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Job Restlessness High Among Indians Finds Survey A survey has concluded that more employees in India are looking at a job switch than their global peers. About 30 percent of Indian employees are frequently thinking about leaving their jobs and 60 percent are planning to look for a new job within a year, the survey by global workforce solutions provider Kelly Services said. Employees are concerned about career goals. Many are looking for meaningful work and opportunities for growth. Unless employers can give that, many feel that it is best to keep moving jobs, said Kelly Services India Managing Director Kamal Karanth. However, though restless, 68 percent of Indian respondents said they were happy in their jobs, one of the highest scores across 30 countries. The survey covered 1,70,000 people, including 6,500 in India. Source : 19-04-12 Financial Express Compiled by Amresh Anjan Infosys Defers Annual Pay Rise, May Review Decision The fourth-quarter financial performance of Infosys, the country's second-largest information technology company, failed to bring cheer to both investors and employees.The Bangalore-based IT bellwether generally announces its annual pay rise in April; it has decided to withhold it. It said the management might revisit the decision in the middle of the year, based on market conditions. Nandita Gurjar, its senior vice-president and global head of human resources, said: "Our employees understand the problems of the company. They are behind us and they are the major stakeholders. Most of our employees were aware of this from their business units about the conditions." Though there will be no salary rise as of now, the company has promoted around 16,000 employees with effect from April 1. The promotions were across the board, it said. Source : 14-04-12 Business Standard Compiled by Amresh Anjan ISB To Provide Executive Education In Pak Indian School of Business (ISB) signed a memorandum of understanding with Institute of Business Administration (IBA), the oldest business school outside of North America, to provide executive education in Pakistan.Under the MoU, signed by ISB deputy dean Deepak Chandra, and Ishrat Husain, dean and director of IBA-Karachi and former governor of the central bank of Pakistan, ISB will offer open enrolment (short duration) and custom-designed programmes (specialised courses devised to cater to specific needs of a particular organisation) through its Centre for Executive Education (CEE). Source : 14-04-12 Business Standard Compiled by Amresh Anjan India Pitches For Employment Creation Policies Finance Minister Pranab Mukherjee has urged the Group of Twenty (G-20) countries to push for policies that create jobs.Mr. Mukherjee was speaking on the sidelines of the spring meeting of the International Monetary Fund and the World Bank. Employment should be the mainstay of the G-20 framework. Credible action for both short- and medium-term policies to create jobs must be taken, he said. He pointed to the general concern over the bleak global employment scenario, especially the falling labour participation rate and youth unemployment. Persistent high unemployment tends to hold back economic recovery, with an adverse impact on productivity and growth in the medium to long term. Investment in infrastructure and manufacturing needs support to help revive global growth and support demand and job creation, Mr. Mukherjee added. This approach had not received the attention that it deserved. Source : 21-04-12 Financial Express Compiled by Amresh Anjan Industrial Units Shifting To Rural Areas, Says Survey U.S.-based economists have found a shift in the distribution of industrial units in India's formal sector. The findings are based on the annual survey of industries of the Reserve Bank of India and the National Sample Survey Organisation. It has found a movement from urban to rural areas between 1994 and 2005. The urban share of the organised sector in total output, employment and number of plants has fallen by 9.3 percent, 10 percent, and 10.6 percent, respectively. For the unorganised sector, this share increased to 4.1 percent, 4.5 percent, and 2.4 percent, respectively. The key reason for the shift, it seems, is the change in composition of district-level education and infrastructure in relation to initial employment levels. Urbanisation was higher in districts with access to roads, electricity, telecommunications and safe drinking water as well as a bigger graduate-level labour force. Source : 21-04-12 Hindu Business Line Compiled by Amresh Anjan More Experienced Hands Opt For B-School Courses Students with work experience seeking admission to B-schools have increased in number. Among