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Manufacturing Industries Set To Give Highest Pay Hikes This Year Slowdown in the knoČwledge-intensive industries hČave made manufacturing, infrastructure and retail industries to emerge as the top sectors so far as annual increment percentages are concerned. These segments are also the ones that are upbeat about hiring this year.According to the compČenČsation trends survey conduČcČtČed by Deloitte Touche ToČhČm-atsu India, increments in tČhe manufacturing sector are aČmongst the highest for 20Č1Č2ľ13. At the median, annual increment is at 15 per cent. Variable pay median is at 20 per cent and it has increased from 12.5 per cent last year. Infrastructure and real estate have also given 15 per cent increments with median variable pay of 15 per cent.Overall median salary increase across sectors is 12 per cent. Financial services sector has been most conservative in increment projection for 2012-13 at 10 per cent. Though manufacturing has only marginally increased increments this year, it has emerged as the top sector only because the traditional paymasters are slowing down. The knowledge-intensive industries traditionally known for offering very high average increase earlier have slowed down, considering increased wage cost and reduction in margins, said E Balaji, MD and CEO of Randstad India. Source : 14-05-12 Financial Chronicle Compiled by Amresh Anjan Capital Goods Drag March Factory Output Down 3.5% Factory output fell sharply in March, increasing the chances of further interest rate cuts. The index of industrial production (IIP) fell 3.5 percent in March, contrasting sharply with February's 4.1 percent and 9.4 percent growth a year ago. The index grew just 2.8 percent for fiscal 2012, compared to 8.3 percent in the last fiscal. The weakness was attributed to a sharp fall in capital goods, which contracted 4.1 percent, compared to a 14.8 percent rise the previous year. Manufacturing output slumped 4.4 percent, mining fell 1.3 percent and consumer goods output was up a mere 0.7 per cent. Finance Minister Pranab Mukherjee called the figures disappointing and attributed the trend to poor domestic investments, the uncertain global environment and monetary tightening. Planning Commission Deputy Chairman Montek Singh Ahluwalia said project execution remained an issue. Source : 11-05-12 Hindu Business Line Compiled by Amresh Anjan Demographic Dividend Dream Could Crash India's demographic dividend, or the number of working age youth, may fail to pay off in the context of skewed patterns of growth. The workforce is set to increase from 77.5 crore in 2008 to 95 crore in 2026. By 2020, the average age of an Indian will be only 29 years, compared to 37 years in China and the U.S., 45 years in West Europe and 48 years in Japan. The International Monetary Fund's "Asia Pacific Regional Economic Outlook for 2012" says this dividend can add about 2 percent to the annual rate of economic growth. However, India's large pool of working age population is concentrated in regions poorest in terms of savings and job potential. This workforce needs to find gainful unemployment, which remains elusive. With growth rates now pared, chances of expanding employment may have dwindled. Source : 11-05-12 Hindu Business Line Compiled by Amresh Anjan U.S. Says Indian Professionals Are Welcome A senior U.S. State Department official said Indian professionals were welcome in their country. The move comes against the backdrop of India threatening to bring up the issue of visa fee hike at the World Trade Organization. Victoria Nuland, spokesperson of the department, said the issue was being looked into. Indians were the greatest beneficiaries of both L-1 visa and B-1/H-1 visa programmes, and the U.S. would continue to fully support the admission of qualified Indians under these programmes. India has threatened to seek consultations with the U.S. under WTO rules. The recent visa fee hike, India claims, discriminates between Indian software companies and U.S. firms. The government is in talks with the U.S. and Canada for easier movement of people, professionals and business travellers, Minister of State for External Affairs E Ahamed told Parliament. Source : 12-05-12 Financial Express Compiled by Amresh Anjan Staff Costs At IT Top 3 Keep Pace With Revenue Staff costs at the top three software firms Tata Consultancy Services, Infosys and Wipro increased significantly year-on-year. As a percentage of revenue, however, they remained more or less the same despite considerable recruitment last fiscal. E Balaji, managing director and CEO of Randstad India, calls it a healthy sign because it means revenue growth