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Planning Commission Looks 8% Percent Economic Growth |
| Planning Commission Deputy Chairman Montek Singh Ahluwalia said the country was focusing on getting back to 8 percent economic growth. Mr. Ahluwalia said a return to the path of high growth would bring more jobs and help promote inclusive growth. He did not agree that the recent drop in growth had been "anti-jobs". A growth focus does not necessarily take a toll on jobs. The global financial crisis in 2008 had pulled down India's growth rate to 6.7 percent from more than 9 percent earlier. It dropped further in 2010-11 to 6.5 percent. Mr. Ahluwalia said the focus should be on bringing back growth, and jobs as well as inclusive growth would follow. The 12th Plan ending 2017 has set a growth target of 8.2 percent, up from 7.9 percent achieved in the 11th Plan. |
| Source : 14-10-12 Hindu Business Line Compiled by Amresh Anjan |
| Employment Losses Loom At Fedex And Siemens |
| A voluntary departure programme at global delivery firm Fedex next year may put several thousands out of a job. The job cuts would be effected at both global delivery service Fedex Express and the U.S. arm Fedex Services, said Chairman Fred Smith. The firm is looking to save costs and add $1.7 billion to its profits by 2016. It had already been warning of the impact of the global downturn on its business. German firm Siemens is looking to trim its workforce, adds Times of India. This follows failure of Chief Executive Peter Loescher's efforts for growth through energy-saving and infrastructure products. Germany's largest company by market cap may cull positions and shut some offices globally. Operating across 190 countries, Siemens had 410,000 employees at June-end, with 129,000 of them based in Germany. |
| Source : 14-10-12 Financial Express Compiled by Amresh Anjan |
| Tata Steel To Lay Off More Europe Staff This Year |
| Another round of lay-offs is in the offing at Tata Steel Europe this year. The company, known as Corus before the Ratan Tata-led group bought it, has a 30,000-strong workforce. Karl-Ulrich Kohler, CEO and managing director of the company, said the move to cut jobs was an ongoing process. The culling was part of the company's way of preparing for worse times to come. It has already been affected by the global economic crisis, as well as by the lack of captive raw material resources, which its parent concern in India has in plenty. The firm's CEO did not say how many workers would be affected in the second round of retrenchments. Tata Steel Europe had announced earlier that it would be laying off 1,500 workers in Europe, most of them in northern England. |
| Source : 15-10-12 Financial Chronicle Compiled by Amresh Anjan |
| Ravi Shankar G Named Jet Airways CFO |
| Naresh Goyal-promoted Jet Airways has appointed Ravi Shankar G as its chief financial officer. The appointment is effective October 10, the company said in a filing to the exchanges. Mr. Shankar replaces M Shivkumar, who had quit as vice-president (finance) in June, along with company secretary Monica Chopra. |
| Source : 12-10-12 Financial Express Compiled by Amresh Anjan |
| Qualifications No Bar To Career Options |
| Young entrants into the workforce are making career choices away from their fields of education. This trend is especially marked among engineering students. Youth4work.com, a portal chiefly targeting graduating students, found that only 10 percent respondents pursuing engineering courses intended to work in the same sector. Edukart.com, CEO Ishan Gupta said IT was the favoured sector in the 1990s, but economic conditions today have opened several other options to students. Of the 4,000 students surveyed countrywide by Youth4work.com, some 15 percent of engineering students were keen on careers in writing and 12 percent in fine arts. Among MBA students, 85 percent were interested in IT and animation. Even professionals switch sectors for a variety of factors such as low pay and professional stagnation, according to ApnaCircle.com founder and CEO Yogesh Bansal. |
| Source : 12-10-12 Financial Chronicle Compiled by Amresh Anjan |
| Organised Flexi Staffing To Employ 9 Mn By 2025 |
