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| 83% MBA's Prefer Job Profile Than Hefty Package |
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| Over 83 per cent of B-School graduates in India were willing to forego a hefty pay package for a job profile of their preference, said an Associated Chambers of Commerce and Industry of India (Assocham) survey.Most of the B-school students participating in the Assocham survey answered that a job profile of their preference would help them in their long term career. These future industry managers prefer work profile combined with the growth opportunities, resisting tempting salary offers. Surprisingly only four per cent of students opted for fat salary packets over a good job profile. Factors like a desire for a higher standard of living, family expectations and responsibilities, compulsion to pay hefty amount of education loans, to save for investment in entrepreneurial ventures have conventionally drawn MBA graduates toward high paying jobs. But the survey indicated that things seem to have changed with preferences changing for future growth than rather present rewards. |
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| Source : 17-01-12 Business Standard Compiled by Amresh Anjan |
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| IT Hiring May Look Up Again On Infosys Cue |
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| Infosys' financial results indicate a decline in hiring of 38 percent year-on-year for the quarter ended December. The company had a gross hiring of 9,665 in Q3. In the September quarter, it had hired 15,352 employees. In this quarter, Infosys lost 6,389 during the quarter, the net addition thus being 3,266 employees. Campus recruitment also fell, with the company hiring only 5,792 freshers for the quarter ending December, compared to 13,034 freshers for the September quarter. Although the figures point to a decline, industry experts say quarterly fluctuation is no indication of slowdown in recruitment. Infosys maintained that it was on track to fulfill its target of hiring 45,000 persons this fiscal. It also plans to hire 500 employees in the U.S. in the last quarter of the current financial year. |
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| Source : 12-01-12 Deccan Herald Compiled by Amresh Anjan |
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| HUL Most Preferred Recruiter – Says A Survey |
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| A C Nielsen's the Campus Track survey pointed out that 36 percent of B-school graduates prefer to work with consumer goods firms, followed by management consultancies 29 per cent, IT consultancy or services 20 percent and investment banking 20 per cent. "With the FMCG (consumer goods) growth in the country being driven by consumption, the sector continues to find favour with students who see it as a sector with huge growth potential," Nielsen Executive Director Dinesh Kapoor said. Hindustan Unilever emerged as the most preferred recruiter, followed by Google, Aditya Birla Group, Accenture and McKinsey. The average salary expectation from a "dream company" was Rs 16 lakh per annum, the same as last year.survey of business graduates has found the consumer goods sector the sector that the class of 2012 preferred most. |
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| Source : 10-01-12 Hindu Business Line Compiled by Amresh Anjan |
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| Survey: Major Cities May See Fall In Hiring |
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| Recruitment levels are expected to fall across major cities, with the exception of Delhi, as per the Employment Outlook Survey by staffing company TeamLease Services. The decline was the sharpest (by up to 10 points) in financial and IT hubs such as Mumbai, Bangalore and Pune. On the other hand, Delhi recorded an increase in hiring and lower attrition rates. The upward trend was also noted in Hyderabad and Chennai. "Our assessment is that corporates would prefer to exercise caution in hiring than lay off employees," said Sangeeta Lala, senior vice-president and co-founder, permanent and temporary hiring, TeamLease. The survey also recorded a positive trend in the emergence of new subsectors and the requirement of knowledge-based talent in the existing industry sectors. |
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| Source : 10-01-12 Hindu Business Line Compiled by Amresh Anjan |
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| EPFO Mulls Interest Rate Cut To 8.6% |
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| The Employees' Provident Fund Organisation (EPFO) may lower the interest rate on deposits to 8.6 per cent for over 4.7 crore subscribers for 2011-12 to match it with the rate of Public Provident Fund (PPF) scheme. EPFO had given 9.5 percent for 2010-11 after it found Rs 1,731 crore surplus in its books of account. It may now lower the rate to 8.6 percent. The Labour Ministry is expected to send a note shortly to the Finance Ministry, recommending an 8.6 per cent rate of interest on provident fund deposits to EPFO subscribers for this fiscal as provided under the PPF scheme. The ministry wants to bring EPFO's rate of return at par with the PPF rate. |
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| Source : 10-01-12 Hindu Business Line Compiled by Amresh Anjan |
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| BAML Shuffle May See 15 Asia Managing Directors Exit |
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| Bank of America Merrill Lynch (BAML) is planning to let go of 15 of its managing directors in Asia as part of a reshuffle. The lay-offs are the result of performance reviews at the end of 2011, and part of the wider shake-up in Asia under its corporate and investment banking chief Matthew Koder, who joined BAML from UBS last March. Michael Cho, co-head of Asian mergers and acquisitions division, will be leaving the firm. Bala Swaminathan, vice-chairman at the bank's investment banking unit, who joined in 2010, will also be leaving as mergers and acquisitions dry up. |
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| Source : 10-01-12 Financial Chronicle Compiled by Amresh Anjan |
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| Tata AMC Equities Co-head Quits |
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| Venugopal Manghat, co-head of equities at Tata Asset Management left the organisation to pursue other interests. Bhupinder Sethi, who was earlier co-head equities, will now be head-equities of Tata Mutual Fund. |
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| Source : 10-01-12 Hindu Business Line Compiled by Amresh Anjan |
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| Anand Rathi Hires Former U.S. Treasury Exec |
