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Prime Minister Says 6.5% Growth Amid Downturn Reasonable Prime Minister Manmohan Singh expressed confidence that the country would soon get back to an annual growth rate of 8 percent to 9 percent. However, given the global slowdown, a 6.5 percent growth seemed reasonable, he added. He said at the G-20 summit that Indians were getting impatient for a return to high growth and faster job creation. The fundamentals of the economy were strong, and 8 percent to 9 percent growth rate was achievable, he added. The government was determined to create an environment that would boost investor sentiment and promote an atmosphere conducive to enterprise and creativity. He also reiterated his commitment to reining in subsidies to narrow the fiscal deficit, even if it meant taking tough decisions. India was also focused on infrastructure investment and resolving bottlenecks in policy implementation. Source : 20-06-12 Business Standard Compiled by Amresh Anjan IT Fosters Entrepreneurship, Secures Loyalty IT companies are harnessing entrepreneurial skills within the organisation, leading to greater employee retention. At Cognizant, the initiative Cognizant Capital follows a venture capital model. Employees are encouraged to come up with innovative business ideas that are then funded and incubated by the company. An internal board screens, selects and reviews business plans, allocates funds and resources in a model that follows a pattern by Silicon Valley venture capitalist firms, says Sukumar Rajagopal, senior vice president and global head of innovation. Similarly, Wipro has a dedicated innovation office or chief technology office to cater to innovative ideas in business and technology. The company also has a dedicated fund to invest in new ideas. Tech giant Mahindra Satyam also has a fund on similar lines, which supports employee ideas. This has led to employees remaining within the company. Source : 16-06-12 Deccan Herald Compiled by Amresh Anjan Fitch Downgrades Rating Outlook Fitch has downgraded India's rating outlook from "stable" to "negative" while retaining the current rating at BBB. It is the lowest investment-grade rating issued by the agency. A downgrade to BB+ is considered junk grade. India's outlook had earlier been revised to negative by Standard & Poor's (S&P). However, S&P had put the likelihood of a rating downgrade at one in three. Fitch has warned of a credit rating downgrade on concerns over India's economic growth, inflationary pressures and public finances. Fitch said India's medium- to long-term growth potential will further slide if structural reforms are not put in place. This includes creating a more positive operational environment for business and private investments. Fitch expressed concern over fiscal consolidation, which remained slow at the Centre while states were faring better. The government said the agency's concerns were "out of context". Source : 14-06-12 Hindu Business Line Compiled by Amresh Anjan Brokerages Feeling The Pinch, Lay-Offs Begin CLSA, a brokerage owned 65 percent by French firm Credit Agricole, has let go 10 employees from its India office as the slowdown forces it to trim operations. The brokerage has shut its newly formed India Reality Research (IRR) unit and its investment banking division. The unit was formed in 2011 and modelled on the CLSA's China Reality Research. It collected grass-roots data from across the country and identified key trends. Increasing employee costs are forcing brokerages to trim business, experts say. Employee costs are huge and unless they are not directly contributing to the profit, lay-offs will happen, said Rohit Bammi, partner, financial risk management at KPMG India. Brokerages typically hire employees to cover more stocks when the economy is good. In 2007-08, brokerages covered 400 stocks, but scaled these down to 100 after the Lehman Brothers collapse. Source : 19-06-12 Financial Express Compiled by Amresh Anjan More Execs Choosing Self-Financed MBA Education Executives are willing to sponsor their own MBA courses as they prepare for global opportunities. This also allows them to retain flexibility when they want to shift jobs, experts say. The 2010-11 executive postgraduate programme at IIM Kozhikode had only 158 self-sponsored candidates. The number jumped to 341 the following year. In some cases, companies want to sponsor education programmes but candidates do not want to take up the offer, says C Raju, faculty for quantitative methods and operations management at the institute. They might want to change jobs after their education but are hesitant when it is sponsored by the organisation. From 60 percent to 65 percent of the executives being company-sponsored for MBA and other courses two years ago, the number has fallen to 30 percent to 35 percent, with the majority of the executives relying on personal funds. Source : 15-06-12 Financial Express Compiled by Amresh Anjan Infosys Benches Fresh Recruits For 3 Months Infosys has delayed taking on board fresh graduates hired from campuses by three months, Deccan Herald reports. New recruits normally join between March and April, which has now been delayed to June. Students who received offer letters in 2011 will join from September 2012 to June 2013. Infosys has reportedly made offers to 28,000 candidates from campuses already. For freshers, this delay will mean a wait of one more quarter to join the six-month training programme offered by the company. The delay may be mainly due to excess staff on its bench. The move may buy Infosys some time before it recruits more people for the projects it gets, BS Murthy, CEO of search firm Leadership Capital said. Infosys is looking to hire 35,000 people this financial year, down 22 percent from 45,000 in 2011-12. Source : 10-06-12 Deccan Herald Compiled by Amresh Anjan Motilal Oswal Names Wealth Management Chief Motilal Oswal Financial Services has appointed AV Srikanth CEO, private wealth management business. He was previously executive director with Anand Rathi