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Hiring Activity In The Media Sector In Sep-11 Is 43% Higher Than The Sep-10 Levels The Indian entertainment and media sector is one of the fastest growing sectors in the economy, and has witnessed tremendous growth in last couple of years. An analysis of the job scenario for the sector indicates that 2011 has been a good year in terms of recruitment.In Sep-11, hiring activity in the media sector was 25% above Jan-11 levels and 43% above the Sep-10 levels. The May-11 index at 1025 was at its highest point on the job index in three years. The three month moving average indices also indicate positive momentum in hiring with Sep-11 index moving up by 8% when compared to the previous month.
Source : 12-11-11 Naukri.com Compiled by Amresh Anjan
Consumer Confidence, Job Optimism Take A Dip The deteriorating economic conditions have led to a drop in optimism levels among Indians this quarter, according to a survey by market research firm Nielsen. Around 61 percent of consumers said they would put aside their spare cash in savings, compared to 54 percent in the last quarter. As far as job prospects are concerned, Indians continue to be the most optimistic globally. However, their optimism has dropped from 86 percent in the last quarter to 81 percent in this quarter.
Source : 10-11-11 Financial Express Compiled by Amresh Anjan
Easier Pay Norms Set To Boost Expat Hiring Expats from the crisis-hit euro zone may soon be able to find work in India, with the government deciding to lower the minimum annual salary required to be paid to foreign employees. Currently, foreign nationals must earn a minimum annual salary of $25,000, excluding perks, to work in India. The limit has kept out many middle-income candidates. Perquisites can now also be included in the salary for the purpose on calculating income tax. The government has also revised employment visa rules to ease expatriate hiring by companies. The power and steel sectors, which need foreign talent in large numbers for new technology projects, could benefit most. Power and steel companies have been seeking relaxations in visa norms which would enable them to recruit more expatriates at the middle and lower levels to train the domestic workforce in technology.
Source : 11-11-11 Financial Express Compiled by Amresh Anjan
India Has Seen Jobless Growth, Says Top Adviser India may have grown at over eight percent, but a top adviser has expressed concern over the "stagnant employment situation", saying the country with 40 million unemployed people witnessed "jobless growth" during the Eleventh Five Year Plan period from 2007-08 to 2011-12. "The only explanation for an almost stagnant employment situation is simply that not enough jobs are available in the economy, even with an eight percent plus growth rate," National Advisory Council member NC Saxena told in an interview."The Eleventh Five Year Plan witnessed jobless growth," he said. Mr. Saxena, a retired bureaucrat, said the government's argument that more young people are now attending educational institutions fails to explain "why there are still 40 million unemployed people in the country (according to the Current Daily Status figures of National Sample Survey Organisation 66th round), who should have got the jobs if the economy was creating them."
Source : 13-11-11 Hindustan Times Compiled by Amresh Anjan
HSBC To Keep Hiring, Opening Outlets In China HSBC Holdings PLC (HBC) will continue to invest in China by hiring new staff and opening new outlets following the U.K.-based bank's injection of capital into its China unit, a senior executive at the bank said. The hiring plans come despite the group's decision to cut 25,000 jobs globally, including 3,000 jobs in Hong Kong, by 2013 to reduce costs, and underscore its bullish views on China.HSBC Bank (China) Co. Chief Executive Helen Wong said in an interview that the bank will open a few more outlets in the world's second largest economy by the end of the year, adding to the three outlets opened in the first six months of the year. HSBC, the largest foreign bank in China, currently has 110 outlets across 29 major cities in the country.
Source : 14-11-11 Wall Street Journal Compiled by Amresh Anjan
Jet Airways Rules Out Job Losses In Cost Cutting Drive Jet Airways Ltd, India's top private carrier, said it has no plans to cut jobs in drive to save costs and instead look to non-payroll areas to streamline operations."In view of spiralling operational costs and increase in fuel prices, Jet Airways is continually looking at several non-payroll areas at cutting costs, "Jet did not elaborate on the cost cutting initiatives, but has in the past said it plans to sell and lease back aircraft as well as cut interest costs by converting rupee loans into dollar debt.