| The flexi worker base in India is projected to grow to 9 million by 2025, according to a report issued by Indian Staffing Federation (ISF), an apex body of staffing companies in India. The research for the study was conducted by Indicus Analytics.The study said that India was among the top five nations in terms of flexi worker base, which currently stands at 1.3 million. It said that India was among the five least protected countries when it comes to flexi workforce inspite of having an elaborate regulatory framework. In terms of the sectors, it has been pointed out that retail, telecom, manufacturing, pharma, hospitality and agriculture sectors were increasingly going flexi The survey said that of the total flexi workforce, 82% people were under the age of 30 years, adding that 27% of Indians joined the flexi workforce due to lack of any alternative opportunity in the formal sector. |
| Source : 10-10-12 Business Standard Compiled by Amresh Anjan |
| Engineering R&D Industry Growth Prospects Look Bright |
| A NASSCOM and Booz & Co. report said Indian engineering service providers are set to grow, thanks to a large pool of skilled talent. Offshoring revenues are expected to shoot up 50 percent in the Indian engineering R&D space by 2020, according to the report. The trend will be led largely by automotive, consumer electronics and telecom firm. Global automotive or aerospace companies are increasingly looking to India to co-develop a product instead of working merely on specifications, according to Ravi Pandit, chairman, NASSCOM Engineering Forum, Pune, and group CEO, KPIT Cummins. The Indian ER&D outsourcing industry is set to reach $37 billion to $45 billion by 2020, accounting for 35 percent of the worldwide ER&D market. The global market, currently pegged at $10.2 billion, is estimated to reach $118 billion by 2020. |
| Source : 10-10-12 Hindu Business Line Compiled by Amresh Anjan |
| IT Sector In Dire Need Of Labour Norms |
| There is a strong case for application of the Industrial Employment (Standing Orders) Act to the IT industry, HR consultant Ganesh Chella says. The sector is currently running without a legal framework despite the size and nature of its workforce. Industry leaders seem to be ignoring the larger implications. Lay-offs abound, and in the absence of guidelines, are executed in U.S. style. Many instances of fraud and corrupt practices in employment and sexual harassment have been reported. Yet, despite mounting public opinion, it has taken no action. For an industry of this scale, there is no system of external audit of working conditions or support systems, nor have any industry good practices been set out. Matters such as employee rights and responsibilities need to become more formally defined and cannot be left ambiguous. |
| Source : 10-10-12 Hindu Business Line Compiled by Amresh Anjan |
| Cummins To Cut 1500 Jobs |
| US engine maker Cummins Inc lowered its 2012 forecast for the second time this year, citing delays in customer spending due to a weakening global economy, and said it would cut up to 1,500 jobs. Cummins now expects full-year sales of $17 billion, down $1 billion from its prior view.Investors expected a guidance cut from Cummins this quarter but this does look to be a bit more than expected, William Blair & Company analyst Lawrence De Maria said. Chief Executive Tom Linebarger said Cummins had lowered its full-year revenue forecast for several markets, with the most significant changes made in the North America heavy duty truck and the international power generation markets.Demand in China has weakened in most end markets and we have also lowered our forecast for global mining revenues, Mr. Linebarger said. |
| Source : 10-10-12 Indian Express Compiled by Amresh Anjan |
| Alok Kumar To Head Swiss Re Shared Services India |
| Swiss Re Shared Services (India) has appointed Alok Kumar as its head.He will succeed Paula Patel, who has been heading the company since May 2007. Mr. Kumar joined Swiss Re in 2001 as a property pricing specialist in Calabasas, US and has worked in Zurich in Switzerland as a natural perils specialist. He also had assignments in Seoul in South Korea as a treaty underwriter before taking up responsibilities for the Cat Perils India Hub in 2007.He became the head of risk management in March, 2011 and was working from Bangalore. Mr. Kumar has a bachelor of engineering degree from Indian Institute of Technology (IIT), Roorkee and a MS from Texas Tech University. |
| Source : 10-10-12 Business Standard Compiled by Amresh Anjan |
