Read thousands of HR articles on a variety of topics written for human resources professionals by HR professionals. This website includes HR related articles, links and forums. Extensive HR community forums: benefits, HR management, recruiting,compensation, and more.
No Christmas Break For 71% Indians An average of seven in every ten employees in India will work during the holiday season, as per a latest survey conducted by Regus. As many as 71 percent of workers will be involved in office work during the year-end Christmas and New Year break. The survey covered more than 12,000 people across 85 countries. More than half of the global respondents said they will be working during the year-end holiday season. In India, 59 percent of respondents working during this break will travel to their offices. Despite this, the level of productivity is expected to remain low, resulting in little value addition to the employers and wasting time meant for home and family, the survey found. The trend would be more visible in small firms in India, where 71 percent respondents are likely to work compared to 56 percent in large businesses. Source : 22-12-11 Hindu Business Line Compiled by Amresh Anjan
India To Take Up Call Centre Bill With U.S. India's ambassador to the U.S. Nirupama Rao said the government will raise the issue of the U.S. Call Centre Worker and Consumer Protection Bill at the appropriate governmental forum to safeguard the interests of the Indian IT industry.Ms Rao said on the sidelines of a Confederation of Indian Industry conference that a detailed impact analysis of the bill was being made in terms of the scope of its business coverage. "We are in touch with NASSCOM and the relevant government departments on this issue," she said. "We have also conveyed that protectionist barriers in this field tend to be counterproductive in their outcome," she added. Citing a study by the Indian industry association, she said IT companies from India support approximately 98,000 jobs in the U.S.
Source : 25-12-11 Hindu Business Line Compiled by Amresh Anjan
Pharma Industry Drawing More Women Women are entering the pharmaceuticals industry in a big way, judging by the number of applications being received by Dr Reddy's Laboratories. "There has been a spurt in applications from women candidates," says Vice-President, Corporate-HR Rajorshi Ganguli. The Hyderabad-based firm is hiring more women at entry-level posts, including chemists. Women constitute 14 percent of its total workforce of 14,000. "If the current trend continues, this would go up significantly over a couple of years," adds Ganguli. Some special privileges extended by big companies are also drawing women to the sector. Dr Reddy's, for instance, offers incentives such as flexible working hours up to one year from child-birth and extended maternity leave. The trend can also been seen in Pharma institutions, where enrollment of women in pharmacology and Pharma analysis has increased.
Source : 25-12-11 Hindu Business Line Compiled by Amresh Anjan
Piramal Healthcare Names ED & COO Piramal Healthcare has named Vijay Shah as executive director and COO with effect from January 1. He is currently managing director of Piramal Glass. Mr. Shah has also been inducted as a director on the board of Piramal Healthcare, the company said in a filing to the Bombay Stock Exchange. Source : 25-12-11 Hindu Business Line Compiled by Amresh Anjan
Cabinet Clears Bill Regulating Higher Education The Union Cabinet has approved a bill seeking to set up an overarching body to supervise and regulate higher education in universities and technical institution. The National Commission of Higher Education and Research (NCHER), proposed to be set up under the bill, will include all existing higher education regulatory bodies, including the University Grants Commission and the All India Council for Technical Education, associated with the Human Resource Development Ministry. NCHER will have a significant number of experts in various fields of higher education. Its 70 members will represent every state and other higher education regulatory bodies, other than those regulating medical education, such as the Medical Council of India.
Source : 23-12-11 Deccan Herald Compiled by Amresh Anjan
More Global Recruiters Flock To IIT-B Students of the Indian Institute of Technology, Bombay (IIT-B), received 800 offers during campus placements which started on December 1.Multinational companies have recruited 60 students so far. The number of international companies visiting the campus increased dramatically this year. "While four to five such companies had come to IIT Bombay last academic year, the number has doubled this year," said Ravi Sinha, professor in charge of placements. Around 1,380 students are participating in the process this year. While 200 companies have already participated, an estimated 150 more are likely to visit in the following months. Placement of MSc, MDes and PhD students begins a few months before the study programmes end. The second phase will start in January.
Source : 23-12-11 Indianexpress.com Compiled by Amresh Anjan
Now MPOs To Support Marketing Efforts With companies fast realizing the benefits of outsourcing routine marketing operations, MPO, or marketing processing outsourcing, has become the latest buzzword in the BPO industry. Vinod Harith, founder, CMO Axis Outsourcing Services, says that instead of dealing with separate firms such as a web design agency, an e-mail marketing agency and a database agency, it's simpler for companies to deal with one agent handling all these functions. CMO was set up four years ago and claims to be India's first MPO, looking to tap the lower end of the market. It sees this as a multi-billion-dollar opportunity. Other firms in the MPO space are Wipro, which does business with large companies, Champions Group, William Lea and a few emerging smaller firms from Coimbatore that offer marketing support.
Source : 23-12-11 Hindu Business Line Compiled by Amresh Anjan
U.S. Labour Market Looks Up In November The U.S. labour market showed signs of recovery in November with payrolls increasing in 29 states, while the jobless rate dropped in 43.New York was ahead with a 29,500 increase in jobs, followed by Texas with 20,800. Michigan saw the largest drop in unemployment, with the rate failing 0.8 percentage point, to 9.8 percent, as per figures from the Labor Department. Unemployment figures in Alabama, Minnesota, South Carolina and Utah dropped 0.6 percentage point each in November, the second-biggest decline. The U.S. added 120,000 workers in November and the unemployment rate unexpectedly fell to 8.6 percent, the lowest since March 2009, the Labor Department reported December 2. The economy expanded 2 percent in the third quarter. This follows an average 0.9 percent growth in the first half of the year.
Source : 20-12-11 Business Standard Compiled by Amresh Anjan
Traders Leave Banks To Set Up Hedge Funds Commodity traders from banks are quitting their jobs in the face of tough regulations to join or launch their own hedge funds. George Taylor, 41, who was head of global commodity proprietary trading at Credit Suisse Group, started a hedge fund in February. It now has more than $1 billion inassets. Traders in energy, metals and agriculture are leaving financial firms as U.S. and European regulators seek to limit holdings across raw materials and ban so-called proprietary trading. Bloomberg data shows the financial sector saw 2,33,000 job losses this year. Exits of commodity traders from banks probably rose 10 percent this year, according to Commodity Search Partners, a U.K. recruiter. Pay for that group will drop 24 percent on average, estimates Options Group, a New York-based recruitment firm.
Source : 20-12-11 Financial Express Compiled by Amresh Anjan
Avoiding Double Social Security Coverage A concern among cross-border movement of executives is the double impact of employee's social security costs and compliance with relevant regulations in both the home and host countries. Employers are required to contribute under the Indian Provident Fund Act with respect to international workers (IWs) who do not qualify as excluded employees. IWs include foreign nationals working for an employer in India to whom the PF Act applies and Indian employees working abroad in countries with which India has signed a social security agreement (SSA). The SSA includes a detachment benefit, which generally provides for avoidance of double social security coverage if the duration of the assignment in the host country is for a period as specified in the SSA. For example, under the SSA with Korea, detachment is available for a short-term contract up to five years.
