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CII Study: Business Confidence Up Slightly Business confidence of Indian corporates has improved slightly due to expectations of increase in investment and better capacity utilization, as per a study by the Confederation of Indian Industries (CII). Around 42 percent of 200 respondents said the economy would grow by 7 to 7.5 percent during 2012-13. Approximately 29 percent anticipated a fall in inflation to below 7 percent this financial year, the study said. According to the study, around 58.7 percent expect capacity utilisation to be higher than 75 percent in the first three months of 2012-13. However, the study added that while the business confidence index has increased for the last two quarters it is still well below previous year's levels. As against 62.5 in the first quarter of 2011-12, the index was at 55 in April-June, 2012, the study stated. Source : 29-04-12 Financial Express Compiled by Amresh Anjan Talent Pool To Decide Future Of Manufacturing A study said the manufacturing industry will be critical for economic expansion and job creation in emerging economies. The World Economic Forum and Deloitte Touche Tomhatsu in a joint report identified talent as a key differentiator that will define the future of the manufacturing sector. There is at present a skill gap of an estimated 10 million jobs in manufacturing worldwide. The strategic use of public policy and the ability to innovate are other factors that will boost manufacturing. Emerging nations are taking various steps to overcome the talent shortage. Attracting and retaining skilled workers is becoming a competitive field. Manufacturing in the future may resemble a global talent race in which countries and companies compete for skilled workers who can handle advanced manufacturing processes, said Deloitte vice-chairman, consumer and industrial products industry leader Craig Giffi. Source : 26-04-12 Deccan Herald Compiled by Amresh Anjan Report: Indian Firms Drive Up Job Creation In U.S. A Confederation of Indian Industry (CII) report said Indian companies have created 52,000 jobs in the U.S. since 2005. Thirty-six companies operating in 40 U.S. states have invested more than $820 million in manufacturing facilities in that country, said the survey. More than 20 top U.S lawmakers were present at the release of the survey. Despite the recession, 70 percent of the companies surveyed had increased their staff since 2005, the report said. More than 34 percent of these had established manufacturing facilities in the U.S., with their investments topping $820 million. Nearly 65 percent of them had taken CSR initiatives. The survey confirmed that Indian companies are key drivers of U.S. job creation and economic activity, said Senator Mark Warner, co-chair of the Senate India Caucus. Source : 30-11-99 Hindustan Times Compiled by Amresh Anjan IT Recruitments Set To Top 1 Lakh Recruitments are showing an upward trend in IT, with top companies announcing close to one lakh job openings in 2012-13. Infosys said it will hire 35,000 people this fiscal, of which 13,000 will be in BPO and 1,200 onsite. Though the break-up for this fiscal is not known, industry observers expect that 60 percent would be added through campus hiring and the remainder would be lateral. Tata Consultancy Services is planning to take on its rolls 50,000 employees during the current fiscal. It has already made 43,600 job offers on campuses. The new recruits will join from the second quarter. Tech Mahindra reportedly plans to add 10,000 to its headcount. HCL, however, does not plan to hire freshers in the next two quarters. IT industry body NASSCOM had predicted that the sector will create 2,00,000 jobs in FY13. Source : 26-04-12 Deccan Herald Compiled by Amresh Anjan Microsoft India Retains Most Attractive Employer Tag Microsoft India has been voted the most attractive employer for the second year in a row, Hindustan Times reports. According to HR services company Randstad, the survey included 8,500 employees from more than 150 companies in India. Global research firm ICMA International carried out the survey. The poll was aimed at measuring the popularity of the employer brand. With the globalisation of the Indian market, there is a healthy competition not only in establishing the brand but also in attracting the best skills, Randstad India Managing Director E Balaji said. Occupying second and third place