The Naukri Job Speak Index Grew By 4% In Jan-12 When Compared To Dec-11, Thus Kick-Starting The Year On An Optimistic Note There is reason to cheer for job seekers, because despite the uncertainty prevailing in the overall economic scenario, the Indian job market exhibited positive signs at the beginning of 2012. The Naukri Job Speak index for Jan- 12 at 1121 is 4% higher than Dec-11 index and 16% more than the Jan-11 index. On a year on year comparison, barring ITES and Construction sectors, all the other key industry sectors have seen double digit percentage hikes in their hiring activity. ITES, Oil & Gas and Telecom sectors witnessed strong hiring trends with the index moving up by 19%, 18% and 16% respectively in Jan-12 over Dec-11. Hiring activity in the Construction and Pharma sectors has been stable when compared to last month, while IT and Banking sectors have seen 3% upward movement in hiring activity in Jan-12 over Dec-11. Source : 09-02-12 Naukri.com Compiled by Amresh Anjan
Indian IT Industry To Hire 200,000 For FY13 The Indian IT industry will continue to be a net hirer, even as it battles global uncertainty, said the industry body National Association of Software and Services Companies (Nasscom). For the financial year 2012-2013, the industry will hire around 200,000 of which 100,000 students have already received offer letters. The industry would end FY12 by hiring 230,000.Rather the industry would have created direct employment of 2.7 million and indirect employment of around 8.9 million. The IT-BPO sector continues to be one of the largest employers in the country by creating in total jobs for 11.7 million. The industry is expected to increase direct employment by 9 per cent. Source : 14-02-12 Rediff.com Compiled by Amresh Anjan
Industrial Output Grows 1.8% In Dec 2011 Industrial production grew by just 1.8% year-on-year in December 2011 due to contraction in mining and capital goods sectors and a lower manufacturing sector growth.Factory output growth, as measured by the Index of Industrial Production (IIP), was at 8.1% in December 2010.Output of the manufacturing sector, which constitutes over 75% of the index, rose at a lower rate of 1.8% in December, compared to a growth of 8.7% in the same month of 2010, according to the official data released today. Besides, capital goods sector witnessed a contraction of 16.5%, against a growth of 20.2% in the same month in 2010.Mining output too contracted by 3.7% in December, against 5.9% growth in the year ago period. However, power generation witnessed good growth of 9.1% in December 2011, compared to 5.9% in the year ago period. During the month, 15 out of 22 industry groups witnessed a positive growth. During the April-December 2011, the IIP growth stood at 3.6%, against 8.3% in the corresponding period a year ago. Besides, the IIP figure for November, 2011, has been revised to 5.94% from the provisional estimates of 5.9%. Source : 10-02-12 Business Standard Compiled by Amresh Anjan
IT Industry Earning More Per Employee A strategic review by industry body NASSCOM showed that IT in India was increasingly earning more revenue per employee. Expenses came down from nearly 80 percent of the total revenue to 78 percent in the last two years. The revenue per employee increased from $42,100 to $44,800 in the same period, according to the report. Analysts said the recent recruits in the IT industry need not necessarily be engineers. This has changed the matrix and pushed up per-employee revenue. The industry directly employed 2.77 million professionals now, 60 percent of them hard-core engineering graduates. Last year, a growth of 9 percent in employee numbers corresponded to a 16 percent growth in revenue, indicating growing non-linearity. The contribution of net addition of employees to revenue was falling significantly. This meant that a smaller workforce was adding more revenue. Source : 10-02-12 Financial Express Compiled by Amresh Anjan
Exit Policies Find Favour With Companies A survey has found that employers are setting great store by exit policies, with almost 92 percent adhering to them strictly. The TeamLease Services survey found that 99 percent of employees and managements in Bangalore and Chennai and 85 percent in Mumbai said they took exit policies seriously. Employers also insisted on the "relieving letter" from the current employer. Only about 8 percent disregarded it. The study covered 800 respondents in eight cities. It found that 76 percent employees preferred a personal exit interview rather than an online one. Only 4 percent companies in Bangalore had opted for online exit interviews, compared to 29 percent in Mumbai and 26 percent in Kolkata. Better prospects and salary hikes were the prime drivers for employees keen on switching jobs, the survey concluded. Source : 10-02-12 Hindu Business Line Compiled by Amresh Anjan