Source : 20-12-11 Financial Express Compiled by Amresh Anjan
Digital Freedom At Workplace A Security Hazard With mobile devices and social networks erasing the boundaries between work and home, enterprises now face security issues.Seven out of 10 young employees frequently ignore IT policies, and one in four is a victim of identity theft before the age of 30, according to a global study by Cisco. Ponemon Institute estimates the cost of just one data breach can be staggering for an enterprise, anywhere between $1 million to $58 million. Damage to the company's reputation and loss of customers and market share are the other outcomes of a high-profile data loss. Rebecca Jacoby, CIO, Cisco says, "As workforces become increasingly mobile, security and risk management concerns inevitably grow. The findings indicate the real need for better corporate policies, end-user education and stronger, trusted relationships between employees and IT departments."
Source : 20-12-11 Financial Express Compiled by Amresh Anjan
Yum! Restaurants Names Pizza Hut GM Yum! Restaurants India has appointed Sanjiv Razdan as general manager of Pizza Hut Delivery. Prior to this, he was brand development director of Pizza Hut in the U.K. Razdan was part of the core team which launched Pizza Hut in India during the mid-1990s.
Source : 14-12-11 Exchange4media Compiled by Amresh Anjan
Dupont Names South Asia President DuPont has appointed Rajeev Vaidya as South Asia president,. He takes over from Balvinder Kalsi, who has moved to DuPont's headquarters in Wilmington, U.S., to head corporate strategy. Vaidya joined the firm in 1985. He was until now regional business leader for DuPont Chemicals & Fluoroproducts.
Source : 20-12-11 Hindu Business Line Compiled by Amresh Anjan
India Scores Low In Global Learning Study A global study assessing learning standards in 74 countries has placed India near the bottom. The study, Programme for International Student Assessment (PISA), coordinated by Paris-based Organisation for Economic Co-operation and Development (OECD), assessed education systems worldwide by testing the skills and knowledge of 15-year-old students in participating economies. India's participation was in a pilot project, confined to schools from Tamil Nadu and Himachal Pradesh.In Tamil Nadu, only 17 percent of students were estimated to possess proficiency in reading that is at or above the baseline needed to be effective and productive in life. In Himachal Pradesh, the level was 11 percent. A similar trend was observed in mathematical and scientific literacy, too.In Malaysia, 56 percent of students were found to be proficient in reading and 41 in mathematics. The figures for the UAE were 49 percent and 60 percent, respectively.
Source : 20-12-11 Mint Compiled by Amresh Anjan
Hyundai Eyes Talent From IITs, IIMs Hyundai Motor is turning to the Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs) to recruit talent for its global marketing operations. The Korean auto maker has hired two engineers from IIT Madras at a salary topping $50,000 each per year (more than Rs 27 lakh). The next recruit will be from IIM Bangalore at a salary of $70,000 (roughly Rs 39 lakh) a year, with benefits such as housing allowance, health insurance and a visit to their home country. The company has initiated programmes such as 'Leader Waves' for engineers and 'Professional Waves' for management graduates. Recruits under the 'Leader Wave' will be offered a job in the company's Seoul office, where they will be trained across various functions for two years, before being deputed to one of Hyundai's overseas facilities.
Source : 20-12-11 Hindu Business Line Compiled by Amresh Anjan
Post The Festive Season Lull, Hiring Activity In Nov-11 Witnessed A 30% Increase Over Oct-11: Naukri Job Speak The Naukri Job Speak index for Nov-11 saw hiring activity move up across all sectors when compared to Oct-11; however the three month moving index indicates stability and a more consistent measure in the overall environment. The bounce back in the November index is indicative of a seasonal spike.In November most industries increased their recruitment numbers, post the festive season lull. Therefore, while we do witness a double digit percentage hike in hiring numbers in Nov-11 over Oct-11, but when compared with earlier months the indices are mostly steady. Hiring activity in the Construction, Auto and Banking sectors was similar to Sep-11 but was 20% , 34% and 21% higher than Oct-11. IT- Software, BPO and Telecom sectors on the other hand exhibited strong hiring trends with the job speak indices moving up by 29%, 18% and 14% in Nov-11 over Oct-11. The three month moving average index however indicates a more stable scenario.
Source : 13-12-11 Naukri.com Compiled by Amresh Anjan
RBI: Manufacturing Policy Will Create More Jobs Reserve Bank of India (RBI) Deputy Governor Subir Gokarn said national investment and manufacturing zones under the new manufacturing policy would create more jobs. He was speaking at the Confederation of Indian Industry's Manufacturing Summit. The incremental security provided in labour reforms could be coupled with a degree of differentiation between old and new workers, Gokarn said. The ability to distribute the impact of business cycles across sectors was crucial. He pointed out the need to look at the long-term role of manufacturing and the challenges involved in creating an environment conducive for the sector. The country was a middle-income economy, owing to the massive shift from agriculture to industry.
Source : 15-12-11 Business Standard Compiled by Amresh Anjan
HSBC To Cut Jobs In India Hongkong and Shanghai Banking Corporation (HSBC) is likely to cut jobs in India, as part of its plan to lay off 30,000 employees globally, according to sources. The move is aimed at reducing costs and improving efficiency.While the exact number of people who would be asked to leave is not known yet, as the restructuring would begin in January. Sources said most of the layoffs are likely to take place in the commercial banking business.An HSBC spokesperson confirmed there could be some impact in India because of restructuring of the bank's global operations. "HSBC is going through an efficiency programme globally, as was set out by the HSBC Group chief executive, Stuart Gulliver, at the Investors' Day in May. All businesses across the world are undergoing a strategic review, and India would not be left out of this," the spokesperson said."A variety of roles may be impacted. But we have been clear India remains a key market, and we would continue to invest in our businesses here, as we sharpen our strategic focus on financing the country's top domestic and international companies and supporting its economic growth," she added, declining to offer more details.
Source : 20-12-11 Business Standard Compiled by Amresh Anjan
Firms Take To ESOPs Amid Globalization With globalization, Indian companies have increasingly adopted the practice of awarding employee stock options (ESOPs) to their staff. IT and IT-enabled services comprised 61 percent of all ESOP grants since 2003, according to a survey by Esop Direct, a company offering ESOP solutions. Some companies are opting for the trust route, purchasing their own shares from the open market and granting these to employees. Godrej, Siemens, Lupin and Nicholas Piramal, among others, have adopted this method. Around 140 members of senior management are covered under the Lupin Employees Benefit Trust scheme, which is linked to the pay of employees. Lupin gives an interest free loan to the trust to acquire the shares, which have to be held by the trust for three years. After the expiry of the period, shares are sold and the appreciation in the value is given to eligible employees after deducting tax.
Source : 19-12-11 Business Standard Compiled by Amresh Anjan
HCL To Add 10,000 Jobs In U.S., Europe By 2015 With Europe battling against the economic crisis, IT companies in India are being forced to trim budgets, says Vineet Nayar, vice chairman and CEO of HCL Technologies. He says growth can only happen on successfully renewing existing contracts. The number of companies shutting down business in December on the pretext of holiday, health, snow, etc., is increasing and, in fact, is more than in 2008. A large number of firms anticipate de-growth in IT budgets, saysMr. Nayar. "There will be de-growth in IT budgets and transformation budgets are going to be frozen for some time. The only way for HCL to grow is by eating somebody else's lunch," he adds. On the company's hiring plan, "we will create 10,000 new jobs by 2015 in U.S. and Europe". HCL will look keep adding jobs in the local market as well, says Mr. Nayar.
