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The Naukri Job Speak Index For Oct-11 At 921 Indicates A 16% Dip In New Jobs When Compared To Sep-11 India Inc witnessed a 16% decline in recruitment in Oct-11 when compared to Sep-11, as all key industry sectors and functional areas have witnessed dips in their hiring activity when compared to the previous month. The double digit percentage dip in hiring can be attributed to the festive season spanning across October as well as the uncertainty in the global economic outlook. Barring Telecom sector where hiring picked up by 19% in Oct-11 over Sep-11 and ITES sector which saw a marginal 3% dip in the index, all other sectors saw double digit percentage dips in hiring activity. The index for Auto sector witnessed a 26% dip in Oct-11 when compared to Sep-11, while IT- Software, Pharma, Oil & Gas and Banking saw their hiring activity dip within the range of 13% and 19% respectively during the same time period. When we compare the indices on a year on year basis then ITES, Construction and Oil and Gas sectors saw a negative movement.
Source : 03-11-11 Naukri.com Compiled by Amresh Anjan
HSBC, Nokia, Barclays Plan Huge Job Cuts; Employees In India Largely Spared As companies battle the economic slowdown, the employees at large companies in the U.S. and Europe seem to be facing the axe in a major way.More than 1,35,000 job cuts have been announced by just about a dozen multi-national companies in past few months in their efforts to slash costs and those from the financial services space are among the worst hit. However, the employees in India have largely been spared of these layoffs, although most of these companies have significant presence in the country.Those having announced massive job cuts, running into thousands at each of these companies, include financial service giants like HSBC, Bank of America, Barclays, Credit Suisse and Lloyds Banking Group, as also consumer goods majors such as Whirlpool and Royal Philips Electronics.Besides, mobile handset giant Nokia, BlackBerry maker Research In Motion, drugmaker Merck & Co, aircraft and defense giant Boeing and networking technology major Cisco have also announced large-scale job cuts in their operations.
Source : 06-11-11 Silicon India Compiled by Amresh Anjan
Asian Job Hunters Choosing Temporary Over Permanent Work Contract employment in the professional sector is growing across Asia, and recruiters from Beijing to Singapore say that a more eager workforce paired with mounting demand from employers for short-term labour is giving companies and workers in the region an increasingly competitive edge in the global professional job scene.Temporary jobs in East Asia cities are starting to attract more candidates for more project-based offers, sweetened by the esteem of working for big multinational names."There's a cultural cringe that is slowing it down ... but over time, it will become accepted," said Andrew Banks, founder and chairman of HR and recruitment firm Talent2.According to Korea Labor Institute statistics as of Aug. 2010, the amount of non-regular workers in South Korea has nearly doubled since 2002, accounting for 33.4 per cent of the country's 17.05 million workers, up from 27.4 per cent.Available numbers for the professional sector show there is still a low temporary to permanent jobs ratio in Asia. But evidence shows that both employers and professionals have turned more to contracting since the global financial crisis erupted in the wake of the Lehman Brothers collapse in 2008.Current contract employment uptake in Hong Kong for recruitment firm Robert Walters is 15 per cent against permanent employment, up from zero in 2008.
Source : 06-11-11 DNA Compiled by Amresh Anjan
Engineering Graduates Rejoice! Banks Are Hiring Engineering and technology graduates can look forward to more openings in the banking sector since banks are likely to hire a large number of technology experts.The recruitment would be driven by the increasing focus of banks on attracting young customers and retaining them. The Institute for Development and Research in Banking Technology (IDRBT) estimates that banks would need to hire technology professionals numbering up to about 10-20 per cent of their current workforce.The institute, an arm of the Reserve Bank of India, has studied the customer relationship management process. ``Banks will need to focus on analytics to understand the life-time value of a customer and retaining them.The need can be gleaned from the fact that over 200 million transactions take place in a branch in a month. `To understand the nature of these transactions, banks will need experts in technology, statistics, maths and business analytics.'' Mr Sambamurthy said.