Spurt In U.S. Work Visa Denials To Indians A report by a U.S. think tank said the rate of rejection of work visas was the highest for India-born professionals compared to other nationals in the past four years. The National Foundation for American Policy said in its report that the denial rate for India-born applicants for new L-1B petitions zoomed from 2.8 per cent in fiscal 2008 to 22.5 percent in the next fiscal. Most of these denials involved professionals and researchers. U.S. immigration authorities denied 1,640 L-1B petitions for Indians in FY09, higher than the sum of rejections in the previous nine fiscal years. The report put the denials between fiscal 2000 and fiscal 2008 at 1,341. The denials occurred despite no change in the law or relevant regulation. Denying employers the ability to transfer in key personnel harmed innovation and job creation in the U.S., it added Source : 10-02-12 Financial Express Compiled by Amresh Anjan
Grouse Against Boss Common Among Employees A survey has found that employees across the globe feel bosses are ineffective and lack empathy, with some even lacking leadership skills. The talent management firm DDI report covered 1,250 full-time employees in non-management positions in the U.S., U.K., Australia, Canada, China, India, Germany and South-East Asia. Of those surveyed, 68 percent wanted to change their job only because of their manager's attitude, 34 percent didn't consider their manager to be effective at their job and only 40 percent reported that their boss never damaged their self-esteem. Two out of every five respondents said they had left a job primarily because of their boss, and 55 percent said they had considered doing so. Around 60 percent felt their boss at least "sometimes" damaged their self-esteem. Men were found to be twice as likely to feel that way as women. Source : 10-02-12 Financial Chronicle Compiled by Amresh Anjan
Vodafone Names Max Founder As India Chairman Vodafone has appointed Analjit Singh, founder of Max India, as non-executive chairman of its India operations. The appointment is effective from 16 February 2012, following formal approval from the board of Vodafone India. Mr. Singh is the founder and chairman of Max India as well as its subsidiaries Max New York Life Insurance, Max Healthcare and Max Bupa Health Insurance. Source : 12-02-12 Financial Express Compiled by Amresh Anjan
Pepsico To Sack 8,700 Employees Worldwide PepsiCo will cut 8,700 jobs across 30 countries as part of a cost-saving programme. It aims to save up to $1.5 billion by 2014 to offset high commodity costs, while boosting advertising and marketing expenditure, primarily in North America. The company said headcount reductions of some 8,700 across 30 countries will affect about 3 percent of its global workforce. As part of the measure, it will consolidate manufacturing, warehouse and sales facilities, and simplify organisation structures with wider control spans and less tiered management. The company is looking at more than $500 million in incremental cost savings in 2012, further incremental cost cuts of about $500 million in 2013, and $500 million more in 2014. It is not yet known how the job cuts will affect employees in India. Source : 12-02-12 The Pioneer Compiled by Amresh Anjan
Survey: Indian CEOs Upbeat On Growth Prospects The 15th PricewaterhouseCoopers Annual Global CEO Survey found that Indian CEOs were much more confident of delivering growth in the coming one to three years compared to their global peers. Of those polled, 55 percent said they were very confident of growth in the next 12 months, compared to only 40 percent of CEOs worldwide. However, this optimism is not reflected in their faith in the domestic market. Around 30 percent of Indian CEOs, in contrast to 18 percent of global CEOs, expected growth to come from new markets in the next 12 months. Both Indian and global CEOs expanded their headcount in the last 12 months, to 55 percent from 53 percent, and will continue to do so in the next 12 months. Only 14 percent of Indian CEOs expected to cut their workforce this year. Source : 10-02-12 Business Standard Compiled by Amresh Anjan