Source : 19-12-11 Hindustan Times Compiled by Amresh Anjan
McKinsey appoints India MD McKinsey has appointed Noshir Kaka as managing director of its India practice. He is currently a director in the firm and succeeds Adil Zainulbhai, who held the post for seven years. Mr. Zainulbhai will be India chairman till his retirement in end-2013
Source : 19-12-11 Business Standard Compiled by Amresh Anjan
Dr. Reddy's Labs Announces VRS For Employees In Mexico Pharma giant Dr Reddy's Laboratories (DRL) has announced a Voluntary Retirement Scheme (VRS) for employees of its Mexico subsidiary as part of cost-cutting measures, according to a top company executive. The move came after the drug-maker's successful VRS initiatives in India and Germany this year and last year, respectively.DRL CEO and Vice Chairman G V Prasad said the VRS scheme is aimed at trimming the overstaffing problem at the company."There has been a little bit of overstaffing in the organisation in the previous years. I do not think we have any particular number (extra staff). Industrias Quimicas Falcon de Mexico SA de CV, the company's subsidiary in Mexico, had announced an early retirement plan for its employees effective from October 1 to December 31, 2011.
Source : 19-12-11 Financial Express Compiled by Amresh Anjan
Morgan Stanley To Cut 1,600 Jobs On Revenue Loss Morgan Stanley is cutting about 1,600 jobs amid a fall in revenue from investment banking and trading. The figure represents about 2.6 percent of its 62,648-strong workforce. The decision to reduce staff comes as "we conduct our year-end performance-management process and evaluate the right size of the franchise for 2012," said Mark Lake, a company spokesperson. The cuts will occur in the first quarter of 2012 across all levels. Europe's debt crisis and slow economic growth in the U.S. is expected to reduce demand for trading and investment banking services. Morgan Stanley's revenue from those businesses dropped 36 per cent in the third quarter. The cuts in fixed-income trading will come primarily from businesses such as securitisation that the firm is looking to reduce in the face of new capital rules.
Source : 16-12-11 Business Standard Compiled by Amresh Anjan
Cisco Study: Gen Y Ignores IT Rules At Work A study by Cisco has found that next-gen employees will go to any extent for access to social networking sites with little regard to their own security or the company's. The study, termed the Cisco Connected World Technology Report, examined workers' demands and behaviour involving network access and mobile device freedom. Seven out of 10 young employees frequently ignore IT policies, and one in every four is a victim of identity theft before the age of 30. About 79 percent of employees surveyed in India flout their company's IT policy all the time – the highest percentage in all regions surveyed. The study, quoting V Gopalratnam, vice president of IT globalisation and CIO of Cisco India, says employees are used to being connected at all times and expect unfettered access to the Internet and freedom to use their own devices.
Source : 16-12-11 Hindu Business Line Compiled by Amresh Anjan
Sweden's SKF To Employ 400 For India Tech Centre Swedish bearings manufacturer SKF is planning to recruit about 400 permanent employees for its new Global Technical Centre in India (GTCI).The company opened the centre in Bangalore with an initial investment of Rs 50 crore. The decision was taken after SKF stopped renewing its contract with temporary employees. SKF President and CEO Tom Johnstone said, "We have reduced the overtime work done by many of our employees in many centres. Europe contributes about 41 percent of our total revenue. And the revenue from the Asia-Pacific region has doubled to 27 percent in the last 10 years." SKF Asia President Rakesh Makhija said the market in China was witnessing a slowdown. "At present, India has a share of 20 percent of what we get from Asia. We expect the market to grow a lot more for us."
Source : 15-12-11 Financial Chronicle Compiled by Amresh Anjan
Unemployment In U.K. Surges To 17-Year High The U.K. is feeling the heat of the debt crisis and economic slowdown as unemployment hit a 17-year high, Deccan Chronicle reports. The unemployment rate increased to 8.3 percent of the economically active population, up 0.4 percent from the previous quarter, the highest since 1996, as per data released by the Office of National Statistics. The number of Britons without jobs rose to 2.64 million, making the number of unemployed the highest since 1994. The data came on the back of news of hundreds of job losses as Thomas Cook announced plans to close down at least 115 stores in the U.K. after the company booked losses of up to £400 million. Concurrent with the job losses, the number of people claiming jobseeker allowance also increased for the ninth month in a row. The employment rate for the population between 16 to 64 years of age was 70.3 percent, down 0.2 percent on the quarter. Source : 15-12-11 Deccan Chronicle Compiled by Amresh Anjan
Carlson Wagonlit Names India CEO Carlson Wagonlit Travel (CWT) has appointed Geeta Jain as CEO of CWT India. The company specializes in business travel and meetings and events management.
Source : 15-12-11 Financial Chronicle Compiled by Amresh Anjan
PE Firms Alter Pay Structure To Retain Talent Private equity (PE) companies in India are changing the compensation structure of employees by raising base salaries and reducing bonuses. The aim is to retain talent and beat attrition. Base salaries on an average increased by 11.2 percent in 2011, the largest boost the PE industry has seen in the past six years, according to a survey by executive research firm Hunt Partners. The mix of base salary to bonus has also been strategically altered, or is under review in some cases. There is a movement towards higher base vis-Ã -vis lower bonus structure, similar to the trend in investment banking, the survey said. The compensation of PE professionals has three components: base salary, bonus and carry, which is the share of profits made on an investment, typically 20 percent. A major part of the compensation is linked to the carry, which has been affected with fewer investments being sold.
Source : 11-12-11 Mint Compiled by Amresh Anjan
Dell Appoints GM For India PLE Biz Dell has appointed Harsha Lal as general manager of its public-large enterprise (PLE) business in India. He was most recently vice president and head of Wipro's global process manufacturing industry vertical. Mr Lal will lead the company's efforts to continue to develop integrated solutions and execute go-to-market strategies for its public and enterprise solutions and services in India, Dell said in a statement.As part of this, he will also help drive the growth in enhancing Dell's position as a preferred provider of open, capable and affordable IT technology solutions and services, it added.
Source : 13-12-11 Hindu Business Line Compiled by Amresh Anjan
Auto Sector Set To Put Hiring On Hold The automobile industry could freeze hiring as production takes a hit, going by the latest index of industrial production figures. "Many companies have gone for production cut," said P Balendran, vice president, General Motors India. "No fresh hiring is taking place." According to the Society of Indian Automobile Manufacturers(SIAM), the industry may not be able to meet its 2011-12growth forecast of 2 percent to 4 percent. Car sales are marginally down so far this fiscal. Arvind Saxena, director marketing at Hyundai Motor, and Shashank Srivastava, chief general manager at Maruti Suzuki, say the next two quarters will be rough for the industry. Hiring will thus be affected. Despite the bleak scenario, requirement in the long term may be huge, says Prince Augustine, executive vice-president, human resources, Mahindra & Mahindra. The auto industry employs close to 15 million people and is expected to add at least 10 million by 2018.