Source : 06-11-11 Hindu Business Line Compiled by Amresh Anjan
Offers Begin Flowing For IIM-B Grads Consulting firms have started making pre-placement offers (PPOs) to students of the Indian Institute of Management, Bangalore (IIM-B). The Class of 2012 has received 71 PPOs and requests for 37 pre-placement interviews so far, ahead of the lateral placements scheduled in December and the final placements scheduled for March next year. Firms making the offers include AT Kearney, Bain & Co., Boston Consulting Group, McKinsey & Co., Booze & Co., Global e-Procure and Hay Group. The conversion rate (number of interns being offered jobs) for consulting firms was above 90 percent, the highest so far, said Prof. PD Jose, IIM-B's chairperson, career development services. Most of these offers were for overseas locations such as Abu Dhabi, Dubai, Hong Kong, London and Singapore.
Source : 02-11-11 Hindu Business Line Compiled by Amresh Anjan
MF Global Sify Employees Face Uncertainty Employees at MF Global Sify Securities India are facing an uncertain future with parent MF Global filing for bankruptcy protection . The New York-based firm has listed total debt of $39.7 billion and assets of $41 billion in its Chapter 11 papers. Interactive Brokers Group, a U.S. discount broking firm which entered India in 2009, may buy the assets of MF Global but it is unclear if it would buy out the Indian arm, MFGlobal Sify Securities. The firm is a 70:30 joint venture between MF Global and Nasdaq-listed Chennai-based Sify.More than 1,35,000 job cuts have been announced by about a dozen multinational companies in the past few months. These include financial service giants such as HSBC, Bank of America, Barclays, Credit Suisse and Lloyds Banking Group and consumer goods majors such as Whirlpool and Royal Philips Electronics.
Source : 01-11-11 Financial Chronicle Compiled by Amresh Anjan
Q2 Attrition Levels Down At Wipro Wipro has trimmed its attrition rate to 18.5 percent of the workforce in the second quarter of this financial year. Attrition in the first quarter was 23.2 percent. "Attrition with competition is down by 1.5 percent, while our attrition is down by 4.7 percent, which clearly shows that we are doing something right," said TK Kurien, executive director and CEO, IT business. Wipro's attrition for the 12 months ended September was 21.1 percent, down from 22.6 percent witnessed in the previous quarter. "We think what is comfortable to us is 12 percent to 14 percent. And we are hopeful (of going) below 15 per cent," said Pratik Kumar, vice president HR. The company has linked variable pay to attrition. Recently, 950 people put in their papers, but the company managed to retain 900 of them. Earlier, it would have been the other way around, Mr. Kumar added.
Source : 01-11-11 Hindu Business Line Compiled by Amresh Anjan
IndusInd Bank Hires Global Markets Head U.K. company Hinduja Group-promoted IndusInd Bank has hired Arun Khurana as head of global markets group. Reporting to CEO Romesh Sobti, he replaces Moses Harding, who will now head the asset liability management committee and economic and market research. Khurana was Royal Bank of Scotland (RBS)Singapore's regional head corporate solutions for the Asia-Pacific and also worked with RBS India. BNP Paribas senior executive Rajeev Mahrotri will be head of trading at IndusInd.
Source : 01-11-11 VC Circle Compiled by Amresh Anjan
Indian Engineers In Reverse Migration Mode As many as 3,00,000 Indian engineering professionals are expected to return to India during between 2011 and 2015. Workforce solutions provider Kelly Services India arrived at this conclusion based on the findings of a survey of 1,000 respondents from India and abroad. More and more Indians are lured by the promising opportunities in the country. "For a majority of the reverse migrants, job satisfaction levels in India will outshine their previous overseas jobs within the next two to three years," the report said. "Though 48 percent of respondents who favoured the job satisfaction overseas indicated that the key reason for them was high remuneration,they also indicated that growth opportunities abroad are rather bleak." Only 10 percent respondents believed opportunities abroad were favourable, the report said. Karnataka was the most preferred Indian state to live in, with 88 percent of the reverse migrants opting for it.
Source : 01-11-11 Financial Express Compiled by Amresh Anjan
Taj Group Names Senior VP Taj Group has selected Vice President Marketing Deepa Harris as senior vice-president of sales and marketing. She replaces Ajoy Misra,who is now joining Tata Global Beverages as deputy CEO and executive director on the board. Reporting to Raymond Bickson, managing director, Harris will handle all sales and marketing initiatives for Taj Hotels worldwide. Source : 01-11-11 Hindu Business Line Compiled by Amresh Anjan
Ad Firms Fret Over Digital Talent A talent gap is growing between the skills that many new advertising jobs require and the number of people who have those skills. The dilemma is particularly acute for jobs that require hard-core quantitative, mathematical and technical skills."There is pain for hiring in digital at all levels," said John Ebbert, managing editor of AdExchanger.com, a Web site dedicated to advertising technology."The marketers, the publishers, the ad tech companies, the agencies, data management companies — they're all going for the same type of employee.""The demand has far outstripped the supply," said Joe Zawadzki, the chief executive of MediaMath, an ad tech company in New York. "The number of things you need to know is high and the number of people knowing it is low."