Source : 09-11-11 Indiainfoline.com Compiled by Amresh Anjan
Working Women Fuel Growth In Retail With A Large Number Of Women Entering The Corporate Workforce Every Year, Retailers Are Employing A Women-Centric Approach To Push Sales. Around 10 Million Urban Women In The Age Group Of 20 To 40 Hold Managerial Jobs In The Country. The Number Is Expected To Increase Fivefold To 50 Million By 2020, According To Technopak Advisor. This Is Bound To Increase Spending, Says Saloni Nangia, Vice President For Retail And Consumer Products At Technopak. Working Women Spend 35 Percent More On Themselves Than Homemakers, Fuelling The Growth Of Various Personal And Wellness Products, Childcare Products And Family Holidays. "The Whole Consumerism Pie Is Increasing Because Of Them," Ms. Nangia Says. Earlier This Year, Planet Retail Transformed Its Men-Focused Department Store Debenhams Into A Women-Focused Outlet By Skewing The Merchandise In Favour Of Women. Source : 09-11-11 Financial Express Compiled by Amresh Anjan
UBS Names India Unit CEO UBS has selected Aashish Kamat as CEO of its India unit. He succeeds Manisha Girotra, who is leaving, and will be in charge of the bank's India business. Mr. Kamat came to UBS in June as chairman from JP Morgan Chase & Co., where he was CFO for Asia. . Source : 09-11-11 Wall Street Journal Compiled by Amresh Anjan
Birlasoft Names CEO Birlasoft, global IT services arm of the CK Birla Group, has selected global sales and marketing head Shan Bala as CEO. Previously, Ms.. Shan was with Satyam Computer services (later known as Mahindra Satyam) as global head of a group of verticals in the retail and CPG, travel, logistics and distribution space.
Source : 09-11-11 Birlasoft.com Compiled by Amresh Anjan
U.S. H1-B Visa Has Fewer Takers One of the most sought-after U.S. visas, the H -1B, has had fewer applicants this year. The H-1B is one of the most popular visa categories for IT professionals, but it is also used by architects, accountant, doctors and college professors. As per the latest update from the U.S. Citizenship and Immigration Services, only 50,800 applications have been made against the annual quota of 65,000, which means 14,200 visas remain unused in this year's pool.Prior to 2008, the entire H1-B visa pool would be used up within days. Nasscom Vice-President Ameet Nivsarkar ascribes this to the strong onsite-offshore model of Indian companies and the prevailing unemployment in the U.S. Indian IT companies have evolved a service delivery model that efficiently leverages offshore staff, he says. "Moreover, a high unemployment rate in the U.S. means more Americans are available for tech jobs. So Indian companies are recruiting more locals in the U.S. now," he adds.
Source : 07-11-11 Hindu Business Line Compiled by Amresh Anjan
IIM-B Placement Season Takes Off Amidst the economic blues shaping up in the West there is something to cheer for students in the Indian Institute of Management-Bangalore. IIMB, a premier management school in the south, said its placement season for 2011 was off to a good start.Based on the response from recruiters participating in pre-placement activity as well as summer internships, the institute said placement is back.Some of the heavyweight consulting firms which offered opportunities for IIMB graduates including A T Kearney, Bain & Co., Boston Consulting Group and McKinsey & Co. among others. Other major management consulting firms that have made PPOs so far are Booz & Co., Global e-Procure and Hay Group."This year, the conversion rate for consulting firms was in excess of 90 per cent with a large number of interns being offered permanent positions by these firms. Simultaneously, we are also witnessing a strong demand for summer internships, and pre-placement talks are in full swing," P D Jose, Chairperson, Career Development Services, IIMB, said.