Source : 12-12-11 Hindustan Times Compiled by Amresh Anjan
Firms Pare Medical Benefits As Costs Pinch More than 60 percent Indian companies have cut medical benefits given to employees to reduce the cost of group medical insurance in the past three years, according to a survey by insurance broker and risk adviser firm Marsh India. The Employee Benefits Study covered 5.49 lakh employees and 188 companies, including Britannia, Ernst & Young, Hyundai, Samsung, Wipro, Titan, KPMG and Kotak Group. Benefits such as medical cover for employees' parents and hospital room charge limits were curtailed. Co-payment on claims, where the insurer and employee share the medical expenses, was also introduced. Companies attributed the cuts to the high cost of healthcare. "The cost of employee benefits has more than doubled from 2 percent to 3 percent in 2008-09 to 6 percent to 7 percent this year. Health insurance accounts for 90 percent of this," said Sanjay Kedia, CEO of Marsh India.
Source : 14-12-11 Hindustan Times Compiled by Amresh Anjan
Pantaloon Retail COO Exits Pankaj Tibrewal, COO of Future Group's Pantaloon Retail, has resigned. "Pankaj has quit to pursue better opportunities. We will replace him with an insider," said Chief People Officer Sanjay Jog. Before joining Pantaloon Retail, Mr. Tibrewal was an engagement manager with McKinsey & Company and founder and CEO at ACE Technosoft. Source : 12-12-11 Financial Chronicle Compiled by Amresh Anjan
Retailers, Job Seekers Stand To Gain From FDI Employment in the organised retail sector is set to benefit along with the industry, if the proposal of 51 percent foreign direct investment (FDI) in supermarkets goes through. The tremendous boost in investment will mean that the sector will grow at an unprecedented rate. "The opening of the retail sector to foreign investment is a win for the country as we will get around $8 billion to $10 billion of fresh investments over the next five to 10 years," said Kishore Biyani, CEO of Future Group. Actual growth in the sector has so far been muted due to a lack of retail experience and capability. FDI will make way for inflow of knowledge from international experts."Organised retail market will get a boost and may see least 10 million jobs in the next five to seven years," Gurpreet Khanna, director, Institute of Excellence in Services & Planning, estimated. The institute is starting a course to train retail vendors to stay competitive in the liberalised environment
Source : 10-12-11 Hindustan Times Compiled by Amresh Anjan
Yahoo Set To Ramp Up India Headcount Internet major Yahoo is looking at ramping up its India headcount by 15% next year, seeing growth in its business both locally and overseas. Yahoo! India currently has over 2,000 employees, the second-largest centre outside its Sunnyvale, California, headquarters."The hiring will be in the areas of software development, which includes product management, software developers, engineers and project managers. We will also hire aggressively for our labs including scientists and researchers. In the business side we will continue to invest in sales, marketing and editorial," said Aparna Ballakur, vice-president (HR), Yahoo!, India."For sales, marketing and editorial we are completely looking at lateral hiring with a media, advertising and online background. For editorial we are looking at someone from the content creation and publishing field. In sales and marketing someone with 7-8 years of experience and above is a desired candidate," Ms. Ballakur added. For scientists and researchers, Yahoo! is looking at candidates with computer science and sociology background, with an understanding of large data and human behaviour.
Source : 12-12-11 Financial Express Compiled by Amresh Anjan
Govt Cuts Growth Forecast For 2011-12 The government has revised India's economic growth forecast downward to 7.5 percent for the current fiscal year. This is much lower than the 9 percent GDP growth forecast in the Economic Survey released in February. This significant revision was reflected in the mid-year analysis (2011-12) report presented by Finance Minister Pranab Mukherjee in Lok Sabha last week. The move to look afresh at the growth numbers was prompted by sluggishness in the industrial sector in the first half of the current fiscal, besides the sharply deteriorating global economic environment that has had a dampening effect on India. Growth was also affected by the slowdown in the U.S. economy and the European sovereign debt crisis. The report has cautioned that India's economic expansion next fiscal may be further hit if these problems are not solved.
Source : 09-12-11 Hindu Business Line Compiled by Amresh Anjan
Facebook Makes Rs 70 Lakh Offers At IITs Campus Placements At The Indian Institutes Of Technology (Iits) Got More Interesting With Facebook Offering About Rs 70 Lakh To A Student Of IIT Kanpur. Siddharth Agrawal, An Mtech (Computer Science And Engineering) Student Has Been Made The Offer, The Highest So Far, Registrar Of The Institute Sanjeev Kashelkar Said. Director S Dhande Said That Out Of 989 Students Registered With The Placement Office, Some 440 Had Received Job Offers Since December 2. IIT Kharagpur Officials Said The Starting Salary Of The 21-Year-Old Was $90,000, With A Relocation Bonus Of $10,000 And A One-Time Signing Amount Of $25,000, But Students Said That The Student Has Also Been Offered Esops (Employee Stock Ownership Plans) And The Entire Offer Translates To About Rs 1.7 Crore.
Source : 10-12-11 Financial Chronicle Compiled by Amresh Anjan
ZTE Names Executives For Top Posts Chinese equipment maker ZTE Corp. has picked Indian talent as it prepares for growth in the country. Yotesh Sharma has joined as sales head for ZTE India. He was earlier with Huawei. Kapil Ahuja from Nokia Siemens Network (NSN) will be chief technical and marketing officer. Shuktij Singh, also from NSN, has been named senior vice president of the Indian engineering service centre. Pradeep Yadav from Videocon Telecommunications has been appointed chief information security officer. Ravinder Diwan has joined as HR head.
Source : 11-12-11 Hindu Business Line Compiled by Amresh Anjan
DB Realty Chairman Quits KM Goenka, chairman of DB Realty, a company named in the 2G spectrum allocation scam, has resigned, Financial Express reports. Vinod Goenka, currently a managing director, has been appointed executive chairman and managing director. The company has also named Shahid Balwa as vice chairman and managing director. He replaces Usman Balwa who has stepped down.
Source : 11-12-11 Financial Express Compiled by Amresh Anjan
Quarter Pinch: Cuts In Salary, Bonus Loom Companies may resort to pay cuts and even trim bonuses, judging by the September quarter results. A few broking firms have cut salaries and some IT companies have given lower quarterly bonuses. If things don't look up in the next two or three months, employees' variable pay component may also take a hit. "With the slowdown, many companies have seen a fall in their revenues, leading to reduced gross profits. Tweaks in variable pay will help companies safeguard margins during such rough patches. Sectors like automobiles, financial services, real estate and business process outsourcing are likely to feel the pinch," says YV Verma, COO of LG Electronics. E Balaji, CEO and managing director, Ma Foi Randstad, says some companies may even do away with the variable pay component completely. One needs to be ready for such an eventuality and start budgeting for it immediately.
Source : 09-12-11 Business Standard Compiled by Amresh Anjan
Federal Bank Eyes Replacement Hiring Kerala-based Federal Bank will recruit close to 1,500 probationary officers over the next one-two years to replace employees who are retiring. Close to 1,000 employees are set to retire in the next two years, said Abraham Chacko, executive director of the private sector bank. "The banking industry had witnessed massive recruitments during the post-nationalisation period. A majority of these employees are due for retirement over the next two-three years. This is a huge challenge for the industry," Mr. Chacko said. The bank also has ambitious growth targets for the next few years. "We are looking at scaling up our branch network from 825 at present to 1,000 by December 2012. We need manpower to man these branches," Mr. Chacko said. Federal Bank aims to achieve 20 percent growth in advances and deposits this fiscal. It has also applied for an offshore banking unit in Dubai.