has outpaced staff costs. According to Siddharth A Pai, partner, global resourcing and India operations, Information Services Group, the increase in staff costs in line with revenue is to be expected in "plain vanilla service" business, revenues being a linear function of headcount. There would be cause for concern only if there was a large increase in headcount costs without revenue increasing substantially, or if a significant jump in revenues did not come with staff costs rising considerably. Source : 11-05-12 Hindu Business Line Compiled by Amresh Anjan Lawyers Happy At Work But Open To Moving Most Indian lawyers are fairly happy with where they work. About 59 percent of those working in law firms either agreed or strongly agreed that they enjoyed their current jobs. As for in-house lawyers, 51 percent were positive about their current roles. In a survey of 536 lawyers conducted by Legally India, only 15 percent saw themselves staying on in their current jobs. The same was true of in-house company lawyers. Moreover, 44 percent of those working in law firms said they wanted to start their own firms or practices, a trend that has sustained in the Indian legal market where start-ups are launched every week. About 60 percent of the lawyers working in corporate departments also have entrepreneurial ambitions. The happiest lawyers were those working in the courts, 71 percent of whom said they enjoyed the daily tussle. Source : 10-05-12 Mint Compiled by Amresh Anjan SKS Microfinance Culls 1,200 Jobs In Andhra Pradesh SKS Microfinance is cutting 1,200 jobs and closing 78 branches in Andhra Pradesh. SKS is the only listed microfinance institution (MFI) and has a headcount of 3,400 in Andhra Pradesh. It incurred a loss of Rs 1,360 crore during the year ended March. SKS Microfinance managing director MR Rao said the state of the microfinance sector in AP had forced the company to take this "painful decision". The state was at one stage the microfinance capital of the country. Employees are being offered two months' salary in lieu of notice and 15 days' salary for every year of service completed. The AP Microfinance Ordinance in October had crippled the activities of all MFIs, including SKS. The company reiterated that it is not closing down its AP operations, only rationalising its workforce in the state. Source : 10-05-12 Financial Express Compiled by Amresh Anjan Slowdown Hits Pace Of B-School Placements Placements at B-schools have dragged on longer than usual. The process is normally over by March-April, but some students have yet to secure offers this year. For example, at the Institute of Management Technology Ghaziabad, about 7 percent of the batch of 424 has yet to be placed. Alterations in placement processes, such as introducing spot offer system, deferred placements, giving domestic recruiters preference and approaching more companies, have not helped. Shridhar Guda, chairperson, placements, Indian Institute of Management (IIM), Kozhikode, blames it on the slowdown. Companies have hired cautiously this year and reduced their intake of recruits compared to last year. At the IIM Ahmedabad, the average number of offers per company stood at 2.35. B-schools, including the IIMs, had to invite a higher number of firms. However, mid-level and smaller institutes still found placements difficult. Source : 09-05-12 Business Standard Compiled by Amresh Anjan MNCs Look At Tier 2 Cities For R&D Expansion Multinational companies (MNCs) in India are moving their R&D centres into tier 2 cities to rein in costs and curb attrition. The study by Zinnov says companies are entering tier 2 cities such as Ahmedabad, Jaipur, Chandigarh, Coimbatore, Vadodara, Nagpur, Pune and Thiruvananthapuram. The trend has been seen in MNCs such as Dell, Nokia, Amazon and others looking to expand. Tier 2 cities have traditionally been a preferred destination for IT and BPO companies. These cities provide advantages such as bigger catchment area, lower attrition and cost arbitrage, said Chandramouli CS, senior director globalization advisory, Zinnov. The study also highlighted the MNC R&D talent pool in India. For 2011, it was 204,196 and expected to grow 9 percent a year to 2.5 lakh by 2015. Fresh talent in tier 2 cities may be some 35 percent of this pool. Source : 11-05-12 Hindu Business Line Compiled by Amresh Anjan Reliance To Step Up Hiring, Headcount Tops 50,000 Employee headcount at Reliance Industries Ltd (RIL) has grown during the last fiscal after a gap of three years, taking the total number to beyond 50,000. As per the company's annual report for 2011-12, the number of employees grew by 505 during fiscal 2012, taking the total staff strength