Source : 01-11-11 Hindustan Times Compiled by Amresh Anjan
Convergys Plans Expansion, More Jobs In India Convergys is planning to hire more people in India as the call centre service company aims for growth. The company employs between 11,000 and 12,000 people in its centres in India and has completed 10 years in the country. "The highly skilled workforce here that is technically oriented as well as process-oriented is an absolute must-have for us," said Marife Zamora, managing director for Asia, Pacific, Europe, the Middle East, and Africa, customer management. The company added 1,500 jobs in India this year. Convergys derives 85 percent of its revenue from customer management group and the rest comes from the information management group, corporate and other segments. The company has adequate infrastructure in India to handle more work. "We have an active pipeline that we are hunting, "said Nancy Pryor, senior vice president, customer management.
Source : 01-11-11 Financial Chronicle Compiled by Amresh Anjan
Hiring Of Analytical Talent To Rise In 2012: Accenture - SAS Study News Investment in business analytics and analytical talent hiring will rise in 2012, but organisations still have their work cut out for them when it comes to making projects effective and instilling the right analytical culture and skills, reveals new research from consulting and technlogy servies firm Accenture and business analytics software firm SAS.Of the 258 North American business leaders surveyed by the Accenture SAS Analytics Group, 72 per cent indicated they would increase spending on business analytics in 2012 as compared to 2011.
Source : 27-10-11 Domainb.com Compiled by Amresh Anjan
Blackberry India MD Exits Frenny Bawa has stepped down as managing director of the Indian operations of Research In Motion, Canadian maker of the BlackBerry smartphone. She is planning to pursue other opportunities. Urpo Karjalainen, senior vice president for Greater China, India, Australia and New Zealand, replaces Ms. Bawa on an interim basis
Source : 03-11-11 Wall Street Journal Compiled by Amresh Anjan
B-School's Plan To Make Summer Internships Optional Falls Flat The scheme permitting students with some work experience to opt out of the summer internships has found few takers at the Indian Institute of Management, Bangalore (IIM-B).The institute recently announced that students with work experience of over 34 months have an option to work on other projects in campus or outside, or pursue other plans during April-May, the period when students usually take up summer internships "but very small number has opted out of internships so far", Ms Sapna Agarwal, Head, Career Development Centre at IIM-B,said. "Students with prior work experience still want to do summer internships," she said.This is the first year this option has been given to them and we have given them time to decide, and we might have a few more opting out, but "there aren't too many," she said.Those who opt out do so because they have other plans like ideate a start-up, or work on a project, and those who have been associated with start-ups might go back there to contribute, Ms Agarwal said. About 25 per cent of the 375 students in the current batch have work experience of over 34 months.Summer internships, for eight weeks during April-May, are otherwise compulsory for all first-year students pursuing the post-graduate programme at IIM-B. They form an important part of the postgraduate programme as several students are made pre-placement offers by the companies they have interned in.
Source : 02-11-11 Hindu Business Line Compiled by Amresh Anjan
Companies Tap HR Firms For Appraisals Several companies such as PepsiCo, Essar Group, Hindustan Unilever and Punj Lloyd have hired external HR consultants for annual performance reviews of their employees. It serves a dual objective. One, in-house HR teams get equipped with external tools of assessment. Two, it eliminates biases and prejudices that may creep into an in-house appraisal. Essar Group has hired U.K.-based Saville & Holdsworth to help with the appraisal process. "Our internal assessment and third-party assessment are given equal weightage when it comes to taking a final decision on an employee's performance," says Adil Malia, president, HR. External assessment is usually done for middle-and senior-level management positions, which is where it matters more, he adds. "Third-party assessment is a little more transparent than internal assessment for promotion, recession planning or career development planning of employees," says Ajay Soni, regional practice leader, Asia-Pacific, Aon Hewitt Consulting.
Source : 03-11-11 Financial Express Compiled by Amresh Anjan
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