MBA INFO DESK

Download List of Indian Law and Act

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Please find the PDF or Word files of Indian Law E-books and Indian Law Articles. You can download or even read this Online Indian legal materials from the following links.

All Act List

Disclaimer

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Disclaimer

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You can withdraw your EPF without Employer Signature

2013-03-13T04:45:00.004-07:00

You can withdraw your EPF without Employer Signature

Do you know how to withdraw your EPF without Employer Signature ? Do you think if its possible at all ? Is your previous employer not signing your EPF Withdrawal documents? Have you left your company long back and now you can not take your past employer signatures ? Or is your EPF company stuck because your employer is not supporting you or helping you in withdrawal procedure ? Or it might happen that your employer relations with you mess up for some reason and now they are not ready to cooperate in the EPF withdrawal procedure and threatening you? Here are 2 real life examples of these kind of situation

Case 1 : Priyanka was also stuck with a company which was shut down and her PF was stuck

The last company i was working with has been shut down. Now I need to withdraw my EPF, however I am not getting any help from the company. I have tried to contact the GM – HR and the CA but no response. As the sum is huge, I am worried if I will be able to withdraw the amount without company’s approval or authorized signature. The full and final settlement has been closed and relieving letter has been issued by the company. Please advise how should i go about in this case.

Case 2 : Ramz was also facing similar issue but here employer was not supporting the employee for EPF withdrawal

One of my friend was in a similar situation few months back. I have pay slip but no relieving letter. When contacted with the finance dept, I was told that I cannot get the epf amount as I have not got the relieving letter. The amount will not be released by them even though an epf amount is mentioned in pay slip. He was asked to pay the amount for serving period of two months and then get relieving certificate and later only will they release the funds for epf account.

Now the question. Can one withdraw his EPF without the support of his past employer signatures or support ? Yes ! - There is a solution! .

Today we will discuss, how you can withdraw your Employee Provident Fund money without your past employer’s help. A lot of people feel that it’s not possible without employer involvement, but it’s not true! Let me start by sharing a bit about this.

Employer can not control EPF money

Each month employer takes the EPF part, out of your salary and along with their contribution, deposit it into your EPF account with the EPFO organisation. Once they deposit it with EPF office, then it’s just your money and no one else’s. Your employer can not control it. However note, that your employer’s signatures are required on the EPF withdrawal form, to certify that you are not employed with them anymore and now you can withdraw the EPF.

A lot of people leave their jobs without serving the notice period or because of some other issue and employers do not help them to claim their Provident Fund money. Here is one instance on our Jagoinvestor Forum

I worked in a company in 2009 for few months. I had some issues with them and resigned from that company. I did not get any relieving order. All I have is my salary slip which has PF account no. Is it possible to get back the PF amount without the permission/notice to the previous employer which I worked ?

3 steps to withdraw your EPF without Employer Signature

Here are 3 steps you need to do to successfully withdraw your EPF without previous employer signatures.

Step 1

First download and fill up Form 19 (for EPF withdrawal) and Form 10C (for EPS Withdrawal)

Step 2

Get it attested by any one of the following

Manager of a bank (PSU preferred)
By any gazetted officer.
Magistrate / Post / Sub Post Master / Notary

Step 3

Write down a letter addressing the regional PF commissioner, stating the reason why you have to get it attested and how you are facing issues with your employer. In case you have any proof of unsupportive behaviour from your employer, better attach it. (This step is optional, and not mandatory)

Step 4

If you are unemployed, you will have to make an affidavit that proves that you are unemployed. Download this Affidavit Sample and get it printed on a Rs. 100 stamp paper with a notary or any gazetted officer signature on it (This Affidavit is part of our Jagoinvestor Wealth Club) . This is required because you need to be unemployed if you want to withdraw your EPF . If you are employed, you can transfer your EPF to your new employer.

Step 5

Send these forms to your regional EPF office and wait for next few months for some kind of action.

Step 6

Once your application is processed, the EPF withdrawal request will be honoured and you will be paid. If you still don’t see any action or response, then its time to File an RTI application to EPF Department for finding out the exact Status.

Legal Action against your past employer

Note that Employee provident fund money is totally yours and no matter what the situation, your past employer should be helping you in withdrawing it. It can be some issue your employer or you might have.., your employer can not say that they will not give signatures and create issues in your EPF Withdrawal.

If that’s the case, it might be time to teach them a lesson.

If you are 100% sure that you are correct and it’s a case of harassment, just collect all the documents which proves the harassment and then inform your regional Provided Fund officer about this. He will carry out an enquiry, contact the employer and if he finds them guilty, there can be legal action against the company and might even amount to imprisonment. It’s the Employer’s duty to keep records as per the law and also maintain the terms and conditions, failing which employer can get a notice under a section 7A, which lays the guidelines of strict actions against the employer. I got this from one of the RTI related websites

Normally, the EPFO which maintained your EPF account should have settled the claim based on the signature of the Bank Manager since you find it difficult to get the form attested by your previous employer. They should not have sent it back to you telling to get the signature of the previous employer. The fact appears to be that the employer is not willing to sign the form for some reason or the other. (I presume the establishment is not closed but is still working). It is the duty of the employer to sign the settlement form. If he fails to do so the Regional Provident Fund Commissioner (RPFC) concerned can take action against him. You can make a complaint to the RPFC pointing this out and urging him to either settle the claim as it is or to get the claim signed by the employer and in case the employer declines to sign to take appropriate action against him instead of harassing you by not settling the claim. Please send this complaint by registered post and keep copy. After about a month if no action is taken file an application under RTI and ask what action has been taken on your complaint,people responsible for not taking action etc. Your claim will automatically be settled.

Conclusion

It’s possible to withdraw your EPF money without the help of your past employer. You just need to know the right steps and should also have the energy and motivation to follow up on the matter. Let us know what did you learn out of this article. Do you think this is something useful for you? From this article, did you understand properly how you can withdraw your EPF without Employer Signature ?

Withdraw your Employee Provident Fund or EPF in India?

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Process/Procedure for Withdrawal of Employee Provident Fund

Almost all of us are working for a company and we contribute a small percentage of our monthly salary into our Employee Provident Fund account. We all know that PF is a great saving instrument and it will help us generate a corpus for our retirement. But in case we leave the company or want to withdraw money for some emergency than we should know the way get it transferred or to withdraw PF amount. After all, it is our money and we definitely have the right to take it when we need it the most.

1. PF Withdrawal upon resignation:

Upon resignation an employee can either withdraw or transfer his/her PF amounts at his desire.

a) For Withdrawal:

In order to withdraw the PF/ Pension funds you have to submit Form 19 (Download) and Form 10C (Download) preferably through your. Depending upon the attitude and working capabilities of employees in the respective EPF Office, it will take 45 to 60 days to get your balance credited to your bank account. Withdrawals of PF can be done only after 60 days period after resignation.

With From 19 (Download) and 10C (Download) also attach xerox copy of the first page of the passbook of your savings bank account (preferably with nationalised bank) depicting the bank account number, branch location etc. and send the complete set of forms with enclosures to the previous employer for forwarding the forms to PF office.

Form No 19 (Download) is for Provident fund withdrawal & Form No. 10C (Download) is for Pension scheme withdrawal.

b) For Transfer:

For transfer you have to get Form 13 (Download) submitted through your present Company but you need to know your earlier PF a/c no.etc.
Also you need to provide following details to your current company.

Name and address of the previous company from which PF is still pending to be claimed.
Group Code of the previous company.
Date of Joining and date of leaving from previous company.
Your PF no from the previous company.

2. PF withdrawal during Working period :

The Provident Fund members can avail advances / partial withdrawals subject to certain conditions like Marriage for self and dependant sisters, brothers etc / purchasing of dwelling house or repayment of housing loan / specified medical treatments / Closure of establishment etc.,

You need to submit Form 31 (Download) for claiming amount. But the PF authorities will sanction only if you satisfy the qualifying conditions. Read “Guidelines for PF withdrawal” that gives you clear idea like on what grounds can employee withdraw PF during his/her working period.

3. Track Your Provident Fund Claim Online

You can track the status of PF (Provident Fund) Account Transfer and PF (Provident Fund) Money Withdrawal claims online @ “Track Your Provident Fund Claim“.

Few Points to Remember

1. Use the appropriate form for claiming Provident Fund Pension, withdrawal benefit/scheme certificate, Employees’ Deposit Linked Insurance benefit, etc. as given below :-

Form-19 (Download): To claim final settlement of Provident Fund by a member.
Form-20 (Download): To claim Provident Fund by nominee/legal heir on death of the member.
Form-10-D (Download): To claim pension. (In duplicate: If within state, In triplicate: If outside state.)
Form-10-C (Download): To claim withdrawal benefit/scheme certificate under Employees’ Pension Scheme ’95.
Form-5IF (Download): To claim assurance benefit under Employees’ Deposit Linked Insurance ’76 by nominee/legal heir of a member.
Form-31 (Download): To claim temporary withdrawal/advance under Employees’ Provident Fund scheme ’52.
Form-13 (Download): To effect transfer of Provident Fund/Pension from one A/C to another.

2. Ensure that all columns of the application are filled completely.

3. Information in the application form relating to name, a/c no. should agree with the details available with Employees’ Provident Fund Organization; which were furnished by the employer at the time of enrolling to Provident Fund.

4. Application should be signed by the member/claimant.

5. It should be attested by the former employer. In case attestation by the former employer is not possible, it should be got attested by any other authorized official specified with application form.

6. Application for final settlement can be sent by a member on completion of 2 months from the date of leaving service, if the reason for leaving service is other than superannuation, medical ground, retrenchment and V.R.S./ Female members getting married etc.

7. Desired mode of payment can be given legibly, if the amount involved is more than Rs. 2000/-. The amount will sent by deposit in payees’ bank a/c. To facilitate this, Bank a/c no., name and address of the bank should be furnished. An advance stamped receipt should also accompany this application.

8. Application may be supported by the return Form-10 , showing the details of leaving service and details of contribution for the year in Form-3A, if not sent earlier by the employer.

9. To get all forms at once place jump to EPFO site.

Time Management - Meaning and its Importance

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It is rightly said “Time and Tide wait for none”. An individual should understand the value of time for him to succeed in all aspects of life. People who waste time are the ones who fail to create an identity of their own.

What is Time Management ?

Time Management refers to managing time effectively so that the right time is allocated to the right activity.
Effective time management allows individuals to assign specific time slots to activities as per their importance.
Time Management refers to making the best use of time as time is always limited.

Ask yourself which activity is more important and how much time should be allocated to the same? Know which work should be done earlier and which can be done a little later.

Time Management plays a very important role not only in organizations but also in our personal lives.

Time Management includes:

Effective Planning
Setting goals and objectives
Setting deadlines
Delegation of responsibilities
Prioritizing activities as per their importance
Spending the right time on the right activity

Effective Planning
Plan your day well in advance. Prepare a To Do List or a “TASK PLAN”. Jot down the important activities that need to be done in a single day against the time that should be allocated to each activity. High Priority work should come on top followed by those which do not need much of your importance at the moment. Complete pending tasks one by one. Do not begin fresh work unless you have finished your previous task. Tick the ones you have already completed. Ensure you finish the tasks within the stipulated time frame.
Setting Goals and Objectives
Working without goals and targets in an organization would be similar to a situation where the captain of the ship loses his way in the sea. Yes, you would be lost. Set targets for yourself and make sure they are realistic ones and achievable.
Setting Deadlines
Set deadlines for yourself and strive hard to complete tasks ahead of the deadlines. Do not wait for your superiors to ask you everytime. Learn to take ownership of work. One person who can best set the deadlines is you yourself. Ask yourself how much time needs to be devoted to a particular task and for how many days. Use a planner to mark the important dates against the set deadlines.
Delegation of Responsibilities
Learn to say “NO” at workplace. Don’t do everything on your own. There are other people as well. One should not accept something which he knows is difficult for him. The roles and responsibilities must be delegated as per interest and specialization of employees for them to finish tasks within deadlines. A person who does not have knowledge about something needs more time than someone who knows the work well.
Prioritizing Tasks
Prioritize the tasks as per their importance and urgency. Know the difference between important and urgent work. Identify which tasks should be done within a day, which all should be done within a month and so on. Tasks which are most important should be done earlier.
Spending the right time on right activity
Develop the habit of doing the right thing at the right time. Work done at the wrong time is not of much use. Don’t waste a complete day on something which can be done in an hour or so. Also keep some time separate for your personal calls or checking updates on Facebook or Twitter. After all human being is not a machine.

For Effective Time Management one needs to be:

Organized - Avoid keeping stacks of file and heaps of paper at your workstation. Throw what all you don’t need. Put important documents in folders. Keep the files in their respective drawers with labels on top of each file. It saves time which goes on unnecessary searching.

Don’t misuse time - Do not kill time by loitering or gossiping around. Concentrate on your work and finish assignments on time. Remember your organization is not paying you for playing games on computer or peeping into other’s cubicles. First complete your work and then do whatever you feel like doing. Don’t wait till the last moment.

Be Focussed - One needs to be focused for effective time management.

Develop the habit of using planners, organizers, table top calendars for better time management. Set reminders on phones or your personal computers.

Training Needs Analysis

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Training is an expensive process not only in terms of the money spent on it but also the time and the other resources spent on the same. The most important question therefore is determining whether or not a need for training actually exists and whether the intervention will contribute to the achievement of organisational goal directly or indirectly? The answer to the above mentioned question lies in ‘training needs analysis’ which is the first step in the entire process of training and development.

Training needs analysis is a systematic process of understanding training requirements. It is conducted at three stages - at the level of organisation, individual and the job, each of which is called as the organisational, individual and job analysis. Once these analyses are over, the results are collated to arrive upon the objectives of the training program.

Another view of the training need is that, it is the discrepancy between ‘what is’ and ‘what should be’. Taking cues from this the world bank conducted a needs analysis and arrived upon the conclusion that many of its units in eastern regions of Europe required transformation from state owned business to self sustaining organisations. A number of universities were then contacted to develop the necessary modules and conduct the training upon the same.

Although each step in the entire training process is unique in its own, needs analysis is special in that it lays the foundation for the kind of training required. The assessment gives insight into what kind of intervention is required, knowledge or skill or both. In certain cases where both of these are present and the performance is still missing then the problem may be motivational in nature. It thus highlights the need and the appropriate intervention which is essential to make the training effective.

As mentioned earlier, the needs analysis / assessment is carried out at three levels - organisational, Individual and Job. We now take up each one of them in detail.

Organisational Analysis

The organisational analysis is aimed at short listing the focus areas for training within the organisation and the factors that may affect the same. Organisational mission, vision, goals, people inventories, processes, performance data are all studied. The study gives cues about the kind of learning environment required for the training. Motorola and IBM for example, conduct surveys every year keeping in view the short term and long term goals of the organisation.

Job Analysis

The job analysis of the needs assessment survey aims at understanding the ‘what’ of the training development stage. The kind of intervention needed is what is decided upon in the job analysis. It is an objective assessment of the job wherein both the worker oriented - approach as well as the task - oriented approach is taken into consideration. The worker approach identifies key behaviours and ASK for a certain job and the task - oriented approach identifies the activities to be performed in a certain job. The former is useful in deciding the intervention and the latter in content development and program evaluation.

Individual Analysis

As evident from the name itself, the individual analysis is concerned with who in the organisation needs the training and in which particular area. Here performance is taken out from the performance appraisal data and the same is compared with the expected level or standard of performance. The individual analysis is also conducted through questionnaires, 360 feedback, personal interviews etc. Likewise, many organisation use competency ratings to rate their managers; these ratings may come from their subordinates, customers, peers, bosses etc. Apart from the above mentioned organisations also make use of attitude surveys, critical Incidents and Assessment surveys to understand training needs which will be discussed in detail in other articles.

Search your requirement in search box

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Looking something… Try to search your requirement in search box…. Top Right on this webpage.

Other blog image:

Excutive report

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Direct Download Link

Sample Letter of Intent

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This sample letter of intent allows the a prospective purchaser and seller to establish mutually agreed upon terms including consideration for price and other measures necessary to the sale. Acts as an effective template for a letter of intent.

sample letter of intent

Partnership Agreement

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This is an example of a partnership agreement. Be sure to consult an attorney before finalizing this form as your business partnership contract.

Partnership Agreement

Consulting Agreement - DOC

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Consulting Agreement - DOC

THE 360 DEGREE FEEDBACK POCKETBOOK

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THE 360 DEGREE FEEDBACK POCKETBOOK

7 Mutual Fund Investing Mistakes to Avoid

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The equity markets have been on the rise. New Fund Offers are again the rage. And once again, you feeling tempted to invest in mutual funds so that you don't miss the boat. At times like this it is important to keep the following tips in mind, so that you do the right thing with your money.

Invest in Funds backed by experienced Asset Management Companies and Asset Managers
Cheapest is not the best
Don't invest in a new fund if a previous one of the same category exists
Understand your risk appetite
Build a strong foundation
Be realistic about returns
Give your money the chance to compound

1. Invest in Funds backed by experienced Asset Management Companies and Asset Managers: If you had the choice, you'd probably go to an experienced doctor rather than someone fresh out of medical school. Same with mutual funds. Invest through an experienced asset management company and a fund manager, both of whom have operating and investment history in India.

2. Cheapest is not the best: This is probably the most common and silly mistake that investors make when investing in mutual funds. For some reason they think that a Rs 10 net asset value (NAV) is better than a Rs 20 existing fund of the same category and type because the former is cheaper. What matters is the amount of money you are putting in. Rs 1 lakh put into a either fund will grow the same amount assuming that both funds invested in the same underlying securities. So, whether Rs 10 grows to Rs 12, a 20% increase, or Rs 20 goes to Rs 24, it's the same thing.

3. Don't invest in a new fund if a previous one of the same category exists: At the time of a new fund's launch, there is a lot of hype created through advertising aimed at enticing you to invest. However, there might be a fund of this type already existing, which might be a better option because it has had an operating history for a while, as well as proven risk management experience in that category. You are better off avoiding the new fund at launch and investing in the older fund of the same category.

4. Understand your risk appetite: Not all medicines are suited to all patients. Some patients can handle a higher dosage depending upon their age, their allergies, their size etc. Similarly, not all mutual funds are meant for everyone. Before you invest blindly, understand the risks involved and evaluate whether you can handle the risks associated with the fund and its underlying exposure.

5. Build a strong foundation: Just like a house needs a strong foundation, so does your mutual fund portfolio. You need to make sure you have a safe and stable exposure to index funds, large cap diversified funds before you start exposing yourself to sector and industry specific funds, which are usually of a higher risk.

6. Be realistic about returns: Trees don't grow to the sky, and neither do stock market returns. Be realistic about what returns you can expect. Your money is unlikely to double in the next two years through mutual funds, and don't fall for the salesmanship of your advisor.

7. Give your money the chance to compound: By chopping and changing your portfolio and getting in and out of funds frequently you are disturbing the process of compounding and not giving your money the ability to grow. Be patient, even if in the short term a fund might not be doing well.

Source: http://www.itrust.in

Compiled by Amresh Anjan

10 Financial tips to consider during a job change

2013-03-10T09:21:00.002-07:00

Have you considered moving jobs recently? Did you think of how it might affect your personal finances? Changing jobs is not just about getting a higher salary, but rather about many things that can affect your financial situation in the long run. When considering changing jobs, avoid short-term gains, and remember to keep the following tips in mind regarding your personal finances.

Higher salary shouldn't be the only reason
Timing
Negotiating your Cost to Company (CTC)
Pricing yourself out of the market
Performance evaluation criteria
Notice period
Form 16 and tax issues
Shifting your PF balance and Superannuation
ESOPs
Insurance

Higher salary shouldn't be the only reason: Often the stimulus to move jobs is a higher salary, with little regard for quality of the work, the employer's brand name, career prospects, the potential for enhancement of skill level and opportunity to assume more responsibility. Don't totally ignore these soft issues just because you are getting a higher salary offer.
Timing: Candidates often argue that "I am just about to get my annual appraisal and my salary is expected to go up by 20%, so if I move to your organization, it will be for at least a 25% salary hike." If you are so confident about a salary hike, and are happy at your current job, why move at all. If you do want to move for other reasons, time your move such that you have your increment in the bag, and have a better negotiating ability in an interview.
Negotiating your Cost to Company (CTC): Even if the actual CTC is the same as your previous job, structure your CTC so that your cash in hand can be higher than what it might have been at the previous job. This might be particularly important given the new rules announced in the Budget in July 2009 under which fringe benefits offered to you are now going to be taxable in your hands as perquisites. Understand how you can maximize your take home pay, because that is what matters at the end of the day.
Pricing yourself out of the market: Today there are several junior employees in organizations with very little experience but with high CTCs because of having moved numerous jobs in rapid succession. They don't realize that the high salaries they are getting are not usually because of their performance, but often because the base level has gone up every time they have changed jobs. But without a commensurate increase in their experience or skill level, there will come a time when they could find themselves at a dead end or priced out of the market. Employers want staff that can add value to the organization, and not just get paid a high salary because that is the expectation for that industry.
Performance evaluation criteria: Understand the basis of your performance evaluation in your new job, and preferably have the key performance targets given to you in writing so that there is no ambiguity at the year-end review at the time of your bonus payment. Don't make job change decisions in haste without understanding whether what is expected of you is realistic or not. Stretch yourself in the new job to develop skills and gain experience, but don't set yourself up for failure.
Notice period: Respect the notice period owed to your current employer. Don't make a short-term decision to abandon your current job without any notice - it can come back to hurt you if you acquire the reputation in your industry of someone who does not respect common professional courtesies. See if you can buy out your notice period from your employer.
Form 16 and tax issues: At the end of the financial year take your Form 16 from your previous employer and share that with your new employer, so that the right amount of tax is being deducted and that you are not getting more deductions than you are entitled to. Remember to also take a no dues certificate, relieving letter, salary slips for the duration you have stayed.
Shifting your PF balance and Superannuation: This can be a big administrative issue for you if you have not moved over your retiral accounts to your new firm. Take care of the necessary paperwork to facilitate a smooth transition of your account to your new employer.
ESOPs: Don't leave a lot of value on the table if you have worked hard to earn incentives. If your current employer gave you ESOPs, understand if you are eligible to encash these at all. If you are giving up a lot of value because not all your shares have vested, you might want to ask your new employer to offer you similar upside as an incentive to move to the new job.
Insurance: If your current employer was offering you and your family life and health insurance coverage, recognize that you might need this from your new employer as well. Do not remain uninsured during the transition period from one job to another. Accidents and emergencies come unannounced and don't put yourself or your family at risk by not having appropriate insurance coverage. Additionally, understand what are the insurance benefits you will be eligible for at your new job and whether you will have to serve for a minimum few months before your coverage kicks in.

Source: http://www.itrust.in

Compiled by Amresh Anjan

60 HR Predictions

2013-03-10T09:20:00.004-07:00

The top 10 predictions in Workplace Flexibility, Global Business, Work and Society, Workforce Development, Definition of Jobs, and Strategic Role of HR.