to more than 50,000, including more than 25,000 employed in retail. RIL has recruited close to 100 in leadership roles, of which 20 percent are expatriates. It has also hired 37 professionals for its business transformation initiative and added 55 management graduates, 37 chartered accountants and 340 graduate engineers from campus recruitment drives. Campus hiring was "only likely to swell in the future," the company said. Prior to this surge in employees, Reliance saw its employee numbers shrink by 2,826 between FY09 and FY11. Source : 10-05-12 Financial Chronicle Compiled by Amresh Anjan Danone Narang Beverages Picks India GM Danone Narang Beverages, a joint venture between French foods company Danone and Mumbai-based Narang Group, has named Tarun Arora general manager for India,. He was previously executive vice president and head of marketing at Godrej Consumer Products. Mr. Arora, who has been with Godrej since 2007, has over 15 years of work experience in retail and consumer packaged goods sector and has worked with companies like Wipro Ltdĺs consumer arm Wipro Consumer Care and Lighting, Bharti Walmart Private Limited and Dabur India Ltd. Source : 09-05-12 Mint Compiled by Amresh Anjan Engg Courses Back In Demand On Robust IT Hiring Demand for IT and computer science engineering (CSE) degrees has witnessed a surge after a dull four years. The trend was led by IT companies, which hired the maximum number of engineering graduates from these streams this year. With parents rushing to secure seats for their wards, engineering colleges are demanding premiums of between Rs 10 lakh and Rs 20 lakh for seats in the management quota. The fee set by the government is Rs 95,000 per annum. B Tech seats, much sought after during 2001-08, have fewer takers now. IT made about 90 percent of the job offers in the recently concluded placement season between September and March. Infosys, Cognizant and Wipro were the top recruiters. Other sectors accounted for the remaining 10 percent, said Rajeshwar Reddy, chairman of Anurag Group of Colleges. Source : 09-05-12 Deccan Chronicle Compiled by Amresh Anjan Gender, Specific Needs Diversity Gaining Ground As many as 91 percent of companies in the Asia pacific region surveyed by Mercer said gender was a top focus area for them. Next on the list was disability, with 39 percent affirming its importance. Some companies already have a diversity strategy specific to people with disabilities. This includes targeted recruitment and creating a work environment for specific needs. Of the participating companies in India, a total of 60 percent had a diversity and inclusion strategy. Companies said they would gear their efforts towards developing women for leadership roles and attracting more diverse talent to their organisations, especially in the context of the rapidly changing demography. Companies will also work towards retaining female talent. In Infosys, 34 percent of its workforce now is female, up from just 10 percent in 2000. Source : 09-05-12 Hindu Business Line Compiled by Amresh Anjan Ramco Systems Appoints CEO Ramco Systems has appointed Mr Virender Aggarwal as its Chief Executive Officer. This post was hitherto held by Mr P. R. Venketrama Raja, Vice-Chairman and Managing Director, Ramco. Mr Kamesh Ramamoorthy, Chief Operating Officer, Ramco, will report to Mr Aggarwal, according to a company official. Prior to this, Mr Aggarwal was President & APAC Region Head for a leading IT services firm based in Singapore. He had earlier worked with Satyam Computers based out of Singapore. Source : 07-05-12 Hindu Business Line Compiled by Amresh Anjan BPOs Pin Expansion Hopes On Domain Experts BPO firms are hiring vertical heads from sectors such as automotive, retail or manufacturing. Genpact is one such BPO which has brought in 35 to 40 people at the vice president level from the financial, manufacturing, automobiles, consumer care goods and retail sectors. Piyush Mehta, senior vice-president HR, says Genpact is looking for industry expertise and is thus tapping specialists from other sectors. Its fastest growing businesses are packaged consumer goods, retail and pharma. Thus it has inducted sales people from these industries for client-facing roles. Mike Haley, vice-president, business development, pharma, is an example. He brings 20 years of experience in the pharma, healthcare and insurance industries. BPO companies are looking at people who have worked for 10 years to 15 years in their respective domains and are subject matter experts, says Sunil Goel, director, GlobalHunt. Source : 14-05-12 Financial Express Compiled by Amresh Anjan |
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