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| Privately held investment banking firm Anand Rathi has appointed Anil Kakani as an executive director of cross-border initiatives. He will work along with investment banking CEO, Praveen Chakravarty. Mr. Kakani was part of the Obama administration and worked in a senior position in the U.S. Treasury Department. He was involved in building the U.S.-India Economic and Financial Partnership. Anand Rathi is backed by Citi Venture Capital International. |
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| Source : 11-01-12 VC Circle Compiled by Amresh Anjan |
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| IIT's Defy Slowdown; IIM's Face Tough Times |
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| The economic downturn seems to have bypassed the Indian Institutes of Technology (IITs), with recruiters flocking to their campuses with meaty offers. IIT Madras has placed 63 percent of the 1,208-strong batch, while IIT Kanpur has placed almost a thousand. Packages have also increased with Pocket Gems, a U.S.-based mobile app developer, paying $140,000 to an IIT Kanpur student. Google and Facebook have made similar offers. More than 85 companies visited IIT Guwahati. "Compared with last year, there is definitely an increase in terms of the number of organisations visiting in December itself for recruitment and the average package being offered," said Siddharth Mukherjee, general secretary, placements. The Indian Institutes of Management, however, are bracing for a tough placement season and are approaching a greater number of companies, besides offering placement holidays to students. |
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| Source : 11-01-12 Financial Express Compiled by Amresh Anjan |
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| WEF Warns Of Fiscal Risks, Income Inequalities |
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| A World Economic Forum (WEF) report has warned that rising income inequality and fiscal imbalances are two major risks that are set to undo the benefits of globalization. Nationalism, populism and protectionism were being fuelled globally by "chronic" fiscal imbalances and "severe" income inequality, as the world adjusted to new economic realities. The WEF identified 50 global risks, including economic, environmental, societal, technological and geopolitical, putting fiscal troubles and inequality at the top of the list. Fast-growing economies, including India and the other BRIC nations, were particularly vulnerable, with the countries being less likely to seize the opportunities presented by relatively young labour forces. "Rapid economic growth in emerging economies has fuelled an impatient expectation that a rising tide will lift all boats, but social contracts may not be forged quickly enough to rectify increasingly visible economic inequalities and social inequalities." |
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| Source : 11-01-12 Hindu Business Line Compiled by Amresh Anjan |
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| Mindshare Picks Client Leadership Team |
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| Mindshare has set up a new management structure and made key appointments. The client leadership team will be headed by M. Parthasarathy while Alok Sinha will oversee strategy. Sandeep Pandey will head consulting and intelligence. |
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| Source : 11-01-12 Exchange4media Compiled by Amresh Anjan |
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| Samsung India Appoints MD & CEO |
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| Samsung India Electronics has appointed BD Park as managing director, president and CEO of its South-West Asia operations, Financial Chronicle reports. Mr. Park, who was heading the mobile and IT division at Samsung India, replaces Jung Shoo Shin, who was president and CEO for the region. |
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| Source : 10-01-12 Financial Chronicle Compiled by Amresh Anjan |
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| Mahindra Announces Rejig Of Top Management |
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| The Mahindra and Mahindra group appointed Pravin Shah as chief executive of its automotive division, who would assume charge Feb 1. In a statement, the group said Mr. Shah, chief executive for international operations of the automotive and farm equipment sector, is being succeeded by Ruzbeh Irani, executive vice president, corporate strategy and chief brand officer. |
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| Source : 13-01-12 Hindustan Times Compiled by Amresh Anjan |
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| Professional Tax May Be Raised Three-Fold |
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| The government is planning to increase the professional tax levied by states three-fold, Business Standard reports. It is seeking an amendment to the Constitution to provide for increase from the current Rs 2,500 per annum to Rs 8,500 a year. Under the Constitution, state legislatures are free to decide the tax amount, subject to a ceiling of Rs 2,500. It was last increased from Rs 250 a year in 1988. Some states have now proposed to the finance ministry to increase the limit to Rs 8,500. The ministry has invited comments from various stakeholders. Once the matter is decided by the Empowered Committee, it will require the Cabinet's approval to table a constitutional amendment Bill in Parliament. Maharashtra, with annual revenue of about Rs 250 crore from tax on some 60 professions, is the biggest supporter of the higher ceiling. |
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| Source : 11-01-12 Business Standard Compiled by Amresh Anjan |
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| It's Goodbye For Fancy Salaries In Foreign Banks |
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| RBI urges those operating in India to set up remuneration panel to fix pay. In what could change the career landscape in private and foreign banks as a lucarative option, given that they lured the best banking brains with fancy paychecks, the Reserve Bank of India (RBI) has now drawn the laxman rekha on "excessive" salary their staff can get and the management can dole out. Among bankers drawing an annual salary in excess of Rs 1 crore include ICICI Bank CEO Chanda Kochhar, Axis Bank CEO Shikha Sharma, ICICI Bank top executives directors K Ramkumar, N S Kannan, Rajiv Sabharwal.The government fixes the remuneration for key executives of public sector banks RBI's top officials, including the governor. While neither succinctly specifying what constitued "excessive remuneration" nor putting a specific ceiling on it, the RBI, has, however, made it mandatory for private and foreign banks to obtain prior permission from RBI while fixing the salaries of their staff and CEOs and whole time directors. |
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| Source : 14-01-12 Deccan Herald Compiled by Amresh Anjan |
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