Workplace Flexibility
1. Collaborative cultures will be the workplace model.
2. Creative employment contracts will support more time off, flexibility in hours and work location, technological job aids and more pay at risk with significant upside potential.
3. Company intranets will become a major tool for communication, training and benefits administration; HR will play a leading role in developing this important tool.
4. Intelligence through knowledge transfer capability will separate the best employees from the rest.
5. Employees will have more and more choices about work arrangements, allowing them to meet their individual needs.
6. Work hours scheduling will become less important as organizations focus on performance and results.
7. Company facilities will become Virtual through work-at- home, telecommuting and outsourcing.
8. The workweek will be less structured-employee s will still work 40-plus hours, but at varied times and places other than the office.
9. Legislation will lead to greater portability of health, welfare and retirement benefits.
10. Free-lance teams of generic problem solvers will market themselves as alternatives to permanent workers or individual temps.

Global Business
11. The role of corporate HR will change to that of creator of overall values and direction, and will be implemented by local HR departments in different countries.
12. Technology, especially the Internet, will enable more businesses to enter the global marketplace.
13. HR professionals will have advanced acumen in international business practices, international labor laws, multicultural sensitivities and multiple languages.
14. HR professionals will need to be knowledgeable of other cultures, languages and business practices to help their companies find and enter more markets.
15. HR people will have to understand other cultures and help people work with, and transfer among, various cultures.
16. Mega global business alliances will grow in number and scope, requiring great finesse on the part of the HR professional.
17. There will be an explosive growth of companies doing business across borders, and it will be the most significant change for the economy in modern times.
18. Cultural understanding and sensitivity will become much more important for the HR professional of the future, whereas multiple language ability isn't going to become a necessary competency.
19. The continued emergence of a world marketplace will require development of an international workforce.
20. Small teams of HR professionals will focus on providing performance improvement consulting services to a variety of locations around the world.

Work and Society

21. Family and life interests will play a more prevalent role in people's lives and a greater factor in people's choices about work- there will be more of a "work to live" than a "live to work" mentality.
22. Employees will demand increases in workplace flexibility to pursue life interests.
23. Dual-career couples will refuse to make the sacrifices required today in their family lives and more people (not just women) will opt out of traditional careers.
24. Families will return to the center of society; work will serve as a source of cultural connections and peripheral friendships.
25. Workers will continue to struggle with their need for work/life balance, and it will get worse.
26. Integration of work with quality-of-life initiatives will create solutions to problems formerly seen as the responsibility of government.
27. Community involvement and social responsibility will become part of an organization's business vision.
28. "Cocooning" will become more popular as workers look to their homes for refuge from the pressures of a more competitive workplace and depersonalized society.
29. Just as defined-contributio n plans have begun to take over from Social Security, companies will take on responsibility for elder care, long-term care and other social needs through cafeteria-style benefits programs.
30. Those people who refuse or are unable to adapt to new technologies will find they're working harder and accomplishing less.

Workforce Development

31. Lifelong learning will be a requirement.
32. The focus of training/learning activities will be on performance improvement and not just on skill building.
33. Employees with varied skills and competencies will be valued more highly than those with a depth of expertise in a single area.
34. Problem solving and decision-making will become a required curriculum with practical work problems as the training medium.
35. Training will be delivered "just in time," wherever people need it, using a variety of technologies.
36. Companies will demand constant personal growth, and employees will respond positively to higher expectations.
37. It will not be possible to survive in the workplace without basic computer skills.
38. People who can learn new skills/competencies quickly will be highly valued in a faster changing world.
39. Team projects and special assignments will be a major factor in personal development.
40. As the computer-savvy generation is more assimilated into the workforce, employees will become much more productive in complex tasks and less dependent on other people and departments.

Definition of Jobs
41. Organizations won't pay for the value of the job but for the value of the person.
42. Versatility will be the key factor in determining employee value with strategic thinking, leadership, problem solving, technology and people skills close behind.
43. Compensation systems will be linked to business outcomes.
44. All jobs will require higher levels of computer skills.
45. Positions will be organized in teams focused on a task, not organized around a hierarchy.
46. Positions will be defined by the competencies needed to be performed.
47. Employees will be more independent, moving from project to project within their organizations.
48. Many jobs will be redesigned to be much broader in scope, especially in management positions, resulting in leaner head counts.
49. Employees will be increasingly measured by how much value they contribute to the business, not by whether they fulfilled predetermined objectives.
50. Work will be more challenging, and jobs will become increasingly complex.
Strategic Role of HR
51. Successful HR departments will focus on organizational performance. HR's value will be to have the right people ready at the right time: recruiting leaders to join the company's mix of talent and keeping the "bench" full of enabled, competent workers.
52. The focus of the HR function will be human capital development and organizational productivity; HR may be renamed to reflect this.
53. HR will evolve from strategic business partnership to strategic business leadership (driving change and results, not just monitoring them).
54. A key HR role in the future will be multidisciplinary consulting around individual, team, business unit and corporate performance.
55. Managers will grow to depend more and more on HR professionals as they realize that good people management can be the strategic advantage in the next decade.
56. Leading change will become HR's greatest contribution to the corporation.
57. More and more businesses will use HR as a strategic partner.
58. HR will have a "seat at the table" as part of the top management team and report directly to the CEO in most companies.
59 . A key HR role will be managing increasingly scarce human and intellectual capital.

Lower Salaries, Fewer Offers At IIT-Kanpur

2013-03-10T09:20:00.000-07:00

Naukri Job Speak: Hiring Activity Dips By 1.9% In May

According to the latest Naukri JobSpeak report, the Job Index for May, 2009 declined by 1.9 per cent from 677 in Apr‘09 to 664 in May’09. Sector-wise, hiring activity in telecom and pharma sectors was down by 12% and 14% respectively, in May’09 as compared to Apr’09. However, there was cheer for the FMCG sector where Job Index moved up by 9%. In city-wise analysis, Delhi/NCR, Mumbai, Bangalore, Chennai, Hyderabad, Ahmedabad and Chandigarh witnessed a fall, while Kolkata saw an increase in hiring activity by 14%.

Source: 18-06-09 www.naukri.com Compiled by Amresh Anjan

India Inc Created 3 Lakh Jobs In US

According to an India Brand Equity Foundation study, corporate India created 3,00,000 jobs in the US between 2004 and 2007. The report comes at a time when the Indian outsourcing industry is under attack for taking away US jobs.

Source: 18-06-09 www.livemint.com Compiled by Amresh Anjan

Lower Salaries, Fewer Offers At IIT-Kanpur

The slowing economy has affected the number of placement offers at the prestigious Indian Institute of Technology, Kanpur. Around 21 per cent of its students are still waiting for placements this year. Of the 1,037 students who had applied for campus placement, 732 appeared for interviews while only 574 managed to secure final employment. This year, 180 private and public companies were invited but several failed to turn up. Last year, 125 companies had participated in the recruitment process, employing 700 students, while this year 129 companies managed to employ only 574 students. The average salary packages, too, have declined from Rs 6.5 lakh (Rs 650,000) last year to Rs 5.8 lakh (Rs 580,000) p.a. this year.

Source: 15-06-09 Business Standard Compiled by Amresh Anjan

Employers To Bear Employees’ Medical Bills At Private Hospitals

As per the latest directive of the Delhi Consumer Commission, an employee, who enjoys medical benefits by his employer, can get all the expenses reimbursed even if he or she receives the treatment at an empanelled private hospital. The panel noted that the very purpose of bringing private hospitals on the panel of the organisation would be defeated if the employers start refusing reimbursement of treatment to employees.

Source: 18-06-09 www.rediff.com Compiled by Amresh Anjan

iGate To Recruit 400 This Year

Bangalore-based iGate Global Solutions Ltd will take on board 400 people this year. Currently, the firm has 6,500 employees on its rolls including 1,100 overseas. The company might resume campus hiring from January. There have been no retrenchments or salary cuts at the company.

Source: 19-06-09 www.sify.com Compiled by Amresh Anjan

Less Holidays For Central Govt Staff This Year

In 2010, central government employees will have fewer holidays to their credit. It has been decided that central government employees outside Delhi will have just six holidays in 2010. The Department of Personnel published the list of holidays under which eight other holidays fall on Saturdays or Sundays, which in any case are off days. Employees can also avail of three restricted holidays that would be decided by the coordination committees in state capitals from a list of 12 such holidays. Central government staff based in Delhi will have 11 holidays in total: 9 holidays plus two restricted holidays. In 2010, of the three national holidays -Republic Day, Independence Day and Mahatma Gandhi's birth anniversary - the last two occur on Sunday and Saturday.

Source: 16-06-09 www.rediff.com Compiled by Amresh Anjan

Air India Delays Salary Payments To Staff

Reeling under acute cash crunch, Air India, India's national carrier, will defer salary payments for its 31,000 employees by two weeks. Owing to rising fuel surcharge, low-fare regime and lower number of passengers, Air India lost about 40 billion rupees ($800 million) in the fiscal year ended March 31 and would pay 3.5 billion rupees ($70 million) worth of June salaries on July 15 instead of July 1.

Source: 18-06-09 www.sify.com Compiled by Amresh Anjan

Aricent To Ramp Up Headcount

Even as most IT companies have put a freeze on hiring, Aricent, an IT solutions provider to the communications sector, is looking to increase its headcount by about 10 per cent in the current fiscal. The company has about 8,000 people on its rolls globally, while in India, it employs about 6,000.

Source: 18-06-09 www.sify.com Compiled by Amresh Anjan

Dr Reddy's To Add 1,300 Staff This Year

Global drug maker Dr Reddy's Laboratories will recruit 1,300 people this year, including about 350 through campus recruitment. About 300 new employees have already joined and the rest would join in phases. Currently, the company has about 11,000 employees, of which 12 per cent are women and 20 per cent work overseas. The company’s attrition rate has dropped to 12 per cent from the earlier 18 per cent.

Source: 16-06-09 Business Standard Compiled by Amresh Anjan

Karnataka Bank To Split Chairman And CEO Post

Following the Reserve Bank of India directive, Karnataka Bank is splitting the post of Chairman and Chief Executive Officer (CEO). Accordingly, Mr Ananthakrishna would be the non-executive Chairman and Mr P. Jayarama Bhat would be the Managing Director of the bank. Earlier this month, Axis Bank, too, bifurcated the post of Chairman and Chief Executive Officer.

Source: 17-06-09 www.thehindu.com Compiled by Amresh Anjan

Barclays India Eliminates 121 Jobs

Banking entity Barclays India has axed 121 employees from its 5,000 strong workforce in the country. Barclays India is a part of the British banking giant Barclays Plc. It has six entities operating in India employing more than 5,000 people for the past 30 years.

Source: 15-06-09 www.rediff.com Compiled by Amresh Anjan

Euro Zone Employment Rate Dips

With deepening recession, the employment rate in the 16-nation euro area dropped by 0.8 per cent in the first quarter of 2009. According to Eurostat, the statistical agency for the European Communities, the number of people employed in the euro zone -- the grouping of 16 nations that share the common currency euro -- fell 0.8 per cent (12,20,000 persons) as compared to the previous quarter. The employment rate in the 27-nation European Union also decreased by 0.8 per cent during the same period. In April, the jobless rate in the euro area touched a 10-year high of 9.2 per cent.

Source: 15-06-09 www.rediff.com Compiled by Amresh Anjan

Accept Shares In Return For Pay Cut: British Airways To Pilots

In a ‘unique agreement’ to save jobs at the troubled airline British Airways, union leaders at the airline have urged pilots to accept shares in the company in return for a pay cut. Under the deal, pilots will see their annual pay cut by 2.61% — worth around £2,000. However, about 78 of 3,200 pilots will have to lose their jobs.

Source: 18-06-09 www.livemint.com Compiled by Amresh Anjan

MySpace To Prune Staff By 30%

The social networking site MySpace will slash almost a third of its staff in an effort to cut costs. The cuts will translate into about 400 job cuts. The site is looking to return to its start-up culture.

Source: 16-06-09 news.bbc.co.uk Compiled by Amresh Anjan

Patni Appoints New Executive Vice-President

Mr Manish Soman has been appointed by Patni Computer Systems as Executive Vice-President and Chief of Operations in its executive leadership team. In this role, he will be responsible for the company’s key operations, including sales, technology, business continuity and resource planning.

Source: 18-06-09 www.thehindu.com Compiled by Amresh Anjan

New Managing Director For TVS Capital

TVS Capital Funds Limited has appointed Mr D. Sundaram as Vice-Chairman and Managing Director wef July 10. He will be based at the newly-started Mumbai office. Mr Sundaram possesses over 34 years of association with Hindustan Unilever (HUL) spanning various functions including corporate finance, business performance, operations, governance, mergers & acquisitions, talent/people management and strategy.

Source: 16-06-09 www.thehindu.com Compiled by Amresh Anjan

Mr Ramki Sundaram Quits Kingfisher Airlines

Mr Ramki Sundaram, executive vice-president at Kingfisher Airlines Ltd and former chief executive officer of Deccan Aviation Ltd, has put in his papers. He will join London-based Investec Bank (UK) Ltd in July as global head for mergers and acquisitions and an adviser to its aviation business.

Source: 18-06-09 www.livemint.com Compiled by Amresh Anjan

Mr Chakrabarty Quits PNB For New Role At RBI

Punjab National Bank CMD Mr K C Chakrabarty has demitted office after his appointment as RBI Deputy Governor. At RBI, he would succeed Mr V Leeladhar who had retired in December.

Source: 15-06-09 www.livemint.com Compiled by Amresh Anjan

Mr Rishi Khiani Steps Down As COO At Web18

Thirty four-year-old Mr Rishi Khiani has stepped down as chief operating officer at Web18. He will be replaced by Mr Joyson Thomas as COO. Mr Khiani had sold his Urban Eye Media to Network18 Media and Investments Ltd in 2006. Post-acquisition, he was hired for a three-year contract for integrating Urban Eye into Web18.

Source: 16-06-09 in.reuters.com Compiled by Amresh Anjan

Times Internet Ltd COO Is Stepping Down

Mr Sunil Rajshekhar, chief operating officer at Times Internet Ltd, is quitting the company, according to close sources. His date of departure is not fixed yet and according to reports, he will be around for a few months till a new CEO takes charge. TIL saw some high-profile exits in the recent past. Mr Dinesh Wadhawan stepped down as CEO in March while CFO Mr Deepak Sogani left in January.

Source: 18-06-09 www.contentsutra.com Compiled by Amresh Anjan

Ingersoll Rand Hires Mr Venkatesh Valluri To Lead Its India Operations

Ingersoll Rand, the industrial technology company, has appointed Mr Venkatesh Valluri as president of its India operations. He will also join the Ingersoll Rand India board.

Source: 15-06-09 Business India Compiled by Amresh Anjan

Zuji Appoints Mr Roshan Mendis As President

Online travel agency Zuji has appointed Mr Roshan Mendis as president at Zuji and regional vice-president at Travelocity, Asia Pacific, its parent company. In his new role, he will be responsible for leading the business focus, development and future growth strategies for all Travelocity brands in Asia Pacific including Travelocity, Zuji and Nextour.

Source: 15-06-09 Business India Compiled by Amresh Anjan

Tata Motors Elevates Mr Ravi Pisharody To Sr V-P

Tata Motors has promoted Mr Ravi Pisharody to the post of senior vice-president, commercial vehicles business. He would fill in the post left vacant by Mr Prakash Telang who became the non-executive chairman.

Source: 15-06-09 Business India

Compiled by Amresh Anjan

Govt Jobs Gain Popularity With Job Seekers

In the wake of the economic downturn, public sector jobs have again become a favorite among job aspirants as these opportunities offer more job security and better growth prospects than private sector jobs. The implementation of the Sixth Pay Commission (making the pay packets of government employees almost equal to their private sector counterparts) has increased the attraction for public sector jobs. Rising number of layoffs and reduction in salaries and increment in the private sector have also added to the attractiveness of the government jobs.

Source: 10-06-09 www.rediff.com Compiled by Amresh Anjan

India’s Hiring Prospects Brightest Globally: Manpower

According to the latest global Manpower Employment Outlook Survey, India has the highest hiring expectations globally since the third quarter of 2008. While jobseekers around the globe are likely to face sluggish hiring pace seen during the first half of the year, in India, a greater percentage of employers are saying they will hold on to the staff they have. Employers in 11 of the 34 countries surveyed expect some positive hiring activity in the coming quarter, but those in other 22 countries are forecasting a negative outlook. The third-quarter hiring plans are brightest in India, Norway, Poland, Peru, Singapore and Taiwan and weakest in Ireland, Spain, Greece, Romania, Italy, Japan and the UK. In India, around 19 per cent employers have positive recruitment plans for the next three months.

Source: 10-06-09 www.business-standard.com Compiled by Amresh Anjan

Less Than 1 Per Cent Layoffs In IT So Far: Nasscom

The Indian IT industry is still not in the grip of large-scale layoffs, as suggested by National Association of Software and Service Companies (Nasscom). According to Nasscom estimates, layoffs in the information technology and business process outsourcing industry are still less than 1 per cent of the total workforce. Top Nasscom executives have noted that a key fallout of the ongoing economic slowdown is that companies are less tolerant of non-performance from their employees than they were earlier.

Source: 10-06-09 Business Standard Compiled by Amresh Anjan

7000 Satyam Employees To Go On Virtual Bench

Woes of Satyam employees are far from over even after a takeover by Tech Mahindra. Satyam is setting up a virtual bench for employees who are out of work at the company. The number of non-revenue earning employees on the virtual bench is anywhere between 7,000 and 10,000. Of these, around 7,000-8,000 may come from the technical side and the rest would be from the support staff. Meanwhile, as per reports, more than 2,000 employees of Satyam Computer quit the company in Jan-Feb this year, bringing the total head count down to 41,622 as of March.

Source: 11-06-09 profit.ndtv.com Compiled by Amresh Anjan

TCS Enhances Pay Of Top Brass By Rs 1 Crore

India’s IT giant, Tata Consultancy Services, has enhanced total pay packages of its top management personnel and board members by over Rs 1 crore (Rs 10 million). This will translate into a better hike to its incoming chief executive officer than his predecessor. The company paid a total remuneration of Rs 12.80 crore (Rs 128 million) to its key management personnel and board members during 2008-09, up from Rs 11.08 crore (Rs 110.8 million) in the previous fiscal. As per TCS’ annual report, CEO Mr S Ramadorai was the highest paid executive with a total remuneration of Rs 4.1 crore (Rs 41 million) in the year.

Source: 10-06-09 www.ptinews.com Compiled by Amresh Anjan

UNCTAD Warns Loss Of 7.5 Lakh Export Jobs In 2009-10

According to a study by United Nations Conference on Trade and Development (UNCTAD), India’s exports sector may witness the loss of over 7.5 lakh jobs amidst shrinking world demand and drying orders. The study—Impact of Global Slowdown on India’s Exports and Employment—projected that maximum job losses are expected to occur in gems and jewellery sector followed by ores and minerals, textiles and textile products. The study predicts job losses in most of the sectors in 2009-10, except for agriculture and plantation for which positive growth has been projected.

Source: 12-06-09 www.hindustantimes.com Compiled by Amresh Anjan

Wipro BPO To Create 1,500 Jobs At Two Centres Overseas

Wipro BPO, the business process outsourcing arm of Wipro Ltd, is looking at opening two more centres in China and the Philippines by the end of this year. While the company plans to open a 500-seat centre in Chengdu (China), it intends to have a 1,000-seat centre in Manila (the Philippines).

Source: 08-06-09 Business Standard Compiled by Amresh Anjan

SBI To Add 13,000 People During Current Fiscal

State Bank of India (SBI) is looking to recruit 13,000 staff at various levels during the current fiscal. Last fiscal, the bank absorbed 33,703 new employees. The new recruits will be deployed across various businesses. Currently, recruiting is being done at the level of officers, marketing and recovery (rural), and technical officers (farm sector). According to an estimate, public sector banks will hire 30,000 personnel during 2009-10.

Source: 09-06-09 Financial Express Compiled by Amresh Anjan

Suzlon To Slash More Than 50% Workforce At US Plant

In the wake of economic slowdown, Suzlon Energy Ltd has plans to eliminate 160 jobs, comprising more than half of its workforce at its US plant in Pipestone, Minnesota. The staff would be asked to leave in batches between now and August. Currently, the plant employs 300 people.

Source: 11-06-09 www.sify.com Compiled by Amresh Anjan

RIL Employees Allotted 21,173 Shares Under ESOS

Reliance Industries Ltd has allotted 21,173 equity shares to its employees under the Employees Stock Option Scheme. The shares have been allotted at Rs 10 each to its employees. Earlier in May, RIL had allotted 2,055 equity shares of Rs 10 a piece to its employees pursuant to the ESOS.

Source: 10-06-09 www.rediff.com Compiled by Amresh Anjan

President Obama Pledges To Save 600,000 Jobs

Giving a ray of hope to the US job market, President Barack Obama has pledged to create or save 600,000 jobs over the next 100 days with accelerated stimulus spending. He has vowed to take action to slow the growth of unemployment that has reached a 25-year high in the US.

Source: 09-06-09 www.sify.com Compiled by Amresh Anjan

Lowest Job Cuts In US Since September

US employers last month cut the fewest jobs since September. US nonfarm payrolls fell by 345,000 in May. The fall in US jobs was far less than the expected 520,000 drop and the revised 504,000 reduction in April. International policy-makers believe that the worst of the downturn may be over as the US labor market begins to stabilize.

Source: 06-06-09 www.livemint.com Compiled by Amresh Anjan

43,000 Jobs May Be Lost At German Retail Giant

About 43,000 jobs are at risk as German retail and tourism giant Arcandor filed for bankruptcy. The government has already dismissed the company's request for emergency state aid. The group employs 70,000 people in Europe, two-thirds of whom work in Germany. Employee salaries for the months of June, July and August are secure, according to a company statement.

Source: 09-06-09 Financial Express Compiled by Amresh Anjan

Irish Unemployment Rate At 11.8 Pct

Deepening recession took Ireland's unemployment rate to a 13-year high of 11.8 percent in May. According to the Central Statistics Office report, the number of people claiming jobless benefits nearly doubled over the past year to 397,000. Ireland now has the second-worst unemployment rate in the 16-nation euro zone after Spain. Average unemployment in the euro zone has risen to 9.2 percent.

Source: 08-06-09 www.sify.com Compiled by Amresh Anjan

Yahoo! Appoints Mr Tim Morse As CFO

Yahoo! has appointed Mr Tim Morse as its chief financial officer with effect from July 1. Currently, Mr Morse serves as the CFO of the semi-conductor company Altera Corp. Prior to Altera, Mr Morse was at GE for 15 years. Yahoo!'s current CFO Mr Blake Jorgensen announced his plans to quit the firm after Ms Carol Bartz took over as the CEO of the internet entity.

Source: 12-06-09 money.cnn.com Compiled by Amresh Anjan

GM Gets Former AT&T CEO As Chairman

General Motors Corp has named former AT&T Inc CEO Mr Ed Whitacre as chairman of the reorganized automaker when it emerges from bankruptcy under U.S. government oversight. Mr Whitacre, who is an engineer by training, guided Texas-based Southwestern Bell through a decade of transformative mergers. Former GM Chairman and Chief Executive Mr Rick Wagoner was ousted by the Obama administration at the end of March.