Source : 03-11-11 Business Standard Compiled by Amresh Anjan
Survey Reveals 30% ITI Grads Still Jobless Despite industry having preference from government trained manpower about 30% of the pass-outs failed to get a job in 2009 after getting vocational training from public sector institutes, a government survey has found. The reason, according to a survey done by ministry of labour, says that non-availability of jobs or low salary were the two prime reasons for high unemployment rate in Industrial Training Institutes (ITIs). Most of the trainees were found to be from low-income group with monthly family income of less than Rs 5,000. On the curriculum side, 46 new trades have been added and special courses have been run with the help of the industry to train the trainers. The government has also initiated a scheme - apprenticeship training scheme - to get on field training. The impetus was given to provide adequately trained manpower for the economy growing at over eight percent annual rate.But, many pass-outs found that the industry preferred cheap labour, which was available in abundant in the market and therefore, did not offer them adequate salary. Many of the trainees expressed unhappiness over inadequate stipend, fewer opportunities for learning new skills and involvement of trainees in low end jobs. The survey conducted to assess the nature and quality of training in it is and employability of trainees found that practical training was lacking in the module. Many of the trainers also felt that the syllabus has not been synchronized with the needs of industry.
Source : 11-11-11 Hindustan Times Compiled by Amresh Anjan
India To Have 20% Of World's Workforce In The Next Decade India will account for 20 per cent of the world's global workforce in the 2020s. The average age of Indian workforce will be 29 years as compared to 37 for the US and China and 45 years for Europe, Kapil Sibal, minister for human resource development, communications and IT said at the India Economic Summit 2011 in Mumbai."This is a big challenge for the country and we will need to ensure that the workforce develops different kinds of skills to match the available economic opportunities," said Kapil Sibal. N Chandrasekaran, managing director at Tata Consultancy Services said India would soon have 136 million graduates compared to 23 million in China and 11 million in the US.Panellists at the summit stressed on the need to ensure employability of school and college graduates across a wide range of vocations from manufacturing to construction trade to technology workers.
Source : 14-11-11 Deccan Chronicle Compiled by Amresh Anjan
Service Sector Index At 2-Year Low India's service sector shrank for a second straight month in October, Financial Express reports. The seasonally adjusted HSBC Markit Business Activity Index slumped from49.8 in September to 49.1 in October, its lowest level in two-and-a-half years. The index measures the performance of around 400 firms. New business grew at its weakest pace since May 2009, a fall-out of the sagging global demand and tight monetary policy. India's most closely watched inflation gauge, the wholesale price index, rose 9.72 percent in September on an annual basis, a tad lower than August's 9.78 percent. The survey showed that Indian service providers were more hopeful about the coming year than last month as business expectations saw a rebound. The HSBC Markit Manufacturing PMI for India rebounded in October after remaining static in September. Source : 03-11-11 Financial Express Compiled by Amresh Anjan
Aprimo India Picks Country Manager Aprimo India has hired Gundeep Singh Sandhu as country manager. He will work with Teradata India's team to establish a partnership with Teradata that will help Aprimo grow in the Indian market. Before joining Aprimo Mr. Sandhu was Teradata India national manager for telecom – manufacturing and government.
Source : 13-11-11 Business Wire Compiled by Amresh Anjan
ING To Slash 2,700 Jobs In Dutch Retail Banking Biz Dutch financial services giant ING Group plans to axe 2,700 jobs in its retail banking business in the Netherlands, as part of its cost cutting measures.ING Group will cut 2,700 jobs, including 700 contract workers, at its retail bank in the Netherlands, which would save 300 million euros (USD 412 million) annually from 2014 onwards, it said in a statement . "As income is coming under pressure, we must renew efforts to reduce expenses across the Group to adapt to the leaner environment and maintain our competitive position," Group CEO Jan Hommen said. Financial institutions across the world are laying off employees in their attempts to lower costs.
Source : 03-11-11 Financial Chronicle Compiled by Amresh Anjan
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