Source : 08-12-11 Hindu Business Line Compiled by Amresh Anjan
Employment Scenario In U.S. Looks Up The U.S. labour market showed signs of recovery with new claims for unemployment benefits dropping to a nine-month low last week. Initial claims for state unemployment benefits fell 23,000 to a seasonally adjusted 381,000, the lowest since late February 2011, the Labour Department said. Economists polled by Reuters last week said claims would slip to 395,000. The drop in claims more than offset the increase in the previous two weeks, pulling them back below the 400,000 level usually associated with improving labour market conditions. The four-week moving average of claims, considered a better measure of labour market trends, fell 3,000 to 393,250, the lowest since early April. The number of people still receiving benefits under regular state programs after an initial week of aid, dropped 174,000 to 3.58 million in the week ended November 26, the lowest since mid-September 2008.
Source : 08-12-11 Business Standard Compiled by Amresh Anjan
Board Member Of Network 18 Steps Down Ravi Adusumalli, managing partner of the private equity firm SAIF Partners, has resigned from the board of Network18 Media and Investments,. SAIFPartners holds around 6.7 percent stake in Network18. The company is also backed by other high profile investors such as Tiger Global and Acacia Partners.
Source : 08-12-11 VC Circle Compiled by Amresh Anjan
Britannia Axes 42 For Underperformance Confectionery major Britannia Industries has sacked some employees across levels in India on the basis of non-performance. When contacted, Britannia spokesperson said, "This is part of the ongoing performance management process, which differentiates the great, good and under-performers and has nothing to do with any other factor." "Each year, under-performers (usually 20 to 30) are put on a performance improvement plan and progress is consistently and carefully monitored," the spokesperson said.
Source : 07-12-11 Deccan Herald Compiled by Amresh Anjan
Citigroup To Axe 4,500 Jobs In Coming Months Citigroup chief executive Vikram Pandit has announced 4,500 jobs cuts worldwide in the coming months as the US financial major seeks to trim costs in a bleak global economic environment. The job cuts will begin this quarter and be completed 'over the next few quarters' across a range of businesses, Mr. Pandit said at a Goldman Sachs Financial Services conference. The layoffs equal about 2 per cent of Citi's 267,000-strong workforce. The company will incur a USD 400 million charge in the fourth quarter this year on severance costs and other expenses related to the job cuts. "Financial services face an extremely challenging operating environment with an unprecedented combination of market uncertainty, sustained economic weakness in the developed economies and the most substantial regulatory changes we have seen in our lifetimes," Mr. Pandit said.
Source : 07-12-11 Deccan Chronicle Compiled by Amresh Anjan
HT Media Group Announces Two New Appointments HT Media Group has announced two new appointments. Salil Sadanandan, who was serving as the business head - south and west, is moving out of the group and will be replaced by Pankaj Tibrewal. Meanwhile, Rajesh Ramakrishnan has been roped in to head marketing for North and East. Mr.Tibrewal comes to HT Media from the Future Group where he was the chief operating officer and business head for Pantaloons. Mr. Ramakrishnan's last assignment was with Apollo Tyres as head of global marketing.
Source : 07-12-11 Campaign India Compiled by Amresh Anjan
Fresh CAs Step Into A Shrinking Job Market Chartered accountants are losing their appeal as the entire financial services industry takes a beating during the slowdown, Financial Chronicle reports. This year was perhaps the worst ever in terms of the percentage of final year students who were placed during the Institute of Chartered Accountants of India's (ICAI) placement. Only 15 percent of students who registered got jobs. "This is much worse than the percentage achieved even during the 2008 global financial crisis year and half of that achieved in the previous placements," said Pankaj Jain, council member at ICAI. "The financial services business has been a large employer of CAs for the past few years, but this year it has cut down on hiring and, in fact, has let go of several professionals due to weak business conditions," said Amit Tandon, Managing Director of Institutional Investor Advisory Services. CAs are also losing ground to MBA graduates with specialization in finance.
Source : 07-12-11 Financial Chronicle Compiled by Amresh Anjan
Audit, Consulting Firms Beef Up Forensic Teams Global audit and consulting firms in India are strengthening their forensic departments as demand for due diligence increases. Companies are scrutinizing their operations after a series of scams and sparring between investors and owners. "Over the past three years, the headcount of KPMG Forensic has almost doubled on account of various initiatives," says Rohit Mahajan, a partner at the firm which has 600 forensic managers. Deloitte Touche Tohmatsu India increases its headcount roughly by 30 percent every year. "Mostly, hiring in the forensic department depends on the client requirement and during slowdown, the requirement increases," says Neeta Potnis, senior director. The rift between investors and owners adds to the demand for forensic experts in consulting firms. In India, whistle-blowing is the most frequent cause for fraud detection. Frauds committed by owners or senior managers cause more losses than those by employees at lower levels.
Source : 07-12-11 Financial Express Compiled by Amresh Anjan
Lecturers Demand Increase In Salary Members of the Karnataka State Pre-University Colleges' Lecturers Association staged a dharna in front of the Deputy Commissioner's Office demanding an increase in salaries of lecturers and principals of pre-university colleges.In a memorandum submitted at the Deputy Commissioner's office, the association said that there had been a massive disparity between the pay scales of the lecturers of the pre-university colleges and degree colleges since 1983.After the association made several representations to the State Government, it set up a committee to study the issue. The association had pointed out the injustice meted out to lecturers of the pre-university colleges by the Fourth and Fifth Pay Commissions. The committee had submitted its report to the Ministry of Education on June 27. But even after the submission of the report, the Government had not taken any action. The association demanded that the lecturers of the pre-university colleges should be given a basic salary of Rs. 14,050 a month with retrospective effect from July 1, 2005. The principals of pre-university colleges should be given a basic salary of Rs. 18,150 a month with retrospective effect from July 1, 2005.
Source : 10-12-11 The Hindu Compiled by Amresh Anjan
FDI In Retail Can Create About 80 Lakh Jobs: Experts Foreign direct investment in fast-growing retail sector will "significantly" boost hiring activities and has the potential to create about 80 lakh jobs in the country, feel experts. "Retail industry had been waiting for FDI clearance from the government for a long time. The decision to raise FDI limits (in single brand retail) will act as a life saving drug and is a big boost to the industry," executive search firm GlobalHunt Director Sunil Goel said. "If all goes well, the country should be able to create 60-80 lakhs jobs," Mr. Goel added. Some experts refrained from quantifying the number of job opportunities due to opening up of the retail sector as details such as the number of how players who will come in, is not clear. But they were unanimous on the fact that there will be "substantial" job creation. "If FDI in retail is implemented a lot of organised players will be coming in.
Source : 04-12-11 IBN Live.com Compiled by Amresh Anjan
Cognizant Brass Offered Growth-Linked Sops Cognizant Technology Solutions has proposed a performance-linked plan, where top executives will be paid 100 percent of restricted stock units if the company achieves revenues of $7.52 billion next year.Cognizant revenues will have to grow at least 23 percent to reach this target. Projected revenues for 2011 were more than $6.11 billion.Cognizant's recent history of issuing such targets indicates the company's initial annual revenue growth guidance is close to the growth required for 100 percent award levels.The IT firm will give 50 percent of performance units if 2012 revenues reach $7.24 billion. The executives will double the amount of units if Cognizant manages to post revenue of $8.08 billion in 2012, implying 32 per cent growth.Analysts say the 23 percent growth for 2012 revenues is a favourable initial indicator of actual guidance to be released in February.