Source: 09-06-09 news.yahoo.com Compiled by Amresh Anjan

Versace CEO To Quit

CEO at the Versace fashion house, Mr Giancarlo Di Risio is leaving after five years on the job. The move was widely expected as the company takes steps to survive the economic downturn. Mr Di Risio will stay on temporarily to guarantee a smooth transition.

Source: 08-06-09 www.sify.com Compiled by Amresh Anjan

Mr Robert McDonald Set To Become P&G CEO

Procter & Gamble Co is set to name Mr Robert McDonald as its next chief executive officer, replacing Mr A.G. Lafley. The appointment is not a surprise as industry insiders expected Mr McDonald, a 29-year P&G veteran, to take up the top job when Mr Lafley was ready to step down. Mr Lafley, CEO for nine years, would remain chairman.

Source: 09-06-09 news.yahoo.com Compiled by Amresh Anjan

Mr Tushar Pradhan Is New CIO, HSBC Asset Management (India)

HSBC Asset Management (India) has appointed Mr Tushar Pradhan as CIO of HSBC Mutual Fund. As CIO, Mr Pradhan will be responsible for all investment activities and investment strategy of the company. He possesses over 17 years of experience in fund management. Prior to this assignment, he has worked with HDFC Asset Management and more recently with AIG Global Asset Management.

Source: 11-06-09 www.dnaindia.com Compiled by Amresh Anjan

Ms Preeti Binoy Joins Yash Birla Group

Yash Birla Group has appointed Ms Preeti Binoy as the general manager, corporate communications where she will be reporting to Mr Yash Birla, Chairman, Yash Birla Group. Prior to this, Ms Binoy was manager- corporate communications with Nimbus Communications.

Source: 06-06-09 www.exchange4media.com

Compiled by Amresh Anjan

MS, Yahoo!, Google Hiring Steadily In India

2013-03-10T09:18:00.003-07:00

Hiring Activity Down By 4.7% In Apr’09: Naukri JobSpeak

Naukri JobSpeak for April shows that hiring activity was down by 4.7% in Apr’09 as compared to Mar’09. The overall job index declined from 711 in Mar‘09 to 677 in Apr’09. A mild drop was seen in hiring activity across most cities while Hyderabad picked up after a long slump. Hiring activity in BPO and ITeS dropped by 22%, and hiring activity for sales and business development professionals saw a dip too. The insurance sector saw a decline for the second consecutive month, with hiring in this sector witnessing a dip of 11 per cent, compared to March 2009.

Source: 21-05-09 www.naukri.com Compiled by Amresh Anjan

MS, Yahoo!, Google Hiring Steadily In India

Despite trimming their workforce worldwide, Microsoft, Yahoo! and Google are still hiring in India. These companies are cutting jobs in India too but they are also hiring simultaneously. Microsoft is looking to hire in India as per the state of the economy amid the firm proceeding with 5,000 job cuts worldwide, including 55 employees in India. Search engine giant Google has plans of pruning as many as 200 jobs in sales and marketing operations worldwide while the firm is still hiring for about 20 positions in engineering operations, finance and software engineering, among others in India. Similarly, Yahoo! too would be reducing its employee strength, however, the company has over 100 vacancies in India.

Source: 20-05-09 www.rediff.com Compiled by Amresh Anjan

Wipro Chief Takes Pay Cut; Top Brass Gets Hike

In the fiscal year 2008-09, Wipro chief Mr Azim Premji took a pay cut of about 10% in his annual compensation. The total remuneration paid to Mr Premji dropped by $32,414 (about Rs14 lakh) to $2,96,142 (about Rs1.37 crore). In the previous fiscal, he received a total remuneration of $3,28,556. However, the company paid higher pay packets to many of its other executive directors and senior management personnel in 2008-09. For its non-employee directors, the attendance fee was raised to Rs 20,000 per meeting from Rs 10,000. Besides, the company paid a total of Rs1.46 crore as commission to them in 2008-09, up from about Rs 86.02 lakh in the previous year. Wipro’s chief financial officer Mr Suresh Senapaty got a total compensation of $408,246 in 2008-09, up from $317,751 in 2007-08. The pay package of Mr Pratik Kumar, executive vice-president (HR) rose from $230,507 to $290,201.

Source: 21-05-09 www.livemint.com Compiled by Amresh Anjan

PF Withdrawals Rise By A Record 32% in 2008-09

As a clear sign of tough financial times, the Employees’ Provident Fund Organisation (EPFO) saw a record number of people emptying their PF accounts recently. In 2008-09, it rose by a record 32%, up from a 10 per cent increase the year before. The total number of withdrawal applications filed across India crossed the 1 crore mark. In Delhi alone, the average applications filed per month rose to 1 lakh between Oct 2008 and Mar 2009, from 30,000 between Apr and Sept 2008. According to a labour ministry report, about five lakh people lost their jobs between Oct and Dec 2008.

Source: 22-05-09 Hindustan Times Compiled by Amresh Anjan

EPFO Goes The E-way

The use of technology at the EPFO is set to speed up the payout of provident fund for its beneficiaries. The claim settlement period will be brought down from existing 30 days to seven days by November, when the computerization of all its 118 offices will be over. Secondly, in a major relief, the subscribers will now be able to view their PF balances and status of their claims online. Also, no claims would be allowed to be pushed forward ahead of the queue. After the second phase of computerization, the processes will be streamlined further when the subscribers would be able to access services online ‘anytime-anywhere’.

Source: 18-05-09 Hindustan Times Business Compiled by Amresh Anjan

TCS Lucknow Centre To Raise Headcount To 1,500

Tata Consultancy Services, the country’s largest software exporter, plans to raise its headcount at the newly inaugurated Lucknow centre by three times in the next two years. Currently, the facility employs 550 people and expects to increase it to 1500 workers over the next two years.

Source: 18-05-09 Hindustan Times Business Compiled by Amresh Anjan

Each Infosys Employee Worth Nearly One Crore

Going by the potential value of their future earnings for the company, each employee at IT major Infosys Technologies is worth as much as Rs 97 lakh. Infosys’ total value of human resources, including both software professionals and support staff, is measured at Rs 1,02,133 crore for the fiscal ended March 2009. The company's annual report says that this value was for 1,04,850 employees during the same period. On an average, the same translates into a value of about Rs 97 lakh for each employee. The value is computed using the ‘Lev & Schwartz’ model.

Source: 18-05-09 Hindustan Times Business Compiled by Amresh Anjan

Infosys To Ramp Up Headcount In US

Infosys Technologies plans to recruit about 1,000 people in the US in the next 12 to 18 months. Currently, 14,000 of the company's 1,04,000 employees are based in the US. Infosys chief executive Mr Kris Gopalakrishnan has said that the company is adding to its employee strength in the US in anticipation of growth resuming in 2010.

Source: 21-05-09 www.rediff.com Compiled by Amresh Anjan

Tata Motors To Hike Salaries Despite Slowdown

Even amid the market slowdown and dropping sales, Tata Motors Limited plans to give salary increments to its staff for 2009-10. The wage hikes would not be as high as last year. The exact wage increment structure for the current year is yet to be decided. During the last three years, the average wage increment was around 12-13 per cent but this year it would be in single digits. The company has ruled out any possible downsizing this year. Since last year, Tata Motors has formulated a new policy whereby increments were given on performance basis, while raising the basic salary component was restricted. The total amount of hike is given in the allowance form and not in basic thus not raising the company’s contribution to provident fund and gratuity.

Source: 19-05-09 Business Standard Compiled by Amresh Anjan

Yahoo! India Appoints Mr Arun Tadanki As MD

Internet search major Yahoo! has appointed Mr Arun Tadanki as managing director of its India operations. This position was lying vacant since August 2007 when the previous MD of the company Mr George Zacharias left the firm. As MD, Mr Tadanki will be responsible for expanding and consolidating business in India as well as sub-continental Asia, Middle East and Africa.

Source: 20-05-09 www.dnaindia.com Compiled by Amresh Anjan

Global Job Cuts Refuse To Relent

Job cuts across the globe in various industries are piling up as more and more companies announce lay off plans. In the airline industry, Air France-KLM is looking to shed 3,000 jobs in its current financial year. Nokia, world's largest mobile phone maker, will be pruning its global workforce again by another 490 jobs, with as many as 170 positions to be slashed in logistics, production management and production support areas. American Express has announced that it will be eliminating about 4,000 jobs as part of a plan to reduce another $800 million in costs for the remainder of the year. Technology major Hewlett-Packard has decided to slash more than 6,400 jobs or about two per cent of its global workforce in the coming months. Dutch state-controlled bank ABN Amro plans to axe a net of 4,000 to 5,000 jobs. Irish lender ACC Bank has announced that it will cut 200 jobs and close 16 branches around the country.

Source: 20-05-09 news.bbc.co.uk, www.rediff.com, www.livemint.com, www.dnaindia.com Compiled by Amresh Anjan

US Post Office Slashed 25,000 Jobs

To reduce huge monetary deficits, the U.S. Postal Service eliminated 25,000 jobs this year. Currently, postal employment in US is below 635,000, down from about 800,000 in 1999. Thousands of carrier routes have also been done away with as mail volume has declined. The agency still faces a potential $6.5 billion loss this year.

Source: 21-05-09 www.sify.com Compiled by Amresh Anjan

Rolls-Royce Generates 150 Manufacturing Jobs

Rolls-Royce Motor Cars has created 150 new manufacturing jobs at its factory in Goodwood, West Sussex, increasing its total workforce to 900. Rolls-Royce is expanding to hire more workers to produce the Ghost, its latest model. Other luxury carmakers such as Bentley and Aston Martin have been scaling back production during the recession.

Source: 20-05-09 news.bbc.co.uk Compiled by Amresh Anjan

US Jobless Benefit Claims Drop

Giving a glimmer of hope to the strained job market in the US, the jobless claims fell by 12,000 for the week ended May 16 to reach 6,31,000 compared to 6,43,000 in the previous week, according to the US Labor Department.

Source: 21-05-09 www.business-standard.com Compiled by Amresh Anjan

BoE Expands Its Bonus Pool

The Bank of England has raised its bonus pool and took on the most staff in more than two decades. The bank has lifted the budget for the bonus pot in the year through February to 8.1% of salaries from 7% in the previous year. The number of full and part-time employees grew by about 6% to 1,857, the highest since 1987.

Source: 20-05-09 www.financialexpress.com Compiled by Amresh Anjan

Nomura To Add Staff In US

Japanese brokerage firm Nomura Holdings Inc is looking to hire more people later this year in the US. It has already recruited 135 employees in the last eight months in the US. Despite the company trimming its employee base by 2,100 to 25,626 between October and March, it was still hiring in the US. The company has about 750 employees in North America, up from 650 in September.

Source: 18-05-09 www.financialexpress.com Compiled by Amresh Anjan

More Senior Level Exits At Diageo India

More Senior Level Exits At Diageo India

Source: 20-05-09 www.financialexpress.com Compiled by Amresh Anjan

Reliance BPO Chief Quits

Mr Rajnish Virmani has put in his papers as president and chief operating officer of Reliance BPO Pvt. Ltd. Prior to joining Reliance Communications Ltd in November 2007, Mr Virmani was with Aviva Global Services, the offshoring arm of UK’s largest insurance group Aviva Plc.

Source: 19-05-09 www.livemint.com Compiled by Amresh Anjan

New Chairman And Managing Director At Nestle India

In an internal restructuring, Nestle India has announced that Mr Martial C Rolland, chairman and managing director shall be moving on to take up a new assignment within Nestle Group. It is proposed that he would be replaced by Mr Antonio Helio Waszyk who is presently the Head of Food Strategic Business Unit, Nestle Group, Switzerland. The changes are scheduled to be effective 01 October 2009.

Source: 21-05-09 www.profit.ndtv.com Compiled by Amresh Anjan

TVSE Services Appoints New MD & CEO

TVS Electronics has appointed Mr S. S. Raman, director, as a whole-time director and CEO for TVS Electronics and managing director for the recently formed TVSE Services.

Source: 20-05-09 www.thehindu.com Compiled by Amresh Anjan

Wunderman India Appoints Mr Leroy Alvares As CEO

Mr Leroy Alvares has quit Tribal DDB India as president to join Wunderman India, the direct marketing arm of Rediffusion – Y&R, as the new CEO. At Wunderman, Mr Alvares will replace Mr Satish Sathyanarayan, who quit recently to launch Dentsu’s CRM arm.

Source: 19-05-09 www.alootechie.com Compiled by Amresh Anjan

New VP At InfoPrint Solutions

InfoPrint Solutions Company, a joint venture between IBM and Ricoh, has appointed Mr Christopher Reid as vice president and general manager of its Asia Pacific operations headquartered in Singapore. Prior to this, he was director of Global Solutions. In his new role, Mr Reid replaces Mr Benoit Chatelard, who was recently appointed senior vice president and general manager of Europe, Middle East & Africa for the company.

Source: 20-05-09 www.financialexpress.com Compiled by Amresh Anjan

Mr Yatish Rajawat Is New Managing Editor At Bhaskar Group

The Bhaskar Group, publisher of Dainik Bhaskar, has named Mr K. Yatish Rajawat as managing editor responsible for all group publications. Prior to this, Mr Rajawat was editor-in-chief of Business Bhaskar, the group’s Hindi business daily. Before joining the Bhaskar Group in May last year, Mr Rajawat was associate editor at Business World and worked at The Economic Times between 1999 and 2007.

Source: 20-05-09 www.contentsutra.com Compiled by Amresh Anjan

Employees Fear Skills Will Become Redundant In 5 Yrs

In an international workplace survey conducted by global workforce solution provider Kelly Services, nine out of 10 Indian employees were anxious that their current skills would be outdated within five years. They felt that to remain competitive in the job market, more training was required. The survey conducted over 100,000 people across the globe, including 5,000 from India, projected that one third of the respondents believed that the training currently provided by their employers was not sufficient to meet their future career needs. 52 per cent preferred on-the-job training, while 33 per cent rooted for professional development courses. 13 per cent preferred self-initiated learning and a mere 3 per cent wanted formal or college education qualification.

Source: 11-05-09 www.rediff.com Compiled by Amresh Anjan

Jet Sacks Foreign Air Hostesses

In a bid to control spiraling costs, Jet Airways, India’s second largest carrier, has handed pink slips to 120 foreign airhostesses. These expatriate airhostesses were an integral part of its 3000- strong cabin crew. The decision to retrench them came after Jet Airways shut down overseas crew bases in countries like Malaysia, Singapore and Thailand. All these laid off airhostesses were from these three operational bases.

Source: 14-05-09 www.headlinesindia.com Compiled by Amresh Anjan

Microsoft To Axe 55 Jobs In India

To cope up with the slowdown that has hit the IT sector, software giant Microsoft is slashing 55 jobs in India, or one per cent of its Indian staff. These jobs cuts are a part of the company’s decision in January this year to cut 5,000 jobs. Microsoft has said that it is laying off these people in a bid to realign its business in the country.

Source: 12-05-09 Financial Express Compiled by Amresh Anjan

Maruti To Hire For Its R&D Division

Maruti Suzuki India will ramp up its headcount in the R&D division to 1,000 by the end of March 2010. The new hiring is aimed to meet parent Suzuki Motor Corp’s plan of making the Indian subsidiary a global hub for small car development. Currently, the R&D strength is 720 people.

Source: 12-05-09 www.thehindu.com Compiled by Amresh Anjan

Stanchart To Recruit 100 Relationship Managers Globally

To further accelerate its operations, the Standard Chartered Private Bank plans to hire 100 relationship managers globally within the next 12 months. Currently, it has 350 relationship managers globally and the new recruitment will abet planned expansion in its key markets in Asia, Europe and the West Asia, in response to a growing demand from high net-worth individuals.

Source: 11-05-09 www.rediff.com Compiled by Amresh Anjan

DLF Headcount Drops By 22%

The headcount at DLF, the country’s largest real estate firm, has dropped by over 800 during 2008-09. DLF’s headcount dropped by 818 to be at 2,882 as on March 31, 2009 as against 3,700 a year ago, a drop of 22%. The company has not clarified if these people were sacked.

Source: 10-05-09 www.sify.com Compiled by Amresh Anjan

HR Conference By CII In Ahmedabad

Confederation of Indian Industry (CII) is organising ‘HR Conference 2009’ with the theme ‘HR Leadership in Current Economic Scenario’ on 05 June at Ahmedabad. The conference would address major issues facing the present HR environment and find ways to tackle them. It would be attended by CEOs, HR heads, HR professionals and academia. For further details, please contact Javed Sindhi at javed.sindhi@cii.in. Contact number: 079-26468872

Source: 14-05-09 CII Compiled by Amresh Anjan

NIPM (Punjab) Presents One Day HR Programme In Chandigarh

National Institute of Personnel Management (Punjab chapter) is organizing a one day seminar on the theme ‘Emerging HR Challenges & Commensurating Compensation & Benefits Strategy in Turbulent Economy’ on Saturday, May 23 at CII, Sector 31-A, Chandigarh. The conference will be inaugurated by Dr A K Balyan, Director - HR, Oil & Natural Gas Corporation & National President, NIPM. Eminent HR personalities will be speakers at the event. For participation and fee details, contact Ms Gunjan Nagpal, Mob: 9216215548, e-mail: gunjan_nagpal@yahoo.co.in; nipmpunjab@gmail.com or Mr. S R Saini, Chairman – NIPM Punjab, Mob. No. +91-9815157788; Tel. No. 0172-6451482; e-mail: saini_sr@sify.com.

Source: 15-05-09 NIPM Compiled by Amresh Anjan

PSU Bank Staff May Have To Bear 25% Pension Amount

More than 250,000 public sector bank employees may have to bear at least a quarter of the total amount of the second pension option that will be given to them as part of the wage settlement. According to sources, the public sector banks and the unions have agreed on a second pension option that is estimated to cost around Rs 6,000 crore. However, the extent of burden that is to be shared is still being negotiated. While the banks want the employees to bear 50 per cent of the cost, the unions are willing to take a maximum of 25 per cent of the cost.

Source: 13-05-09 Business Standard Compiled by Amresh Anjan

ICICI Pru Life To Add 3,000 Staff

ICICI Prudential Life, country’s largest private sector life insurer, has announced plans to hire 3,000 people in the next two months. The bank has said that it has already started its hiring process. The total employee strength of ICICI Prudential Life stood at 25,000 at the end of March 2009.

Source: 13-05-09 www.rediff.com Compiled by Amresh Anjan

Wipro To Increase Its China Headcount To 3000

Wipro Ltd is looking to ramp up its China headcount ten-fold by 2010. Currently, the IT major has operations in Chengdu and Shanghai, where it employs 305 people. The ramp-up is targeted to take the company's headcount in China to over 3,000. Wipro is likely to open its third development centre in China in Nantong, a city near Shanghai. The centre is expected to be set up at a new technology park currently coming up in Nantong.

Source: 12-05-09 Business Standard Compiled by Amresh Anjan

US To Overhaul Compensation Practices In the Finance Sector

In United States, the Obama-led administration is looking to completely restructure compensation practices in the country's financial services industry. It is looking to move beyond banks to include more loosely regulated hedge funds and private equity firms. The policymakers are exploring ways to ensure that pay is more closely linked to performance. In the wake of the economic downturn, exorbitant compensation for top executives has come under severe disapproval from several quarters. Recently, the US administration imposed restriction on the pay structure for companies receiving funds from the government.

Source: 13-05-09 www.rediff.com Compiled by Amresh Anjan

ArcelorMittal Eliminating Nearly 1,000 Jobs At US Plant

ArcelorMittal, the world's largest steel maker, has decided to indefinitely lay off 978 workers at its Indiana Harbour West mill plant in July. The Luxembourg-based company owned by Indian steel czar Mr Lakshmi Mittal will idle iron-producing operations at Indiana Harbor West until market conditions improve. The company has said that it has already alerted the United Steelworkers (USW) and other stakeholders of these lay-offs.

Source: 14-05-09 in.news.yahoo.com Compiled by Amresh Anjan

Nike Cuts Down 5 Per Cent Of Global Jobs

Nike Inc, the world's largest maker of athletic shoes and apparel, has decided to retrench 5 per cent of its 35,000-strong global workforce, amounting to 1,750 jobs. This is the largest headcount reduction in the company's history. About 500 positions will be lost at Nike's Beaverton, Oregon, headquarters. Nike employs about 6,800 workers at its headquarters. Most of the layoffs would be completed over the coming weeks.

Source: 14-05-09 news.yahoo.com Compiled by Amresh Anjan

UK Jobless Total Touches 2.2 Million

According to the Office for National Statistics (ONS) in the UK, the number of jobless people in the country rose 244,000 to 2.22 million in the first three months of 2009. The unemployment rate rose from 6.7% to 7.1%. Unemployment benefit claimants in April rose 57,100 to 1.51 million. The quarterly rises in the jobless rate and number were the biggest since 1981.

Source: 12-05-09 news.bbc.co.uk Compiled by Amresh Anjan

Loss-Hit Daiichi Puts A Freeze On Bonus

Daiichi Sankyo Co. Ltd has decided to not pay any bonuses to executives for the fiscal year ended March. The company is reeling under losses after it acquired Ranbaxy Laboratories Ltd, India’s largest pharma firm by revenue. Daiichi Sankyo posted a net loss of 335.8 billion yen (Rs17.15 trillion) for the year to 31 March, compared with a profit of 97.6 billion yen in the previous fiscal year.

Source: 13-05-09 www.livemint.com Compiled by Amresh Anjan

JSW Cuts Nearly 50 Per Cents Jobs In US

Reeling under the global economic crisis, Mr Sajjan Jindal-led JSW Steel has reduced its workforce at its US steel mills almost by half to remain competitive in the current scenario. The mills altogether employed 950 workers in 2007. The mills, which can produce 1.2 million tonnes of plates and 0.5 million tonnes of pipes annually, are now running at only 10-15 per cent of their capacity.

Source: 14-05-09 www.sify.com Compiled by Amresh Anjan

BT Group To Shed 15,000 Jobs

After a 1.58 billion pound ($2.4 billion) write down and restructuring at its Global Services unit caused a fourth quarter loss, Britain's BT Group has cut its dividend and announced further 15,000 job cuts. BT has also decided to double its pension contributions to 525 million pounds ($794.1 million) a year for the next three financial years.

Source: 14-05-09 www.sify.com Compiled by Amresh Anjan

Cisco Appoints Mr B Raghavendaran As V-P

Cisco has appointed Mr B Raghavendaran as vice-president (channel operations & commercial strategy) of Cisco India and SAARC. In his new role, Mr Raghavendaran will be responsible for building and leading Cisco’s partner efforts in the region. He will also supervise reinforcing of Cisco’s presence in the commercial segment.

Source: 12-05-09 Financial Express Compiled by Amresh Anjan

BSE Gets New MD And CEO

The board of directors of Bombay Stock Exchange has appointed Mr Madhu Kannan as managing director and chief executive officer.

Source: 12-05-09 www.thehindu.com Compiled by Amresh Anjan

New MD & CEO For ICICI Prudential Life

ICICI Prudential Life has appointed Mr V. Vaidyanathan as managing director & chief executive officer of the company. He replaces Ms Shikha Sharma in this position. Prior to this, Mr. Vaidyanathan was executive director with ICICI Bank. He brings to the table nearly two decades of experience in the financial services domain.

