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FDI In Retail Can Create About 80 Lakh Jobs: Experts Foreign direct investment in fast-growing retail sector will "significantly" boost hiring activities and has the potential to create about 80 lakh jobs in the country, feel experts. "Retail industry had been waiting for FDI clearance from the government for a long time. The decision to raise FDI limits (in single brand retail) will act as a life saving drug and is a big boost to the industry," executive search firm GlobalHunt Director Sunil Goel said. "If all goes well, the country should be able to create 60-80 lakhs jobs," Mr. Goel added. Some experts refrained from quantifying the number of job opportunities due to opening up of the retail sector as details such as the number of how players who will come in, is not clear. But they were unanimous on the fact that there will be "substantial" job creation. "If FDI in retail is implemented a lot of organised players will be coming in.
Source : 04-12-11 IBN Live.com Compiled by Amresh Anjan
Cognizant Brass Offered Growth-Linked Sops Cognizant Technology Solutions has proposed a performance-linked plan, where top executives will be paid 100 percent of restricted stock units if the company achieves revenues of $7.52 billion next year.Cognizant revenues will have to grow at least 23 percent to reach this target. Projected revenues for 2011 were more than $6.11 billion.Cognizant's recent history of issuing such targets indicates the company's initial annual revenue growth guidance is close to the growth required for 100 percent award levels.The IT firm will give 50 percent of performance units if 2012 revenues reach $7.24 billion. The executives will double the amount of units if Cognizant manages to post revenue of $8.08 billion in 2012, implying 32 per cent growth.Analysts say the 23 percent growth for 2012 revenues is a favourable initial indicator of actual guidance to be released in February.
Source : 01-12-11 Financial Chronicle Compiled by Amresh Anjan
B-School Grads Still Aspire For Banking Jobs Wall Street firms, investment banks and hedge funds remain popular among fresh MBAs awaiting their final placements, despite the job cuts. "Banking, finance, services and insurance (BFSI) still remains the most preferred jobs of the leading B-School students such as IIM (Indian Institutes of Management), XIMB, XLRI, BIMTECH, IIFT," according to the 2011 MBA placement report released by MBA Universe, an India-based website about business schools.While the demand for BFSI sector is high at almost 31.3 percent in IIM Calcutta, it is 33 percent at IIM Kozhikode against 25 percent at XLRI Jamshedpur and 33 percent at Faculty of Management Studies, Delhi.Students are jittery about job prospects in finance but they have still not shifted focus to any other field, because "they feel it's the best path to get return out of their investment", said a student of Jamnalal Bajaj Institute of Management Studies.
Source : 01-12-11 Financial Chronicle Compiled by Amresh Anjan
Barclays Wealth Targets Tier II And III Centres Barclays Wealth is planning to expand business to tier II and III towns, home to many high net-worth individuals created by the boom in real estate. The wealth is spread across sectors like spices export in Kerala or garment manufacturing in Tirupur, apart from real estate and IT/ITeS. The company began operations in India three years ago. It covers about a thousand business families through its 130-member team."We propose to expand our client coverage by 10 to 15 percent every year," said Satya Narayan Bansal, India CEO.The limited talent pool available in the investment banking space could pose a challenge for expanding in India. "The limited talent available could pose a challenge for us. But, we are also exploring opportunities to get talent from outside India, like NRI investment bankers willing to come back home," Mr. Bansal said.
Source : 30-11-11 Financial Chronicle Compiled by Amresh Anjan
Now GMAT Scores Good For Indian B-Schools Too Indian business will now be able to admit students on the basis of the globally recognized Graduate Management Aptitude Test (GMAT). The move is part of the HRD ministry-controlled All India Council for Technical Education's efforts to simplify the admission process for business schools. Being able to admit students on the basis of GMAT will now make it easier for the more than 3,000 business schools in India to draw international students. The test is recognized in more than 110 countries. According to government data, less than 4,000 foreign students are currently admitted into institutes of higher education in India every year. Business schools in particular are looking to increase the number to make classrooms more diverse, improve their global rankings and gain international accreditations. The 13 Indian Institutes of Managements recently decided to hold road shows to attract foreign students. Source : 01-11-11 Mint Compiled by Amresh Anjan
U.S. Relaxes Green Card Rules The U.S. has amended visa regulations that will permit more high-skilled immigrants from India and China to become permanent residents. The legislation aims at eliminating a country-by-country cap on visas offered to skilled workers for obtaining a green card.Once approved, people can apply for a green card on a first-come, first-served basis.Currently, the U.S. makes available 140,000 skill-based green cards and limits availability to 7 percent of that allocation for each country. India gets a quota of roughly 3,000 green cards annually. In such a case, U.S. visa applicants would have to wait up to 70 years before getting their cards approved. The new Bill aims to reduce the time span by removing the limit on green cards. The move will help appease technology companies who have been pressuring Congress to provide more green cards for foreign employees.