were Oracle India and Tata Consultancy Services, respectively. Special recognition was given to Volkswagen India in the auto sector and Nokia India in consumer durables. Source : 27-04-12 Deccan Herald Compiled by Amresh Anjan Granules India Names CFO Mr. V.V.S. Murthy has been appointed Chief Financial Officer (CFO) of Granules India Ltd, a Hyderabad-based, pharmaceutical manufacturing company.Mr Pranesh Raj Mathur, who had the dual role of President – Active Pharmaceutical Ingredient (API) division and CFO, will continue his role as the President of the API division.Mr. Murthy previously served as Group Chief Financial Officer at Dishman Pharmaceuticals and Chemicals Ltd. He has over 32 years of experience in the finance industry including 17 years in the pharmaceutical industry, Granules said. Source : 26-04-12 Hindu Business Line Compiled by Amresh Anjan Attrition In IT Hinges On Projects, Hiring HCL Technologies, the fourth largest IT firm by sales and profitability, had the highest attrition at 15 percent among Indian IT companies. It was followed by Infosys Technologies at 14.7 percent and Wipro with an attrition rate of 14.4 percent during the January-March quarter. Tata Consultancy Services (TCS) had suffered 12.2 percent attrition. A combination of type of projects, benching, utilisation and type of hiring, fresher or lateral, decides the attrition rate of a company. TCS, with its large wage hikes and improved utilisation over the quarter, had the lowest rate of attrition. Its utilisation rates were higher than its peers and so was the quality of its projects. HCL has been following an employee rationalisation programme for its business process outsourcing (BPO) business, which is under review. Interestingly, the company follows an "employee first, customer second" approach. Source : 26-04-12 Financial Express Compiled by Amresh Anjan HSBC Lays Off 750 In De-Layering Exercise Lay-offs have struck HSBC employees in large numbers, with the axe falling on more than 350 employees at its centres in Pune and 200 in Hyderabad. A total of 750 employees reportedly have been asked to leave across locations. Assistant managers to vice presidents were asked to pick between termination and resignation. They were given a month's salary for each year spent in the company, and an additional three months' pay. Dubbed Project Nemo, the de-layering exercise was initiated globally to trim positions across levels. The affected units include the global service centres, invest direct and commercial banking, and software development in Hyderabad. Jobs are also set to go in the U.K., where HSBC is planning to let go of 2,000 people. The lay-offs amount to 10 percent of its workforce. Source : 25-04-12 Financial Chronicle Compiled by Amresh Anjan Wipro To Shed Mid-Level Staff, Make Cultural Changes Wipro is planning to trim positions at mid-management and make sweeping cultural changes to stay on the growth track. CEO of IT business TK Kurien said the company required the shift. Thought leadership will not bring revenues. It is about who can deliver and who cannot. For too long, the middle management has slowed things. The company has taken a beating in the fourth quarter, when numbers have been disappointing. Kurien attributed the results to certain delays in deal closures during the quarter. In spite of this, the company will give wage hikes to its employees effective June this year in line with industry averages. Employees in India had been offered a 12 percent to 15 percent wage hike last year. The CEO said the future was clearly in the non-linear model. Wipro will focus on cloud, mobility and analytics. Source : 25-04-12 Financial Express Compiled by Amresh Anjan Seats May Go A-Begging At Lower Rung B-Schools Around 1,00,000 seats may not be filled at tier II and tier III management institutes. As admissions loom, lower rung B-schools are worrying about the likely shortfall in numbers. The situation is quite grim, said H Chaturvedi, director, Birla Institute of Management and Technology, Noida. Tier II and tier III B-schools face nearly 50 percent vacancies this year. In Uttar Pradesh alone, only 12,000 students appeared for the entrance exam for 24,000 seats. Maharashtra faces a similar dilemma. In the academic year 2010-11, the number of vacant seats in engineering and management stood at 30,000 and 20,000, respectively, forcing the state to call for a halt to fresh approvals. Last year, 