Source: 12-05-09 www.thehindu.com Compiled by Amresh Anjan

GE Capital Appoints Mr Anish Shah

GE Capital has appointed Mr Anish Shah as presidents and chief executive officer of GE Capital in India. He will lead GE Capital’s consumer and commercial financial services in India, including strategic partnership.

Source: 14-05-09 Financial Express Compiled by Amresh Anjan

NDTV Convergence Appoints Mr Kawaljit Bedi

NDTV Convergence, the digital arm of NDTV Group, has appointed Mr Kawaljit Bedi as its chief technology officer. Prior to this, he was head of research and product development at NDTV Labs.

Source: 12-05-09 www.alootechie.com Compiled by Amresh Anjan

Mr Amit Koshal Joins MySpace India

MySpace has appointed Mr Amit Koshal as senior business development manager, mobile for India operations. Before joining MySpace India, Mr Koshal was head of business development for Asia Pacific and Latin America regions at ACL Wireless. Earlier, Mr Koshal has also worked at Reliance Big Entertainment's mobile gaming company - Jump Games. In his new role at MySpace, he will be responsible for spearheading the mobile strategy for MySpace India.

Source: 13-05-09 www.alootechie.com Compiled by Amresh Anjan

Economic Crisis Affecting Employee Health: Survey

2013-03-10T09:17:00.002-07:00

Salary Hikes In 2009: India On Top In Asia-Pacific Region
According to the Salary Trends survey by London-based research company ECA International, India will witness around 10.8 per cent salary hikes this year, the highest among nations in the Asia-Pacific region. This is attributed to the shortage of talent in the country. In the Asia-Pacific region, the average salary hikes will be at 4.8 per cent in 2009, a drop of 30 per cent from last year's 6.9 per cent increases. Thus, the global economic crisis has severely impacted overall wage increments in the region. Other than India, Vietnam (10.6 per cent) and Indonesia (9 per cent) would also see high salary hikes. The survey also shows that a quarter of the companies across the world, and 40 per cent in the United States and 50 per cent in Japan, are set to freeze salaries this year. Employees in Japan, Lithuania and Ireland will see the lowest pay rises. The survey was conducted across 53 countries.
Source: 07-04-09 www.sify.com Compiled by Amresh Anjan

Economic Crisis Affecting Employee Health: Survey
According to a study, Corporate Workforce: Chronic and Lifestyle Disease, released by the industry body Assocham, the global economic recession is taking a toll on the health of the employees in various sectors, especially the financial and IT sectors. The pressure of saving jobs is leading to diseases like spondylitis and obesity in employees. The study revealed that 54 per cent of the workforce in IT/ITeS sector was found to be afflicted with diseases such as depression, severe headache, obesity, spondylitis and hypertension. In the financial services sector, 47 per cent of employees are suffering from fatigue, diabetes and cardiovascular diseases. In the media sector, 51 per cent of the respondents suffered depression and high blood pressure. Also, 27 per cent of the telecom sector employees are suffering from chronic diseases. In sectors like education, FMCG and textiles, a lesser percentage of employees were found suffering from severe health problems.
Source: 07-04-09 www.rediff.com Compiled by Amresh Anjan

Small Companies Hiring IIM Managers
The global recession has come like a blessing in disguise for numerous small and medium firms, which can now afford to hire managers from top business schools at reasonable salaries. Graduates from the country's top business schools like the Indian Institute of Management (IIM) can now be hired at much lower salary packages than what they used to get when the world economies were booming. There has been more than 30 per cent dip in the average salary offered to fresh IIM graduates. At IIM-A, average domestic salary offered this year has come down to Rs 12.17 lakhs from previous year's Rs 18.75 lakhs.
Source: 08-04-09 www.rediff.com Compiled by Amresh Anjan

Textile Industry Beseeches Help To Prevent 1 mn Job Losses
The crisis-hit Indian textile industry has sought immediate government measures to help it save one million jobs and create additional 2.5 million jobs in the sector. It has asked Prime Minister Dr Manhoman Singh for a moratorium on loan repayment. It has also demanded increased tax refunds on exports, scrapping of import duty on man-made fibres and interest subsidy of four per cent on export finance. The textile sector is the largest employer after agriculture.
Source: 08-04-09 Hindustan Times Business Compiled by Amresh Anjan

Talent Crunch In The Insurance Sector
As per a report by the Rakesh Mohan Committee on Financial Sector Assessment, there is a lack of adequate specialized skilled professionals in the insurance sector. The crunch is especially felt in the areas of treasury management and actuarial and underwriting skills in non-traditional areas.
Source: 08-04-09 Hindustan Times Business Compiled by Amresh Anjan

Not All PSU Employees To Get Salary Hikes
More than 30 per cent of central public sector undertakings (CPSUs) would not be able to implement the revised pay guidelines for their employees. Loss-making PSUs will not be allowed to hike salaries of employees at all. Thus, only profit-making enterprises will be rewarded with more salary and wages. Some of the big PSUs in the red include Air India, National Textile Corporation, Eastern Coalfields, Hindustan Cables, ITI and HMT Watches. Also, those PSUs which have a large number of employees may not be able to pass pay benefits to employees as additional salary outgo may lead to over 20 per cent dip in profits. Big public firms such as Coal India (over 4.13 lakh employees) would have to mull over its accounts before offering any hikes to its employees.
Source: 07-04-09 Indian Express Compiled by Amresh Anjan

Retirement Benefits Of 32% Staff Of Top Firms Unfunded
According to advisory firm Watson Wyatt's annual study of employee benefits disclosures in India, 32 per cent of superannuation benefits of top 100 listed companies are unfunded. The study covered 93 companies (89 companies from the BSE 100 in addition to 4 banks) with a total Defined Benefit liability of Rs 76,350 crore (Rs 763.5 billion) and a total asset value of Rs 51,690 crore (Rs 516.9 billion). The report said that when the employee benefit liabilities of the companies are unfunded, they resort to their operating cash flows for meeting the ongoing benefit obligations and this could lead to a significant impact on a company’s cash flow if it is looking to restructure its workforce. A sector-wise analysis showed that on an average, pharmaceutical, auto and the software sector firms operate smaller benefit plans, while, those in the telecom sector and the oil and gas sector operate much larger benefit plans.
Source: 08-04-09 www.rediff.com Compiled by Amresh Anjan

Sallie Mae To Roll back Overseas Jobs Affecting India
Sallie Mae, the US-based company which gives education loans, is moving back around 2,000 overseas jobs, including those from India, Mexico and Philippines. These are mainly call centres, information technology and operation support positions. The company will relocate those jobs to the US even if it means an additional financial burden on the company because of higher labour expenses.
Source: 07-04-09 www.rediff.com Compiled by Amresh Anjan

Unilever Hired 40 Executives From Indian Arm In 2008
FMCG major Hindustan Unilever (HUL) has said that its 40 executives of managerial rank were hired by its parent company Unilever last year to serve globally. Currently, over 140 HUL managers, or about 10 per cent of its total managerial strength, serve Unilever’s operations worldwide. In 2004, HUL had sent ten managers from HUL to Unilever, 18 in 2005, 31 in 2006, 28 in 2007 and about 40 in 2008. The company has not divulged details of its plans for 2009.
Source: 07-04-09 www.thehindu.com Compiled by Amresh Anjan

French Firm Mazars To Hire 2,000 People In India
Amidst job losses and freezing recruitment, France-based global audit and advisory firm Mazars is set to recruit about 2,000 people in India in the next two years. The firm, which entered the Indian market only two years ago, has only 400 people on board currently. Worldwide, Mazars has 10,500 people on its rolls. The audit firm is looking to tap opportunities in potential cities like Hyderabad, Chennai, Chennai and Chandigarh.
Source: 08-04-09 Hindustan Times Business Compiled by Amresh Anjan

IOL Chemicals To Add 400 Staff
Ludhiana-based IOL Chemicals and Pharmaceuticals Limited has announced plans to add 400 more employees to its existing workforce taking the total number of employees to 1300 by this year end. The new workforce will mainly be responsible for the company's proposed expansion plans with an outlay of Rs 216 crore (Rs 2.16 billion), which would include capacity expansion for its various product lines, forward integration in the chemical and backward integration in the pharmaceutical divisions to produce raw materials for its flagship product Ibuprofen, besides increasing its cogeneration of power.
Source: 10-04-09 Business Standard Compiled by Amresh Anjan

Andhra Bank To Recruit 1,000 Personnel
India’s banking industry continues to create more jobs despite a gloomy scenario worldwide. Andhra Bank has announced plans to hire over 1,000 personnel in supervisory and clerical positions, including 100 marketing staff on contract. Last year, the bank had recruited over 900 officers and clerks. The bank is in an expansion mode and will open 110 new branches before June this year.
Source: 07-04-09 www.sify.com Compiled by Amresh Anjan

Major Victory For Indian Migrant Professionals In The UK
After a significant High Court ruling in the UK, nearly 10,000 Indian and non-EU professionals can claim compensation for the hardship caused to them by the changes to immigration rules announced in 2006 by the Home Office. The Home Office had extended the number of years required for indefinite stay in Britain from four to five and applied the rule on even those immigrants who entered the UK under the previous law. The court has now ruled that the government has to honour its original commitments to participants under the Highly Skilled Migrant Programme. The ruling also paves the way for affected professionals to claim relief for the inconvenience caused.
Source: 07-04-09 Indian Express Compiled by Amresh Anjan

Job Losses Announced Worldwide
Even as the global economic slowdown shows no sign of easing up, companies across the world are shedding jobs to remain in business. The Walt Disney Co. has slashed 1,900 positions at its U.S. theme parks, representing about 11 per cent of salaried employees in the division. US-based Nationwide Mutual Insurance Co. has laid off 480 employees and contractors across the country. Mining giant Rio Tinto will axe about 700 jobs in its Australian mines and scale back production.
Source: 05-04-09 www.sify.com, news.bbc.co.uk Compiled by Amresh Anjan

800 Jobs To Be Created By Tesco
Tesco is creating over 800 new jobs at its first purpose-built distribution centre in Middlesbrough in the UK. The £130m Teesport facility to open in August is set to replace Tesco's current non-food distribution centre in Coventry. These jobs are a part of the 10,000 positions the company announced it was creating in January.
Source: 06-04-09 news.bbc.co.uk Compiled by Amresh Anjan

Average CEO Pay In US Dropped By 6.8% In 2008
2008 has been a hard year for chief executives in the US with many CEOs getting the boot. Now, a study by executive compensation research firm Equilar has said that the average pay of a chief executive at a US American company fell by 6.8 per cent in 2008, as financial meltdown forced steep cuts in bonuses. In 2008, the average cash bonus payouts for chief executives dropped by 20.6 per cent. The study includes data for 208 S&P 500 CEOs at companies whose financial years ended between June 2008 and January 2009 and whose chief executives held office for at least two fiscals. S&P 500 CEOs took home an average salary package of $8,446,935 last year. In 2007, the median salary stood at $9,061,057. In 2008, these CEOs received a cash bonus of USD 1,473,520, a 20.6 per cent reduction as compared to the same period a year ago. The median cash bonus paid was $1,855,989 in 2007.
Source: 08-04-09 www.rediff.com Compiled by Amresh Anjan

Royal Bank Of Scotland To Slash 9,000 Jobs
In a bid to cut costs, British banking major Royal Bank of Scotland has announced plans to eliminate as many as 9,000 jobs globally over the next two years, including 4,500 positions in the UK. The move would mainly affect the bank's group manufacturing roles, which consists mainly of back office operations. This could lead to job losses in India as well.
Source: 07-04-09 www.rediff.com Compiled by Amresh Anjan

STAR India Hires Mr Sanjay Gupta as COO
STAR India has hired Bharti Airtel’s Mr Sanjay Gupta as the Chief Operating Officer. Mr Gupta would be based in Mumbai. The incumbent COO of the company Mr Jagdish Kumar has been moved to the south to head the recently created joint venture between STAR India and the Jupiter Group, STAR Jupiter.
Source: 07-04-09 www.exchange4media.com Compiled by Amresh Anjan

Sonata SAP Business Hires New Head
Sonata Software has appointed Mr Ramachandra Subramanyam as head of its SAP business. Mr. Subramanyam will be responsible for SAP enabled business transformation programmes for Sonata’s customers.
Source: 07-04-09 www.thehindu.com Compiled by Amresh Anjan

New Head At Standard Chartered Private Bank
Standard Chartered Bank has appointed Ms Soumya Rajan as Head, Private Bank, India. Ms. Soumya was earlier Chief Operating Officer of the Private Bank. The Standard Chartered Private Bank works with clients and their families to understand financial goals and fundamental beliefs and values.
Source: 08-04-09 www.thehindu.com Compiled by Amresh Anjan

Reliance Consumer Finance Gets A New CEO
ADAG-owned Reliance Consumer Finance has elevated its Deputy CEO Mr K. V. Srinivasan as the new chief executive officer of the company. In his new role, Mr. Srinivasan would oversee both consumer and home finance businesses of the company.
Source: 09-04-09 www.thehindu.com Compiled by Amresh Anjan

New COO At Huawei Tech India
Huawei Technologies India Pvt Ltd ha appointed Mr Justin Chen as the new chief operating officer (COO). In his role as the COO of Huawei’s India R&D centre, Mr Justin Chen would be responsible to deliver the company’s vision and develop its long-term investment and strategic plan for India.
Source: 10-04-09 Financial Express Compiled by Amresh Anjan

GoAir CEO Quits
The Wadia-group promoted private carrier GoAir's chief executive officer (CEO) Mr Edgardo Badiali has put in his papers. He was hired as GoAir CEO in January 2008, shifting from Italian low-cost carrier My Air. Last month Go Air’s chief financial officer Mr G P Gupta quit the airline to join rival low-cost carrier SpiceJet.
Source: 06-04-09 www.rediff.com Compiled by Amresh Anjan

CEO At ING Vysya Bank Steps Down
Mr Vaughn Richtor, CEO of ING Vysya Bank has stepped down from his position as his three-year tenure and a two-month extension period came to an end. Current chief financial officer Mr Jayant Mehrota will be the interim in-charge till a new CEO is appointed.
Source: 06-04-09 www.livemint.com Compiled by Amresh Anjan

New Leader At Deloitte Financial Advisory
Deloitte has appointed Mr Avinash Gupta as the national leader for financial advisory practice comprising corporate finance, forensic, dispute, transaction and re-organisation services. Prior to this, Mr Gupta has served HSBC Investment Bank for over ten years.
Source: 09-04-09 www.thehindu.com

Pension Scheme For Private Sector Employees Deferred

2013-03-10T09:16:00.001-07:00

Bonus Bonanza For IBM Staff
At a time when firms across the globe are laying off employees, IBM is offering hefty bonuses to its employees this year. For some employees, the bonus will be more than the monthly salary. It will be given with salaries at month-end. The bonus has two components — one linked to an employee’s performance; the other to profits earned. Riding on a consistent performance over the last few quarters, IBM was prompted to announce this hefty bonus. While entry and mid-level developers will get a bonus of Rs 12,000-15,000 this year, managers at junior levels are set to get over Rs 1 lakh.
Source: 20-03-09 Telegraph Compiled by Amresh Anjan

Infosys To Deploy 10,000 Employees On Internal Projects
In the wake of dropping business, Infosys Technologies Ltd would utilize about 10% of its 100,000 employees on internal projects. These employees would work on projects such as writing programming code for human resource systems, invoicing systems, inter-departmental communication systems and training curriculum, among others. People who have about a year’s experience in the field would be used on these projects while the more seasoned hands will be employed developing intellectual property. Infosys says the primary objective of the initiative is to keep the employees’ programming skills sharp.
Source: 19-03-09 www.livemint.com Compiled by Amresh Anjan

In India, RBS Will Retain 8,000 Employees
The Royal Bank of Scotland (RBS), operating in India under the ABN Amro brand, would retain a few branches in India after the sale of its retail and SME banking business. Consequently, it will retain around 8,000 employees in India. Currently, the bank employs around 10,000 employees in India, with 7,500 in Aces, its business process outsourcing unit and product development centre, while another 500 are in the non-retail banking units, who would be retained.
Source: 20-03-09 www.business-standard.com Compiled by Amresh Anjan

IIM Indore Sees 21% Dip In Salaries
It is tough time for MBA graduates even from elite B-schools of India as was evident from the fact that salaries for the 2009 batch of the Indian Institute of Management, (IIM) Indore dipped by 21 per cent. The institute said that its batch of 175 students averaged an annual salary offer of Rs10.29 lakh, a 21% dip from the Rs13.07 lakh average offer last year. This year, the B-school had 126 recruiters on campus, 71 of them first-time ones. Virgin Mobile, Manipal Group, Punj Lloyd and Jindal Steel were among the new recruiters at IIM Indore.
Source: 16-03-09 www.livemint.com Compiled by Amresh Anjan

Pension Scheme For Private Sector Employees Deferred
In the wake of the upcoming elections, the Pension Funds Regulatory Development Authority (PFRDA) has deferred the implementation of a new pension scheme for employees in the private sector, which would allow limited investment in stock markets. The scheme was scheduled to be launched on April 1. As per the model code of conduct for elections, it was not possible for the regulatory body to continue its information campaign about the new pension system.
Source: 18-03-09 www.telegrapgindia.com Compiled by Amresh Anjan

ANZ Denies Shifting Australian Jobs To India
Australian ANZ Bank has denied reports that it is shifting 500 jobs to India. The firm will also not make any substantial cut in employment in 2009, including jobs in Australia. Last week, there were reports that ANZ was offshoring its back-office operations in Melbourne to India by the end of the year. The bank has further said that the nature of some people's jobs may change and they may be redeployed within the group. In India, ANZ employs 3,000 people at its technology centre in Bangalore.
Source: 19-03-09 www.rediff.com Compiled by Amresh Anjan

US Workers On Unemployment Benefits At A Record High
As the US economy battles a severe recession and new jobs are becoming hard to come by, the number of US workers drawing state unemployment benefits touched another record high early this month. As per the figures issued by the Labor Department, the number of people staying on state benefits increased by 185,000 to 5.47 million in the week ended March 7. However, the number of people filing new claims for jobless benefits fell to a seasonally adjusted 646,000 in the week ended March 14.
Source: 19-03-09 www.sify.com Compiled by Amresh Anjan

Return Bonuses: AIG Chief To Staff
Following sharp criticism from taxpayers and federal officials, insurance giant American International Group's chairman and chief executive Mr Edward Liddy has urged its employees to return at least half of the bonuses that were paid to them recently. Those who received retention payments of $100,000 or more have been asked to return at least half of those payments. Some of employees have already offered to give up 100 per cent of their payments.
Source: 19-03-09 www.rediff.com Compiled by Amresh Anjan

Toyota To Reduce Its Hiring Of New Graduates By Half
Come 2009 and Toyota Motor Corp will nearly halve its hiring of new graduates. This will be the lowest level in more than a decade as the auto giant copes with dropping global demand for cars by cutting costs. Toyota is headed for a record loss in the year ending on 31 March and is looking to slash fixed costs including labour but without forcing job cuts. The firm plans to hire 1,400 new graduates in the coming financial year down from an estimated 2,733 in the current year. In the US, Toyota has introduced a work-sharing programme and offered early retirement for those who leave instead of joining the programme.
Source: 19-03-09 www.livemint.com Compiled by Amresh Anjan

Nokia to Slash Another 1,700 Jobs Globally
As part of its cost-cutting measures, Nokia, the world’s leading mobile phone maker, has announced another 1,700 job cuts worldwide. Nokia is looking to slash costs by around €700 million euros ($909 million) or more over the next couple of years.
Source: 17-03-09 news.bbc.co.uk Compiled by Amresh Anjan

Standard Chartered Not To Cut Jobs
Despite financial institutes across the globe cutting jobs to control costs, UK bank Standard Chartered Plc has announced that it has no plans to axe jobs but warned that 2009 would be a challenging year. Other major lenders such as UBS, JPMorgan Chase & Co and HSBC have either already cut jobs or have announced plans to do so in a bid to survive the current economic downturn.
Source: 17-03-09 www.livemint.com Compiled by Amresh Anjan

More Firms Announce Job Cuts
As firms across the globe adopt measures to reduce costs, job losses worldwide are piling up. Graco Inc has announced that it will cut an additional 180 jobs, or 8 per cent of its global work force, as it is witnessing a drop in demand for its fluid handling systems and components. The loss-making General Motors unit Saab in Sweden is laying off 750 employees. Eastman Chemical Co is cutting up to 300 jobs and reducing salaries in an effort to trim costs. German industrial conglomerate ThyssenKrupp will axe more than 3,000 jobs or about 1.5 percent of its total staff.
Source: 18-03-09 www.sify.com Compiled by Amresh Anjan

Survey Indicates Most Europeans Want Jobless Migrants To Leave
According to a Financial Times/ Harris poll, majority of people in the five largest member-states of the European Union want jobless immigrants to leave their countries. As the continent faces it worst recession since 1945, there is growing xenophobia among people. 79 per cent of Italians, 78 per cent of Britons, 71 per cent of Spaniards, 67 per cent of Germans and 51 per cent of French have voted in favour of proposals to ask jobless immigrants to leave their countries. 54 per cent Britons opposed the idea of citizens of other EU countries obtaining work in the UK. The poll was conducted among a total of 6,538 adults in France, Germany, Italy, Spain, the UK and the US.
Source: 17-03-09 www.rediff.com Compiled by Amresh Anjan

France Enticing Foreign Skilled Workers
The Immigration Department of France has framed a new policy to woo skilled workers into the country. Three new types of work and residence permits have been introduced. The new skills and talents permit will allow the holder to engage in a salaried or business activity in the country. Intra-company transfer will allow workers expatriated by their company to work for a French subsidiary or be re-assigned within the same group. Another policy for students would allow them to gain professional experience after completion of studies in France.
Source: 19-03-09 Hindustan Times Compiled by Amresh Anjan

Australia To Reduce Skilled Immigration Intake By 14%
The Immigration and Citizenship Department of Australia has said that it will reduce its skilled migration intake by 14% this year. This is being done to stem competition for local jobs. As per the new policy, the skilled migration programme intake will be cut from 133,500 to 115,000, with jobs in the construction industry largely hit.
Source: 16-03-09 www.livemint.com Compiled by Amresh Anjan

UK Unemployment Rate Highest In 12 Years
According to Office for national Statistics, the jobless rate in United Kingdom rose to 6.5 per cent in the three months ending January. The figure is highest in 12 years as more than two million people go jobless across the country. The unemployment rate was 6.3 per cent for the three months ending in December.
Source: 19-03-09 Hindustan Times Business Compiled by Amresh Anjan

Workers at French Sony Plant Release Locked Up Managers
Workers at a Sony plant at Pontonx-sur-l’Adour in southwestern France detained the chief executive Mr Serge Foucher and several other Sony executives on Thursday night to demand better layoff terms when their factory closes in April. The managers were released mid-morning after workers obtained guarantees of a new round of negotiations.
Source: 14-03-09 Business Standard Compiled by Amresh Anjan

No Ageism In S Korean Job Market
As per a new law in South Korea, age discrimination against jobseekers has been banned. Any company found guilty of ageist recruitment policies will be fined up to 321,000 dollars, says the National Human Rights Commission of the country. Noticeably, South Korea is one of the world’s fastest ageing societies.
Source: 17-03-09 Hindustan Times Compiled by Amresh Anjan