Source : 01-12-11 Financial Chronicle Compiled by Amresh Anjan
B-School Grads Still Aspire For Banking Jobs Wall Street firms, investment banks and hedge funds remain popular among fresh MBAs awaiting their final placements, despite the job cuts. "Banking, finance, services and insurance (BFSI) still remains the most preferred jobs of the leading B-School students such as IIM (Indian Institutes of Management), XIMB, XLRI, BIMTECH, IIFT," according to the 2011 MBA placement report released by MBA Universe, an India-based website about business schools.While the demand for BFSI sector is high at almost 31.3 percent in IIM Calcutta, it is 33 percent at IIM Kozhikode against 25 percent at XLRI Jamshedpur and 33 percent at Faculty of Management Studies, Delhi.Students are jittery about job prospects in finance but they have still not shifted focus to any other field, because "they feel it's the best path to get return out of their investment", said a student of Jamnalal Bajaj Institute of Management Studies.
Source : 01-12-11 Financial Chronicle Compiled by Amresh Anjan
Barclays Wealth Targets Tier II And III Centres Barclays Wealth is planning to expand business to tier II and III towns, home to many high net-worth individuals created by the boom in real estate. The wealth is spread across sectors like spices export in Kerala or garment manufacturing in Tirupur, apart from real estate and IT/ITeS. The company began operations in India three years ago. It covers about a thousand business families through its 130-member team."We propose to expand our client coverage by 10 to 15 percent every year," said Satya Narayan Bansal, India CEO.The limited talent pool available in the investment banking space could pose a challenge for expanding in India. "The limited talent available could pose a challenge for us. But, we are also exploring opportunities to get talent from outside India, like NRI investment bankers willing to come back home," Mr. Bansal said.
Source : 30-11-11 Financial Chronicle Compiled by Amresh Anjan
Now GMAT Scores Good For Indian B-Schools Too Indian business will now be able to admit students on the basis of the globally recognized Graduate Management Aptitude Test (GMAT). The move is part of the HRD ministry-controlled All India Council for Technical Education's efforts to simplify the admission process for business schools. Being able to admit students on the basis of GMAT will now make it easier for the more than 3,000 business schools in India to draw international students. The test is recognized in more than 110 countries. According to government data, less than 4,000 foreign students are currently admitted into institutes of higher education in India every year. Business schools in particular are looking to increase the number to make classrooms more diverse, improve their global rankings and gain international accreditations. The 13 Indian Institutes of Managements recently decided to hold road shows to attract foreign students. Source : 01-11-11 Mint Compiled by Amresh Anjan
U.S. Relaxes Green Card Rules The U.S. has amended visa regulations that will permit more high-skilled immigrants from India and China to become permanent residents. The legislation aims at eliminating a country-by-country cap on visas offered to skilled workers for obtaining a green card.Once approved, people can apply for a green card on a first-come, first-served basis.Currently, the U.S. makes available 140,000 skill-based green cards and limits availability to 7 percent of that allocation for each country. India gets a quota of roughly 3,000 green cards annually. In such a case, U.S. visa applicants would have to wait up to 70 years before getting their cards approved. The new Bill aims to reduce the time span by removing the limit on green cards. The move will help appease technology companies who have been pressuring Congress to provide more green cards for foreign employees.
Source : 30-11-11 Business Standard Compiled by Amresh Anjan
Indian Execs Feel Guilty About Taking Holidays Research from online travel firm Expedia has found that Indians leave 20 percent of their vacations unused. The "vacation deprivation survey", which polled employed people across 21 countries, finds that 29 percent of Indians couldn't plan their holidays due to work pressures.The reasons vary from disapproving bosses to affordability, lack of planning and the outlook that vacations are a luxury and not a necessity. Manmeet Ahluwalia, head-marketing, Expedia (India), points out, "In India, vacations tend to be viewed as a guilty habit."Scandinavians are most likely to use all of their vacation days, leaving no leave unused. Among the Indian cities, Delhi topped the holiday cancellation list with 68 percent saying they have ended up cancelling or postponing a holiday in favour of work. Only 32 percent of employees in Mumbai said they took 21 to 30 days off in a year.
Source : 30-11-11 Hindu Business Line Compiled by Amresh Anjan
RIM India MD Frenny Bawa Quits To Explore Other Interests At a time when the company is facing hurdles due to security concerns, BlackBerry-maker Research In Motion's (RIM's) India Head Frenny Bawa has quit to pursue other interests."This is to confirm that Frenny Bawa -- RIM's Managing Director for India -- is leaving RIM in order to pursue other interests. We appreciate Frenny's past contributions to RIM's growth and we wish her all the best," the company's spokesperson told.
Source : 04-11-11 Business Standard Compiled by Amresh Anjan
Power Sector To Create 6 Lakh Jobs In 2012-17 India's fast-growing power sector has the potential to create as many as six lakh jobs during the 12th Plan (2012-17), a top government official said. The power sector is projected to see a capacity addition of about 1,00,000 megawatts during this period. Around two lakh people will be required in the construction of power plants. "For operation and maintenance, generation transmission and distribution, there are employment opportunities of four lakh people during the 12th Five-Year Plan," said Power Secretary P Uma Shankar on the sidelines of the 27th Skoch Summit. There is an estimated requirement of four lakh technical persons for the power sector during the 13th Plan period (2018-22). However, the employment potential in the sector is going to come down in the future due to automation and technical upgradation, he pointed out.
Source : 30-11-11 Financial Express Compiled by Amresh Anjan
Manufacturing, Rural Enterprise Hold Key To Jobs The economic growth triggered by the IT, ITeS and BPO industry during the last decade has created a fast-growth young generation from the affluent urban middle class, with a penchant for a high lifestyle.The net result is a rapid shift towards the service economy. Manufacturing, which creates large employment, has declined steadily. Today, out of India's total workforce of 45.7 crore, 48 percent are employed in the services sector and the share of manufacturing has declined to 8 percent. The remaining 44 percent continue to live in the poverty of rural Bharat. The twin objectives of both catering to the rising lifestyle of urban India and leading rural Bharat to a spiral of prosperity can only come through the setting up of productive enterprises in rural Bharat.Some 700,000 graduates passing out annually from 15,000 colleges of higher technical education spread deep into the interior of rural India provide a fertile ground for achieving this goal.
Source : 01-12-11 The Tribune Compiled by Amresh Anjan
Sai Kumar Named Network18 Group CEO B. Sai Kumar will take over as group chief executive officer (CEO) of the Network18 Group from Haresh Chawla, who had announced his departure two weeks ago. Mr. Sai Kumar, 37, is currently group chief operating officer. In his new role, Mr. Sai Kumar will be responsible for strategic and operational management, the company said in a release. He will have direct responsibility of the group's news, web, publishing, factual entertainment and allied businesses
Source : 30-11-11 Livemint Compiled by Amresh Anjan
Future Group Puts Hiring On Hold, Cuts Travel Kishore Biyani has been forced to go on an austerity drive to reduce manpower costs and streamline operations. The Future Group has a high debt load and interest costs.The group has put hiring on hold for four months and stopped unnecessary travel. Even use of office stationery, air-conditioning and power and lighting are being controlled in the head office in Mumbai as well as across all its stores.Coffee machines have been removed and head-office housekeeping staff reduced. Subsidised canteen food has been stopped. On the operations front, the group is trying to reduce inventory to cut carrying costs and supply chain costs.According to Arvind Singhal, chairman of retail consultancy Technopak, most retailers need to cut costs and have operating profits to continue to reinvest in their businesses.
