51% Workforce Self Employed: NSSO Survey More than half of the country's overall workforce is self-employed, even as female employees receive less remuneration than their male counterparts for doing similar jobs, as per the data of a government survey. While 51 % of the country's total workforce are self-employed, only around 15.6 % are 'regular wage/salaried' employees and 33.5 % are casual labours, the key indicators from a survey the National Sample Survey Office (NSSO) revealed. Among workers in rural areas, about 54.2% are self-employed, while only 41.4 % of the workforce in urban areas is self-employed. Only 7.3 % of workers in rural areas are regular wage earners, while 41.4 % of workers in cities are getting regular salaries. The findings of the NSSO also reveal that women workers, both in rural and urban areas, continue to receive less remuneration than their male counterparts. In urban areas, the average wage is Rs 365 per day and it is Rs 232 in rural areas. The NSSO survey found that the average earning per day received by male workers is Rs 249 but it is only Rs 156 in case of female workers, indicating the female-male wage ratio at 0.63.Similarly, in urban areas males earn Rs 377 as against Rs 309 by women, indicating a ratio of 0.82.The indicators are based on a central sample of 1,00,957 households of which 59,129 were from the rural areas and 41,828 from urban areas. This was the 66th round of the survey by NSSO.
Source : 24-06-11 Hindustan Times Compiled by Amresh Anjan
Many Millennials Opt For Job Satisfaction Over Pay: US Study A significant percentage of the new generation of professionals values meaningful work over money, according to a study by the Career Advisory Board at DeVry University. The study states that job satisfaction is considered to be one of the three ruling factors for a successful career by the younger set of workers..Aged 21-31, this group has a different attitude towards job satisfaction and pay than what it was perceived to have earlier, as per the study. About 30% of the 500 millennials surveyed said they listed meaningful work that provides a sense of achievement as the most vital element for success. Employers were earlier of the view that money and a high level of responsibility were more important for millenials. High pay is still ranked as most important by 27% of those reviewed. However, a "sense of accomplishment" is nearly equally important at 24%.
Source : 21-06-11 Hindustan Times Compiled by Amresh Anjan
Subrata Roy Resigns From Sahara Group Firm Board Housingfina Corporation said that its promoter-director Subrata Roy has resigned from the board of the company. The company, which is part of the Roy-led Sahara group and is engaged in the business of providing home loans, did not provide any reasons for the resignation. Subrata Roy has tendered his resignation from the directorship of the company vide his letter dated June 17, 2011," Sahara Housingfina Corporation Ltd (SHCL) said in a regulatory filing to the BSE.
Source : 21-06-11 Financial Express Compiled by Amresh Anjan
MK Sharma To Join Wipro Board Wipro announced that Mahendra Kumar Sharma, former vice-chairman of Hindustan Unilever, is joining its board of directors. Mr. Sharma joins 11 members of Wipro's board of directors. With his addition, nine of the 12 directors of Wipro are independent directors, a company press release said. Wipro chairman Azim Premji said, "We welcome MK Sharma on our board. Wipro has always adopted highest standards of transparency and adherence to responsible and ethical conduct in all aspects of business operations." Mr.Sharma's appointment will be effective July 1, 2011.
Source : 21-06-11 Financial Express Compiled by Amresh Anjan
Start-Ups Creating Jobs In Smaller Cities Start-ups and new-age venture firms are generating job opportunities in tier II and III cities in the fields of sales, marketing, operations and logistics support, Financial Chronicle reports. These job openings are coming up in sectors like e-commerce, retail marketing and servicing and tourism. Snapdeal, an e-commerce site started in 2008, already employs over 400 workers across 50 cities and towns. Channelplay, launched in 2006, is involved in visual merchandising, sales force outsourcing and experimental marketing. The firm has a staff of over 2500 spread across 200 locations including metros and smaller towns. Big brands like Nokia, Blackberry and Lifestyle are looking to expand in smaller towns such as Rajkot, Raipur and Indore where there is a large consumer base seeking to buy their products. However, for this purpose these companies use the services of start-ups instead of doing everything on their own.
Source : 22-06-11 Financial Chronicle Compiled by Amresh Anjan
Indian Companies Do Not Report 88% Of Frauds: Survey Majority of corporate frauds in Asia, particularly India, are not reported, according to a survey by global consultancy firm KPMG. It has been reported that about 88% of fraud cases in India are not made public. The survey is based on a review, done by KPMG, of 348 actual fraud probes in 69 countries. As per the findings, enforcement action was taken in 25% of the cases, while fraud led to resignation or voluntary retirement in 19% of the instances. The survey reveals that a fraud may remain undetected for over 10 years in Asia. Complicity of different functions or external parties' leads to evasion of controls and a consequent increase in frauds, according to Rohit Mahajan, executive director, forensic services, KPMG.
Source : 22-06-11 Indian Express Compiled by Amresh Anjan
31,500 TCS Employees Quit In Fy 2011 Tata Consultancy Services witnessed a high rate of attrition in 2010-11.. The firm saw an exit of 31,500 employees in this fiscal, while 69,685 new employees were added in India and abroad. TCS's headcount stood at 1,60,429 as on April 1, 2010, which increased to 1,98,614 as on March 31 this year. In terms of gross additions, 62,092 people were added in India, while 7,593 were added overseas, it said. During the year, 26,899 people hired from India quit, taking the net addition to 35,193 in India. With the return in demand for IT services, attrition has become the major concern for IT firms. The industry is now on a hiring spree to counter the trend. For the overseas operations, the attrition was high with 4,601 people leaving the firm in fiscal year 2011. The net addition stood at 2,992 people for overseas operations.