Chief Economist At Citigroup Quits
Citigroup chief economist Mr Lewis Alexander is leaving the troubled financial services firm to join the US Treasury Department where he will work on domestic financial issues. Mr Alexander has been with Citigroup since 1999. Prior to that, he worked at the Federal Reserve.
Source: 18-03-09 www.rediff.com Compiled by Amresh Anjan

New President At Hitachi
Japanese high-tech giant Hitachi has named Mr Takashi Kawamura as its new President, Chief Executive and Chairman. Currently, he heads two of its subsidiaries.
Source: 17-03-09 www.thehindu.com Compiled by Amresh Anjan

Toshiba To Name Mr Sasaki As New CEO
As the Japanese electronics conglomerate Toshiba Corp heads for a record annual loss, it is seeking shareholder approval to appoint vice president Mr Norio Sasaki as its new chief executive in June. Post the reshuffle, current chief executive Mr Atsutoshi Nishida will become chairman, and chairman Mr Tadashi Okamura will become an adviser. 59-year old Mr Sasaki has a long background in Toshiba’s nuclear power business. He also led Toshiba’s purchase of US nuclear power firm Westinghouse in 2006.
Source: 18-03-09 www.livemint.com Compiled by Amresh Anjan

V M Kaul Appointed Director (Personnel), Powergrid
Mr V M Kaul has been appointed Director (Personnel), Power Grid Corporation of India Limited. Prior to this, he was working as Executive Director (Corporate Planning). He possesses 35 years of multi-disciplinary experience of working in Human Resources, Business Development and Joint Ventures and has worked in NTPC and EIL before Powergrid.
Source: 19-03-09 Hindustan Times Business Compiled by Amresh Anjan

Standard Chartered Appoints Mr Sreeram Iyer As COO
Standard Chartered Bank has appointed Mr Sreeram Iyer as Chief Operating Officer for its India operations. In his new role, Mr Iyer will oversee critical operational functions and report to Mr Neeraj Swaroop, Regional Chief Executive, India and South Asia. Earlier, he was the Global Programme Director for the integration of the erstwhile American Express Bank's consumer banking business with Standard Chartered in Singapore.
Source: 16-03-09 www.zeenews.com

India Better Than Other Nations In Terms Of Employment Outlook
As per the latest survey on hiring trends by Manpower, India fares better than other nations, particularly the developed countries, in terms of employment outlook despite the global economic slowdown. Indian employers have positive plans for the next fiscal thus making it the most optimistic economy for hiring. The survey reports that 25 per cent of employers in India have positive hiring plans for April-June 2009, though a majority of big companies have adopted a wait-and-watch policy. However, for January-March 2009, India reported the worst-ever net employment outlook of 19 per cent. The survey was conducted across 3,600 employers across seven industry sectors. Globally, employers in Singapore, New Zealand and Taiwan expect the deepest cuts in their payrolls.
Source: 12-03-09 www.thehindu.com Compiled by Amresh Anjan

More IIT, IIM Pass Outs Accepting PSU Jobs
With revised pay structure and a proposed 50 to 60% increase in salaries of PSU employees, PSU jobs have become more attractive for young graduates from the prestigious IITs and IIMs. Public sector undertakings are back in the spotlight as preferred job destination for young aspirants at a time when the private sector, reeling under the heat of the global financial meltdown, is cutting salaries and reducing jobs. This was evident from the fact that Bharat Heavy Electricals Ltd (Bhel) has been invited for campus placement by the Indian Institutes of Management (IIMs) after a gap of almost a decade. The company has already picked up 400 engineers from different IITs through campus placement.
Source: 08-03-09 www.livemint.com Compiled by Amresh Anjan

Headhunters Look For Laid Off People At A Bargain
Companies looking for the right people within a budget are now looking to hire those who have been laid off as they can be hired for lower wages and are immediately available for work. Select hiring is still happening at companies in the retail, construction and IT sectors and people who have lost their jobs are being increasingly considered for these positions. However, companies are still putting importance on reference checks to be sure of hiring the right people. Meanwhile, industry veterans have warned that hiring laid-off workers at lower salaries may boomerang when the market revives.
Source: 07-03-09 Hindustan Times Business Compiled by Amresh Anjan

Kerala Housewives Demand Pay For Looking After Families
Housewives in Kerala are peeved that they are paid no remuneration for going through the daily grind of looking after their children and families. Thus, they have formed a trade union now demanding that the government pay them a fixed salary and old-age pension for their services. The union would also work against the concept of polygamy and divorce. Citing the Venezuelan model where housewives are given minimum wages and social security, the union has pointed out that housewives spend at least 273 minutes a day looking after their children and they deserve being paid for it.
Source: 08-03-09 www.rediff.com Compiled by Amresh Anjan

Companies To Turn To Flexible Employee Benefits
A survey by global HR consultancy Mercer says that companies may soon be looking at offering flexible benefit programmes to employees, among other measures, for managing costs and attracting the right talent. In emerging markets like India, China and Vietnam, flexible benefits programmes that allow employees to choose a mix of health insurance and other benefits as per their needs have been gaining importance, reports the Marsh/Mercer Indian Flexible Benefits Survey 2008. Nearly 48 per cent employers surveyed are upbeat about flexible benefits and most of them want to implement it within the next one or two years. Also, 73 per cent of the respondents want their employee benefit programmes to be more relevant to employees' needs and give choice to staff.
Source: 09-03-09 www.rediff.com Compiled by Amresh Anjan

Women Stare at Glass Ceiling As Men Rule Board Rooms
A study by Grant Thorton has shown that globally there has been no change in the average presence of women in senior management roles since 2007. Only 24% of senior positions are occupied by women currently, a figure identical to 2007. 34% of privately owned businesses have all-men senior management. In Philippines, 47% of senior positions are held by women, the highest percentage across the world, followed by Russia (42%) and Thailand (38%). India ranks poorly in the bottom five globally as its percentage share of women in senior management stood at 15% in 2008. Japan is at the bottom most with only 7% senior management positions being held by women.
Source: 07-03-09 Hindustan Times Business Compiled by Amresh Anjan

TCS Freezes Hiring Of Experienced Professionals; Asks 1,300 To Leave
Tata Consultancy Services (TCS) has put a freeze on the recruitment of experienced professionals unless they are approved by the respective business heads for project-specific skills. The biggest Indian IT major has decided to re-train its experienced professionals within the company to take on these roles. Also, the company has asked the operating units to raise the performance bar and utilise resources in the most effective manner. Promotions for the current fiscal year have also been deferred. All these measures are being deployed to ensure that the company is well-braced to deal with the sharp decline in global economic activity. Meanwhile, around 1,300 employees of Tata Consultancy Services have been asked to resign following a routine bi-annual performance appraisal owing to poor performance.
Source: 11-03-09 www.thehindu.com Compiled by Amresh Anjan

Private Airlines Seek Cuts In Pilots’ Salaries
The booming aviation industry of a year ago is in a beleaguered state today and looking at measures to cut costs and stay in the skies. Troubled domestic airlines are looking at paring the salaries of pilots and engineers to rein in spiraling costs. Some airlines have already begun negotiating with pilots and engineers to lower their wages by 20-25%. However, National Aviation Co. of India Ltd, or Nacil, that runs Air India, has given a marginal raise to its pilots following the Sixth Pay Commission recommendations. Kingfisher Airlines Ltd was the first to cut pilots’ salaries by around 15-20%in January. Kingfisher Airlines is also phasing out expatriate pilots and engineers to cut costs. Jet Airways had earlier asked pilots and engineers to accept pay cuts but the proposal was withdrawn in the face of stiff resistance from pilots. Meanwhile this has led to some West Asian carriers poaching Indian pilots and engineers. Qatar Airways, Oman Air SAOC, Emirate Airlines, Etihad Airways and Air Arabia PJSC are aggressively hiring pilots and engineers in India.
Source: 08-03-09 www.livemint.com Compiled by Amresh Anjan

Infosys To Honour All Offer Letters
Despite going slow on hiring due to slowing business, software giant Infosys Technologies has announced that it would employ all those candidates to whom job offer letters have already been sent. Infosys, one of the biggest employers in the country, has put all general hiring in the company on hold as global economic slowdown cast its shadow on company’s business. Although the company has not quoted any numbers, it is believed that Infosys had made offers to 18,000 students of the 2009-10 batch from different campuses. These students will join the company in July.
Source: 13-03-09 www.livemint.com Compiled by Amresh Anjan

Leyland Increases Number Of Working Days
Ashok Leyland, the flagship company of the Hinduja Group, has raised the number of working days at its manufacturing units from three to five. In the wake of dropping demand, the number of working days in a week was reduced from seven to three at its all six manufacturing units in November 2008. Now, the working days have been increased again after the company reported a 33 per cent increase in sales in February. Its sales in February stood at 3,245 units compared to 2,444 in January.
Source: 12-03-09 Business Standard Compiled by Amresh Anjan

2,000 Officers To Be Hired At IDBI BAnk
IDBI Bank is in the process of hiring 2,000 supervisory officers in the next six months as the state-owned bank is expanding its branch network. The bank has obtained the licence from the Reserve Bank of India to add 200 branches by March 2009. This will take the total number of branches to 700.
Source: 12-03-09 Business Standard Compiled by Amresh Anjan

Mercedes-Benz India To Increase R&D Headcount
Mercedes-Benz India plans to raise its headcount by up to four times at the research and development centre in Bangalore in the next few years. The luxury car maker will invest Rs 150 crore (Rs 1.5 billion) together with its partners for expanding its distribution network in the country. Currently, there are 200-220 engineers working at its Bangalore R&D centre and this number will be raised to between 500 and 1,000 in the next few years.
Source: 09-03-09 Business Standard Compiled by Amresh Anjan

CEO Turnover At an All Time High
Recession and economic slowdown has led to much higher CEO movements in companies than ever before, as indicated by figures kept by recruiting firm Challenger & Gray. Last year, 1,484 US CEOs resigned, stepped down or were fired from the top post. The number comes down to six casualties per business day. As investors grew restive over dwindling share values, the axe was sharpened against the CEOs and resignation outpaced retirement as the leading reason for departure. CEOs at Carrefour, Lenovo, AIG, Merrill, UBS, among others saw the exit route last year. This has also led to executive recruitment firms providing temping service of CEOs, CFOs, chief marketing, human resources and information officers for short-term assignments.
Source: 07-03-09 Hindustan Times Business Compiled by Amresh Anjan

Bank Of America Withdraws Job Offers To Foreign MBAs
Bank of America has become the first US bank to repeal job offers made to foreign MBA students graduating from US business schools this summer. The bank has cited clauses laid out in its bail-out deal as the reason. The $787bn stimulus bill prevents financial institutions that have been bailed out by the government from applying for H1-B visas for highly skilled immigrants if they have made US workers redundant. The number of international students to be affected by this move of the bank is thought to be no more than 50 but business schools are concerned that other banks could follow suit.
Source: 10-03-09 www.financialtimes.com Compiled by Amresh Anjan

10% UK Firms Resorting To Pay Freezes
Nearly ten per cent UK companies are freezing salaries for their employees in an attempt to control costs during the ongoing recession. Incomes Data Services (IDS) reports that firms are also delaying decisions on wages. However, average pay is still increasing, but at a slower rate. Employers reducing the work hours of staff - and as a result their pay - has become an increasingly common feature of the recession as companies look to rein in costs while retaining skilled and experienced staff within the firm.
Source: 13-03-09 news.bbc.co.uk Compiled by Amresh Anjan

Australia Unemployment Rate At Four-Year High
According to official figures, Australia’s jobless rate hit a four-year high of 5.2% in February, its highest level since September 2004, with the number of full-time jobs down 53,800 and part-time jobs up 55,600. The Australian government has already pressed a 42 billion Australian dollar ($27.3 billion) stimulus package to help contain the effects of the global financial crisis.
Source: 12-03-09 www.livemint.com Compiled by Amresh Anjan

US Jobless Rate Touches 8.1%, Highest Since 1983
The US unemployment rate reached 8.1 per cent in February as recession-stricken employers slashed 6,51,000 jobs amid deepening economic turmoil. The figure is the highest since late 1983.
Source: 07-03-09 Hindustan Times Business Compiled by Amresh Anjan

Nissan Restructures Top Management In India
In a rejig of top brass in India, Nissan Motor Company appointed Mr Akira Sakurai as the managing director and CEO of Renault Nissan Automotive India Pvt Ltd (RNAIPL). Mr Sakurai is currently the general manager of the vehicle production engineering division. Also, Mr Kiminobu Tokuyama, current managing director and COO of NMIPL, has been appointed to the position of managing director and CEO of the company. Besides, Mr Shohei Kimura, current CEO of Nissan Motor India Private Limited (NMIPL) and Managing Director and CEO of RNAIPL will return to Nissan in Japan in capacity of corporate vice-president, new vehicle production development division.
Source: 13-03-09 www.rediff.com Compiled by Amresh Anjan

New Vice Chairman At Credit Suisse
Zurich-based Credit Suisse has appointed former US ambassador to India Mr David Mulford as its vice-chairman international. In his new role, Mr Mulford will focus on government as well as corporate clients across the globe. Mr Mulford has served a five-year term as the US ambassador to India. He has also served the US government as under secretary and assistant secretary of the US Treasury for International Affairs from 1984 to 1992.
Source: 12-03-09 www.rediff.com Compiled by Amresh Anjan

Bharti Airtel Restructures Top Brass
In a major rejig at the top management level, Bharti Airtel has announced that Mr Manoj Kohli, CEO and Joint Managing Director, will now focus more on strategy development, governance and organisation development. Mr Sanjay Kapoor has been promoted from President-Mobile Services to a newly-created position of Deputy CEO, who will now lead the Mobile, Telemedia and DTH businesses. Mr Atul Bindal will replace him as President-Mobile Services, while Mr K. Srinivas, who was Executive Director (East) Mobile Services and in-charge of Sri Lanka operations, will take over as Joint President of Telemedia Services. Mr David Nishball will continue as President-Enterprise Services.
Source: 13-03-09 www.thehindu.com Compiled by Amresh Anjan

American Megatrends Appoints New Director & CEO
Mr Sridharan Mani has been appointed as director and Chief Executive Officer for India operations of American Megatrends India Private Limited, a wholly-owned subsidiary of American Megatrends of the U.S.
Source: 13-03-09 www.thehindu.com Compiled by Amresh Anjan

Key Promotions At Timex
Timex Group India Ltd (TGIL) has promoted two of its key senior members. Newly-appointed Timex India president Mr G Kannan has been promoted to become the managing director. The erstwhile managing director Mr Kapil Kapoor has moved up as vice-chairman.
Source: 13-03-09 Business India Compiled by Amresh Anjan

Companies Extending Terms of Honchos
HDFC has extended the term of its chairman Mr Deepak Parekh, who was supposed to retire on March 01, 2009, till December 2009. Similarly, Anbuja Cement has extended the term of its managing director Mr A L Kapoor by one year from 30 April 2009 to April 2010.
Source: 13-03-09 Business India Compiled by Amresh Anjan

Coca-Cola India Hires Ms Sangeeta Pendurkas As VP
Coca-Cola India has hired Ms Sangeeta Pendurkas as vice-president (strategy). In her new role, she will lead the company’s strategic planning initiatives in India and will also spearhead the international business. Earlier, she worked with HSBC Bank, Middle East as chief marketing officer.
Source: 13-03-09 Business India Compiled by Amresh Anjan

Suzlon Energy Names New CFO
Suzlon Energy has appointed Mr Robin Banerjee as its new Chief Financial Officer (CFO) with immediate effect. Prior to this, Mr. Banerjee has held senior leadership positions with responsibilities across global strategy, mergers and acquisitions, finance and treasury across industries such as FMCG, steel, auto components and travel.
Source: 14-03-09 www.thehindu.com

Indian Companies Remain Optimistic On Base Salary In '09

2013-03-10T09:15:00.000-07:00

Naukri JobSpeak Reports A Stable Job Scenario In January
Naukri JobSpeak, the monthly Job Index by Naukri.com, reports that overall the Job Index inched up from 697 in December 2008 to 738 in January 2009, an increase of 5% in new jobs. Overall, this implies a 26.2% decline in new jobs since July 2008. Bangalore saw an increase in new jobs by 18% in January 2009 as compared to December 2008. The job index for ITes and BPO industry moved up by 28% in Jan 2009. Functional areas/sectors such as teaching and hospitality inched up above the July 2008 levels indicating a more robust job scenario in these sectors.
Source: 19-02-09 Naukri.com Compiled by Amresh Anjan

Hewitt Predicts Single-Digit Salary Hikes In India
A survey conducted by HR consultants Hewitt Associates has indicated that India Inc will see only single-digit salary increases for the first time in six years and the salary increase projections may fall even further in the coming months. Salary increase projections for 2009 in India dipped to 8.2 per cent from an actual increase of 13.3 per cent in 2008. However, the silver lining is that these are still the highest in the Asia-Pacific and among the highest globally. Also, amidst massive layoffs worldwide, less than 16 per cent of companies in India are considering retrenchment. More than 60 per cent of companies in India are still hiring, and nine out of every 10 companies are still giving promotions. The report also shows that FMCG, consumer durables and telecom sectors are projecting double-digit salary increases. On the other hand, the retail sector will offer the lowest increments at 5.3 per cent, followed by infotech firms at 5.7 per cent.
Source: 20-02-09 Business Standard Compiled by Amresh Anjan

Indian Companies Remain Optimistic On Base Salary In '09
Despite a general gloom due to the global financial downturn, majority of Indian companies remain optimistic on base salaries. In a survey conducted by consulting firm Mercer, of the 48 Indian companies surveyed across 22 sectors, 69 per cent don't anticipate a freeze on base salaries in the next 12 months. The base salary is determined by individual and company performance and 58 per cent firms consider base salary to be the most effective pay element to align executive remuneration to organisation strategy. Around 38 per cent companies expect lower short-term incentives payouts with 54 per cent anticipating a change there. The survey also indicated that senior executives in India may have to accept smaller performance bonuses for 2008-09. With the economic downturn, companies across sectors are looking to trim costs and cut corporate profits. Around 38% of the companies surveyed expect lower short-term incentive payouts, or variable and performance bonuses, for 2008-09. The results were inferred on the response of human resource heads at 48 companies across 22 sectors in India, of which 31% are multinational and 69% Indian.
Source: 17-02-09 Business Standard, www.livemint.com Compiled by Amresh Anjan

Wipro Trains Employees To Prepare A Multi-Skilled Workforce
In a bid to reduce hiring without affecting efficiency, Wipro Technologies is training its staff to turn them into a multi-skilled workforce. The IT major is providing training to its employees in different domains and technologies to cater to the current requirements. The company has signed a few large integrated deals, wherein the company is providing both the IT outsourcing and BPO services by a single team. The company has already transitioned some of its employees from each of these two businesses (IT and BPO) to work for such projects.
Source: 19-02-09 www.rediff.com Compiled by Amresh Anjan

Hyundai Re-Inducts Fired Trainees
Hyundai India Motor Ltd is re-hiring the trainee employees, who were sent out from the factory after their training period two months ago. So far, 200 trainee employees have been hired back. There has been a sudden surge in the demand for skilled employees owing to the Korean auto giant bagging more orders from Europe. At its manufacturing facility in Chennai, the work hours have been increased to 9-hour in each shift a day from 8-hours to increase the production. Earlier, the company was running three shifts to produce around 52,000 cars a month but had to cut it down to two shifts at the end of December, to drag down the production on the back of a global slowdown.
Source: 14-02-09 Financial Express Compiled by Amresh Anjan

Low Pay Hikes In The Offing For Infosys Employees
The Chief Financial Officer of Infosys Technologies has said that employees of the IT major may get pay hikes below 10 per cent this year. In 2008-09, overseas employees were given a pay hike of 14 to 15 per cent, while onsite employees received a 4 to 5 per cent hike.
Source: 17-02-09 www.rediff.com Compiled by Amresh Anjan

Ford To Hire 1,000 Staff This Year
Ford India, a wholly owned subsidiary of Ford Motor Company, USA, will hire 1,000 employees in India this year. Currently, it has 6,000 staff across various levels in the country.
Source: 20-02-09 The Statesman Compiled by Amresh Anjan

RBI Staff Observe Strike
Officers and employees of the Reserve Bank of India went on mass casual leave on Friday leading to a virtual paralysis of operations in the money market. The strike was observed by staff across all offices, as reported by the United Forum of Reserve Bank Officers.
Source: 20-02-09 The Statesman Compiled by Amresh Anjan

Maytas Infra On A Job Cutting Spree
In the last two months, Maytas Infra and Maytas Properties have axed 600 and 200 jobs respectively. Maytas has closed down a number of its operations and the people working there were asked to leave without any prior notice. These people were paid salaries only till December. Also, it has been learnt that some senior Maytas employees have voluntarily opted out from taking their December as well as January salary because the company is running under financial pressure.
Source: 18-02-09 www.moneycontrol.com Compiled by Amresh Anjan

No Salary For Past 5 Months For 15,000 Subhiksha Staff
Reeling under huge losses, distressed retailer Subhiksha has admitted that its 15,000 employees have been unpaid since October last. Employees Provident Fund Organisation has directed it to pay the assessed dues at the earliest. One of Subhiksha’s major shareholders, ICICI Venture, has reportedly sought an inquiry into the affairs of the company and also an independent audit.
Source: 19-02-09 Financial Express Compiled by Amresh Anjan

1.09 lakh Export Jobs Lost In The Last Five Months
There have been over one lakh job losses in the export sector in the last five months due to the global downturn. The current financial slowdown has affected businesses particularly in the US and European countries badly impacting India's exports. In a sample survey of 402 exporting units spread over 17 different sectors, job losses to the tune of 1,09,513 were revealed during the period August 2008 to mid-January. The most affected sectors include gems and jewellery, leather, textiles, handloom, carpets and handicrafts.
Source: 18-02-09 www.rediff.com Compiled by Amresh Anjan

Leyland Slashes Staff Salary
In view of the slowdown in the industry, Ashok Leyland is undertaking cost-cutting measures including a 20 per cent reduction in wages across the board compared to last year. The company is looking at cutting down the capital expenditure from around Rs 1,000 crore to Rs 800 crore.
Source: 14-02-09 Business Standard Compiled by Amresh Anjan

Satyam Board To Downsize Senior Team
With a view to make Satyam Computer Services viable for investors, its government constituted board is looking at reducing the number of senior managers. This has already led to the company's two senior vice-presidents, Mr Anil Kumar and Mr Subu D Subramaniam, putting in their papers in the past few days. However middle-level employees will not be retrenched.
Source: 17-02-09 Business Standard Compiled by Amresh Anjan

Obama Is Hiring
There has been a huge rush of applications to fill ‘several thousand’ politically appointed positions in the Executive Branch of the President Barack Obama-led government. The White House has already received more than 3,50,000 applications hinting at an intense competition. In a posting on its official blog, the White House has said that it has been interviewing many for the upper level positions, but the final decisions will be taken only over the next few months. Also, it has noted that the selection process would be very competitive and rigorous. In the application form, a candidate is required to furnish details including background information, work experience, resume, education, management experience, private sector experience, government experience, non-profit, academic and political experience, international experience, desired positions in the Obama-Biden administration and references.
Source: 15-02-09 Financial Express Compiled by Amresh Anjan

