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US Retail Giants Promise To Create Jobs In India American retail giants woke up to learn that India had unlocked the door for global retailers. Wal-Marts are to quickly take root across India, as the cabinet paves the way for international supermarkets and department stores to establish joint ventures. "We will create thousands of jobs through inclusive growth, increase farm productivity and income and help small and medium industries prosper and grow with us," said Doug McMillion. "We're confident that the government, after seeing the value we bring to India and its people, will view this opening as a first step in further liberalising FDI in retail."
Source : 25-11-11 Firstpost Compiled by Amresh Anjan
Law Graduate Salaries Get Consistently Higher The salaries and bonuses paid by India's top corporate law firms to graduates from premium law schools have in many cases doubled in the last five years and now often top Rs. 14 lakh per year if bonuses are included. One reason is that with the growth of the corporate legal sector, salaries at the top and also the bottom have soared. Five years ago, law firm Trilegal used to pay law graduates around Rs. 5 lakh per year; now the firm offers a base package of Rs. 10.8 lakh per year with potential bonuses taking this up to Rs.12.8 lakh a year. Source : 25-11-11 Livemint Compiled by Amresh Anjan
UAE Sees Indian Workforce Shrink As Home Salaries Rise The Indian Consulate in the UAE saw a fall in new visas for Indian nationals last year for the first time, as rising salaries in the Asian state kept workers at home. The Gulf state is likely to see a steady decline in blue-collar migrants as India's economic growth offers better opportunities to workers, the Consul General told Arabian Business. "Last year, for the first time ever, the Indian Consulate served less passports than in 2009 so that would be an indication that the number of Indians declined coming to the UAE," Sanjay Verma said on the sidelines of the 5th Arabian Business Forum. "Passport services saw a two percent drop."The numbers are declining because of the demand for labour in India. The civil construction sector has a shortage of civil engineers and skilled workers, plumbing and carpentry."
Source : 25-11-11 Arabianbusiness.com Compiled by Amresh Anjan
Nokia Siemens Networks To Cut 17,000 Jobs Telecom equipment maker Nokia Siemens Networks will slash 17,000 jobs as part of efforts to reduce 1 billion euro in costs by the end of 2013.Nokia Siemens Networks, a joint venture between Finnish cellphone maker Nokia and German conglomerate Siemens, has been grappling with tough business conditions. Unveiling its strategy to focus on mobile broadband and services, Nokia Siemens Networks today said it plans to cut 17,000 jobs worldwide by 2013-end."These planned reductions are expected to be driven by aligning the company's workforce with its new strategy as well as through a range of productivity and efficiency measures," the firm said in a statement. The company is estimated to have a global workforce of about 74,000 people.
Source : 23-11-11 Financial Chronicle Compiled by Amresh Anjan
Gap In Top-Level Exec Education Needs Plugging India can take a lead in executive education if it addresses lacunae in top-level executive education, says Ariff Kachra of Canada-based Richard Ivey School of Business (Ivey). Mr. Kachra is strategy professor and managing director of the Indian chapter of Ivey, one of the latest entrants in the executive education market in India.Ivey has signed memoranda of understanding with the Indian School of Business (ISB), Hyderabad, and Indian Institute of Management, Bangalore (IIM-B). It will collaborate with ISB to develop joint case studies and aim to be the largest source of Indian cases by mid-2012. At IIM-B, it will focus on incentive research. Ivey has been working with 20 different corporations in India on courses for middle- to senior-level managers for the past five months. There will be an active focus on Mumbai for the next few years, as the city houses the maximum number of corporations.
Source : 23-11-11 Business Standard Compiled by Amresh Anjan
Man Industries Names MD, Vice Chairman Pipe manufacturer Man Industries has appointed J Mansukhani as managing director and vice chairman with immediate effect. His tenure had ended on September 30. The board of directors also named Nikhil Mansukhani as a non-executive director. Source : 23-11-11 Indiainfoline.com Compiled by Amresh Anjan
Many Sectors Freezing Recruitment Companies are becoming wary of recruiting additional numbers in the current slowdown. Though lay-offs are unlikely, there is a near consensus on a slowdown in the recruitment process.Sectors such as telecom, real estate, banking and financial services, information technology and aviation are already witnessing a freeze in hiring. "In the banking sector, it's investment banking, retail broking and institutional equity that have been impacted. While many companies have laid off employees, there are talks of another round of lay-offs," said Supreet Singh, CEO, Altor Executive Search. E Balaji, CEO of Ma Foi Randstad, says, "Most companies are cautious in the hiring process as there is a pressure on their margins. There is an 8 to10 percent slowdown in hiring and in sectors linked to European markets, like asset management and broking."
Source : 23-11-11 Business Standard Compiled by Amresh Anjan
Hotel Industry Facing Skills Gap The hotel industry is facing a talent crunch despite the industry hiring more than IT and ITeS. With the growing inventory of hotel rooms and stand-alone restaurants, the industry needs more people. An estimated 40,000 people will be required by the end of 2011, as per a recent survey by Ma Foi Randstad. New hotels and investments in hotel infrastructure in major cities as well as tier II and tier III cities have given rise to increased job opportunities. While hotel management schools in India turn out 10,000 graduates a year on an average, the requirement is much more. A large portion of the demand for people will come from food and beverage services, kitchen, front office and housekeeping. The industry is experiencing close to 30 percent attrition, with people switching jobs for short-term benefits.