the reasons behind the trend is the classroom experience and relative ease of placements. The share of such students has increased to 60 percent to 70 percent of the batch size at the Indian Institute of Management (IIM), Calcutta, IIM Lucknow, IIM Rohtak and XLRI Jamshedpur. The corresponding number was 30 percent to 40 percent just two to three years ago. The 2010 batch at IIM Calcutta, placed recently, had 34 percent freshers and 66 percent students with work experience, said Professor Amit Dhiman, chairperson at the institute. A majority of these students had an average experience of 10 months to two years. About 15 percent had work experience of more than 36 months, he said. At XLRI, too, there has been an increase in the average tenure from 10 months to two to three years. Source : 21-04-12 Hindu Business Line Compiled by Amresh Anjan TCS On Track For Second Largest Workforce Globally Tata Consultancy Services (TCS) is on its way to becoming the world's second largest IT company in terms of headcount, next only to Accenture. TCS has already outpaced its Indian peers in terms of size. As of December, TCS had 2.27 lakh employees on its rolls and is expected to touch a record three lakh by the end of this financial year. Accenture had an employee count of 2.46 lakh as of February this year. IBM is in the lead with a global headcount of 4.5 lakh. The numbers will become clearer when TCS announces its earnings. TCS is the only Indian company to have won two billion-dollar outsourcing deals in the last five years. The company has inked a $2.2 billion dollar deal with Friends Life in the U.K. and a $1.2 billion contract with ACNielsen. Source : 23-04-12 Financial Express Compiled by Amresh Anjan Manufacturing Firms Top Finance As Office Guzzlers In a fresh indication of the growing importance of manufacturing in the country's economic growth, the sector has overtaken banking and financial services in terms of new office space requirement during the last fiscal year. Manufacturing includes pharmaceuticals, consumer durables, engineering and FMCG (fast-moving consumer goods) firms under its ambit.The manufacturing sector accounted for 19% of the newly-constructed office space leased out during 2011-12, up from 13% during 2010-11, data available with real estate consultancy Knight Frank has said. Office space taken up by BFSI (banking, financial services and insurance) dropped to 8% in 2011-12 from 13% in 2010-11.The IT and ITeS sectors continue to garner the lion's share in the quantum of new office space leased out, though they too witnessed a fall in their share to 52% in 2011-12 from 57% in 2010-11. Source : 21-04-12 Hindustan Times Compiled by Amresh Anjan IMF Stresses Need For Structural Reforms The International Monetary Fund (IMF) has urged Indian policymakers to take definitive steps towards structural reforms, raise public and private investment and spur inclusive growth. In its annual assessment of the Indian economy, IMF noted that economic growth in the country had slowed to levels lower that last year's due to cyclical and structural inadequacies. Structural reforms and fiscal consolidation were needed to restore growth and ensure its inclusiveness. This could be achieved by simplifying procedures, making contracts more enforceable and facilitating land acquisition, IMF economists said. To support formal job creation, skill mismatches need to be addressed and flexibility brought about in the labour market. Reforms were also required in the financial sector. These include improving access to credit and diversifying funding sources. IMF expects the Indian economy to grow 7 percent in 2012-13. Source : 19-04-12 Hindu Business Line Compiled by Amresh Anjan Huawei To Recruit 4,000 For Bangalore Unit Huawei Telecommunications India is planning to hire 4,000 people for its second R&D centre in Bangalore. The $150 million facility will be operational by 2013. It will focus on research in internet protocol (IP) routers and operational software. India is a growth market for Huawei. The company is eyeing sectors such as power, energy, tele¬communications, banks and transportation, alongside government enterprises and public sector companies. It is looking at revenue of more than $200 million in enterprise business from some 200 clients in banking, energy, telecom and transport sectors. In 2011, it recorded overall sales of $1¬.2 billion. Huawei has a customer base of around 50 companies in the country, and is looking to increase it by a hundred more. Source : 18-04-12 Financial Chronicle Compiled by Amresh Anjan Citigroup Shareholders Reject Executive Salary Plan In a stinging rebuke, Citigroup shareholders rebuffed the bank's $15 million pay package for its chief