HR Headlines: Apr-09 (Part-1)

Half Of India's CEOs are from IIT, IIM
According to a study by global executive search firm EMA Partners International, nearly half of the India Inc's professionals across corporations in chief executive positions hail from the IITs or the IIMs or both. The study was conducted on the educational background profile of executive leadership across companies in India. The top 200 Indian companies covered in the survey were selected on various parameters, including market cap, size of revenues, sector wise market leadership and employer branding. Amongst the IIMs, IIM-Ahmedabad takes the largest share of Chief Executives at a whopping 62 per cent followed by IIM-Calcutta at 27 per cent. The study also highlighted that the public sector accounted for roughly 8 per cent share of IIT and IIM graduates, thus clearly indicating that these graduates have skipped the public sector for years.
Source: 23-03-09 www.zeenews.com Compiled by Amresh Anjan

EPFO Not To Invest 15% Funds In Stock Market
In the wake of continuing volatility in the stock markets, an advisory committee of the Employees’ Provident Fund Organisation (EPFO) has rejected a finance ministry proposal to invest up to 15 per cent of its funds totaling around Rs 1,82,000 crore in the stock markets. The proposal was to park this corpus amount in publicly-listed companies and mutual funds for higher returns. At present, EPFO funds are parked in secure financial instruments like central government securities, state government loans and government guaranteed securities.
Source: 27-03-09 Business Standard Compiled by Amresh Anjan

Infosys Offers Philanthropic Work To Staff At Half Pay
With dropping business, Infosys is not able to offer much work to all its employees. To deal with the situation, the Indian IT major is asking some of its employees to work with a non-profit organisation for a year and get paid half their salary by the company. Infosys has launched a program under which an employee can work with an NGO for a year and receive half the salary for the duration. Besides, the company is doing very selective hiring. However, it would honour the 18,000 campus offers made last March.
Source: 25-03-09 www.rediff.com Compiled by Amresh Anjan

TCS Cuts Staff Travel To Control Costs
In a bid to rein in spiraling costs, Tata Consultancy Services is resorting to various measures. As per the latest strategy, it is avoiding travel and moving people from onsite to offshore. Instead, it is leveraging the existent infrastructure to a greater extent. For instance, it is encouraging the use of video conferences between cities in India for people to discuss various matters. There is more emphasis on telephonic conversations and web casting now to minimize travel requirements.
Source: 25-03-09 www.rediff.com Compiled by Amresh Anjan

65 IIM-L Students Recruited By PSUs
Even as the economic meltdown forced some key recruiters to make a no-show for recruitments at the Indian Institute of Management, Lucknow, Indian public sector units, recruited a total of 65 students from here during the just concluded placement season- 2009. Coal India Ltd, Steel Authority of India Ltd, Bharat Heavy Electrical Ltd and Oil and Natural Gas Corporation are among the 15 top PSUs, which recruited graduates at IIM-L. Out of a total of 267 IIM-L students graduating this year, 65 were recruited by PSUs while 25 other students already had pre-placement offers. Seven kept away from the placement process to launch their own start-ups
Source: 23-03-09 Business Standard Compiled by Amresh Anjan

IBM To Slash 5,000 US; Move These Jobs To India
International Business Machines Corp (IBM) is axing about 5,000 jobs in the US. Media reports say that many of these jobs would be transferred to India. Foreign workers accounted for 71 per cent of the company’s nearly 400,000 employees at the start of the year, up from about 65 per cent in 2006. This is clear evidence that the technology giant has been steadily augmenting its work force in India and other locations, while shrinking the number of employees based in the US. The latest job cuts target the company's global business-services unit.
Source: 26-03-09 www.financialexpress.com Compiled by Amresh Anjan

Tata Urges UK Govt To Help Save Jaguar Jobs
In a direct public appeal to the UK government, chairman of the Tata group Mr Ratan Tata has said that unless the British government provided credit support to Jaguar Land Rover, job cuts at the company would be inevitable. He said the company will not be able to run if funds are not available, leading to redundancies. A little over two weeks ago, JLR management and its workers agreed to a two-year pay freeze, subject to no compulsory layoffs for the next two years.
Source: 25-03-09 Business Standard Compiled by Amresh Anjan

