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Executives In India Most Upbeat On Growth Prospects Indian executives are far more optimistic than their counterparts in other countries of an economic expansion in the next 12 months. Some 86 percent were optimistic on this score, according to the fifth annual American Express/CFO Research Global Business and Spending Monitor. About 45 percent of India-based financial executives also see exchange rate volatility as the biggest threat to the growth prospects of their companies. Some 21 percent are concerned about changing interest rates and capital markets volatility. Manoj Adlakha, vice president and country head, global corporate payments, American Express India, said the weakening rupee, high production costs, fluctuations in oil prices and high inflation were damaging confidence levels. Nearly half of the world's finance executives, or 46 percent, felt that "robust" economic growth will return in their countries by the end of 2012. Source : 16-05-12 Hindu Business Line Compiled by Amresh Anjan Boom In E-Commerce To Give Hiring A Fillip Job offers are set to look up in the booming e-commerce sector, with online retailers chalking out major hiring plans this fiscal. Fashionandyou.com co-founder and CEO Pearl Uppal says the industry will require talent from sectors such as technology, analytics, sourcing, general management talent, merchandising and marketing. The company has a staff of 800 people and is likely to hire more than 400 in 2012-13. E-commerce firm Snapdeal.com has ramped up its headcount in recent months and plans to add 1,500-plus this year. HomeShop18.com, which grew by more than 70 percent in headcount terms in 2011, is aiming to replicate that growth this year. With the Internet consumer base scaling up in India, the e-commerce sector is bound to grow, says Snapdeal.com co-founder and CEO Kunal Bahl. Source : 15-05-12 Financial Chronicle Compiled by Amresh Anjan BPO Growth To Sustain Despite Hype In U.S. In spite of the anti-BPO sentiment being unleashed as the U.S. prepares for election, outsourcing is not going away any time soon, Dilip R Vellodi says. Mr. Vellodi is the founder of Sutherland Global Services, a multinational BPO company with an employee base of 30,000. Growth in the offshoring and outsourcing industry will remain on track, according to him. Regarding BPO jobs being shipped to the Philippines, he says they will move to locations where employable educated talent is available. It all depends on what the clients want by way of value and what they are willing to pay for it. Sutherland operates 35 facilities the world over. All the geographies it operates in have grown, including the U.S. The company does not foresee its business being affected in any way, says Mr Vellodi. Source : 16-05-12 The Hindu Compiled by Amresh Anjan Qantas Restructuring, Slashes 500 Jobs Embattled Australian flag carrier Qantas said that it will axe 500 jobs in its heavy maintenance and engineering operations as part of a restructuring. The move follows an 83% slump in first-half net profit in the six months to December, and an announcement that it would delay the delivery of two A380 superjumbos by three years as part of spending cuts.Qantas will cease heavy maintenance at Tullamarine in Melbourne, and work will be consolidated in Avalon and Brisbane. Source : 21-05-12 Hindustan Times Compiled by Amresh Anjan EPFO Moots Higher Age Limit For Pension Scheme The Employees Provident Fund Organisation (EPFO) has made a case for increasing the age of private sector employees getting pension from 58 years currently to 60 years. The proposal, made to the Finance Ministry, would enable the EPFO to give a monthly Rs 1,000 to workers who are getting no pension at all. The move may require an estimated 0.63 percent increase in the present PF contribution. Currently, employers contribute 8.33 percent and the Central government 1.16 percent. The debate on the subject has been raging between employee and employer representatives in the EPFO Central Board of Trustees. No agreement has been reached so far as to who would fund the scheme. DL Sachdeva of the All India Trade Union Congress said the body was opposed to the move as it would put an additional burden on workers. Source : 18-05-12 Business Standard Compiled by Amresh Anjan Fresh Law Graduates Heading For LPOs The legal industry is the latest to be bitten by the outsourcing bug, with a large number of graduates heading for legal process outsourcing (LPO) companies. Isheeta Rutabhasini, associate professor at Amity Law School, attributes the trend to the higher pay packages offered by LPOs. Long working hours and the stressful work environment of law firms may be another reason. The LPO industry is expected to grow to $1.2 billion over the next five years. Mindcrest, an LPO, gets the bulk of its clients from the U.S. and the U.K. The company prefers to hire young legal talent, whether fresh or a few years out of Indian law schools. However, employability is still an issue. Only 5 percent to 7 percent of law graduates who apply to Mindcrest are selected for employment, said Rohan Dalal, managing director. Source : 18-05-12 Hindu Business Line Compiled by Amresh Anjan Indian Workers, Students Prefer U.K. Both Indian workers and students continue to show a marked preference for the U.K. There are about 5,00,000 workers and 39,000 students of Indian origin in that country. Information and Broadcasting Minister Ambika Soni told Parliament that according to Indian missions in 29 European countries, Italy has a total of 70,248 Indian workers, Germany has 42,500, Spain 34,130 and the Netherlands 19,250. There are about 33,000 Indian workers in all in Greece, Russia and Switzerland. As for students, France has the largest number at 6,374, Russia was next at 4,500 and Italy had 1,198, Mr. Soni said. She added that the Overseas Affairs Ministry had not received any specific complaint regarding discrimination against Indian students abroad. Source : 20-05-12 