Source : 29-11-11 Financial Chronicle Compiled by Amresh Anjan
Essar Oil Picks JSW Energy CEO Essar Oil, a subsidiary of Essar Energy, has named Lalit Gupta as managing director and CEO. He is taking over from Naresh Nayyar, who will continue as deputy chairman of Essar Energy. Gupta was previously with JSW Energy, where he was CEO and joint managing director
Source : 03-11-11 Hindu Business Line Compiled by Amresh Anjan
Bosses Get Thumbs-Up From Employees More than half of Indian employees believe their bosses have done a good job in grooming them for success. According to the latest survey from Kelly Services, around 58 percent of employees surveyed in India said their bosses had done a good job in preparing them for future success. Around 29 percent disagreed and the remaining 14 percent were uncertain. The study obtained views of approximately 97,000 people in 30 countries, including almost 2,000 in India. Around three-fourth of the respondents said they would be willing to recommend their current employer to a friend or acquaintance.In a competitive environment, employers are under constant and intense scrutiny from a range of stakeholders, including their own employees. The senior management needs to put their best foot forward and win the trust of employees, said James Agrawal, consulting director and head, BTI Consultants.
Source : 29-11-11 Business Standard Compiled by Amresh Anjan
Frontline Staff To Get More For 'Cross Selling' Big retailers are training their frontline sales staff in cross-selling, or selling related items, and up-selling, or selling items of a higher value. "Cross-selling and up-selling are KRAs (key result areas) for frontline sales staff. This is part of the training programme in any retail company. It's clear that consumption will drive growth," says Bijou Kurien, president and CEO, lifestyle, at Reliance Retail. At Future Group's stores such as Central and Brand Factory, cashiers, apart from sales staff, have been trained to sell items at the cash point.Within the Landmark Group, with stores such as Lifestyle, Max and Spar, the sales staff's performance is measured by the customers' basket size and the average bill value. Each employee carries a career passport that indicates their performance and thus promotion.
Source : 29-11-11 Hindu Business Line Compiled by Amresh Anjan
Lanco Infra Rejigs Finance Team Mr. J. Suresh Kumar, Chief Financial Officer of Lanco Infratech Ltd, has quit.Following this, the diversified company with interests in power, infrastructure etc, has reorganised the finance function.It has named Mr T. Adi Babu as the new Financial Controller and Mr Philip Chacko, head of investor relations. Both will report to Mr G. Venkatesh Babu, Managing Director.Mr Suresh Kumar, who was responsible for Financial Control and Investor Relations will continue in this role till December 15, 2011.As regards other finance function roles, Mr Sharad Jhingan, Head-Structured Finance and Mr T. N. Subramaniyan, Head-Project Finance will continue to report to Managing Director as per already existing reporting structure, according to a statement to the BSE.
Source : 29-11-11 Hindu Business Line Compiled by Amresh Anjan
Hero Motocorp Raises Salaries 30% Hero MotoCorp has raised pay by as much as 30 percent for white-collar employees, while workers at the Dharuhera plant have got a monthly increase of Rs 6,500. A similar pay increase is expected to be given to workers at its Gurgaon and Haridwar plants as well.The wage increase will help ensure there is no dissatisfaction among workers reeling from spiralling inflation as the company seeks to expand globally and step up vehicle development."The idea is to infuse confidence among employees before we embark on a new journey," said a top company official. Source : 28-11-11 Mint Compiled by Amresh Anjan
US Retail Giants Promise To Create Jobs In India American retail giants woke up to learn that India had unlocked the door for global retailers. Wal-Marts are to quickly take root across India, as the cabinet paves the way for international supermarkets and department stores to establish joint ventures. "We will create thousands of jobs through inclusive growth, increase farm productivity and income and help small and medium industries prosper and grow with us," said Doug McMillion. "We're confident that the government, after seeing the value we bring to India and its people, will view this opening as a first step in further liberalising FDI in retail."
Source : 25-11-11 Firstpost Compiled by Amresh Anjan
Law Graduate Salaries Get Consistently Higher The salaries and bonuses paid by India's top corporate law firms to graduates from premium law schools have in many cases doubled in the last five years and now often top Rs. 14 lakh per year if bonuses are included. One reason is that with the growth of the corporate legal sector, salaries at the top and also the bottom have soared. Five years ago, law firm Trilegal used to pay law graduates around Rs. 5 lakh per year; now the firm offers a base package of Rs. 10.8 lakh per year with potential bonuses taking this up to Rs.12.8 lakh a year. Source : 25-11-11 Livemint Compiled by Amresh Anjan
UAE Sees Indian Workforce Shrink As Home Salaries Rise The Indian Consulate in the UAE saw a fall in new visas for Indian nationals last year for the first time, as rising salaries in the Asian state kept workers at home. The Gulf state is likely to see a steady decline in blue-collar migrants as India's economic growth offers better opportunities to workers, the Consul General told Arabian Business. "Last year, for the first time ever, the Indian Consulate served less passports than in 2009 so that would be an indication that the number of Indians declined coming to the UAE," Sanjay Verma said on the sidelines of the 5th Arabian Business Forum. "Passport services saw a two percent drop."The numbers are declining because of the demand for labour in India. The civil construction sector has a shortage of civil engineers and skilled workers, plumbing and carpentry."
Source : 25-11-11 Arabianbusiness.com Compiled by Amresh Anjan
Nokia Siemens Networks To Cut 17,000 Jobs Telecom equipment maker Nokia Siemens Networks will slash 17,000 jobs as part of efforts to reduce 1 billion euro in costs by the end of 2013.Nokia Siemens Networks, a joint venture between Finnish cellphone maker Nokia and German conglomerate Siemens, has been grappling with tough business conditions. Unveiling its strategy to focus on mobile broadband and services, Nokia Siemens Networks today said it plans to cut 17,000 jobs worldwide by 2013-end."These planned reductions are expected to be driven by aligning the company's workforce with its new strategy as well as through a range of productivity and efficiency measures," the firm said in a statement. The company is estimated to have a global workforce of about 74,000 people.
Source : 23-11-11 Financial Chronicle Compiled by Amresh Anjan
Gap In Top-Level Exec Education Needs Plugging India can take a lead in executive education if it addresses lacunae in top-level executive education, says Ariff Kachra of Canada-based Richard Ivey School of Business (Ivey). Mr. Kachra is strategy professor and managing director of the Indian chapter of Ivey, one of the latest entrants in the executive education market in India.Ivey has signed memoranda of understanding with the Indian School of Business (ISB), Hyderabad, and Indian Institute of Management, Bangalore (IIM-B). It will collaborate with ISB to develop joint case studies and aim to be the largest source of Indian cases by mid-2012. At IIM-B, it will focus on incentive research. Ivey has been working with 20 different corporations in India on courses for middle- to senior-level managers for the past five months. There will be an active focus on Mumbai for the next few years, as the city houses the maximum number of corporations.