No Onsite Recruitment At CapGemini
Paris-based IT services and consultancy firm CapGemini has retracted its target of hiring 40,000 employees in India by the end of 2010 in the wake of the current economic slowdown. Currently, it has a headcount of 24,000 in India. Also, a few businesses in CapGemini will grow their headcount despite the overall drop in hiring. In India, the company will continue to hire in the infrastructure management, BPO and consulting businesses. Globally, the company has either reduced its hiring or has completely put a freeze on the numbers.
Source: 17-02-09 www.rediff.com Compiled by Amresh Anjan

Employees, Tata-JLR Reach Agreement To Save Jobs
In a significant development, employee unions have reached a temporary key framework agreement with the beleaguered Tata Motors-owned Jaguar Land Rover that would prevent compulsory job losses in the near future. The latest agreement would safeguard the shop-floor jobs of over 800 hourly-paid workers and 300 salaried staff at JLR plants at Castle Bromwich, Solihull and Halewood. The deal aimed at offsetting costs will now be recommended for acceptance in a workforce ballot of around 12,000 workers over the next three weeks.
Source: 17-02-09 www.dnaindia.com Compiled by Amresh Anjan

KFC To Expand In UK; Create 9,000 New Jobs
Fast food chain KFC is expanding operations in the UK by pumping in £150m to open 300 new outlets over the next three to five years. Also, this will lead to the creation of 9,000 new jobs in the region. The chicken chain is reporting good business during the recession as people are drawn to cheaper food.
Source: 16-02-09 news.bbc.co.uk Compiled by Amresh Anjan

Vacancies At Buckingham Palace
Even as unemployment in the UK hit a 10-year high with the number of unemployed nearing the 2.0 million mark, there are a few vacancies up for grabs at the most coveted address- Buckingham Palace. The job vacancies have been posted on the official website of Queen Elizabeth II. The jobs include that of trainee butler and housekeeping assistant. Aspiring candidates would have to submit their applications and book interviews with Buckingham Palace online.
Source: 19-02-09 www.forbes.com Compiled by Amresh Anjan

Global Economic Downturn Claims Further Jobs
The unyielding global economic downturn is claiming more and more jobs worldwide with companies announcing layoffs to reign in mounting costs. America’s two auto majors— General Motors and Chrysler — have decided to cut 50,000 jobs. The biggest US tyre maker Goodyear Tire & Rubber Co. plans to cut 5,000 jobs this year. US-based Smithfield Foods Inc. plans to cut 1,800 jobs and close six factories. German car maker BMW AG is cutting around 850 jobs at its Mini plant in Oxford. Car parts firm GKN is cutting 564 jobs in the UK. Foster’s Group Ltd, Australia’s largest brewer, will axe nearly 300 jobs. Mining major Anglo American will be slashing 19,000 jobs in 2009. The state of California in the US has notified 20,000 state workers that their jobs may be eliminated. Brazil's Embraer plane maker has decided to cut its work force by about 20 per cent amid declining revenues. Walt Disney Co. will lay off an unspecified number of workers as it restructures its US theme parks. Hindalco's foreign subsidiary Novelis will be slashing as many 10% jobs across locations.
Source: 17-02-09 Financial Express, Business Standard, www.dnaindia.com, www.livemint.com, news.bbc.co.uk Compiled by Amresh Anjan

Mr Alan Rosling To Quit Tata Sons
Mr Alan Rosling, executive director of Tata Sons, is quitting the firm. Joining the Tatas in 2004, he had been the face of some of the Tata group’s early global forays, including the much-publicised Bangladesh plan that envisaged setting up four major projects, including steel, power and fertiliser plants. He is also a director of Tata AutoComp Systems and Tata International.
Source: 16-02-09 www.telegraphindia.com Compiled by Amresh Anjan

Jet Group CEO Quits
Jet Airways group CEO Mr Ravi Chaturvedi has put in his papers at the company. Mr Chaturvedi had joined Jet Airways in October last year from FMCG major Procter & Gamble. The past two years have witnessed exits of several top management personnel from the company.
Source: 18-02-09 www.rediff.com Compiled by Amresh Anjan

Sony CEO Quits
Mr Kunal Dasgupta, CEO, Multi Screen Media, which operates the Hindi general entertainment channel Sony has resigned from the company. He joined Sony Entertainment Television in 1995 and has quoted personal reasons for his resignation. Mr Man Jit Singh has been appointed the interim CEO.
Source: 20-02-09 Business Standard Compiled by Amresh Anjan

New CEO At The London Stock Exchange
The London stock Exchange has named Mr Xavier Rolet as its new chief executive. Mr Rolet, the former head of Lehman Brothers in France, will take over on May 20.
Source: 14-02-09 Business Standard

GDP Growth Gets A Fillip Through The Pay Commission
The Rs 28,505 crore bonanza doled out by government for more than five million central government by way of higher wages has ensured that community, social and personal services grew at a robust 9.3 per cent, way above last year’s 6.8 per cent growth. The pay arrears of government employees would contribute a whopping 75 per cent of the sub-group’s growth in 2008-09. However, growth in six of the remaining sub-sectors is expected to drop sharply. Manufacturing growth is expected to fall to 4.1 per cent from 8.2 per cent last year, agriculture 2.6 per cent against nearly 5 per cent last year.
Source: 12-02-09 www.hindustantimes.com Compiled by Amresh Anjan

1,650 Temporary Workers Hired At Tata Motors
In a positive indication for the Indian automobile industry, the country’s largest commercial vehicles maker, Tata Motors, is hiring over 1,650 workers in temporary positions for its Jamshedpur plant. Last year, over 700 temporary employees were disengaged from the same plant as production fell badly. The hiring comes on the heels of company recording healthy commercial vehicles sales in January, although lower by 43 per cent as compared to the same month last year.
Source: 08-02-09 Business Standard Compiled by Amresh Anjan

PSU Bank Employees To Get Pension Benefit
There is good news for employees of PSU banks as they will now be entitled to a comprehensive pension benefit. Currently, 2.5 lakh employees covered under the provident fund do not enjoy pension benefits. The new move to cover them under the pension benefit could mean an additional cost of Rs 6,000 crore for state-owned banks.
Source: 10-02-09 Hindustan Times Business Compiled by Amresh Anjan

South Indian Bank To Hire 3,000 People
As part of its aggressive expansion plans, Thrissur-based South Indian Bank will recruit as many as 3,000 employees over the next two years for its 40 new branches. The bank already has over 500 branches, mostly in Kerala and Tamil Nadu.
Source: 12-02-09 Hindustan Times Business Compiled by Amresh Anjan

TCS To Go For Real-Time Talent Management
Tata Consultancy Services has changed its hiring strategy to focus on just-in-time hiring. Now, the company will hire in the last three months of graduation rather than a year before. The company is devising ways to reduce the two-month training period by half. TCS has already frozen lateral hiring and plans to hire only on a need to need basis.
Source: 13-02-09 Business Standard Compiled by Amresh Anjan

March Calendar Of FORE School Of Management (FSM), New Delhi
FORE School of Management (FSM), New Delhi has announced the following Management Development Programmes to be conducted at its campus during March, 2009:

For registration / additional information, please contact : MDP Office, Fore School of Management, B-18, Qutab Institutional Area, New Delhi – 110016, Phone (011) 26856301 (Direct), 41242424 (Extn. 498); Fax: (011) 26520509, 26964229; E-mail: mdp@fsm.ac.in (Website : www.fsm.ac.in).

For complete details of individual programmes click at the relevant programme title .
For complete MDP Calendar (2008-2009) click here
For Response Sheet for MDP Calendar 2008-2009 click here.
For nomination form click here.

Source: 12-02-09 Fore School of Management Compiled by Amresh Anjan

DMA Seminar On Retaining Talent In Turbulent Economic Situation
Delhi Management Association (DMA), is organising a national seminar on Retaining Talent In Turbulent Economic Situation - Remedies & Solutions on 6th March ‘09 at India Habitat Centre, Lodhi Road, New Delhi with a view to support organisational initiatives to beat the economic slowdown and continue winning.

Mr Hari Nair is Programme Director & Vice President – Human Resources at Sona Koyo Steering Systems Ltd. The faculty will include eminent experts from the cross section of various industries. The Seminar would provide the delegates an opportunity for networking with the best HR Professionals.

For further details/registration/sponsorship please contact: Rajan Pandhi, Deputy Director, DMA, Mobile 9810877615, 24629555 (D), 24649552 Email: info@dmadelhi.org or dmadelhi@sify.com Website : www.dmadelhi.org
Source: 13-02-09 DMA Compiled by Amresh Anjan

Indian Pilots Eye Gulf-Based Airlines
With more and more Indian airlines trimming their pilot headcount, many Indian pilots are eyeing jobs in West Asia as Gulf-based airlines are seen as financially more sound. Also, Emirates, Etihad Airways, Qatar Airways, Air Arabia and other carriers are in an expansion mode. On the other hand, in India, airlines are resorting to various cost-cutting measures such as phasing out expensive foreign pilots, cutting salaries etc.
Source: 09-02-09 Hindustan Times Business Compiled by Amresh Anjan

Jet To Phase Out Expat Pilots
As part of cost cutting measures, Jet Airway Board has decided to phase out excess foreign pilot over the next few months. Of the 1,300 pilots in the company, 250 are expats. The decision comes on the back of their Indian counterparts demanding axing of foreign pilots as the latter draw a 40% higher salary than Indian pilots. Three months ago, the company had asked the pilots to accept salary cuts, which created outrage among the pilots. Also, the company has decided to freeze hiring and no vacancies created due to attrition would be filled.
Source: 10-02-09 Financial Express Compiled by Amresh Anjan

United Airlines’ Indian Call Centre Closed
North American airline United Airlines is closing its call centre in India and moving 165 jobs to US call centres in Chicago and Honolulu, Hawaii. These jobs will be handled by workers who now handle reservations. United Airlines transferred these jobs to India three years ago as part of a trend in the US to move such functions to low-cost countries.
Source: 12-02-09 Hindustan Times Business Compiled by Amresh Anjan

More International Job Losses
The tally of job losses across the globe is scaling new heights with each passing week. Hit by dropping sales and the surging Yen, Japanese automobile major Nissan is slashing 20,000 jobs or 8.5% of its workforce. General Motors Corp is mulling to fire up to 5,000 salaried employees. Swiss financial services major UBS will cut about 2,000 jobs this year. Sir Richard Branson-controlled Virgin Atlantic is planning to cut up to 600 jobs while Ryanair is cutting 200 jobs at its Dublin base.
Source: 10-02-09 Financial Express, Business Standard, Financial Times Compiled by Amresh Anjan

No Perks And Bonus For UK Bankers
British Prime Minister Mr Gordon Brown has warned the chief executive officers and bankers in Britain that the time of big bonuses and perks is over. He has particularly told the bankers that there would be no rewards for failure and only those who showed long term sustainable success would deserve rewards. He has told board members of UK's leading banks who have received state bailout they would not receive cash bonuses this year, nor would banks pay or receive dividends.
Source: 09-02-09 www.rediff.com Compiled by Amresh Anjan

700 Merrill Employees Had a Windfall Before Sellout
In a stunning revelation, Mr Andrew M. Cuomo has disclosed how Merrill Lynch distributed its 2008 bonus pool, thereby creating millionaires out of a select group of 700 employees. Merrill moved up the bonus payments to December, just before the merger, instead of the usual time in January. As per the disclosure, the top four bonus recipients received a total of $121 million. Also, 20 people were paid more than $8 million and 53 people were paid more than $5 million.
Source: 13-02-09 Hindustan Times Business Compiled by Amresh Anjan

No Bonus, $1 Salary For Citi CEO
Amid criticism over use of billions of dollars in government aid, Citigroup’s Indian American CEO Mr Vikram Pandit has decided to accept a token salary of $1 and no bonus till the bank retains to profitability. US lawmakers are grilling top executives from eight of America’s largest financial institutions for not lending despite collectively receiving $165 billion in capital.
Source: 12-02-09 www.ndtv.com Compiled by Amresh Anjan

Toyota Offers Buyouts To US Workers
Toyota Motor Corp has offered buyouts to nearly 18,000 U.S. workers. Also, it has decided to cut pay for executives and blue-collar workers in North America. Reeling under the global credit crunch that has sent auto sales sliding, Toyota has announced that it would shut down production for more days in April at plants in the United States, Canada and Mexico and would cut executive pay and bonuses.
Source: 13-02-09 www.reuters.com Compiled by Amresh Anjan

200 Warner Jobs To Be Outsourced To India
The US entertainment giant Warner Bros has plans to outsource nearly 200 jobs to India. Though no formal announcements have been made so far, it is estimated that around 800 positions worldwide will be affected as the company prepares for layoffs, elimination of open positions and outsourcing. While about 300 employees will be sacked, other 300 positions will be outsourced, out of which 200 would go to India and Poland.
Source: 08-02-09 Hindustan Times Business Compiled by Amresh Anjan

US Payrolls Will Soon Have More Women Than Men
The axe of recession has fallen on men as the lay offs have happened more in men-dominated sectors such as manufacturing and construction rather than women-dominated sectors such as education and health care. This has led to widespread speculation that women may soon outnumber men on US payrolls. Figures suggest that a full 82 per cent of the job losses have befallen men. The other side of the coin is that more and more women are now playing breadwinners in the family as men lose jobs.
Source: 07-02-09 Business Standard Compiled by Amresh Anjan

$77 Mn Fine On Blackberry Bosses
A hefty fine of $77 million has befallen Blackberry co-CEOs and top executives in a case of stock option backdating. The honchos at Blackberry maker Research In Motion (RIM) were not directly involved in the fraud but were accused of showing negligence in letting option backdating take place.
Source: 07-02-09 Hindustan Times Business Compiled by Amresh Anjan

Mphasis Appoints New Chairman
Mphasis has appointed Mr Andy Mattes as its new chairman replacing Mr Michael Coomer. Currently, Mr Mattes is senior vice president for applications services at EDS, an HP company.
Source: 10-02-09 Business Standard Compiled by Amresh Anjan

Nexus India Appoints Mr Pradeep Guha
Mr Pradeep Guha, former CEO of Zee Network, has joined venture capital firm Nexus India Capital as a Venture Advisor.
Source: 10-02-09 www.vccircle.com Compiled by Amresh Anjan

New COO & EVP At Genpact
India’s BPO giant Genpact has appointed Mr N V Tiger Tyagarajan as chief operating officer, promoting him from the position of Executive VP and Head of Sales, marketing and Business Development and the Americas Operations. Also, Mr Bob Pryor has joined Genpact to fill the previous position of Mr Tyagarajan.
Source: 13-02-09 Business Standard Compiled by Amresh Anjan

Mr Dalip Sehgal Appointed As Godrej MD
Godrej Consumer Products has appointed Mr Dalip Sehgal as the new managing director of the company. Also, Mr Adi Godrej would now be the company’s chairman instead of chairman and managing director.
Source: 07-02-09 Business Standard Compiled by Amresh Anjan

New CEO At Swiss Re
Swiss Re has appointed Mr Stefan Lippe as chief executive of the company replacing Mr Jacques Aigrain. Mr Lippe is a reinsurance expert with an experience of 25 years with the group. His appointment is inline with the company’s lower risk ‘back-to-basics’ approach.
Source: 13-02-09 Financial Express Compiled by Amresh Anjan

SBICAP Appoints New MD
Mr Satish Joshi has been appointed as managing director of SBICAP Securities. A 25-year veteran at State Bank of India, he possesses wide experience in credit policy and procedure cell.
Source: 11-02-09 Financial Express Compiled by Amresh Anjan

HSBC Gets New Head Of Equities
HSBC Asset Management (India) has appointed Mr Jitendra Sriram as head of equities. In his new responsibility, he will oversee day-to-day operations and fund management of the equity funds for HSBC Mutual Fund in India.
Source: 11-02-09 Financial Express

This Is How Working Indians Spend Their Incomes

2013-03-10T09:13:00.003-07:00

This Is How Working Indians Spend Their Incomes
With rising disposable incomes, working Indians are spending more generously on housing, education, healthcare, transport and communication than they did earlier, according to a survey conducted by the Ministry of Labour and Employment. As per the survey, around 41 per cent of working class Indian families stay in independent houses. Expenditure on housing has risen to 16.01 per cent from 9.84 per cent in 1981-82. The average monthly incomes per family at constant prices have risen from Rs 810 in 1982 to Rs 1,486. According to the report, people spend most on food but expenditure on food has dropped in terms of total expenditure percentages from 56.95 per cent in the last decade to 47.48 per cent. Medical expenses have risen from 2.54 per cent to 4.54 per cent, education from 3.15 per cent to 6.19 per cent, and transport and communication from 2.69 per cent to 5.25 per cent.
Source: 28-06-08 www.sify.com Compiled by Amresh Anjan

Corporate India Hiring Expat Talent From Similar Markets
Gone are the times when corporate India solely depended on the US and the UK for leadership talent. India Inc is now looking at hiring experts from markets similar to the Indian context. Executive search firms are hiring talent from Vietnam, Malaysia, Russia, Finland, Poland and Australia to usher the country to the next level of growth. India is now looking at specific skills instead of just leadership. For instance, Spencer Stuart, a global executive search consulting firm, has recruited CXOs from Australia, West Asia Vietnam, South Africa and Brazil. Global search firm EMA Partners has recruited from Finland and Poland (for expertise in metals), Australia (for mining) and West Asia (for real estate, infrastructure and oil and gas sectors) for Indian companies.
Source: 29-06-08 www.sify.com Compiled by Amresh Anjan

27% Dip In Polaris Chief’s Gross Salary
Gross remuneration of Mr Arun Jain, Founder, Chairman and Chief Executive Officer of Polaris Software Lab Ltd, came down by 27 per cent to Rs 85 lakh in 2007-08 compared with Rs 1.08 crore last year. This includes Rs 20 lakh (Rs 51.25 lakh) towards performance-based bonus. Other Directors of the company too got lower commission in 2007-08. For instance, Mr Abhay Agarwal’s commission dropped to Rs 3.50 lakh during the year compared with Rs 4.98 lakh in the previous year. Similarly, commission of Mr Arvind Kumar dropped to Rs 3.50 lakh from Rs 4.63 lakh. Also, no stock options grants were provided during 2007-08 for Directors compared with 10,000 given to six of them in the previous year.
Source: 30-06-08 news.moneycontrol.com Compiled by Amresh Anjan

Steel Sector Facing Shortage Of Engineers
The world’s largest steelmaker ArcelorMittal has expressed concern that there are not enough skilled manpower and talented engineers in the steel sector and the shortage is likely to worsen in the coming years. There are 1600 engineering colleges in India but bright students choose a career in the field of information technology (IT) over the manufacturing sector, which has led to this shortfall. ArcelorMittal has proposed to set up a 12 MTPA capacity greenfield steel mill in Orissa’s Keonjhar district. The steel major also plans to set up a model Industrial Training Instutute (ITI) close to its proposed plant to train manpower.
Source: 01-07-08 www.livemint.com Compiled by Amresh Anjan

More Fatal Accidents Happening At Workplaces
According to the report 'Beyond deaths and injuries: The ILOs' role in promoting safe and healthy jobs' by International Labour Organisation., employees are seeing more accidents at workplaces. However, there has been a decline in deaths due to such mishaps. Between 2001 and 2003, the estimated number of fatal accidents at workplaces increased from 351,000 in to 358,000 while the non-fatal category during this period showed a rise from 268 million to 337 million. This was caused largely due to increase in workers globally. The report suggests that the number of overall deaths due to work-related diseases was lower from 2.03 million to 1.95 million and the estimated number of deaths due to accidents and diseases also decreased from 2.38 mn to 2.31 mn.
Source: 01-07-08 www.rediff.com Compiled by Amresh Anjan

Disgruntled Workers At Bajaj Auto Turn Down VRS
The negotiations between the management of Bajaj Auto Ltd (BAL) and Vishwakalyan Kamgar Sanghatna, the workers union, have failed with around 1,100 workers refusing to accept the voluntary retirement scheme (VRS) offered by the company. The workers were offered a one-time settlement of Rs 17.75 lakh, which they turned down a day after reportedly agreeing to the VRS scheme at a meeting held at Yamunanagar in Pimpri-Chinchwad. The company had offered to pay the amount in two parts. The first installment was to be a lump sum of Rs 5.75 lakh and the remaining money was to be paid as monthly instalments of Rs 10,000 over a period of 10 years. The workers are demanding the entire sum in one go.
Source: 03-07-08 www.expressindia.com Compiled by Amresh Anjan

Satyam Launches SatyamStarPower.com For Employee Engagement
To increase employee engagement and give a chance to employees to showcase their creative talent, IT services provider Satyam Computer has launched the web portal SatyamStarPower.com. Referred to as Fun@Work, the website will allow employees to express their creative talent irrespective of their location. On the portal, employees can express creativity in terms of writing, singing, dancing or even painting. The website will let all employees be part of the fun and entertainment taking place in any part of the world within the company.
Source: 04-07-08 www.sify.com Compiled by Amresh Anjan

Mr Jai Talwar Joins Business India Publications
Business India Publication Ltd (BI) has hired Mr Jai Talwar as President, advertising. Prior to this, he was Senior President, Last Minute Media. At Business India, Mr Talwar will head the national advertising sales of all company publications and the group’s international media division, which includes Business India, Inside Outside and Auto India. Mr Talwar possesses nearly three decades of experience in the media and advertising sector. Beginning his career with advertising agencies such as Clarion (now Bates 141) and Ulka (now DraftFCB Ulka), he has worked with various media organisations such as The Reader’s Digest, Hindustan Times, Zee TV and Khaleej Times, Dubai.
Source: 03-07-08 www.afaqs.com Compiled by Amresh Anjan

Mr Karamjit Dua, Mr Rajiv Bakshi Promoted At Discovery
Discovery Networks India has promoted Mr Karamjit Dua, Vice-President, Advertising Sales, as Head, Advertising Sales. Also, Mr Rajiv Bakshi, Associate Director, Marketing and Communication, has been promoted as Director in the same department. Mr Dua will head Discovery’s national sales team and be responsible for advertising revenue while Mr Bakshi will manage the three channels, Discovery Channel, Discovery Travel and Living, and Animal Planet.
Source: 03-07-08 www.afaqs.com Compiled by Amresh Anjan

The Telegraph Gets New Vice-President
ABP Group has appointed Ms Jayashree Mohanka as Vice-President, in-charge of the Group’s English daily The Telegraph. She replaces Mr Shraman Jha, who quit last month. She will be reporting to Mr Amitabha Datta, President-Dailies, ABP Group. Prior to this, she was with Kolkata-based Eveready Industries, where she was Vice-President, Marketing. She has worked with companies like Reckitt and Coleman in Product Management, Titan Industries as Regional Manager, and Jenson & Nicholson as General Manager.
Source: 02-07-08 www.exchange4media.com Compiled by Amresh Anjan