138 institutes across the country shut shop due to low admission rates. These included 15 engineering, 65 management and 29 MCA institutes across Andhra Pradesh, Maharashtra, Uttar Pradesh and Rajasthan. Source : 25-04-12 Business Standard Compiled by Amresh Anjan E-Commerce Picks Up Top B-School Talent Students of premier B-schools and engineering colleges are eyeing openings in the e-commerce sector. The sunrise sector has grown phenomenally in the last one year. Snapdeal.com has made more than 20 offers across the Indian Institutes of Management (IIMs) and 75 at the Indian Institutes of Technology (IITs). Flipkart has hired 120 graduates from IITs and 23 from IIMs and other top B-schools. Naaptol.com has made 15 offers across leading B-schools, including Narsee Monjee Institute of Management Studies and the Indian School of Business. The prospect of larger responsibilities and faster growth is driving students towards e-commerce. They are between 25 years and 30 years of age and seeking jobs that offer scope to explore. Naaptol.com has offered a salary of Rs 12 lakh for IIM graduates and Rs 6 lakh to Rs 9 lakh for others. Source : 25-04-12 Financial Express Compiled by Amresh Anjan TCS To Boost Numbers By 50,000 This Fiscal Tata Consultancy Services (TCS) will be hiring 50,000 employees in 2012-13. CEO and Managing Director N Chandrasekaran said the company is well prepared to achieve balanced growth across the industries and markets it operates in. In view of this, it will target to recruit 50,000 people this year. TCS will also be hiring employees in the U.S., including trainees, during the fall semester, said Ajoy Mukherjee, executive vice president and global head, HR. TCS conducted its largest hiring drive during 2011-12, when it added 70,400 employees. This year, it has made 43,600 offers on campuses to trainees who will be joining in the second quarter. Attrition rates have fallen further to 12.2 percent as a result of the firm's retention and employee engagement efforts, Mr. Mukherjee said. Employees will get a wage hike of 8 percent this year. Source : 25-04-12 Financial Express Compiled by Amresh Anjan Survey: Indian CEOs Unfazed By Talent Gap Indian CEOs are less concerned about the talent challenges in their country compared to their Chinese or global peers. They are also more optimistic about talent availability and short-term growth prospects, according to the PricewaterhouseCoopers (PwC) 15th Annual Global CEO Survey 2012. About 76 percent of the respondents said they were willing to undertake training initiatives for the available talent, particularly in vocational training. The figure was 54 percent globally. CEO across countries continued to face talent challenges, saying they were unable to pursue market opportunity because of lack of skills. CEOs in India may be underestimating the extent of this challenge today, said Padmaja Alaganandan, executive director, consulting, PwC India. Investment in skills and capability building were a key requirement and, if not addressed swiftly, expansion and innovation and innovation could suffer. Source : 25-04-12 Hindu Business Line Compiled by Amresh Anjan Squeeze On Margins To Keep IT Salary Hikes Down Faced by margin pressures, IT companies may now give only single-digit increments, compared to 20 percent to 30 percent a few years ago. High single digits will be the norm this year, said E Balaji, managing director and CEO of staffing firm Randstad. Software companies are under pressure to keep employee costs down because they constitute 40 percent to 50 percent of their total outlay. India's largest software exporter Tata Consultancy Services (TCS) has announced an average 8 percent increase in pay. Others are expected to do the same. At TCS, increments will vary from 5 percent to 10 percent depending on grade, experience and consistency in performance, said Ajoy Mukherjee, executive vice president and global HR head. Source : 24-04-12 Business Standard Compiled by Amresh Anjan Reliance Infrastructure Names CEO, EPC Biz Head Reliance Infrastructure has named Lalit Jalan CEO and SC Gupta chief of engineering, procurement and construction (EPC) business. The duo has resigned from the board of directors. The company has appointed VK Chaturvedi, former CMD of Nuclear Power Corp., as non-executive director. Source : 24-04-12 Financial Express Compiled by Amresh Anjan |
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