| India Inc Looks For Top Shots Thanks to improved market conditions, hiring at the top level across sectors is back. Companies have begun hiring for top level positions including managing directors, chief executive officers, chief financial officers and chief operating officers to mid-level executives in execution and sales departments. Sectors such as infrastructure, real estate and consumer goods are presently very active in hiring and are coming up with new positions as their business expands. Pay packages, meanwhile, have returned to the same levels as they were before the slowdown. The job market remains robust in India on strong domestic growth and recovery in key global markets. Staffing services firm Manpower's Employment Outlook Survey revealed that in the next quarter, public administration and education sector in India is expected to witness the highest net employment outlook of 45%, followed by services (40%) and finance, insurance and real estate (34%). Source : 15-09-10 The Financial Express Compiled by Amresh Anjan Interest Rate On Employee Provident Fund Increased To 9.5% A little before the festival season, retirement fund manager EPFO's Trustees raised the interest rate on provident fund deposits by one percentage point to 9.5% that will benefit nearly 4.71 crore employees. This is the highest interest rate declared by the EPFO in five years. "We have decided to give 9.5% rate of interest to subscribers during the current financial year on their contributions. For over four crore subscribers this is a big gift from EPFO Trustees," labour minister Mr Mallikarjun Kharge said after meeting the trustees. The decision is likely to put an extra burden of Rs1,600 crore on the EPFO, the minister said, adding that it would be met from the surplus of over Rs1,731 crore in the interest suspense account. The decision, as per bankers, could see a diversion of savings towards provident funds as the difference between the fixed deposit rates and PF rates would encourage savings towards the latter. Source : 15-09-10 DNA Compiled by Amresh Anjan Healthcare, Hospitality Create Maximum Number Of Jobs According to the Ma Foi Randstad Employment Trends Survey, the organised sector in India would create about 320,000 jobs between July and September. There is optimism in the economic scenario across all sectors and most of the new jobs created are in services, the survey says. It revealed 418,000 jobs were created between January and June, with the healthcare sector creating 121,000 jobs, with another 63,000 in the hospitality sector. The top five sectors leading the boom are healthcare, hospitality, real estate and construction, information technology and IT-enabled services, and education, training and consulting. Source : 16-09-10 Business Standard Compiled by Amresh Anjan Peace In North Block, Mint Rd After Central Bank's Pay Revision The impasse between the finance ministry and Reserve Bank of India (RBI) on at least one critical issue has finally come to an end. Both have mutually agreed to meet half-way on the revision of the pay of central bank's employees. The deadlock over the past four months increased after the finance ministry asked RBI to take its approval before revising the compensation package. RBI said that it was not obliged to do so. Conventionally, RBI merely informs the ministry about staff pay revisions after administrative orders are issued. Pay revisions in RBI are usually decided after discussions between its top management, the human resources department and employees' union. Source : 13-09-10 Business Standard Compiled by Amresh Anjan B-Schools Flooded With Jobs Indian Institutes of Management are flooded with Pre-placement offers, but other B-schools in the country are not lagging behind - they are fast catching up with the trend. While some of these institutes have started receiving pre-placement offers, others are in talks with companies to begin the process. For instance, Bhubaneswar-based Xavier Institute of Management has tapped several companies to find out whether they are considering PPOs for their students. "The outlook this year seems brighter as compared to the past two years. We expect the picture to be clear by October," said Mr Sabita Mohanty, placement co-ordinator of XIM Bhubaneswar. PPOs are offered to students, based on their performance during the summer internship in a company, after the completion of the first year of management courses. Source : 13-09-10 Business Standard Compiled by Amresh Anjan Last Hope On US Jobs Democrats in the US Congress have a late chance to show disgruntled voters they are trying to improve the economic conditions with a plan to extend help to small businesses before the November mid-term elections. As lawmakers come back from a month-long break this week, Democrats plan to pass their small-business Bill out of the Senate by the end of the week and send it to the House of Representatives for final approval. The House has backed a version of the Bill in the past. If the Bill clears Congress, it would be a special victory on the job-creation front for Democrats who have seen many of their other efforts torpedoed by Republicans this year. Source : 14-09-10 The Financial Express Compiled by Amresh Anjan US Jobless Claims Dip New US claims for unemployment benefits plunged more than expected last week to a two-month low, while the trade deficit narrowed sharply in July, providing positive signs for the stuttering economic revival. According to analysts, the reports helped to calm fears growth was slowing sharply and implied the economy could soon pull out of a recent soft patch. "We were expecting that things would slow down in the third quarter and start to pick up in the fourth quarter, but now it seems like the slowdown in the third quarter wasn't as severe as we feared," said Mr David Sloan, an economist at 4CAST in New York. Initial claims for state unemployment benefits dropped 27,000 to a seasonally adjusted 451,000, the lowest since the week ended July 10, the Labor Department said. That was less than financial market expectations for 470,000. Source : 11-09-10 The Financial Express Compiled by Amresh Anjan Many Insurance Employees To Lose Jobs At a time when the economy is back on the recovery track, 10,000 life insurance industry employees stand to lose their jobs in the next few months as companies finalise plans to reduce headcounts and slash wages. According to industry sources, some firms have already started handing out pink slips. ICICI Prudential, HDFC Standard Life and Max New York Life (MYNL) between them could lay off an estimated 8,500 employees, the