executive, Vikram S Pandit, marking the first time that stockowners have united in opposition to outsized compensation at a financial giant. The shareholder vote, which comes amid a rising national debate over income inequality, suggests that anger over pay for chief executives has spread from Occupy Wall Street to wealthy institutional investors like pension fund and mutual fund managers. About 55% of the shareholders voting were against the plan, which laid out compensation for the bank's five top executives, including Mr. Pandit. Source : 18-04-12 Hindustan Times Compiled by Amresh Anjan Better Disclosure On Exec Pay A Key Concern More companies are seeking disclosures regarding executive pay. According to a survey conducted by Hay Group, executive pay topped the list of corporate governance issues in the study, titled "Corporate governance and executive pay: Taking the pulse". Almost all the companies polled were in favour of some form of executive pay disclosure. Not many respondents, including investors and regulators, wanted to see more disclosure than was at present required. Instead, they sought an improved quality of disclosures rather than quantity. Regulators are concerned that greater disclosure has had a ratchet effect, with companies continuously pushing up levels of executive pay to match those reported by peers. The concern that executives are paid too much is largely a political issue, the report said. Nine out of 10 companies said the market levels and individual performance justify how much they pay. Source : 19-04-12 Business Standard Compiled by Amresh Anjan Cigniti Technologies Appoints COO Software testing services company Cigniti Technologies has named Raj Neravati as COO. Before this, he was senior vice president of global delivery at Applabs. Source : 19-04-12 Hindu Business Line Compiled by Amresh Anjan Lay-Offs Hit Telecom, Execs Face Uncertainty Lay-offs have struck the telecom sector workforce after the Supreme Court cancelled many 2G licences. A large number of professionals face uncertainty as companies wind up operations. Etisalat, a UAE-based company that has since filed for liquidation, is one such firm that is laying off staff. About 35 senior employees were told to consider positions in Nigeria and Tanzania. The remaining 450 received no word at all. The employees were not given termination letters because that would entitle them to three months' salary as per their contracts, a former employee said. A situation was created where the employees would quit on their own. The staff was informed by the HR department that Etisalat would not be able to pay any more salaries. Pay for March was ultimately given after the Bombay High Court intervened. Source : 18-04-12 The Indian Express Compiled by Amresh Anjan Wipro Technologies Names CMO Wipro Technologies, the information technology, consulting and outsourcing business of Wipro Ltd, has appointed Ms Suchira Iyer as its Chief Marketing Officer (CMO), IT Business.Ms Iyer will report to TK Kurien, CEO, IT Business and Executive Director, Wipro Ltd, according to a press statement. She replaces Mr Rajan Kohli who has been appointed as the vertical head for the banking business, after a two-year stint as the CMO. Source : 18-04-12 Hindu Business Line Compiled by Amresh Anjan Shrinking Margins To Hit Bonuses At Brokerages Broking houses are likely to award small bonuses this year as margins shrink. Bonuses will be kept to a minimum and only top performers will be entitled to them, said B Gopkumar, head of broking at Kotak Securities. Brokers are trying to rein in fixed costs in a market where revenue from clients is diminishing. Revenues for most brokerages have almost halved in the last four to five years, said Prasanth Prabhakaran, president, retail broking, IIFL. This is the second year in a row that bonuses for brokerage houses have shrunk. Last year, several domestic broking houses delayed bonuses, and employees had to do with much less than what they had expected. Increments will take a hit too, ranging from 7 percent to 8 percent, market participants said. To make up for declining revenues, top domestic brokers are diversifying into retail lending and wealth advisory. Source : 17-04-12 Financial Express Compiled by Amresh Anjan Baring Private Equity Names Partners Baring Private Equity Partners (India) has promoted two senior executives. Amit Chander, who has been responsible for deals in healthcare, IT/ITeS and education space, has been named partner along with Keshav Misra, who looks after exit strategies and is director on the boards of several portfolio companies. Source : 14-04-12 Financial Express Compiled by Amresh Anjan |
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