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IT Lateral Hiring Dips As Firms Turn Cautious Till the last quarter, lateral hires, that is, people with over three years of experience, were very much in vogue, as IT companies began offering more of high-end services, including consulting, to improve margins. For nine quarters in a row IT service companies such as TCS, Infosys, HCL, Dell and HP increased the intake of experienced hands. However, in the second quarter of this financial year recruitments from campuses rose again and lateral hiring waned. Experts both inside and outside the industry attribute the decline in lateral hiring to a combination of factors, among them the uncertain environment and the last salary hikes. Experienced hands themselves are thinking twice before seeking greener pastures.
Source : 14-11-11 Financial Chronicle Compiled by Amresh Anjan
Creating Jobs: U.K. To Offer Cash For Training After youth unemployment hit a 19-year high, U.K. Prime Minister David Cameron has announced measures to encourage companies to take on more apprentices. Companies will be given £250 million for training, which has been reallocated from the existing government skills budgets."I hope this radical new approach will encourage even more employers to take on apprentices and ensure that the U.K. workforce has the skills we need to boost growth," Mr. Cameron said. Companies will be able to bid for the funds to design vocational courses to suit their specific needs. They will also be expected to invest their own money alongside. The scheme is one of a number of measures that Finance Minister George Osborne will detail later this month in a growth review aimed at reviving the economy.
Source : 17-11-11 Indianexpress.com Compiled by Amresh Anjan
94.3 MY FM To Hire Ex Employees 94.3 MY FM has decided to hire their ex - employees for current openings in the organization. MY FM plans to hire the ex employees with excellent track record in order to get back the talent who identified themselves with the brand philosophy & understood the corporate vision of the radio station. MY FM strongly believes that employees are the strength of an organization & ex employees have a deeper understanding of the product as well as the market. "We believe 'second innings' is a good thing for both the organization and the employee because both know what to expect out of each other, says Harrish M. Bhatia, Chief Executive Officer 94.3 MY FM
Source : 21-11-11 medianewsline Compiled by Amresh Anjan
Citigroup To Cut Expenses And Lay Off 3,000 Employees Citigroup is shedding 3,000 or more jobs, which would amount to about 1 percent of its workforce worldwide, The Wall Street Journal reports. About 900 of the cuts would be in the company's securities and banking division, which serves institutional clients. The rest would be across various departments. The investment banking division and stock and bonds trading have been hurt by turmoil in financial markets. Its North American consumer unit has also been hurt by new regulations that limit the ability of banks to raise interest rates on credit cards, hike in fees for late payments and collect fees from merchants when customers swipe their debit cards. Citi isn't the only major bank cutting jobs in the financial industry. In September, Bank of America said it would cut 30,000 jobs over the next few years as part of its efforts to scale down and reduce expenses.
Source : 16-11-11 Wall Street Journal Compiled by Amresh Anjan
Latin America And African Countries Are Tapping Indian Talent Latin American countries including Brazil and Mexico and African countries are hiring Indian managers. The number of Indians headed for these destinations has grown by 15 percent to 20 percent. Indian executives are managing new areas of business as well. They have traditionally been recruited for companies in oil and gas, construction and IT. But now sectors such as telecom, consumer goods and the financial services sector are also seeking them out. Whenever a developing Latin American economy plans growth in a particular sector where India already has a success story to tell, it looks for Indian managers and professionals, says Vinay Grover, CEO, Symbiosis Management Consultants. Ronesh Puri, managing director, Executive Access, says, "There is far more acceptability and respectability for Indian talent globally than in the past. With MNCs digging deep into Indian talent pool, the demand for Indian expats is increasingly rising by the day."
Source : 16-11-11 Financial Chronicle Compiled by Amresh Anjan
Youth Unemployment Crosses Million Mark In UK The unemployment figure in the U.K. rose to 2.62 million for the quarter ended September, with youth employment crossing the million mark.The Office for National Statistics (ONS) put the total number of jobless people between the age of 16 and 24 at 1.02 million. The ruling Conservative Party blamed the euro zone crisis for the high figure. The opposition Labour Party accused the government of not doing enough to create jobs. Youth unemployment has nearly doubled over 10 years. The number was at 512,000 in March 2001, its lowest level yet, the data showed. Paul Kenny, general secretary for the GMB union, said, "For all the economic problems in other parts of Europe, the number of young people out of work is far higher in the U.K. than in other parts of Europe." The ONS numbers also showed that female unemployment was at 8.3 percent, its highest level in 23 years.
Source : 17-11-11 Business Standard Compiled by Amresh Anjan
Experience Gets Placed In PE Firms Early growth-stage private equity (PE) funds are hiring senior executives as operating partners. Seasoned company executives, in turn, are drawn by opportunities in PE firms as they get to play a larger role in more than one company. Earlier this month, Atul Kunwar quit Mahindra Satyam as head of global sales to join Mumbai-based PE firm Ambit Pragma Ventures as operating partner. Mr. Kunwar, who has been president of Mahindra Satyam, chief business officer at Tech Mahindra and CEO at Aditya Birla Minacs, will mentor and handhold Ambit Pragma's portfolio companies. Executives hired as operating partners come with considerable experience of overseeing a company from midsize to large-scale. These executives can leverage the learning gleaned from all their past roles, ranging from sales to human resources to strategic decisions.