Source : 22-06-11 Hindu Business Line Compiled by Amresh Anjan
Sony Ericsson Appoints P Balaji As MD For India Operations Sony Ericsson announced the appointment of Mr. P Balaji as the managing director of the company's India operations, effective from July 1, 2011.In this role, Mr. Balaji will help in establishing Sony Ericsson's leadership position in the Android market and work closely with operators and distributors in India, the company said in a statement.
Source : 21-06-11 Business Standard Compiled by Amresh Anjan
Goldman Sachs Appoints India Equity Head Wall Street bank Goldman Sachs has hired Keshav Sanghi from rival Citigroup as managing director and head of equities in India. Mr. Sanghi was previously head of Indian equities at Citigroup, and before that was chief executive officer of Reliance Equities International. He also headed Indian equities at Deutsche Bank for five years.
Source : 21-06-11 Reuters.com Compiled by Amresh Anjan
Rising Salaries Threaten Indian IT Sector's Competitiveness The salary costs of the top 10 Indian IT firms increased by an average 17% over the last three years, higher than the 10-12% rise in most other industries. iimjobs.com, an employment site for MBA students, reported that wages for IT professionals rose fastest at 12.7%, taking them closer to their peers employed in finance and consulting. The trend is expected to continue as companies are compelled to plan substantial recruitment partly due to the high attrition rate, which is 60% in the BPO sector alone. Tata Consultancy Services and Infosys are planning to recruit 30,000 employees this year. This rise in salaries will make the Indian IT and ITES industry uncompetitive, said Vineet Nayyar, vice chairman and managing director of Tech Mahindra. He added that it will soon be less expensive to recruit in some foreign locations as there will be no economic reason to hire in India.
Source : 24-06-11 Business Standard Compiled by Amresh Anjan
8 HR Firms Form Apex Body Of Indian Staffing Industry Eight HR firms have united to create an industry association focused on India's growing employment sector. The newly launched Indian Staffing Federation (ISF) comprises Adecco, Allegis, GI Group, Global Innov, Kelly, Ma Foi Randstad, Manpower and Teamlease. These HR majors constitute nearly 50% of the Indian organized staffing market. According to the apex body's President K Rajan, ISF will work together with the government for a suitable, legal and regulatory environment, which will help in developing employment in the country, particularly the staffing industry. The recruitment agencies will be required to create employment opportunities for emerging industries such as ICT, healthcare, hospitality, real estate, retail, media and entertainment, banking and manufacturing. The association will draw new people to the organised sector and provide them with social security and work-related benefits.
Source : 24-06-11 Financial Chronicle Compiled by Amresh Anjan
Salary Levels Affect Productivity According to a survey by TeamLease, 80% workers feel that salary scales, in relation to experience, influence productivity at work. Around 67% of those surveyed believe that their partner's attitude towards their profession also affects productivity at work, as per the study. As per the survey by the staffing and recruitment firm another factor impacting work efficiency is a worker's relationship with colleagues. In New Delhi, 86% respondents said that people with plain looks work harder as compared to good looking persons. Health issues, as a factor impacting productivity, have been rated at over 75% in cities like Kolkata, Pune and Mumbai. Respondents in Bangalore and Chennai have given high rating to marital status as a factor influencing productivity. The survey covered employees aged 22-45 years across Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune.
Source : 24-06-11 Financial Express Compiled by Amresh Anjan
G. Muralidhar Is The New MD Of Kotak Life Mr. G. Muralidhar has been appointed as the Managing Director of Kotak Mahindra Old Mutual Life Insurance Ltd. He was the company's Chief Operating Officer in his immediate prior assignment, said a press release issued by the company. Mr. Muralidhar has held various positions in the company over the last decade.
Source : 23-06-11 Hindu Business Line Compiled by Amresh Anjan
Toyota, Honda, Nissan Back In Hiring Mode Toyota and other Japanese automakers said that they planned to hire thousands of contract workers in Japan as they look to make up for lost production due to the March 11 earthquake and tsunami. Toyota alone said it planned to hire up to 4,000 contract workers at its Japan factories. "In terms of domestic output, the company expects production will start recovering from October, making up the delay caused by the Great East Japan Earthquake," a Toyota statement said."In order to meet the challenge, the company plans to hire 3,000 to 4,000 contract workers throughout the nation from mid-July."They will be Toyota's first new contract hires since December 2009, said spokeswoman Kayo Doi. Honda plans to hire about 1,000 new contract workers and renew contracts with current employees as it looks to boost output in the second half of the year, a spokeswoman said.
Source : 21-06-11 Hindustan Times Compiled by Amresh Anjan
Deutsche Bank Appoints New Head Of Global Service Delivery Centre Deutsche Bank Group announced the appointment of Sandhya Vasudevan as the head of DBOI Global Services India, a Deutsche Bank Group company. Mr. Vasudevan takes over from Vikas Nanda, who moved to Deutsche Bank's Global Business Services in London. Mr. Vasudevan, has over 20 years of experience and has worked with organisations such as Thomson Reuters, Guardian Royal Exchange and AXA before joining Deutsche Bank."Vasudevan will be responsible for the continued development of the world-class client services organisation represented by the India service centres and will report to Arindam Banerrji, Global Head, GBS Services Centres. Additionally Vasudevan will also have oversight of the Global Business Engineering function of GBS, and will be a part of the GBS Asia Pacific Regional Management team," the bank said in a release.
Source : 27-06-11 Business Standard Compiled by Amresh Anjan
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