Source : 23-11-11 Hindu Business Line Compiled by Amresh Anjan
SKS Microfinance CEO Steps Down Vikram Akula, founder of SKS Microfinance, India's first public listed microfinance firm, has resigned as executive chairman and CEO. SKS' independent director P Ravikumar has been appointed interim non-executive chairman. Mr. Ravikumar was earlier CEO of National Commodities & Derivatives Exchange and is currently heading Invent Assets Securitisation & Reconstruction.
Source : 23-11-11 VC Circle Compiled by Amresh Anjan
IT, BPO Tap Into Travel Industry For Talent The number of people joining niche IT and ITeS companies from travel agencies or travel portals is on the rise and the trend is expected to continue. Demand for travel industry professionals is coming from niche companies in the tech sector, such as NIIT Technologies, WNS Global Services and InterGlobe professionals, who need domain experts to cater to airline and airport clients. The IT sector has witnessed a 15 percent year-on-year growth in the $15 billion travel vertical. Bhaskar Chavli, chief delivery officer, NIIT Technologies, said, "At least 15 to 20 percent of our staff serving travel clients such as British Airways and Singapore Airport is from the travel industry. We give these professionals training and some of them become business analysts or travel consultants." Professionals in the travel industry tend to leave for better-paying jobs. IT and BPO companies generally pay 15 percent to 20 percent higher salary than travel companies.
Source : 23-11-11 Financial Express Compiled by Amresh Anjan
IT Firms Boost Local Hiring In Overseas Markets IT companies are hiring more local talent in markets such as South Africa, China and the Asia-Pacific to boost business. In doing so, they are also creating a natural hedge against wage cost fluctuations in a regime of currency volatility. Infosys Chief Financial Officer V Balakrishnan said, "Incurring cost and generating revenue in the same currency is a natural hedge."Wipro Technologies recently announced moves to set up a strategic delivery centre in South Africa and hire around a thousand skilled local nationals in the next three years. The company has increased its intake of local nationals from 31 percent to 38 percent in a year. Infosys Technologies China has also recently signed a memorandum of understanding with the Dalian high-tech zone (DHTZ) government to establish a facility that will seat 700.
Source : 24-11-11 Financial Chronicle Compiled by Amresh Anjan
Mr. AC Muthiah Retires; Son Appointed SPIC Chairman The Chennai-based Southern Petrochemicals Industries Corporation (Spic) has informed the stock exchange that Mr A.C. Muthiah has retired from the board of directors and has been appointed as Chairman Emeritus.The announcement also says that his son, Mr Ashwin C. Muthiah has been appointed as the Chairman of the board.Besides, Mr K.K. Rajagopalan has been appointed as an Additional Director and also as a whole time director of the company.
Source : 19-11-11 Hindu Business Line Compiled by Amresh Anjan
A New Capital Of Call Centers Americans calling the customer service lines of their airlines, phone companies and banks are now more likely to speak to Mark in Manila than Bharat in Bangalore.Over the last several years, a quiet revolution has been reshaping the call center business: the rise of the Philippines, a former United States colony that has a large population of young people who speak lightly accented English and, unlike many Indians, are steeped in American culture. More Filipinos — about 400,000 — than Indians now spend their nights talking to mostly American consumers, industry officials said, as companies like AT&T, JPMorgan Chase and Expedia have hired call centers here, or built their own. The jobs have come from the United States, Europe and, to some extent, India as outsourcers followed their clients to the Philippines.
Source : 25-11-11 New York Times Compiled by Amresh Anjan
Indian Migrants Face Job Discrimination Study Highly educated, fluent English-speaking Indian migrants struggle to find employment in New Zealand because of employer discrimination, a new report has found. The study by Massey and Waikato Universities, entitled Namaste New Zealand stated that Indian Employers and Employees in Auckland, found "widespread presence of discrimination and ... a general unwillingness to employ immigrants who don't as readily blend into New Zealand's dominant Pakeha/European culture".The report said Indian migrants "arrive in New Zealand as well-educated and skilled newcomers", but unlike immigrants from Britain and South Africa, "their employment outcomes are not that rosy".More than 60 per cent of those interviewed had an academic qualification of a bachelor's degree or higher, but less than half said their present jobs made good use of their qualification.
Source : 25-11-11 NZherald.com Compiled by Amresh Anjan
IIM-L To Link Faculty Pay To Research The Indian Institute of Management, Lucknow (IIM-L) is set to shift to a compensation system aimed at boosting research. Under the new system, faculty compensation will have fixed and variable components, with the latter based on performance. The aim is to incentivise research, an area where IIMs score poorly in global rankings.The institute will take the in-principle decision to change its pay structure once it receives government clearances. The variable component will equalise salaries of faculty who do external consultancy and those who don't. The performance-based variable part will be over and above the fixed salary. IIM Ahmedabad and IIM Indore have decided to stick to the current structure despite enabling action by the Human Resource Development Ministry. IIM Calcutta is yet to submit a proposal while the ministry has not made the change for IIM Lucknow and IIM Bangalore.
Source : 23-11-11 Financial Chronicle Compiled by Amresh Anjan
Tata Sons Names Mr. Cyrus Mistry As Deputy Chairman The Tata group has named Cyrus Mistry as deputy chairman of Tata Sons after a board meeting in Mumbai. Mr. Mistry, younger son of construction tycoon and largest single shareholder of Tata Sons Pallonji Shapoorji Mistry, takes up the newly created post with immediate effect and will replace Chairman Ratan Tata in December 2012.
Source : 23-11-11 VC Circle Compiled by Amresh Anjan
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