Source : 15-11-11 Mint Compiled by Amresh Anjan
Australia Softens Student Visa Rules Australia has made some changes to its student visa programmes, making the process easier for prospective students. Student visa applicants will need to include a confirmation of enrolment (COE) issued by their intended education provider in their application. They need not wait for a pre-visa assessment letter to be issued by the Department of Immigration and Citizenship before arranging their COE, thereby making processing faster. Changes have also been made to prune the financial requirements. The period of funds to be shown upfront with a visa application has also been reduced. A new "genuine temporary entrant" criterion has also been implemented to ensure that students are intending to stay temporarily, only for the purposes of their education.
Source : 15-11-11 Hindustan Times Compiled by Amresh Anjan
MF Global Fires 1066 Workers The brokerage arm of collapsed futures firm MF Global Holdings Ltd has terminated its 1066 member workforce, according to the trustee in charge of liquidating its assets. Trustee James Giddens said that the workers were notified that their employment has been terminated immediately
Source : 12-11-11 Business Standard Compiled by Amresh Anjan
UBS Names Sergio Ermotti As The CEO UBS sealed the permanent appointment of Sergio Ermotti as chief executive and named former Bundesbank president Axel Weber as its chairman from next May. The appointments fill a leadership vacuum after former CEO Oswald Gruebel quit the Swiss bank in September following a $2 billion rogue trading scandal.At the same time, UBS said its current board backed the bank's strategy, which will be detailed an annual investor event in New York."This strategy will be centred on our leading wealth management businesses and our position as the strongest universal bank in Switzerland," Mr. Ermotti, a 51-year-old Swiss, said in a statement. Source : 14-11-11 Moneycontrol.com Compiled by Amresh Anjan
GE Names Banmali Agrawala As CEO Of India Energy Unit General Electric Co. named Banmali Agrawala as chief executive officer for its energy business in India.Mr. Agrawala, who was most recently working with Tata Power Co. as executive director for strategy and business development, will assume charge Dec. 1, the company said in a statement. He replaces Kishore Jayaraman, who will move to a new role in 2012, GE said, without giving any details.
Source : 16-11-11 Wall Street Journal Compiled by Amresh Anjan
Indian Workers Are Overworked More Than Half Of Indian Employees Work More Than Eight Hours A Day And Many Of Them Even Take Work Home, According To A Survey By Global Workplace Solutions Provider Regus. "Sustained Economic Growth In The Last Three To Four Years And Substantial Outsourcing Work Done By Indians Have Contributed To Longer Working Hours," Said Regus' Regional Vice President South Asia Madhusudan Thakur. Workers In Smaller Companies In India Are Three Times More Likely To Work 11 Hours A Day Compared To Employees In Large Business Houses. "Over Half Of Workers In India Work Well Over Eight Hours A Day And Over 40 Percent Regularly Take Work Home To Finish In The Evening," Regus Added. The Long-Term Effects Of This Overwork Could Be Damaging To Workers' Health And To Overall Productivity.
Source : 15-11-11 Financial Chronicle Compiled by Amresh Anjan
Wipro, Infosys And SAP In Expansion Mode Wipro Technologies is setting up a delivery centre in South Africa that will employ 1,000. The country's IT spending is projected to increase from $10.7 billion in 2011 to about $17.4 billion in 2015. Wipro sees it as a gateway to other countries in the Europe, Middle East and Africa (EMEA) region. The expansion drive is seen across the IT industry. Infosys Technologies is planning to set up a new development centre at Indore in Madhya Pradesh, adds Financial Chronicle. "In the first phase, we will be investing around Rs 100 crore in a facility that seats 5,000," said Executive Co-Chairman S Gopalakrishnan. Germany's SAP, too, is eyeing the growth story in Asia. Stephen Watts, president of SAP Asia-Pacific and Japan, said the company was "certainly open to acquisitions" and plans to hire more in China and India. SAP had a staff strength of 5,500 and 2,600 in India and China, respectively, at the end of the second quarter and had since added a few hundred more in each.
Source : 15-11-11 Financial Express Compiled by Amresh Anjan
General Motors Names President, MD General Motors India has selected Lowell Paddock as president and managing director, effective January 1. He will replace Karl Slym, who is moving to General Motors' operations in China as executive vice president of SAIC-GM-Wuling Automobile, a joint venture between GM, Shanghai Automotive Industry Corp. and Liuzhou Wuling Motors. Previously, Mr. Paddock was director of portfolio planning at GM Europe, vice president of planning at GM Asia-Pacific, and executive director of planning and program management at Shanghai GM, a GM joint venture in China.
Source : 15-11-11 Hindu Business Line Compiled by Amresh Anjan
The Head Of India Operations At Swiss Bank UBS, Manisha Girotra, Has Resigned The head of India operations at Swiss bank, Manisha Girotra, has resigned.The bank named Aashish Kamat as the new chief executive officer with immediate effect. Ms. Girotra, who was managing director and chairwoman of UBS India, was set to step down in December.She had joined the bank in 1998, and was involved with several big cross-border deals, including Vodafone's acquisition of stake in Hutchison Essar, United Spirits' buyout of Whyte & Mackay and Hindalco's deal to acquire Novelis. Source : 09-11-11 Reuters.com Compiled by Amresh Anjan
Retirement Planning Not A Priority For Most A study by Metlife International has shown that only 15 percent of employees in the private sector are planning for retirement. "Only one in four Indians has taken any steps to prepare for retirement and even fewer – one in six – have begun planning for it," according to the 2011 International Employee Benefits Trends. This could reflect the relatively young age of the working population, an ambitious, entrepreneurial and interested group highly motivated to improve their standard of living, the study said. It could also be related to the tradition of older family members being taken care of by their children in India. While it is not their highest concern, 55 per cent of employees in India say they are extremely concerned about having enough money to provide for elderly parents or in-laws.
Source : 15-11-11 Financial Chronicle Compiled by Amresh Anjan
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