Source : 30-11-11 Business Standard Compiled by Amresh Anjan
Indian Execs Feel Guilty About Taking Holidays Research from online travel firm Expedia has found that Indians leave 20 percent of their vacations unused. The "vacation deprivation survey", which polled employed people across 21 countries, finds that 29 percent of Indians couldn't plan their holidays due to work pressures.The reasons vary from disapproving bosses to affordability, lack of planning and the outlook that vacations are a luxury and not a necessity. Manmeet Ahluwalia, head-marketing, Expedia (India), points out, "In India, vacations tend to be viewed as a guilty habit."Scandinavians are most likely to use all of their vacation days, leaving no leave unused. Among the Indian cities, Delhi topped the holiday cancellation list with 68 percent saying they have ended up cancelling or postponing a holiday in favour of work. Only 32 percent of employees in Mumbai said they took 21 to 30 days off in a year.
Source : 30-11-11 Hindu Business Line Compiled by Amresh Anjan
RIM India MD Frenny Bawa Quits To Explore Other Interests At a time when the company is facing hurdles due to security concerns, BlackBerry-maker Research In Motion's (RIM's) India Head Frenny Bawa has quit to pursue other interests."This is to confirm that Frenny Bawa -- RIM's Managing Director for India -- is leaving RIM in order to pursue other interests. We appreciate Frenny's past contributions to RIM's growth and we wish her all the best," the company's spokesperson told.
Source : 04-11-11 Business Standard Compiled by Amresh Anjan
Power Sector To Create 6 Lakh Jobs In 2012-17 India's fast-growing power sector has the potential to create as many as six lakh jobs during the 12th Plan (2012-17), a top government official said. The power sector is projected to see a capacity addition of about 1,00,000 megawatts during this period. Around two lakh people will be required in the construction of power plants. "For operation and maintenance, generation transmission and distribution, there are employment opportunities of four lakh people during the 12th Five-Year Plan," said Power Secretary P Uma Shankar on the sidelines of the 27th Skoch Summit. There is an estimated requirement of four lakh technical persons for the power sector during the 13th Plan period (2018-22). However, the employment potential in the sector is going to come down in the future due to automation and technical upgradation, he pointed out.
Source : 30-11-11 Financial Express Compiled by Amresh Anjan
Manufacturing, Rural Enterprise Hold Key To Jobs The economic growth triggered by the IT, ITeS and BPO industry during the last decade has created a fast-growth young generation from the affluent urban middle class, with a penchant for a high lifestyle.The net result is a rapid shift towards the service economy. Manufacturing, which creates large employment, has declined steadily. Today, out of India's total workforce of 45.7 crore, 48 percent are employed in the services sector and the share of manufacturing has declined to 8 percent. The remaining 44 percent continue to live in the poverty of rural Bharat. The twin objectives of both catering to the rising lifestyle of urban India and leading rural Bharat to a spiral of prosperity can only come through the setting up of productive enterprises in rural Bharat.Some 700,000 graduates passing out annually from 15,000 colleges of higher technical education spread deep into the interior of rural India provide a fertile ground for achieving this goal.
