10, 000 customer management employees in India. Prior to this, he served as vice-president and head of operations for Convergys in India.
Source : 23-07-10 The Financial Express Compiled by Amresh Anjan
Firstsource Gets New COO
Firstsource Solutions, a global service provider of business process outsourcing (BPO) services, has named Mr Shalabh Jain as Chief Operating Officer (COO) for the Asia business unit of the company. He will report to Ms Chandra Iyer, EVP & head Asia business unit. Prior to the appointment, he was head of India business at Mphasis.
Source : 23-07-10 The Financial Express Compiled by Amresh Anjan
Vdopia Announces Appointment Of Mr Lovnish Bhatia
Mr Lovnish Bhatia has been appointed as general manager business development for the India operations of Vdopia. He will be responsible for strategic and operational leadership of the company's growing business operations within the region, including business development. Mr Bhatia has over 10 years of experience in the media industry.
Source : 23-07-10 The Financial Express Compiled by Amresh Anjan
Nokia Begins Search For New CEO
Nokia Corporation has come up with a search to replace current chief executive Mr Olli-Pekka Kallasvuo, who has been struggling to mark a place for the company in the high-end smartphone market, according to a media report. The move comes as Mr Kallasvuo struggles to find traction for the company in the market for up-market phones.
Patni Computer Systems announced the appointment of Mr Apoorva Singh as its Senior Vice-President and Global Head-Infrastructure Management Services. In the new role, Mr Singh will be heading the infrastructure mangement services vertical along with Patni's customer interaction services division relating to technology-based support business, a press release issued here stated. He has 15-years of industry experience to his credit and in his previous assignment has worked with Infosys as Head of its IMS division for the EMEA region. Before that, he has worked in leadership roles with companies like Solix/Emagia Corporation, MeraNet Private Limited and Maruti Udyog, the release said.