Mr Prashant Pandey Quits JWT To Join GSK
Mr Prashant Pandey has called it a day as Vice-President at JWT to join Glaxo SmithKline Consumer Healthcare (GSKCH) as General Manger, Marketing. At GSKCH, he will be responsible for marketing of the Horlicks brand and its extensions, including Junior Horlicks, Horlicks Lite and Women’s Horlicks. Mr Pandey will report to Mr Shubhajit Sen, Executive Vice-President, Marketing, GSK. Beginning his career with Mudra Communications in advertising in 1995, Mr Pandey joined JWT a year later and was there till now.
Source: 03-07-08 www.afaqs.com Compiled by Amresh Anjan

CARE Promotes Mr D R Dogra To Become Dy MD
Credit Analysis & Research Limited (CARE) has promoted Mr D R Dogra to the position of Deputy Managing Director. Prior to this, he was working as Executive Director of CARE. He has already undertaken more than 3,500 rating assignments in corporate & infrastructure sector.
Source: 04-07-08 The Financial Express Compiled by Amresh Anjan

Mr Michael P Foley Is CEO, Essar, East Africa
Mr Michael P Foley has been appointed as Chief Executive Officer by Essar Communications Holdings Ltd (ECHL) for its East Africa operations. ECHL is the telecom subsidiary of Essar Global. In his new role, he will be responsible for the launch of Econet Wireless Kenya, in which ECHL holds a 49 per cent stake. Meanwhile, Econet Wireless Kenya has appointed Mr Shailendra Khare as the Chief Technical Officer, Mr Mr Philip Mudimu as Project Director (East Africa) and Ms Anna Othoro as Marketing Director.
Source: 01-07-08 Business Standard Compiled by Amresh Anjan

Mr L N Mittal Becomes Independent Director At Goldman Sachs Board
Mr Lakshmi Mittal, the Indian-origin steel magnate, has joined the board of the investment bank major Goldman Sachs as an independent Director. He has joined the company’s audit, compensation and corporate governance and nominating committees. On the 13-member board of the company, he is the tenth independent Director. Mr Mittal has been a long time client of Goldman Sachs.
Source: 30-06-08 www.rediff.com Compiled by Amresh Anjan

Starbucks To Lay Off Up To 12,000 Staff
To cope with an economic downturn and increasing competition, Starbucks Corp plans to cut up to 12,000 full- and part-time positions and shut down 600 underperforming U.S. stores. Grappling with the slowing U.S. economy and consumer spending, Starbucks is bracing for its first full-year profit decline since 2000 as it faces stiff competition from major competitors like McDonald's Corp.
Source: 01-07-08 news.yahoo.com Compiled by Amresh Anjan

UBS Restructures Top Management
Amidst losses due to the credit crisis and pressure from investors, UBS has restructured its top management. It is dismantling the office of chairman, a key demand of one of its top shareholders, Olivant, which had objected to the chairman's office for having too much influence over executive management. Four board members would resign and an extraordinary general meeting planned to be held on October 2 will elect the replacements. Meanwhile, Mr Sergio Marchionne, Chief Executive of Italian automaker Fiat SpA, will fill in the newly created post as Senior Independent Director, and will continue as Non-Executive Vice-Chairman of UBS.
Source: 01-07-08 new.yahoo.com Compiled by Amresh Anjan

Citigroup Planning To Change Bonus System
Citigroup is planning come up with a new bonus system for senior managers. Under the new system, managers would be encouraged to cooperate and help one another win business. The new system is part of the new strategy of Chief Executive Mr Vikram Pandit who wishes to turn around Citigroup by breaking down the divisions between different parts of the bank, instead of breaking apart the financial conglomerate. Meanwhile, Citigroup is cutting down jobs as it tries to cut costs.
Source: 29-06-08 news.yahoo.com Compiled by Amresh Anjan

ESOPs For All Employees At Lehman
Expecting a rise in its share value, Lehman Brothers has granted shares to all employees representing about 20 per cent of their equity compensation for the year. Rumours are abuzz that Lehman plans an emergency sale to a larger US or foreign bank. Shares tumbled down 11 per cent on the buzz that Barclays was about to buy Lehman for $15 per share, well below the investment bank's book value. However, the prices recovered when analysts and others noted that the rumour had no factual basis.
Source: 03-07-08 www.ft.com Compiled by Amresh Anjan

Siemens To Trim Jobs In Huge Numbers
Reeling under a wide-ranging corruption scandal and an increasing cost base, the German engineering and electronics company Siemens is reportedly cutting down 17,200 jobs, which amounts to up to 4 percent of its work force worldwide. Mostly, white-collar and administrative jobs will be shed. Of the intended cuts, some 6,400 will be based in Germany, where it employs around 136,000 people. The payroll cuts will represent one of the boldest moves by the company CEO Mr Peter Loscher.
Source: 01-07-08 Hindustan Times Business

EPF Approved For Businesses With Ten Or More Employees

2013-03-10T09:13:00.000-07:00

EPF Approved For Businesses With Ten Or More Employees
In a significant decision, government has approved the proposal for bringing businesses with ten or more employees under the realm of Employee's Provident Fund (EPF). Earlier, the limit was of twenty or more workers. There has been no decision on revising the rate of interest of the EPF corpus fund for the year 2008-09. Under the new decision, any business with ten or more employees will have to deduct EPF and make a matching contribution.
Source: 05-07-08 www.ptinews.com Compiled by Amresh Anjan

Naukri.com Revamps The Recruiter Section
Naukri.com has revamped the recruiter section to ensure easy navigation, increased efficiency and better productivity. Given below are some of the features that have been incorporated in the revamped site.

> New contemporary user interface and seamless contact flow
>Easy Navigation achieved through one click access to the most relevant and frequently used features
> Clutter-free inbox with new response filters to ensure only relevant CVs in the recruiter’s inbox
> Customizable search settings, improved save search features and an easy contact flow
> Faster job posting with a short, one-page form
> Quicker short-listing of candidates through regular CV alerts

Source: 11-07-08 Our Bureau Compiled by Amresh Anjan

Innovative Way To Hunt For A Job
After a prolonged failure to secure a job on Wall Street, Mr Joshua Persky took to the streets of New York handing out résumés to passers-by and wearing a sandwich board that said, ‘Experienced M.I.T. Grad for Hire’. The placard carried his name and contact information. He stood on a busy spot and grabbed the attention of thousands who passed him every hour. The gimmick hasn’t got him a job yet but he has become famous overnight with various news channels interviewing him and the story carried in newspapers across the world. His situation is symbolic of the crisis that banks and securities firms are facing with banks cutting more than 80,000 jobs. Mr. Persky has received a few job interview calls since. However, he has also received hate calls from various quarters saying that he has demeaned MIT’s reputation.
Source: 05-07-08 www.nytimes.com Compiled by Amresh Anjan

Developing Countries Paying Govt Staff More Than They Can Afford
According to a study by the Asian Development Bank (ADB), many developing countries such as India and Bangladesh are paying higher salaries to their state employees than they can afford. In the process, the countries are stunting economic growth. The study conducted over 19 Asian, African and Latin American countries concluded that higher the relative government pay rates, the lesser the economic growth attained. The study added that high government pay leads to far less employment in government, and the creation of a group of unemployed labour in search of government employment.
Source: 08-07-08 www.livemint.com Compiled by Amresh Anjan

Accenture India Unit Set To Cross More Than Half The Global Headcount
Currently pegged at 35,000, the headcount at Accenture’s outsourced services network (the Global Delivery Network) in India is soon poised to cross the 50 per cent mark. Thus, half of the world-wide work-force in the key unit will be based in India. Presently, it has about 77,000 people working across 53 countries. GDN has call centres and business process outsourcing (BPO) workers and is like a company within the company. Other than Accenture, the Indian headcount of IBM Global Services will also touch the half-way mark soon.
Source: 10-07-08 Hindustan Times Business Compiled by Amresh Anjan

Of All Jobs, Headhunters Doing Extremely Well
Whether it is lay offs or rising attrition, headhunting firms are never out of work. Growing economy has led to a rapid job creation in India which in turn has led to a phenomenal rise in the number of headhunters in India. There are many national and international firms that are opertaing in India and many more are coming up. For instance, new companies on the block include start ups and leading global search firm Russell Reynolds Associates Inc. Two other global executive search firms—CTPartners and AT Kearney Executive Search, now Edward W. Kelley and Partners Ltd—are planning to start operations in India.
Source: 07-07-08 www.livemint.com Compiled by Amresh Anjan

S African Health Care Companies Recruit 350 Indian Nurses
Facing a crunch of medical staff, three major South African health care firms have hired more than 350 Indian nurses to work in the country. The companies, Netcare, Medi-Clinic and Life, are planning to recruit even more staff from India. Netcare interviewed more than 900 nurses from south India. It would recruit more nurses next year. Life Group of Hospitals has already placed 23 nurses from India in various hospitals. It would run another recruitment drive in October. South Africa is currently reeling under a shortage of 40,000 to 50,000 nurses.
Source: 09-07-08 www.livemint.com Compiled by Amresh Anjan

India Inc Pitching In To Create Employable Manpower
Threatened by the rising skill shortage in the manufacturing sector, large corporations are now adopting existing, but mostly defunct, Industrial Training Institutes (ITIs). The idea is to create a skilled and trained manpower that can hit factory floors and answer the staff crunch. Companies such as Apollo Tyres, Asian Paints, Wockhardt, Videocon, India Cements, JSW Steel, Indo Rama and Finolex Cables are among those that have signed agreements with ITIs. The Federation of Indian Chambers of Commerce and Industry (FICCI) is also taking steps to adopt, manage and operate industrial training institutes (ITIs) and vocational educational institutes. FICCI may pump in up to Rs 1,000 crore in ITIs over the next three years. There are more than 5,000 ITIs and vocational training institutes run by central and state governments but most of these either face faculty shortage or have an obsolete curriculum.
Source: 08-07-08 in.news.yahoo.com Compiled by Amresh Anjan

Centre To Introduce Telephone Banking For NREGS Workers
To address the issue of irregular wage payment to beneficiaries in far off areas, the Centre intends to introduce telephone banking facility for workers under National Rural Employment Guarantee Scheme (NREGS). The government has already started making payments through banks and post offices. The Department of Financial Services (DFS) will facilitate the process of payment of wages through bank accounts and promote branchless banking through mobile phones in remote rural areas. The banks will be asked to support initiatives like Smart Cards and other technological interventions for the same.
Source: 07-07-08 The Financial Express Compiled by Amresh Anjan

ICICI Bank Slashes Bonus For Top Brass
ICICI Bank Ltd, India’s largest private sector lender, has slashed the performance bonus for its top brass, including Mr K.V. Kamath, Managing Director and Chief Executive Officer; Mr Chanda Kochhar, Joint Managing Director and Chief Financial Officer; and Mr V. Vaidyanathan, Executive Director. Mr Kamath’s performance bonus dipped by 22.49% while for Ms Kochhar, the drop is 16.88% and for Mr Vaidyanathan it is 5.5% drop. ICICI Bank reported a 34% growth in its net profit for the year ended 31 March but the bank’s shares have fallen close to 52%. The bank’s bad loans have increased to Rs 5,552 crore from Rs 3,114 crore in the previous year.
Source: 08-07-08 www.livemint.com Compiled by Amresh Anjan

Exodus At The Top Level At Toyota Kirloskar
There has been a surge in the number of exits of senior level executives at Toyota Kirloskar Motor (TKM). According to reports, about seven senior and middle level managers have left TKM to join rival companies such as General Motors, Ford, Mahindra & Mahindra, and others. The most prominent departure has been that of Deputy Managing Director Mr K K Swamy, who quit last month to join Volkswagen India as its first Indian Managing Director. Others include Mr Kamalakar Takawale, head of product design and development, who has also joined Volkswagen India and Mr Vikas Jain, former sales Deputy General Manager (north), who moved to General Motors. Mr Shohanlal Maine, General Manager (production), has moved to Mahindra & Mahindra. Other top level exits include Mr Debashis Mitra (DGM sales) and Mr Santosh Iyer, who handled advertising for TKM.
Source: 08-07-08 www.business-standard.com Compiled by Amresh Anjan

GM To Cut Thousands Of White-Collar Jobs
According to reports by The Wall Street Journal, the US automaker General Motors is planning to cut thousands of white-collar jobs and is mulling to sell or stop production of more of its brands. The steps are part of the broader plan to meet an internal projection of returning to profitability in 2010. The brands likely to be dropped include Buick, Saturn and Saab.
Source: 07-07-08 www.dnaindia.com Compiled by Amresh Anjan

It’s Official! Siemens To Trim 16,750 Jobs Globally
In a bid to cut costs by nearly $2 billion and streamline operations, the industrial conglomerate Siemens AG is set to cut 16,750 jobs, which is around 4.2 percent of its global work force. The cuts would include 12,600 administrative positions and another 4,150 jobs involving restructuring projects at its various units. Worldwide, the company has a work force of approximately 400,000 people.
Source: 08-07-08 www.msnbc.com Compiled by Amresh Anjan

In UK, Bosses Afraid To Take Holidays
The job scenario has been so bleak in the United Kingdom that bosses are afraid of going on vacation lest they lose their job. According to a research by the Chartered Management Institute, one in four refused to use their full entitlement this year. The institute questioned junior and senior managers who confessed their holiday paranoia has been fuelled by redundancy rates doubling over the past year. Also, 37 per cent of managers wanted to exchange unused holiday time for cash, indicating a credit crunch.
Source: 06-07-08 www.dailymail.co.uk Compiled by Amresh Anjan

Senior UB Official Resigns
Mr Prakash Mirpuri, Senior General Manager, Corporate Communications of the Vijay Mallya-led United Breweries Group, has quit the organization. The reasons for his resignation are not known. His plans for the future are undisclosed. Accordinf to sources, Mr Mirpuri put in his papers because he felt his potential was being under-utilised at the group.
Source: 11-07-08 Business Standard Compiled by Amresh Anjan

Parsvnath SEZ Appoints New JMD
Parsvnath Developers has hired Mr S P Aggarwal as Joint Managing Director for its subsidiary Parsvnath SEZ. Prior to his new assignment, Mr Aggarwal worked with DLF Home Developers as Executive Director.
Source: 11-07-08 Business Standard Compiled by Amresh Anjan

YOU Telecom Gets New HR Head
Citigroup-owned triple play service provider YOU Telecom has hired Mr Kishore Velankar as the national head of Human Resources. Prior to joining YOU Telecom, Mr Velankar was working with KPO firm Integreon Managed Solutions as Global Senior Vice-President (Human Capital Management). He has held several HR positions at Tata Infotech, Mahindra British Telecom and Datacraft India Ltd.
Source: 09-07-08 Hindu Business Line Compiled by Amresh Anjan

Moschip Appoints Mr Kalyanasundaram As CFO
Mr Sathya Kalyanasundaram has been appointed as the Chief Financial Officer of Moschip Semiconductor Technology Ltd. Before joining Moschip, he was CFO of Alliance India and Vice-President of its global operations.
Source: 09-07-08 Hindu Business Line Compiled by Amresh Anjan

Apple Gets New VP For Mac Hardware Engineering Group
Apple Inc has roped in Mr J. Douglas Field as Vice-President in the Macintosh Hardware Engineering Group. Mr Field joins Apple from scooter maker Segway Inc where he served as Chief Technology Officer.
Source: 09-07-08 Hindu Business Line Compiled by Amresh Anjan

New Director At The Facebook Board
Mr Marc Andreessen, the founder of Netscape, has joined the Board of Facebook. The board includes Facebook founder and CEO Mr Mark Zuckerberg and venture capitalists Mr Jim Breyer and Mr Peter Thiel. Mr Zuckerberg has welcomed Mr Andreessen on the board and hopes his experience is relevant to Facebook in more ways than one.
Source: 07-07-08 www.alootechie.com Compiled by Amresh Anjan

Mr Pradeep Guha Resigns As CEO At Zee
Mr Pradeep Guha has quit Zee Entertainment Enterprises Ltd as Chief Executive Officer. Mr Punit Goenka, Network Operating Officer and a member of the Board of Directors, will replace him as CEO. Mr Guha’s concrete future plans are undisclosed but he will go on to take up entrepreneurial responsibilities. Prior to joining Zee in January 2005, he worked with Bennett, Coleman and Co. Ltd for nearly three decades.
Source: 08-07-08 www.livemint.com Compiled by Amresh Anjan

NDTV Convergence Hires Mr Arunava Sinha As Chief Product Officer
NDTV Convergence Hires Mr Arunava Sinha As Chief Product Officer
Source: 08-07-08 www.alootechie.com Compiled by Amresh Anjan

Mr Sameer Kapoor Is New NDTV CEO
Mr Sameer Kapoor has been appointed by NDTV as Chief Executive Officer of its Hindi news channel, NDTV India. Prior to this assignment, he was the President of the Metropolitan Media Company, the joint venture between the Times Group and HT Media.
Source: 07-07-08 Business Standard

20 Million Jobs Likely To Get Slashed, Warns ILO

2013-03-10T09:12:00.000-07:00

20 Million Jobs Likely To Get Slashed, Warns ILO
Even as governments around the world struggle to raise capital into their banks in the hope that the global liquidity crunch doesn’t disrupt economic activity, the International Labour Office (ILO) has warned that there would over 20 million jobs would be slashed across the globe due to the global financial crisis by the end of 2009. The turmoil might as well push 40 million more working poor people living on less than a dollar per day below the poverty line. Based on revised global growth estimates of the International Monetary Fund (IMF), the United Nations and early reports of other similar agencies, the ILO said that there were indications that the number of job losses would be rise in most countries. “Preliminary estimates indicated that the number of unemployed could rise from 190 million in 2007 to 210 million in late 2009. The number of working poor living on less than a dollar a day could rise by some 40 million and those at two dollars a day by more than 100 million,” ILO director-general, Mr. Juan Somavia said.
Source: 22-10-08 The Financial Express Compiled by Amresh Anjan

Low Salary Hikes On The Cards For Chief Executives
Top executives are likely to get low salary hikes as India Inc tightens it belt. According to HR experts, while the salary hikes of CEO and top executives could range between zero to five percent, for the middle and lower management it is expected to be around 8 to 10 percent. Mr. Sanjeev Sethi, Corporate Director, Imperial Hotels, said, “Though at company level, we have thought of hikes of about 8 percent, CEO pay is going to increase by only 5 percent this year.” This is a considerable drop, as last year the hospitality sector saw an increase of around 20 to 25 percent in the salaries of chief executives. Similarly, Bharti Airtel’s could also get lesser salary hikes this year. HR consultants anticipate bad times for non-performing CEOs. Mr. Vijay Rai, an independent HR consultant said, “The Indian economy is now addicted to growth. Hence the accountability of the chief executives will now be hugely under the scanner.”
Source: 20-10-07 Hindustan Times Compiled by Amresh Anjan

50 Trainee Pilots Benched By Kingfisher
Mr. Vijay Mallya’s Kingfisher Airlines, which is witnessing a loss of Rs 10 crores a day due to low flight occupancies and high costs, has benched 50 trainee pilots as an austerity measure. These pilots will continue to be on the airline’s payroll but they will lose their substantial flying allowances. They usually get around Rs 1.2 lakh to Rs 1.5 lakh per month. Now, they will take home around Rs 30, 000. The airlines decided to bench the pilots and not sack them following the uproar over Jet laying off 1, 900 employees.
Source: 19-10-08 Hindustan Times Compiled by Amresh Anjan

Merrill Lynch CEO Anticipates Job Cuts
Mr. John Thain, Merill Lynch & Co Chief Executive Officer, said that he expected thousands of job losses from the bank’s $50 billion takeover by Bank of America Corp. He added that, most of the job cuts will fall in information technology, operations and finance. The firm has already cut more than 5, 000 jobs in the past 18 months, taking its headcount to about 60, 000, in an effort to rein in costs as credit markets froze.
Source: 21-10-08 Business Standard Compiled by Amresh Anjan

Corporate India Is Now More Anxious
The recent layoffs in the IT, BPO, banking and airlines industry has added to the anxiety of corporate India. The layoff and subsequent reinstatement of the 1900 Jet Airways employees, as well as announcements by Kingfisher Airlines indicating additional layoffs have only aggravated the anxiety. According to HR analysts, the manner in which the layoffs were conducted at Jet Airways was unfortunate and unplanned. IT and banking companies, which have weeded out similar umber of people, have done it in a more strategic and objective manner. Mr. Sandeep Chaudhary, Business Header, Hewitt Associates’ Rewards Consulting practice, said, “One of the effects of the current downturn and spate of layoffs is that attrition across sectors has gone down by at least 3% points. Salary levels and increases have taken a beating and have dropped from as recently as three months ago.” The overall impact of the financial crisis will continue to affect jobs and salaries over the next 6 to 12 months. The only difference between the layoffs in India and the US is that if a certain position is made redundant in the US the employee is made to leave irrespective of his or her performances, whereas in Indian companies will usually try and retain top performers in other roles even if their positions are made redundant.
Source: 21-10-08 Business Standard Compiled by Amresh Anjan

Infy Says India IT Is Safe
Mr. Nandan Nilekani, Co-Chairman of Infosys Technologies, said that there will be no pink slips in the Indian Information Technology (IT) as it has countered the impact of the cureent global financial tsunami well. “The fundamentals in the information technology sector are strong,” he added.
Source: 23-10-08 Hindustan Times Compiled by Amresh Anjan

Per-Capita Income Lowest In Bihar
with the monthly income of a person in the state being just a little over Rs 800. According to the State Directorate of Economics and Statistics, per capita income at current prices for Bihar was Rs 9702 for the year 2006-07, while Delhi was at the top with Rs 66,728, the data submitted by State Minister for Statistics and Programme Implementation Mr. G K Vasan indicated. After Delhi at the top in terms of per capita income were Puducherry with Rs 52,669 and Haryana with Rs 49,038 at the second and third position respectively for 2006-07. Meanwhile, Uttar Pradesh at Rs 14,685 and Madhya Pradesh at Rs 16,578 were lower down in the list but over Bihar.
Source: 23-10-08 rediff.com Compiled by Amresh Anjan

GM Mulls Layoffs In White-Collar Jobs
Following the tremors of the crisis, General Motors Corp. has been forced to layoff salaried workers even after more employees than expected took buyouts, the company said in a statement. The company also will cut salaried worker benefits, including eliminating matching payments in to 401(k) plans and further changes to be announced soon, according to the letter from GM Chief Executive, Mr. Rick Wagoner and Chief Operating Officer, Mr. Fritz Henderson. It added that layoffs will take place later this year and early next year.
Source: 24-10-08 Mint Compiled by Amresh Anjan

Goldman Sachs To Axe 10% Of Its Staff
Goldman Sachs Group Inc is planning to cut 10 percent of its total staff, or almost 3, 300 jobs, according to a source. In June this year, the company laid off hundreds of support staff and junior bankers due to slowing markets following a round of cuts in leveraged lending and mortgage securities jobs in April. The company had 32, 569 employees worldwide at the end of August. Compensation and benefits accounted for 57 percent of its total operating expenses in the three months to August, down from 67 percent in the second quarter and 73 percent a year ago.
Source: 24-09-08 Business Standard Compiled by Amresh Anjan