Jobs Being Slashed Globally
With the economic downturn, businesses across the globe have been forced to slash jobs to keep afloat in these tough times. Companies across sectors across the globe are laying off employees to rein in costs. In the latest reports, the world’s biggest miner, BHP Billiton, has cut 400 Australian contract jobs. Australia’s Qantas Airlines is slashing 90 senior positions. In UK, the Daily Mail and General Trust plans to shed a thousand jobs in its Northcliffe Media unit, which produces more than 110 local publications. Japanese banking major Mitsubishi UFJ Financial Group Inc is planning to close 50 branches and slash 1,000 jobs over the next three years. Internet search giant Google Inc is planning to cut nearly 200 jobs in sales and marketing operations worldwide. US computer giant Dell is set to sack up to 230 more workers in Ireland as a part of cost-cutting plans. UK Snooker clubs group Rileys has axed 200 jobs with closure of 30 sites. Vodafone is eliminating 500 jobs in the UK.
Source: 27-03-09 www.livemint.com, news.bbc.co.uk Compiled by Amresh Anjan

90 Mn Jobs Needed Worldwide To Fight Global Crisis: ILO
The International Labour Organisation has called for a coherent and coordinated job-oriented recovery strategy to fight the ongoing global financial crisis. ILO says that 90 million jobs need to be generated globally in the coming two years to absorb new entrants and avoid increasing the level of unemployment. In 2008, nearly 200 million people were jobless, which is up from 179 million in 2007 recorded in a January ILO report 'Global Employment Trends 2009'.
Source: 25-03-09 www.rediff.com Compiled by Amresh Anjan

HSBC May Axe 1,200 UK Jobs
As per a media report, global banking major HSBC plans to layoff 1,200 people in the UK. This is the bank’s third attempt in recent times to control its costs in the continuing financial services downturn. The job cuts would affect all areas of the country, hitting employees in back office units that service HSBC's retail and small business customers. Earlier, 500 redundancies were announced in December and prior to that in September last year, HSBC shed 1,100 jobs worldwide in its global banking division. Now, it is closing down two business centres in the UK, one in Leamington Spa where 280 jobs would be lost and a call centre in Newport in Wales, where 90 roles are being cut.
Source: 21-03-09 news.bbc.co.uk Compiled by Amresh Anjan

New Norms Announced For Hiring Of H-1B Workers
The American dream has now become tougher for Indian professionals as the United States has announced additional measures for hiring of foreign specialists under the H-1B visa work programme. This has made it more difficult for the beneficiaries of the stimulus package to hire overseas workers. The measures have been announced to enforce the provisions of the new Employ American Workers Act (EAWA) of the American Recovery and Reinvestment Act. The act prohibits hiring of H-1B visa holders by those American companies who have received federal aid money. As per the new legislation, if any such company seeks to hire new H-1B workers, it would be considered an 'H-1B dependent employer'. All such employers would have to make additional attestations to the US Department of Labour (DOL) when filing the Labour Condition Application (LCA). Other changes regarding Form I-129 have also been announced.
Source: 21-03-09 www.rediff.com Compiled by Amresh Anjan

French Workers Take Boss Hostage To Protest Job Losses
Sacked workers of US industrial conglomerate 3M at the French town Pithiviers took their boss hostage to force him to renegotiate pay-offs and compensation to workers being laid off or moved to another plant. The factory manufacturing pharmaceutical products employs 235 people. Of these, 110 jobs are to be shed this year and 40 are to be shifted to another plant in the wake of dropping demand. Earlier, workers at a Sony plant in France had taken their managers hostage.
Source: 25-03-09 Hindustan Times Compiled by Amresh Anjan

World’s Best Job: Taiwanese Interpreter Among 11 Finalists
Ms Clare Wang, a Taiwanese interpreter, is among the 11 final applicants short listed for the best job in the world- six months on a tropical Australian island. She was chosen as a wild card entrant after she garnered 151,676 votes. She had launched an online campaign to highlight her ability to sell Australia to a billion-plus Chinese speakers. The job was advertised by Tourism Queensland and the winner will become ‘caretaker’ of Hamilton Island on the Great Barrier Reef, receiving 150,000 Australian dollars for six months work and free airfare.
Source: 27-03-09 Hindustan Times Compiled by Amresh Anjan

Hedge Fund Managers Make Billions Despite Financial Crisis
The current economic downturn may have tanked markets across the globe but it has not prevented hedge fund managers from raking in billions of dollars. According to Institutional Investor’s Alpha magazine, 25 top managers reaped a total of $11.6 billion in pay by trading above the pain in the markets. Mr James H Simons, who made billions for the hedge fund Renaissance Technologies, earned $ 2.5 billion. Mr John A Paulson, who betted against the housing market, came in second with reported gains of $2 billion. Mr George Soros made $1.1 billion. This, year, a hedge fund hotshot needed to earn $75 million to make a cut. In 2007, the cutoff was $360 million.
Source: 26-03-09 Indian Express Compiled by Amresh Anjan

