Employment Sees Upward Trend As per the Economic Survey tabled in the Lok Sabha by the Finance Minister Pranab Mukherjee, the employment front of the country has been able to withstand the adverse impact of the global crisis and generate employment.An upward trend in employment has been continuously observed since July 2009. During the quarter July to September, 2010, the overall employment increased by 4.35 lakh. The Economic Survey states that during 2009-10, 5.26 crore households were provided employment under the Mahatma Gandhi National Rural Employment Guarantee Scheme as against more than 4.51 crore during 2008-09.
Source : 25-02-11 Rediff.com Compiled by Amresh Anjan
Cognizant Top Brass Gets Big Fat Bonus Cognizant, which is expected to pip older rival Wipro in terms of quarterly revenues soon, has decided to reward its five top executives with hefty annual cash incentive bonuses that are nearly 90 per cent more than 2010 targets.The outsourcing giant's compensation committee has decided to pay Francisco D'Souza, president and CEO; Gordon Coburn, CFO; Ramakrishnan Chandrasekaran, president and MD (global delivery); Rajeev Mehta, COO (global client services); and Steven Schwartz (senior VP, general counsel and secretary), a total of $2.92 million compared with $1.54 million.In effect, D'Souza will get $810,000, up from $430,000, Coburn $730,000 ($380,000), Mehta $580,000 ($310,000), Schwartz $530,000 ($280,000) and Chandrasekaran $250,000 ($140,000).
Source : 27-02-11 Financial Chronicle Compiled by Amresh Anjan
Butola To Be New IOC Chairman Mr. R S Butola took over as the Chairman of Indian Oil Corp, the nation's oil refining and marketing company. Before joining IOC, Butola was the Managing Director of ONGC Videsh Ltd (OVL). Under his stewardship, OVL built a formidable portfolio comprising both discovered and producing assets in over 15 countries. Mr. Butola holds a MBA from the Faculty of Management Studies , Delhi and is a Certified Associate of the Indian Institute of Bankers (CAIIB)
Source : 28-02-11 Hindustan Times Compiled by Amresh Anjan
Baldauf Quits As Air India COO Under attack for speaking out against the government, Air India's first chief operating officer Gustav Baldauf has resigned. His resignation has been accepted and Baldauf was relieved of his responsibilities with immediate effect. Baldauf's decision to quit comes within days of another top executive — AI's chief of training Stefan Sukumar — putting in his papers. It also marks the exit of all top external professionals hired by Air India last year as part of its turnaround plan, which in turn raises a question mark on the process adopted for these appointments.
Source : 01-03-11 Hindustan Times Compiled by Amresh Anjan
Nilesh Shah To Lead Axis Bank's Investment Department Axis Bank has appointed Mr. Nilesh Shah as president, strategic initiatives in its corporate banking division. Mr. Shah will lead the banks initiative in the investment banking space. He was previously working with ICICI Prudential Mutual Fund as the Deputy Managing Director.
Source : 04-03-11 Hindustan Times Compiled by Amresh Anjan
Unemployment Drops In The US In positive news that could improve the prospects for the Obama administration, the United States Bureau of Labour Statistics announced that the net addition to jobs in the U.S. economy was 192,000 during the month of February. The Bureau of Labour Statistics noted that even as the world's largest national economy continued to create new jobs, its rate of unemployment also dipped to a two-year low of 8.9 per cent after hovering above 9 per cent for many months. This followed from job gains occurring in manufacturing, construction, professional and business services, health care, transportation and warehousing. However, despite the progress in job creation the total number of unemployed persons remained near its post-recession highs, at 13.7 million.
Source : 04-03-11 The Hindu Compiled by Amresh Anjan
Fat Pay Packet For IIM- Kozhikode Graduates The Indian Institute of Management (IIM)-Kozhikode completed its final placement with 110 corporate giants flooding the campus doling out 30 per cent fatter salary than the previous year. The highest international package US $ 150,000 was offered by a commodities trading company while the highest domestic salary Rs 32 lakh was offered by in investment bank. Deloitte. ICICI Bank was the largest recruiter and made 16 offers. Finance continued to remain the top preference among students with more than 33 per cent of the batch taking up roles ranging from investment banking, corporate finance, corporate banking, risk management, equity research and retail banking in foreign and Indian financial institutions.
Source : 05-03-11 Hindustan Times Compiled by Amresh Anjan
Public Sector Banks Bring In Pay Plans Linked To Performance In a huge policy shift, public sector banks (PSBs) will get the right to reward their best employees and also lay off their worst performers, under a plan approved by the government.The performance management system has been adopted, in principle, by the banks as part of their recent tripartite wage negotiations agreement with bank employees and the government.It will mean each bank will be able to link part of the salary of their employees down to the junior-most branch manager level. Two sources connected with the development confirmed the plan.To start with; the performance management system will be restricted to officer-level employees only. This it self will be a huge change for the banks, where security of tenure and even salary levels, irrespective of performance has been the rule so far.