Source : 23-11-11 Business Standard Compiled by Amresh Anjan
Man Industries Names MD, Vice Chairman Pipe manufacturer Man Industries has appointed J Mansukhani as managing director and vice chairman with immediate effect. His tenure had ended on September 30. The board of directors also named Nikhil Mansukhani as a non-executive director. Source : 23-11-11 Indiainfoline.com Compiled by Amresh Anjan
Many Sectors Freezing Recruitment Companies are becoming wary of recruiting additional numbers in the current slowdown. Though lay-offs are unlikely, there is a near consensus on a slowdown in the recruitment process.Sectors such as telecom, real estate, banking and financial services, information technology and aviation are already witnessing a freeze in hiring. "In the banking sector, it's investment banking, retail broking and institutional equity that have been impacted. While many companies have laid off employees, there are talks of another round of lay-offs," said Supreet Singh, CEO, Altor Executive Search. E Balaji, CEO of Ma Foi Randstad, says, "Most companies are cautious in the hiring process as there is a pressure on their margins. There is an 8 to10 percent slowdown in hiring and in sectors linked to European markets, like asset management and broking."
Source : 23-11-11 Business Standard Compiled by Amresh Anjan
Hotel Industry Facing Skills Gap The hotel industry is facing a talent crunch despite the industry hiring more than IT and ITeS. With the growing inventory of hotel rooms and stand-alone restaurants, the industry needs more people. An estimated 40,000 people will be required by the end of 2011, as per a recent survey by Ma Foi Randstad. New hotels and investments in hotel infrastructure in major cities as well as tier II and tier III cities have given rise to increased job opportunities. While hotel management schools in India turn out 10,000 graduates a year on an average, the requirement is much more. A large portion of the demand for people will come from food and beverage services, kitchen, front office and housekeeping. The industry is experiencing close to 30 percent attrition, with people switching jobs for short-term benefits.
Source : 23-11-11 Hindu Business Line Compiled by Amresh Anjan
SKS Microfinance CEO Steps Down Vikram Akula, founder of SKS Microfinance, India's first public listed microfinance firm, has resigned as executive chairman and CEO. SKS' independent director P Ravikumar has been appointed interim non-executive chairman. Mr. Ravikumar was earlier CEO of National Commodities & Derivatives Exchange and is currently heading Invent Assets Securitisation & Reconstruction.
Source : 23-11-11 VC Circle Compiled by Amresh Anjan
IT, BPO Tap Into Travel Industry For Talent The number of people joining niche IT and ITeS companies from travel agencies or travel portals is on the rise and the trend is expected to continue. Demand for travel industry professionals is coming from niche companies in the tech sector, such as NIIT Technologies, WNS Global Services and InterGlobe professionals, who need domain experts to cater to airline and airport clients. The IT sector has witnessed a 15 percent year-on-year growth in the $15 billion travel vertical. Bhaskar Chavli, chief delivery officer, NIIT Technologies, said, "At least 15 to 20 percent of our staff serving travel clients such as British Airways and Singapore Airport is from the travel industry. We give these professionals training and some of them become business analysts or travel consultants." Professionals in the travel industry tend to leave for better-paying jobs. IT and BPO companies generally pay 15 percent to 20 percent higher salary than travel companies.
Source : 23-11-11 Financial Express Compiled by Amresh Anjan
IT Firms Boost Local Hiring In Overseas Markets IT companies are hiring more local talent in markets such as South Africa, China and the Asia-Pacific to boost business. In doing so, they are also creating a natural hedge against wage cost fluctuations in a regime of currency volatility. Infosys Chief Financial Officer V Balakrishnan said, "Incurring cost and generating revenue in the same currency is a natural hedge."Wipro Technologies recently announced moves to set up a strategic delivery centre in South Africa and hire around a thousand skilled local nationals in the next three years. The company has increased its intake of local nationals from 31 percent to 38 percent in a year. Infosys Technologies China has also recently signed a memorandum of understanding with the Dalian high-tech zone (DHTZ) government to establish a facility that will seat 700.
Source : 24-11-11 Financial Chronicle Compiled by Amresh Anjan
Mr. AC Muthiah Retires; Son Appointed SPIC Chairman The Chennai-based Southern Petrochemicals Industries Corporation (Spic) has informed the stock exchange that Mr A.C. Muthiah has retired from the board of directors and has been appointed as Chairman Emeritus.The announcement also says that his son, Mr Ashwin C. Muthiah has been appointed as the Chairman of the board.Besides, Mr K.K. Rajagopalan has been appointed as an Additional Director and also as a whole time director of the company.
Source : 19-11-11 Hindu Business Line Compiled by Amresh Anjan
A New Capital Of Call Centers Americans calling the customer service lines of their airlines, phone companies and banks are now more likely to speak to Mark in Manila than Bharat in Bangalore.Over the last several years, a quiet revolution has been reshaping the call center business: the rise of the Philippines, a former United States colony that has a large population of young people who speak lightly accented English and, unlike many Indians, are steeped in American culture. More Filipinos — about 400,000 — than Indians now spend their nights talking to mostly American consumers, industry officials said, as companies like AT&T, JPMorgan Chase and Expedia have hired call centers here, or built their own. The jobs have come from the United States, Europe and, to some extent, India as outsourcers followed their clients to the Philippines.
Source : 25-11-11 New York Times Compiled by Amresh Anjan
Indian Migrants Face Job Discrimination Study Highly educated, fluent English-speaking Indian migrants struggle to find employment in New Zealand because of employer discrimination, a new report has found. The study by Massey and Waikato Universities, entitled Namaste New Zealand stated that Indian Employers and Employees in Auckland, found "widespread presence of discrimination and ... a general unwillingness to employ immigrants who don't as readily blend into New Zealand's dominant Pakeha/European culture".The report said Indian migrants "arrive in New Zealand as well-educated and skilled newcomers", but unlike immigrants from Britain and South Africa, "their employment outcomes are not that rosy".More than 60 per cent of those interviewed had an academic qualification of a bachelor's degree or higher, but less than half said their present jobs made good use of their qualification.
Source : 25-11-11 NZherald.com Compiled by Amresh Anjan
IIM-L To Link Faculty Pay To Research The Indian Institute of Management, Lucknow (IIM-L) is set to shift to a compensation system aimed at boosting research. Under the new system, faculty compensation will have fixed and variable components, with the latter based on performance. The aim is to incentivise research, an area where IIMs score poorly in global rankings.The institute will take the in-principle decision to change its pay structure once it receives government clearances. The variable component will equalise salaries of faculty who do external consultancy and those who don't. The performance-based variable part will be over and above the fixed salary. IIM Ahmedabad and IIM Indore have decided to stick to the current structure despite enabling action by the Human Resource Development Ministry. IIM Calcutta is yet to submit a proposal while the ministry has not made the change for IIM Lucknow and IIM Bangalore.
Source : 23-11-11 Financial Chronicle Compiled by Amresh Anjan
Tata Sons Names Mr. Cyrus Mistry As Deputy Chairman The Tata group has named Cyrus Mistry as deputy chairman of Tata Sons after a board meeting in Mumbai. Mr. Mistry, younger son of construction tycoon and largest single shareholder of Tata Sons Pallonji Shapoorji Mistry, takes up the newly created post with immediate effect and will replace Chairman Ratan Tata in December 2012.
Source : 23-11-11 VC Circle Compiled by Amresh Anjan