sources said. Insurance firms are looking for ways to slash expenses after watchdog Insurance Regulatory Development Authority enforced a new set of norms from this month for Unit Linked Insurance Products (ULIPs) that crack down on exorbitant agent commissions. Source : 16-09-10 Hindustan Times Compiled by Amresh Anjan Skilled Professionals Are Back In Demand Good news for skilled professionals as they draw multiple job offers from companies facing talent crunch, especially in IT, telecom and financial services sectors, according to experts. As companies want to expand amid revival in the economic climate, job opportunities are amplifying, resulting in multiple offers for professionals at a particular time. "A growing trend of multiple job offers for professionals, mainly in junior and middle levels, has become visible in the past two quarters, as companies short of talent are gearing up to hire robustly," human resource service provider Ma Foi Randstad president(Staffing & Training) Mr E Balaji said. "Moreover, with job market hotting up, professionals are applying and giving interviews in many companies and they end up with several offers from different firms," he added. Experts also said that maximum offers are being witnessed in IT, telecom, infrastructure and banking, financial service and insurance sectors. Source : 13-09-10 The Financial Express Compiled by Amresh Anjan Realty Cos' Top Management Sees Modest Salary Increments This Year Real estate companies in India are apparently following a strange model for compensating their top notch—profligacy in a downturn, and austerity in a boom. Many CEOs who took huge pay hikes during the gloom of 2009, have decided to either forego their hikes, or take modest ones this year, when the sector is doing much better. Last year a couple of companies' CEOs—Unitech's Mr Sanjay Chandra and HDIL's Mr Sarang Wadhawan came under scathing criticisms from the media. While Chandra took away salary increase of about 60% between 2008 and 2009, Mr Wadhawan got an increment of a massive 200% plus between 2008 and 2009, when the nation was in crisis. Realty major, Unitech has also reduced their employee cost by 11% to Rs 99 crore. That's not to say that they haven't recruited new people because they have gone so aggressive on their launches so they have had to hire more people. Source : 13-09-10 moneycontrol.com Compiled by Amresh Anjan Genzyme Plans To Slash 1, 000 Jobs Cambridge-based biotechnology company Genzyme plans to axe 1000 jobs over the next 15 months. Employees at Genzyme were notified about the company's plans to slash workforce through a memo by the Chief Executive of the company Mr Henri Termeer. According to a Boston Globe report, the memo said that cuts are being made to achieve 'substantial annual target savings' by 2012. Source : 13-09-10 Business Standard Compiled by Amresh Anjan Deloitte Cautions India Inc Against Bringing Outside Successors At Indian Cos With a hunt on for successors of Mr Ratan Tata and Mr Narayana Murthy, consultancy firm Deloitte has cautioned India Inc against bringing in outsiders because it is likely to send a wrong message about leadership development within the respective groups. The $71 – billion Tata Group has begun the search for a successor to its Chairman, Mr Ratan Tata, who would be stepping down in December 2012. The search has also started to find a replacement for Infosys Chairman and Chief Mentor Mr N R Narayana Murthy, who would be retiring in August next year. Source : 13-08-10 Business Standard Compiled by Amresh Anjan Nokia Smartphones Head Mr Vanjoki Ready To Quit Nokia said Mr Anssi Vanjoki, head of its smartphones division, resigned. He will stay in his job for now and has a six-month notice period, the Espoo, Finland-based company said. Source : 14-09-10 The Financial Express Compiled by Amresh Anjan CA Technologies To Add 900 Employees To Its Portfolio IT management software and solutions firm CA Technologies plans to add 900 people over the next 3-5 years at its India Technology Centre, taking the total headcount to 2500. "The Indian market presents a unique opportunity for us. The centre in Hyderabad develops about 30% of CA's global products and employs over 1, 600 people," CA Technologies senior vice-president Mr Sanket Atal said. Source : 11-09-10 yahoo.com Compiled by Amresh Anjan Mercedes Benz India CEO Resigns Mercedes Benz India's MD and CEO Mr Wilfried Aulbur has resigned from the position and will remain till a successor is identified. Source : 13-09-10 The Financial Express Compiled by Amresh Anjan Infosys BPO Plans To Double Its Staff Strength In The Philippines Infosys BPO plans to double its staff strength in the Philippines in the next 12 months seeing a sizeable talent pool in legal process outsourcing and financial services, where it doesn't have a presence. "Currently, we offer only customer services in the Philippines, which we are planning to expand into areas like legal, financial and accounting outsourcing. Philippines offers a market of quality talent pool in these areas," said Mr Ritesh Idnani, chief operating officer, Infosys BPO. Source : 13-09-10 The Financial Express Compiled by Amresh Anjan Emirates NBD Names New Bank CFO The UAE's leading bank. Emirates NBD, has named Mr Surya Subramanian as its chief financial officer. He is a chartered accountant with over 25 years experience in banking and finance in India, Pakistan and Singapore, where he was based for the last 20 years. Source : 16-09-10 Business Standard Compiled by Amresh Anjan RCML Appoints Mr Abrar Mir As Global Head Of Healthcare Inv Banking Religare Capital Markets, a part of of Religare Enterprises, said it has named Mr Abrar Mir as Global Head of Healthcare Investment Banking. Before joining Religare Capital Markets Ltd (RCML), he founded and acted as managing partner for NBD Sana Capital, which is one of the largest Sharia compliant private equity funds in the Middle East, the company said. Source : 14-09-10 Business Standard Compiled by Amresh Anjan BBC Chairman To Step Down Next Year BBC Trust chairman Mr Michael Lyons, who has come under fire from politicians for the way he oversees the broadcaster, is likely to step down in May after deciding against seeking a second term. Mr Lyons told the government that he would not want to be considered for a further term after serving four years because the job was too demanding and taking up too much time. The Trust was established in 2007 to look after the corporation and represent viewers, who fund the BBC by paying a licence fee. Source : 14-09-10 DNA Compiled by Amresh Anjan | 
No comments:
Post a Comment