PWM. Source : 19-06-12 Hindu Business Line Compiled by Amresh Anjan Thousands Of Jobs To Go As Firms Recast Globally Companies are planning massive lay-offs, with the numbers running into thousands. Unilever and PepsiCo are among those planning large-scale cuts. The cuts have been announced by companies across industries during the first half of 2012, and the technology services sector is the most affected. Unilever plans to cut 500 jobs in the U.K. as part of a restructuring programme. It is looking to move some jobs to its R&D centre in Bangalore. Swedish ball bearing manufacturer SKF said it would cut around 400 jobs in Germany. Computer device maker Logitech International, camera maker Olympus, LM Wind Power and mobile network operator Verizon Wireless are others planning large-scale cuts. Together, these companies have announced job cuts totalling 71,000 in units spanning the world. More than half of the job cuts have been announced in May alone. Source : 10-06-12 Financial Chronicle Compiled by Amresh Anjan Employee Referral Programmes Get More Lucrative Employee referral programmes are becoming popular especially with the IT industry, with many companies offering attractive incentives to employees who refer candidates. Employees at Infosys get an iPad for every successful onsite referral. At PayPal India, they may even win a motorcycle. Companies are using employee referral as a motivation tool with attractive payouts, says E Balaji, CEO, Randstad India. They have started offering incentives such as laptops, tablets, overseas trips and even appraisal points for hard-to-fill positions. At Cognizant Technologies, the programme is called Bring Another You. The company offers incentives such as a vacation, a brand new car or double the referral money for niche skills, says Sriram Rajagopal, vice president HR. Infosys believes employees can make a good referral decision. They know the aspirations of the candidate and the requirements of the company. Source : 11-06-12 Hindu Business Line Compiled by Amresh Anjan Women Leaders More Likely To 'Pay It Forward' A global study by Catalyst has busted the "queen bee" myth, that women are reluctant to help other women progress in their careers, The Hindu Business Line reports. The study titled "Leaders pay it forward" found that 65 percent of women who received support during their career are now developing new talent, compared to 56 percent of men. Moreover, 73 percent of these women leaders are helping women progress, compared to only 30 percent of men. The notion that women executives are "queen bees" unwilling to support other women thus needs to be put to rest, says Catalyst president and CEO Ilene H Lang.High-potential talent who were themselves mentored or coached in their careers are more likely to "pay it forward", the study noted. They recognise that others once took a risk on them, and now it is their turn. Source : 14-06-12 Hindu Business Line Compiled by Amresh Anjan H-1B Visa Application Limit Exhausted Mid-Year The United States Citizenship and Immigration Services (USCIS) said the cap on the mandated 65,000 H-1B work visas for this financial year has been reached. This is the first time in recent years that the limit has been reached the middle of the year. In the past, it was reached later in the year or carried forward to the next year. The last date for receipt of new H-1B specialty occupation petitions requesting employment in FY13 was June 11. USCIS will reject petitions arriving after this date. The H-1B visas are visas for technology professionals and the most sought after by Indian workers. Meanwhile, the denial rate of L-1B visas rose from 2.8 percent in 2007-08 to 13.4 percent in 2010-11. New Delhi is planning to take the matter to the World Trade Organization, a Commerce Ministry official said. Source : 13-06-12 Financial Express Compiled by Amresh Anjan Skill Development Initiatives For IT Under Way Industry body NASSCOM is looking to define and develop occupational standards (OS) for entry-level jobs and roles in various verticals in IT. The Sector Skill Council India set up by NASSCOM in partnership with the National Skill Development Council has invited requests for proposal for development of OS and career paths for IT/ITeS. The council aims at meeting the growing need for skilled manpower. Occupational standards are performance standards that individuals must achieve at work. In the short term, the IT/ITeS Sector Skill Council will focus primarily on supplementary skill development. The goal is to improve standards, education and employment and help in designing a National Qualification Framework for India. The objective is to address skill gaps, generic and domain, that is, industry and academia, and standardise existing programmes to bridge gaps in all aspects. Source : 12-06-12 Deccan Herald Compiled by Amresh Anjan PJ Nath Is CEO & Executive Director At Nelco Nelco, a Tata Group company, said it has designated PJ Nath as its executive director and chief executive officer with immediate effect. "The board has appointed PJ Nath as director and designated as executive director and CEO with effect from June 13, 2012," Nelco said in a filing to the BSE. Source : 11-06-12 Financial Express Compiled by Amresh Anjan EMC India Appoints Country Manager For Division EMC India today announced the appointment of Mr Surajit Sen as Country Manager of its Backup Recovery Systems (BRS) division in India & SAARC. In this role, Mr Sen will manage operations for the BRS unit work towards maximising productivity, growth and revenue course in India. The BRS unit is a key driver of EMC's growth in the region this year. He joins EMC from NetApp India, where he headed Channels, Marketing & Alliances. Prior to NetApp, Mr Sen held several positions at Wipro Infotech and HCL Infosystems. He holds an engineering degree from IIT Roorkee and an MBA from the Jamnalal Bajaj Institute of Management Studies. Source : 18-06-12 Hindu Business Line Express Compiled by Amresh Anjan |
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