| Say-In-Pay Trend Gathering Pace Globally |
| Mercer said shareholder activism is changing executive remuneration across the globe. Performance has become a key priority and is being increasingly linked to reward. This single biggest executive remuneration trend observed in 2012 is being fuelled by the heightened desire for corporate governance, a Mercer report noted. Accountability is getting top priority in the Asia-Pacific region, where executive remuneration committees are less well developed. In India, too, the Reserve Bank of India has set new guidelines on remuneration for bank executives. Elsewhere in Asia, Hong Kong has updated listing rules on corporate governance and Singapore has mandated more disclosure requirements. Shareholders are getting vocal in the U.K. and the EU and pay freezes are being adopted to curb excessive remuneration. In the U.S., say-on-pay rules are bringing in greater transparency and shareholder communication. |
| Source : 10-10-12 Hindu Business Line Compiled by Amresh Anjan |
| Expansion Plans Fuel Hiring In Private Banks |
| Private banks have been hiring aggressively, adding 42,334 employees in 2011-12. According to data with the Reserve Bank of India (RBI), private banks added 5,664 branches during the year, thus increasing their share of branches from 13 percent in 2007-08 to 16.7 percent. In public sector banks, attrition rose on account of retirement. The headcount at State Bank of India shrank the most, with the workforce down by 7,400. Public sector banks will thus resort to more hiring to replace retiring staff. The cost per employee in public sector banks rose to Rs 7.4 lakh from Rs 7.2 lakh a year ago. In the private sector, it was Rs 6.9 lakh against Rs 6.5 lakh a year ago. New private banks seem to be better paymasters, with an average cost per employee of Rs 7.2 lakh. |
| Source : 10-10-12 Hindu Business Line Compiled by Amresh Anjan |
| Reckitt Benckiser Hires India GM |
| Consumer durable firm Reckitt Benckiser has appointed Akhil Chandra as General Manager for India with immediate effect.Prior to this Mr.Chandra was with GlaxoSmithKline Consumer Healthcare as its Vice President and General Manager- Asia. He will report to Chander Mohan Sethi, Senior Vice President and Regional Director South East Asia and he will be based at the head office in Gurgaon. |
| Source : 09-10-12 Hindu Business Line Compiled by Amresh Anjan |
| Prasar Bharati Opens Hiring Tap After 15 Years |
| Close on the heels of a financial package including some waivers approved recently by the Union Cabinet, Prasar Bharati today announced that the government had approved the filling up of 1150 posts in the programming and the technical wings of Doordarshan and All India Radio.These posts are part of the 3452 essential category posts which were approved by the Group of Ministers (GoM) headed by the present Finance Minister P. Chidamabaram in 2011. A majority of these posts belong to Group B & C, that is, Grade Pay of less than Rs 4,600. While the Group B & C would be filled up by Staff Selection Commission, the remaining would be filled up by the Prasar Bharati Recruitment Board. The recruitment process is expected to be over by middle of the next year. |
| Source : 16-10-12 Indiantelevison.com Compiled by Amresh Anjan |
| Slowdown In Hiring Street As IT Firms Hit The Brakes |
| For the past two years, Cognizant Technology Solutions along with the Vellore Institute of Technology, Chennai, has been figuring in the Limca Book of Records for the highest number of placements done by a single company on a single day. Cognizant had given 1,820 job offers in 2012 and 1,643 offers in 2011 to students at VIT. This year, however Cognizant offered only 803 job offers at VIT, less than half of what it did last year.Accenture and Wipro however, made this gap good by offering 1,492 and 1,308 jobs, respectively."The scenario is that of a big recession. Every company wants to cut recruitment by 50% and several institutions are feeling the heat. The European slow down is having its impact on the placement initiatives of the big companies," said VIT University Vice President G V Sampath. Thus, IT companies, which most of the engineering institutes banked on, for reporting 100% placements, are cutting down on recruitment. |
| Source : 14-10-12 Business Standard Compiled by Amresh Anjan |
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