BOC India Names Chairman Sanjiv Lamba has been appointed chairman of BOC India. Mr. Lamba is an executive on the board of Linde Group, which owns a controlling interest in BOC India. He will be replacing SM Dutta, who is due to retire Source : 09-02-12 Hindu Business Line Compiled by Amresh Anjan
Push To Employment, Wages Can Drive Growth India's growth will be driven by a policy that responds to specific bottlenecks, rather than relying on so-called second-generation reforms, says a report. High food inflation, for example, has persisted for more than three years and contributed to a general rise in wages and inflation. In this case, it is agriculture that has proved to be a critical bottleneck. Yet, while agriculture remains stifled, the government is focusing on a new manufacturing policy and providing social security through a Right to Food legislation. Raising agricultural productivity should be a precondition to creating more productive jobs and raising the level of real minimum wages. Source : 09-02-12 Hindu Business Line Compiled by Amresh Anjan
IT Expects Growth, Salary Hikes To Shrink In FY13 IT companies pared estimates of growth and wage hikes in fiscal 2013 within the 8 percent to 10 percent range, against 10 percent to 12 percent expected in 2011-12. Business has suffered on account on slow recovery in the U.S. and the prolonged crisis in Europe. Rajendra Pawar, chairman of industry body NASSCOM, said, "We are currently looking at growth of 11 to 14 percent,". The association had announced a 16.3 percent growth estimate for fiscal 2012. The forecasts confirm fears of a slowdown for the industry as a whole. It is also looking at addition of 180,000 to 200,000 to the workforce, against 230,000 last year. Still, Indian IT may clock $101 billion in revenues in the year to March. "Business from Europe may increase", said Som Mittal, president of the association Source : 08-02-12 Hindustan Times Compiled by Amresh Anjan
Cognizant Shuffles Top Management Cognizant Technology Solutions has expanded its senior management team. Gordon Coburn has been promoted as president. R Chandra Sekaran has been elevated to group CEO, technology and operations, and Rajeev Mehta has been named group CEO, industries and markets. Karen McLoughlin has been promoted as CFO and Malcolm Frank named executive vice president, strategy and marketing. Source : 08-02-12 Financial Chronicle Compiled by Amresh Anjan
66% IITians Prefer Jobs Related To Their Fields Nearly 40% of students surveyed from those graduating from the Indian Institute of Technology-Bombay (IIT-B) this year said they were reasonably satisfied with job offers they had got, according to data in the institute's latest student newsletter, Insight. Average salaries rose by 10% to 15% this year at the institute. The newsletter which polled 200 students of the 1,400-odd eligible for placements this year, found that 39% said they were "just about satisfied", while 37% said they were "extremely happy." While 16% said jobs "fell short of aspirations", only 8% fell into the "deeply unhappy" segment of the "happiness index".IIT-B began the placement process on December 1 last year, and is among the first campuses that recruiters visit. The placement process is still going on at the institute, and unhappy students will have a chance to get better offers, with 80 companies left to visit. Source : 14-02-12 Hindustan Times Compiled by Amresh Anjan
ICICI Bank Staff Shrinks By 1,300 In Three Months ICICI Bank's employee strength decreased by 1,300 in the last three months of 2011. Sources said the reduction happened across business areas and was the highest at the junior levels. While part of the decline in workforce was due to natural attrition. The sluggish growth of some businesses was also a contributory factor. ICICI Bank said the move was aimed at increasing productivity. The bank is constantly making efforts to boost productivity and planned to further tighten the numbers until the target productivity level was achieved, according to a spokesperson of the bank. The bank does not intend to hire aggressively during the coming three to four quarters though it will open more branches, sources said. Source : 07-02-11 Business Standard Compiled by Amresh Anjan