Source : 05-03-11 Financial Express Compiled by Amresh Anjan
Delhi University To Recruit 2,860 Teachers Delhi University, which has been reeling under shortage of teachers since the implementation of 54% reservation for students of the Other Backward Classes (OBC) last year, will recruit 2,860 permanent teachers soon in undergraduate courses across all colleges of the university. Sinc e the number of students has increased due to OBC reservation; colleges needed permanent teachers to address the increased class strength. Also, with the university implementing the semester system in humanities and commerce courses this year, the workload of teachers will increase. So, the sanction of these permanent positions from the government has been timely," said vice-chancellor Mr. Dinesh Singh. The university is planning to start the recruitment process by June this year.
Source : 04-03-11 Hindustan Times Compiled by Amresh Anjan
AICTE shuts Door For Part-time MBA Courses It's curtains for part-time management courses in business schools approved by the All India Council for Technical Education (AICTE).The country's technical education regulator has said it will "not permit any technical education programme to be run as either evening or part-time programme in any technical institution". According to a senior AICTE official, this means the council will not approve new part-time MBA programmes or allow fresh admissions in existing ones from the next academic year. B-schools have to apply to AICTE every year for renewing their part-time programmes. Experts from the sector said the move could affect around 400 colleges and 20,000 students. These figures could not be verified with AICTE.
Source : 07-03-11 Business Standard Compiled by Amresh Anjan
IIT Placement Back To Pre Recession Levels It's not only the B-schools which are drawing companies on campus. Improved global recovery has brought the companies back on the campuses of Indian Institutes of Technology (IITs), too.So unlike the past two years when IITs feared achieving 100 per cent placements and prompted their students to take up higher studies due to lack of jobs, this year they have placed around 80 per cent of the batch sizes, already. IT-Kgp began its placements in the last week of December 2010 and recorded the highest pay package of about $1,35,000 made by Facebook. Till the last week of February, more than 600 companies visited the campus, and made over 1700 offers. This, against 360 offers made during the same period last year.
Source : 07-03-11 Business Standard Compiled by Amresh Anjan
Spanco To Hire 6,000 To Power Global Expansion Business process outsourcing company Spanco said it would hire 6,000 more employees for its worldwide operations by March 2012 taking the number to 18,000 to cater to its expansion plans. The firm would set up three more centres in India and expand businesses in Africa, West Asia and United Kingdom over the next one year. The company, which has onshore as well as offshore operations, is expecting a turnover of Rs 280 crore this fiscal year, up by Rs 80 crore from last year. It plans to double the turnover to Rs 500 crore by next financial year with major businesses coming from Africa and Indian markets
Source : 03-03-11 Financial Chronicle Compiled by Amresh Anjan
Infosys May Have To Hire A Million, Says Report Bangalore-based Infosys Technologies needs to revamp the growth strategy or end up hiring close to a million people over the next decade, as it eyes a 20 per cent compounded annual growth rate (CAGR) in revenue in the period up to 2020, says a BNP Paribas report. Infosys employed 127,779 people at the end of the third quarter of 2010-11.
Source : 07-03-11 Rediff.com Compiled by Amresh Anjan
ONGC Gets New Exploration Director India's state-run exploration firm Oil and Natural Gas Corporation (ONGC) has appointed Mr. SV Rao as its director of exploration, a company statement said on Friday.Mr. Rao was previously executive director of offshore exploration with the company. He has some 35 years of experience in the oil and gas sector.
Source : 26-02-11 Business Standard Compiled by Amresh Anjan
BPO Hiring From Top B-school Campuses Business process outsourcing (BPO) firms that so far hired from tier three B-schools will now flaunt IIM graduates. Delhi-based BPO firm EXL Services which has managed to hire over 10 management graduates from India's premier Indian Institute of Management (IIM), Ahmedabad. The highest ever for any BPO company so far, EXL Services has hired the IIM-A graduates for general managerial and consulting roles. BPO and IT services firms have traditionally hired large number of students from engineering colleges and graduation colleges. But hiring from top B-schools has always been a tad difficult as students prefer to work with sectors like banking, consultancy, and FMCG.The trend to hire more management graduates is however, not limited to EXL services alone or to the third party BPO sector. Captive BPOs of IT companies are also joining the bandwagon. IT major Tata Consultancy Services (TCS) plans to hire over 1,200 management students for FY11 from B-schools across the nation. Of these the company has already extended offer letters to 557 students. TCS BPO has also made 129 offers so far.
Source : 28-02-11 Business Standard Compiled by Amresh Anjan
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