Source : 01-12-11 The Tribune Compiled by Amresh Anjan
Sai Kumar Named Network18 Group CEO B. Sai Kumar will take over as group chief executive officer (CEO) of the Network18 Group from Haresh Chawla, who had announced his departure two weeks ago. Mr. Sai Kumar, 37, is currently group chief operating officer. In his new role, Mr. Sai Kumar will be responsible for strategic and operational management, the company said in a release. He will have direct responsibility of the group's news, web, publishing, factual entertainment and allied businesses
Source : 30-11-11 Livemint Compiled by Amresh Anjan
Future Group Puts Hiring On Hold, Cuts Travel Kishore Biyani has been forced to go on an austerity drive to reduce manpower costs and streamline operations. The Future Group has a high debt load and interest costs.The group has put hiring on hold for four months and stopped unnecessary travel. Even use of office stationery, air-conditioning and power and lighting are being controlled in the head office in Mumbai as well as across all its stores.Coffee machines have been removed and head-office housekeeping staff reduced. Subsidised canteen food has been stopped. On the operations front, the group is trying to reduce inventory to cut carrying costs and supply chain costs.According to Arvind Singhal, chairman of retail consultancy Technopak, most retailers need to cut costs and have operating profits to continue to reinvest in their businesses.
Source : 29-11-11 Financial Chronicle Compiled by Amresh Anjan
Essar Oil Picks JSW Energy CEO Essar Oil, a subsidiary of Essar Energy, has named Lalit Gupta as managing director and CEO. He is taking over from Naresh Nayyar, who will continue as deputy chairman of Essar Energy. Gupta was previously with JSW Energy, where he was CEO and joint managing director
Source : 03-11-11 Hindu Business Line Compiled by Amresh Anjan
Bosses Get Thumbs-Up From Employees More than half of Indian employees believe their bosses have done a good job in grooming them for success. According to the latest survey from Kelly Services, around 58 percent of employees surveyed in India said their bosses had done a good job in preparing them for future success. Around 29 percent disagreed and the remaining 14 percent were uncertain. The study obtained views of approximately 97,000 people in 30 countries, including almost 2,000 in India. Around three-fourth of the respondents said they would be willing to recommend their current employer to a friend or acquaintance.In a competitive environment, employers are under constant and intense scrutiny from a range of stakeholders, including their own employees. The senior management needs to put their best foot forward and win the trust of employees, said James Agrawal, consulting director and head, BTI Consultants.
Source : 29-11-11 Business Standard Compiled by Amresh Anjan
Frontline Staff To Get More For 'Cross Selling' Big retailers are training their frontline sales staff in cross-selling, or selling related items, and up-selling, or selling items of a higher value. "Cross-selling and up-selling are KRAs (key result areas) for frontline sales staff. This is part of the training programme in any retail company. It's clear that consumption will drive growth," says Bijou Kurien, president and CEO, lifestyle, at Reliance Retail. At Future Group's stores such as Central and Brand Factory, cashiers, apart from sales staff, have been trained to sell items at the cash point.Within the Landmark Group, with stores such as Lifestyle, Max and Spar, the sales staff's performance is measured by the customers' basket size and the average bill value. Each employee carries a career passport that indicates their performance and thus promotion.
Source : 29-11-11 Hindu Business Line Compiled by Amresh Anjan
Lanco Infra Rejigs Finance Team Mr. J. Suresh Kumar, Chief Financial Officer of Lanco Infratech Ltd, has quit.Following this, the diversified company with interests in power, infrastructure etc, has reorganised the finance function.It has named Mr T. Adi Babu as the new Financial Controller and Mr Philip Chacko, head of investor relations. Both will report to Mr G. Venkatesh Babu, Managing Director.Mr Suresh Kumar, who was responsible for Financial Control and Investor Relations will continue in this role till December 15, 2011.As regards other finance function roles, Mr Sharad Jhingan, Head-Structured Finance and Mr T. N. Subramaniyan, Head-Project Finance will continue to report to Managing Director as per already existing reporting structure, according to a statement to the BSE.
Source : 29-11-11 Hindu Business Line Compiled by Amresh Anjan
Hero Motocorp Raises Salaries 30% Hero MotoCorp has raised pay by as much as 30 percent for white-collar employees, while workers at the Dharuhera plant have got a monthly increase of Rs 6,500. A similar pay increase is expected to be given to workers at its Gurgaon and Haridwar plants as well.The wage increase will help ensure there is no dissatisfaction among workers reeling from spiralling inflation as the company seeks to expand globally and step up vehicle development."The idea is to infuse confidence among employees before we embark on a new journey," said a top company official. Source : 28-11-11 Mint Compiled by Amresh Anjan
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