Financial Express Compiled by Amresh Anjan Air France Cuts Up To 5,000 Jobs AIR France is set to cut 5,000 jobs over the next three years as part of a new business plan aimed to get it back into the black. The new plan would transfer some leisure flights to its low-cost carrier Transavia, cut costs in economy class and improve comfort in business class. The number of dedicated freight planes would be reduced as would maintenance costs. Employees were given an outline of what was needed in March and have since been negotiating over the company's call for an increase in working hours plus possible job cuts. Source : 21-05-12 the Connection Compiled by Amresh Anjan Hewlett Packard to Slash Work Force by up to 30,000 Hewlett-Packard Co. plans to cut its workforce by 25,000 to 30,000 employees, a record number for the venerable technology giant as it grapples with declining revenue and profits. Cuts in that range would constitute about 8% of H-P's total head count, which stood at approximately 349,600 at the end of October. Source : 18-05-12 Wall Street Journal Compiled by Amresh Anjan Manufacturing To Add 4 Mn Jobs In 12th Plan The manufacturing sector will create three to four million jobs during the 12th Plan period. The government said this in its approach paper to the Plan, released recently. Minister of State for Personnel, Public Grievances and Pensions V Narayanasamy said the 2012-17 Plan would focus on faster, sustainable and more inclusive growth. According to the 13th quarterly survey conducted between October and December, employment opportunities were also reported in different sectors including IT/BPO, Mr. Narayanasamy said. The quarterly quick surveys assess job market changes in select sectors. The surveys on changes in employment are carried out by the Labour Bureau, Ministry of Labour and Employment. The IT/BPO sectors contributed 19.80 lakh between October 2008 and December 2011, the latest survey said. Source : 15-05-12 Financial Chronicle Compiled by Amresh Anjan No. Of Part-Timers Swells Amid U.K. Job Crisis The number of people taking up part-time jobs in the U.K. has more than doubled in the last four years. According to a study by the Trade Union Congress (TUC), nearly 600,000 men were engaged in part-time work, which they were forced to take up when they were unable to find full-time employment. This is significantly higher than the 293,000 part-time workers in 2007. People in east Britain have been the worst impacted by under-employment in the past four years. The number of men "trapped" in these jobs has increased threefold to almost 60,000. TUC general secretary Brendan Barber said the surprise fall in unemployment last month was mainly due to an increase in part-time and temporary jobs. Most people are looking for permanent, full-time work and the job crisis is far from over. Source : 16-05-12 Deccan Herald Compiled by Amresh Anjan Godrej picks Strategic Marketing Chief from Bharti Godrej Group has named Shireesh Joshi as strategic marketing group head. Mr. Joshi, who was previously with Bharti Airtel, will report to Tanya Dubhash, executive director and president marketing and President Marketing, Godrej Group. His previous stint at Bharti Airtel included the Airtel Brand relaunch strategy and established the vision for the new advertising revenue stream, online business and lead mobile services marketing. Source : 16-05-12 Hindu Business Line Compiled by Amresh Anjan Survey: English Top Business Language Of The World A survey found that English is the dominant language of business around the world. The study was conducted by Ipsos Global Public Affairs for Reuters. It polled 16,344 employed adults in 26 countries. About 67 percent, or two-thirds, of the employees polled said English was the language they used most often when communicating with workers in other countries. A meagre 5 percent used Spanish. Almost 67 percent said the language used for their business interactions was different from their native language. The survey shows how English has emerged as the default language for business around the world, said Darrell Bricker, CEO of Ipsos Global. Nearly 59 percent, 55 percent and 50 percent employees in India, Singapore and Saudi Arabia, respectively, said they were most likely to interact with people in other nations. Source : 15-05-12 Financial Chronicle Compiled by Amresh Anjan Study: Quality Of Higher Education Lowest In India A study by global network of research universities Universitas 21 has put India's higher education system at the bottom among 48 countries. The U.S. tops the list as expected. The study has assessed the best countries for higher education based on parameters such as output (research and a large educated workforce, resources (investment by government and private sector), environment (government policy and regulation, diversity and participation opportunities) and connectivity (international networks and collaboration). Besides the U.S., the top four countries providing the best tertiary-level education were Sweden, Canada, Finland and Denmark. Government funding of higher education as a percentage of GDP was found to be the highest in Finland, Norway and Denmark. China, India, Japan and the U.S. were in the bottom 25 percent of countries for international research collaboration. Source : 14-05-12 Hindustan Times Compiled by Amresh Anjan Iffco-Tokio Ropes In Ex-General Insurance CMD Lohiya As Its MD Private sector general insurer Iffco-Tokio General Insurance today appointed Yogesh Lohiya as managing director and chief executive. Prior to joining Iffco-Tokio, Mr. Lohiya was chairman and managing director of General Insurance Corporation of India. Iffco-Tokio General Insurance is a joint venture between Indian Farmers Fertiliser Co-operative (Iffco) and its associates holding 74 per cent stakes and the largest Japanese insurer Tokio Marine and Nichido Fire, holding 26 per cent stakes. Source : 15-05-12 IBN Live.com Compiled by Amresh Anjan |
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