7,500 Hourly Workers At GM Agree To Take Early Retirement
About 7,500 hourly workers at General Motors Corp. have entered into an agreement with the US automaker to take buyout and early retirement incentives to leave the company. These workers account for roughly 12 per cent of the automaker's hourly work force. GM has offered $20,000 cash and a $25,000 voucher to buy a car to all of its 62,400 hourly US employees in an effort to further reduce its blue-collar work force. This is the third round of buyouts and early retirements at GM since 2006. More than 60,000 workers have decided to leave the company from all three offers.
Source: 27-03-09 www.sify.com Compiled by Amresh Anjan

Renault India Head Quits; Management Restructured
French auto major Renault has restructured its top management at its Indian subsidiary after the head of operations in the country, Mr Sylvain Bilaine, resigned. Mr Bilaine has served Renault for 25 years and was heading its India operations for the last four years. He has left the company to create his own consultancy firm in France. In the new structure, Mr Marc Nassif has been appointed executive director of Renault India and country general manager for Renault in India. Mr Sudhir Rao has been appointed chief operating officer of Renault India.
Source: 23-03-09 www.rediff.com Compiled by Amresh Anjan

Mr Amitesh Rao Appointed COO for Rediffusion Y&R, Sri Lanka
Mr Amitesh Rao, currently National Business Head, Rediffusion Y&R, for Airtel, has been promoted to be the new chief operating officer for Rediffusion Y&R, Sri Lanka. As COO, he will be reporting to Mr Rohit Misra, President, Rediffusion Y&R. Mr Rao has extensive experience in the advertising domain having worked with brands like JWT, McCann Erickson and Publicis India.
Source: 21-03-09 www.exchange4media.com Compiled by Amresh Anjan

Whyte & Mackay Appoints New CEO
Mr John Beard, a veteran in the UK drinks industry, has been appointed as chief executive of the Scottish whiskey major Whyte & Mackay. The firm was acquired by Indian liquor baron Mr Vijay Mallya in 2007. Mr Beard replaced Mr Ashwin Malik and will lead the distiller’s expansion plans in both domestic and international markets.
Source: 26-03-09 www.livemint.com Compiled by Amresh Anjan

BA Appoints Ms Judy Jarvis
British Airways has appointed Ms Judy Jarvis as Regional Commercial Manager for South Asia. She will work out of the airline’s South Asia headquarters in Gurgaon. In her new role, Ms Jarvis would be responsible for all commercial activities in the region. Having joined British Airways in 2000, she has held many sales and relationship management portfolios within the company.
Source: 21-03-09 www.exchange4media.com Compiled by Amresh Anjan

Citigroup Announces Changes At Top Brass
Citigroup chief financial officer Mr Gary Crittenden has been selected for the newly created position of chairman of Citi Holdings. Mr Crittenden will be succeeded as Group CFO by Mr Edward Kelly, former head of global banking for Citi Private Bank. Mr Crittenden, who has been CFO since March 2007, will work with Citi Holdings interim Chief Executive Mr Mike Corbat.
Source: 21-03-09 www.hindustantimes.com Compiled by Amresh Anjan

Senior Level Appointments At Religare Hichens
India's Religare Enterprises Ltd has appointed Mr Matthew Mongia as director, global asset management and Ms Vineeta Manchanda as managing director of Religare Hichens, Harrison Plc (RHH). Mr Mongia will be based in New York and will develop Religare's asset management arm through new product launches and acquisitions. Ms Manchanda will be based in London and help expand RHH in emerging markets and develop offerings for investors in developed markets.
Source: 25-03-09 in.reuters.com Compiled by Amresh Anjan

New Chairman At Oracle Financial India
Oracle Financial Services Software has appointed its independent director Mr William T. Comfort, Jr. as Chairman of the board of directors with effect from March 24. Incumbent Mr Rajesh Hukku will continue to serve as a director on the board.
Source: 25-03-09 www.thehindu.com Compiled by Amresh Anjan

Mr Chris McDonald Resigns At Ten Sports
Mr Chris McDonald has put in his papers at Ten Sports as CEO. However, he would continue in an advisory role at company. Mr Peter Hutton has been appointed chief operating officer of the company. Mr Hutton will work with Mr Himanshu Mody of Zee and Mr Bhaskar Banerjee of Bukhatir Investments Ltd.
Source: 28-03-09 Business India Compiled by Amresh Anjan

Mr Pramod Khera Steps Down As Aptech MD
Mr Pramod Khera has stepped own as managing director of Aptech. He has handed over charge to Mr Ninad Karpe. Mr Khera, an IIT-D and IIM-B graduate and founder CEO of Tele-Shopping Network, will now continue as non-executive director.
Source: 28-03-09 Business India


Compiled by Amresh Anjan