Lenovo To Slash 50 Jobs in the US
According to reports from Hong Kong, Lenovo Group, the world’s No. 4 personal computer maker, said it would cut 50 jobs at its US headquarters by December, as the global economic crisis overshadows the business outlook. The company has 1, 680 employees at its US headquarters and 23, 200 employees worldwide. Last year, the company laid off 1, 400 workers and moved jobs to emerging markets.
Source: 23-10-08 Hindustan Times Compiled by Amresh Anjan

Parsvnath To Sack Non-Performing Employees
Affected by the slowdown in the realty market, Parsvnath Developers announced that it would sack under-performing employees as part of its cost-cutting measures that would begin in the next 15-20 days. Pointing out that sales in the current festival season have declined by about 40-50%, the company’s Chairman, Mr. Pradeep Jain said: “A non-performer has to go away, cost-cutting measures will start in 15-20 days”. He, however, did not mention the number of people who will be retrenched. The company currently employs 1,400 people and about 30,000 people are indirectly employed. But he clarified that non-performer would be replaced by good professionals, who are currently available in the market in good number.
Source: 24-10-08 livemint.com Compiled by Amresh Anjan

Spice Jet Appoints Mr. Sanjay Aggarwal
Spice Jet has appointed Mr. Sanjay Aggarwal as Chief Executive Officer with immediate effect replacing Mr. Siddhanth Sharma. Prior to this, he was the COO and Chief Strategy officer for Flight Options. He has earlier worked as Senior Director of Marriott International and has also been Manager of financial planning for the maintenance, reservations and internal consulting area of US Airways.
Source: 22-10-08 Business Standard Compiled by Amresh Anjan

DBS Bank Names Mr. Sanjiv Bhasin As CEO
Mr. Sanjiv Bhasin joins DBS Bank as CEO, replacing Mr. Pranam Wahi. He will take charge after necessary formal approvals are received from the Reserve Bank of India. Mr. Bhasin has spent his 30-year of banking career in various geographical and business assignments in India and overseas.
Source: 22-10-08 The Financial Express Compiled by Amresh Anjan

Mr. Ravi Sud Quits Hero Honda
Mr. Ravi Sud, Chief Financial Officer, Hero Honda has resigned from the company after spending 10 years with it, a release from the company stated. “Mr. Sud has decided to move for opportunities outside the company. He would be with Hero Honda till the end of this month,” added the company release.
Source: 23-10-08 Business Standard Compiled by Amresh Anjan

Mr. V Sumantran Joins Ashok Leyland
The Hinduja Group flagship company, Ashok Leyland has announced the appointment of Mr. V Sumantran as director on its board. He is currently executive vice-chairman of Hinudja Automotive UK and chairman of Nissan Ashok Leyland Powertrain. Prior to this, he was at Tata Motors’ Passenger Car Business and Engineering Research as Executive Director.
Source: 23-10-08 Business Standard

Compiled by Amresh Anjan

BPOs Bullish On Hiring Amid The Slowdown

2013-03-10T09:11:00.000-07:00

BPOs Bullish On Hiring Amid The Slowdown
Despite the meltdown in global economy and trauma in the banking, finance and insurance services (BFSI) sector, Indian business process outsourcing (BPO) firms appear bullish. These firms are increasing these employee strength in the country, attributing their optimism to business ramp-up over the last couple of months and an increased acceptability of offshore work. BPOs anticipate that more work will be offshored to locations like India. A Valuenotes Database study indicates that domestic BPO firms would employ nearly 540,000 people in the next four years against 140,000 staffers currently. Mr. Karthik Sarma, Chief People Officer, WNS Global Services said that the BPO industry differs from the IT industry. Any economic downturn leads to cuts in discretionary IT spending. But such cuts don't affect the BPO industry because most of the revenue comprises long-term contracts.
Source: 14-10-08 rediff.com Compiled by Amresh Anjan

Air India To Reduce Staff Strength
With the meltdown affecting the aviation industry, Air India is proactively seeking ways to reduce its staff strength and whittle down its wage bill. The airline has decided to revive a six-year-old proposal to offer employees leave without pay for three to five years. The scheme would have to be implemented and could take up to six weeks. A spokesperson from Air India said, “All we are doing is reviving a scheme that we had in 2002 and 2003.” Around 15, 000 employees are eligible for the scheme from the total of around 34, 000 that were working for the carrier at the time of its merger with Indian.
Source: 15-10-08 The Financial Express Compiled by Amresh Anjan

Barclays Plans To Axe 3, 000 Jobs Post Lehman Deal
UK Banking Major, Barclays Plc is planning to slash about 3, 000 jobs following its purchase of bankrupt Lehman Brothers’ North American Investment banking and capital markets businesses, said a media report. The layoffs would amount to over 10 per cent of combined investment banking and trading operations, as per a report by American Business Publication, Fortune. Barclays President, Mr. Bob Diamond confirmed the headcount reduction to the magazine and said that he hoped the operation would be complete by year end, including the elimination of the staff positions.
Source: 16-10-08 Business Standard Compiled by Amresh Anjan

Deutsche Bank’s CEO Forgoes 2008 Bonus
The highest-paid executive of Germany’s top 30 companies, Deutsche Bank AG Chief Executive Officer, Mr. Josef Ackermann will forgo his 2008 bonus as banks struggle with the financial crisis. Investment banking chiefs, Messrs Anshu Jain and Michael Cohrs will also go without their bonuses, along with members of the bank’s management and supervisory boards, Deutsche Bank spokesman, Mr. Christian Streckert said.
Source: 17-10-08 Business Standard Compiled by Amresh Anjan

23 Indians Charged In One Of the Biggest Illegal Recruitment Cases
In one of the biggest illegal recruitment cases in the United Arab Emirates, 23 Indians are among 94 foreign workers who have been convicted along with their employer. The court has sentenced the manager for two months. The workers have been given jail terms ranging from three to six months.
Source: 17-10-08 The Hindustan Times Compiled by Amresh Anjan

RBI Staff To Go On Strike on Oct 21
RBI’s employees meeting with the top management ended in a stalemate, with Governor, Mr. D Subbarao refusing to either press for an immediate withdrawal of the government’s notification to stop update of basic pension or to put it on hold for sometime instead of immediate implementation. Due to which, the employees’ association of the RBI, including officers and employees under the banner of the United Forum of Reserve Bank Officers and Employees have decided to strike work on October 21, 2008. The sources close to the development said that the governor, however, has assured taking up the matter with the government at a later stage for a suitable solution. Official sources explained that update of pension refers to revising the basic pension upwards after every revision of pay scales. The pension scheme is similar to the central government’s pension scheme in accordance with RBI circular dated March 1992. Employees have alleged that the withdrawal of the update of pension is a retrograde step since it is totally contrary to the decision of the central government to shower updation benefits both in salary and superannuation to millions of its own employees.
Source: 17-10-08 Business Standard Compiled by Amresh Anjan

Only 1,716 Candidates Have Got Jobs Through Employment Exchanges in 10 Years
Mr. Vijay Kumar Malhotra, Bharatiya Janata Party’s Chief Ministerial candidate for Delhi, said that the Shiela Dikshit Government has not been able to fulfill its promises pertaining to creation of new employment opportunities made in the manifestos in 1998 and 2003, as a result of which only 1, 716 people have been offered employment through employment exchanges in the past ten years. Stating that the Congress promised the youth before the elections that steps would be taken to secure their future, Prof. Mr. Malhotra said all these assurances had been proved to be empty and the promised schemes remained on paper alone. He added that only 1, 716 people had been offered jobs all these years through the nine District Employment Offices, two Special Employment Officer for Handicapped, one Special Employment Office foe ex-servicemen and three University Employment Information and Guidance Bureaus that are functioning at present.
Source: 14-10-08 The Hindu Compiled by Amresh Anjan

PepsiCo To Cut 3, 300 Jobs On Lower Profits
PepsiCo said it will axe 3, 300 jobs after posting a profit that fell more than analysts estimated. The job cuts are a part of the company’s plan to pare $2 billion in pre-tax expenses during the next three years. As many as six plants will be closed, the company said.
Source: 15-10-08 The Hindu Compiled by Amresh Anjan

CSC To Increase Its Headcount
Computer Science Corporation (CSC) said that it is planning to increase its employee strength in India over the next six months. The addition of 2, 000 employees would take the company’s total workforce ally to 21, 000. The company acquired Covansys in July 2007 and First Consulting Group (FCG) in January 2008, and has achieved full integration of both operations into the company. With the acquisitions, CSC has nearly doubled its headcount in India. As per company officials, the financial services and manufacturing sectors offer immense opportunity for growth. Mr. Michel W Laphen, Chairman and CEO, CSC said that the company has faced very little impact due to the economic turbulence in the US and other parts of the world. “We have been fortunate enough during this period and we’ve not laid of any employee during this turbulent time,” he added.
Source: 16-10-08 Busienss Standard Compiled by Amresh Anjan

Aricent Plans To Expand Its Workforce By 10%
Technology and outsourcing company, Aricent is planning to expand its global workforce by up to 10% by year end with particular emphasis on Indian operations. The company aims to add around 800 people over the next three months in various centres around the world. Presently, it has 6,000 employees in India with offices in Gurgaon, Chennai and Bangalore.
Source: 16-10-08 Business Standard Compiled by Amresh Anjan

DBS Indian JV To Lay Off Staff
Following the global financial turmoil, DBS Group Holdings said that its Indian joint venture, Cholamandalam DBS Finance Ltd is closing 75 branches in India. ”The business has to adapt to prevailing conditions in India,” a DBS spokesman said confirming an earlier report that said it will close 75 of its 260 branches and 200 people will lose their jobs.
Source: 15-10-08 Mint Compiled by Amresh Anjan

Britain to Axe 10, 000 Government Jobs
Britain is prepared to axe nearly 10, 000 jobs from its Ministry of Justice as part of a round of budget cuts to battle the tough economic climate. But a ministry spokesperson said although the division was making nearly 1 billion pounds ($ 1.75 billion) worth of cuts, no decision had been made on jobs and that only back office and support departments were likely to be affected.
Source: 16-10-08 The Hindu Business Line Compiled by Amresh Anjan

Max New York Life Appoints New CEO
Max New York Life Insurance, the joint venture between Max India and New York Life International, LLC, the international arm of New York Life Insurance Company, have named Mr. Rajesh Sud as Chief Executive Officer and Managing Director of the joint venture operation. Prior to this, Mr. Sud was serving as the company’s Deputy Managing Director.
Source: 13-10-08 The Hindu Compiled by Amresh Anjan

Best Western Names Mr. Sudhir Sinha As CEO
Hotel Chain, Best Western India has appointed Mr. Sudhir Sinha as the President and Chief Operating Officer. He brings an experience spanning over 22 years in the hospitality and the service industry. Before this, he was Vice-President of development and franchise services at Choice Hotels for seven years.
Source: 13-10-08 The Financial Express Compiled by Amresh Anjan

Ford Appoints Mr. Timothy Tucker
Mr. Timothy Tucker has been appointed as new Vice-President for sales by Ford India. Prior to his India appointment, Mr. Tucker served as Managing Director of Ford-Vietnam and Managing Director of Ford Malaysia in separate, consecutive postings.
Source: 14-10-08 Business Standard Compiled by Amresh Anjan

Mr. Rajshekhar Roy Joins Four Soft
Four Soft, an IT firm providing solutions to transportation and logistic industry, has appointed Mr. Rajshekhar Roy as its Chief Executive Officer (CEO). He will take over the role from Mr. Palem Srikanth Reddy, Chairman and founder of the company.
Source: 14-10-08 Business Standard

Salary Raises Likely To Moderate
As the tremors of US economic crisis are being felt in India, the salaries and job markets are bound to get affected. But while companies will be forced to trim pay raises, the experts say a no-increment-no-recruitment situation may not come about. In 2008, the average rate of salary hike was 14.8% and the figure is likely to go down to 13.9% next year. According to the experts, the major difference will come about in the way salaries are packaged: the proportion of the variable pay component will increase. “The fixed pay component will be kept low and emphasis will be on performance-based pay, especially in service-intensive sectors like insurance and IT, where employees have a direct link with the company’s profitability,” says Mr. K. Sudarshan, Global Vice-President, marketing and communications, EMA Partners International. So, most likely, the fixed variable ratio could become 60:40 or even 50:50 in sectors like insurance.
Source: 06-10-08 DNA Compiled by Amresh Anjan

Bosses Have Changed From Evolutionary Bullies
A good boss will always try to save you from office politics even if you work independently, but a new study has shown that male managers have an evolutionary excuse for bullying non-team members. In fact, researchers in Australia have traced office politics back to cavemen days and found that the way male managers dress, posture and exercise power is due to humans’ evolutionary biology. As per the researchers, prehistoric behaviours, such as male domination, protecting what is perceived as their ‘turf’ and ostracizing those who don’t agree with the group is more commonplace in everyday work situations. Lead author, Mr. Jeffrey Braithwaite said, “This tribal culture is similar to what we would have seen in hunter gather bands on Savannah in Africa. Groups were territorial in the past because it helped them survive. If you weren’t in a tight band, you didn’t get to pass on your genes. Such tribalism is not necessary in the same way now, yet we still have those characteristics because they have evolved over two million years. It’s a surprise just how hard-wired this behaviour is. It’s predictable that a group will ostracise a whistle bowler for instance. It’s not good, but it’s understandable in the tribal framework. It explains all sorts of undesirable behaviours, including bullying. The findings of Mr. Braithwaite and colleagues are based on an analysis of hundreds of interviews of health workers over a 15-year period – by using an evolutionary psychology approach.
Source: 09-10-08 Hindustan Times Compiled by Amresh Anjan

Working Women Feel Insecure During Night Shifts
Nearly 53 percent of working women feel unsafe, especially during night shifts in all major hubs of economic activity across the country, particularly in the key sectors of BPO/ITeS, hospitality, civil aviation, nursing homes and garment. They call upon their establishments to change safety norms, according to the Associated Chamber of Commerce and Industry Social Development Foundation (ASDF). The assessment, based on feedback from the stakeholders reveals that 48 percent of the women working with small-scale firms are extremely worried about their external movements. Nearly 26 percent of such workforce in the medium sector is apprehensive of safety and security, particularly after dark. And about 23 percent of women feel the same fear in large-scale establishments. Releasing the assessment, the Assocham said women in BPOs and ITeS were the most sensitive and prone to physical and non-physical attacks. In nursing homes including hospitals, 53 percent of women employees continue to feel insecure. This percentage in leather and garment industries is 45 and 34.
Source: 10-10-08 The Hindu Compiled by Amresh Anjan

Textile Sector Pays Less to Women Employees
Female workers in the textile industry are paid less than males, except in Uttar Pradesh. Men, who account for 40.74% of total work force of the industry, get Rs 151.10 as daily income and women, who comprise 59.26%, earn Rs 113.63 a day. In contrast to the trend across the country, in Uttar Pradesh, men get Rs 140.85 even as women earn Rs 152.77 a day. The highest difference in the earnings of men and women is in Maharashtra at Rs 177.08 and Rs 128.1 respectively, followed by Karnataka and Tamil Nadu, the Occupational Wage Survey 2008 has shown. The survey, carried out by Labour Bureau based on 2007 data included 128 units.
Source: 09-10-08 The Financial Express Compiled by Amresh Anjan

Capita Plans To Hire 1, 000 Employees
Capita India, a subsidiary of UK’s largest BPO firm Capita, plans to add 1, 000 employees in the next 12 months, in contrast to job cuts and deferring of hiring plans by the Indian IT and ITeS firms. This is a part of ongoing initiative taken by the company to move work offshore. “Capita has over 30,000 people working for it and we have almost 55-60 percent of the UK insurance market. We have included an offer of a blended model for outsourcing with UK and offshore component to it. As a result, of the pound 3 billion new work that Capita is bidding, a substantial amount of this will be offshored to India, said Mr. Paul Pindar, Chief Executive, Capita Group.
Source: 04-10-08 Business Standard Compiled by Amresh Anjan

Time For More Govt Officials To Travel For Work
Now, more government officials can travel on official work, or end up not having to pay for some quantum of official travel, all thanks to a Finance Ministry memorandum that was issued last week. The memorandum requires that all mileage points earned by government employees on tickets purchased for official travel be pooled in for utilization by the concerned department for other official travel. Till now, most officials had been purchasing tickets for official travel and adding the mileage points to personal ‘frequent flyer accounts’. As per the new rule by Department of Expenditure, all the collective mileage points pooled together would benefit the department.
Source: 06-10-08 Hindustan Times Compiled by Amresh Anjan

Laid-Off Staff Being Employed At Delhi/Mumbai Airports
Developers of the Delhi and Mumbai airports are witnessing a rush of applications from laid-off airline employees for recruitment to various airport services. Both Mumbai International Airport Limited and Delhi International Airport Limited are likely to recruit more staff by May 2009 since more than 2,000 posts are expected to be vacant as employees opt for retirement.
Source: 06-10-08 Business Standard Compiled by Amresh Anjan

Why Should Ad-Hoc Workers Be Denied Of Benefits?
The policy of some employers to deprive their ad-hoc employees of financial, medical and vocational benefits, which is available to regular staff, has received criticism from Delhi court which termed the practice as "violative of fundamental rights and exploitative". Allowing the plea of an ad-hoc doctor, who worked for Delhi Jal Board, to get a salary on par with his regular collegues, the court said that such employees were entitled to all the benefits. "Employers making ad-hoc appointments and resorting to fictional break, subject the employees to arbitrary hiring and firing policy and deprive them of various benefits -- which are available to all other government servants -- and therefore, this pernicious system of appointment is exploitative and violative of Article of 14 and 16 of the Constitution," the court said.
Source: 06-10-08 DNA Compiled by Amresh Anjan

Hard Times Are Good Times For Your Health
Contradicting popular belief, US study revealed that people are healthier during strife. The data on how economic downturn influences an individual’s health are surprisingly mixed. Economic studies suggest that people tend not to take care of themselves in boom times- drinking too much (especially before driving), dining on fat-laden restaurant meals and skipping exercise and doctor’s appointments because of work-related time commitments. Mr. Gran Miller, an assistant professor of medicine at Stanford, who is studying the effects of fluctuating coffee prices on health in Columbia, says that even though falling prices are bad for the economy, they seem to improve health and mortality rates. When prices are low, labourers have more time to care for their children.
Source: 08-10-08 Hindustan Times Compiled by Amresh Anjan

Infosys Exceeds One-Lakh Employee Mark
Despite the pressure on the IT job market from fears of an economic slowdown, IT major Infosys has become the second technology firm in the country to exceed the one-lakh employee mark after industry leader TCS. Infosys and its ancillaries added 10,117 employees in the second quarter of this fiscal that ended on September 30, 2008, taking the total head-count to 1,00,306 employees, company announced in its quarterly results. This puts the company in the league of another Indian IT giant TCS, which had over 1,16,308 employees on its payrolls at the end of the previous quarter.
Source: 10-10-08 livemint.com Compiled by Amresh Anjan

Merrill Lynch’s CEO Gets A New Job From Bank Of America
Merrill Lynch's Chairman and Chief Executive Officer, Mr. John Thain will take over as the President of global banking, securities and wealth management after its merger with Bank of America (BofA), a top bank official said. His new responsibilities include the combined entity's Global corporate and investment banking operations as well as most of the Global wealth and investment management operations. BofA also said that Mr. Brian Moynihan, the current president of BofA's global corporate and investment banking, will take over as the president of private equity and global operations of the combined entity post merger. Mr. Moynihan will continue as President of global corporate and investment banking (GCIB) at BofA until the merger occurs after which he will take charge of the new responsibilty, the statement said.
Source: 04-10-08 DNA Compiled by Amresh Anjan

Two Of MphasiS Directors Resign
Mr. Michael Koehler and Mr. Thomas J Erhardt, Directors in IT solutions and BPO providers MphasiS, have resigned from the board of the company. This is the second instance of resignations from the company in less than two weeks. EDS Asia Pacific Advisory Board chairman and MphasiS founder Mr. Jaithirth (Jerry) Rao had resigned from the company last month.
Source: 11-10-08 Business Standard Compiled by Amresh Anjan

Company Staff To Study In IIT – Bangalore
Not only students but several professionals with several years of experience will be seen in the IT-Bangalore campus. To develop their talent pool, Pune-based Bharat Forge Limited (BFL) – a multinational forging company – has signed a Letter of Intent (LOI) with IIT-B to start an MTech programme for its employees. The course will be designed as per BFL requirements to further employees’ research and development capabilities. Starting June, BFL employees will attend classroom lectures during the first year on a full-time basis. The second year will require them to work on a project at BFL and IIT-B. However, it is not for the first time that the company has partnered with an educational institure. It has tied up with Birla Institute of Technology and Science (BITS), Pilani, for Bachelor of Science in Manufacturing Engineering and with UK-based Warwick University for MSc in Engineering Business Management.
Source: 05-10-08 Hindustan Times Compiled by Amresh Anjan

R-Globalcom Appoints Mr. Bhatia
Anil Dhirubhai Ambani (ADA) group promoted Reliance Globalcom has announced the appointment of Mr. Mandeep Bhatia as the Business Head of its National Long Distance (NLD) business. Mr. Bhatia joins the company from Bharti Airtel where he was leading the consumer mobile business as Chief Operating Officer (COO) – Mumbai, Maharashtra and Goa.
Source: 09-10-08 Business Standard Compiled by Amresh Anjan

Wipro Names Country Head of France Operations
Mr. Christophe Martinoli joins Wipro Technologies as the Country Head of France operations. In his new role, he will concentrate on defining a unified strategy for the France market, help build Wipro as a brand of choice and further enhance Wipro’s image.
Source: 09-10-08 Business Standard Compiled by Amresh Anjan

Mr. Wasim Basir Joins Rediffusion
Rediffusion DYR has hired Mr. Wasim Basir as a group executive Vice President. Mr. Basir comes onboard from Red Lounge – A Coca venture in China where he was Managing Director. He has also worked with Chaitra Leo Burnett and McCann Erickson.
Source: 07-10-08 DNA Compiled by Amresh Anjan

Aricent Announces New CEO
Aricent, an outsourcing company, has announced the appointment of ex-Wipro veteran, Mr. Sudip Nandy, as Chief Executive Officer (CEO) of the company. He was earlier the President of the Technology Media and Telecom Business unit at Wipro, overseeing more than 18,000 people and a revenue run rate of $1.3 billion a year.
Source: 10-10-08 The Hindu Compiled by Amresh Anjan

Entrepreneurship Cell, Faculty of Management Studies, Delhi presents International Entrepreneurship Challenge 2008
International Entrepreneurship Challenge (IEC) 2008 (visit: www.ecell-fms.org) is the golden opportunity to get seed funding with the support of eminent VCs. The participation is open to all - undergraduates, postgraduates, corporate and startups across the world. Send in your executive summaries to: ecell@fms.edu.
Source: 10-10-08 naukri.com Compiled by Amresh Anjan

3500 Candidates Shortlisted At The Naukri.com Job Fair
Over 300 jobseekers received a job offer at the Naukri.com Job Fair held at HITEX Exhibition Centre, Hyderabad (11th – 12th Oct 2008). Over 3500 candidates were shortlisted for further interviews. The Hyderabad Job fair was a multi industry job fair, with more than 30 companies participating from diverse sectors including including IT, ITeS, Engineering, Media, Banking and Insurance, Biotech, Gaming and many more. Companies hired for freshers, middle and senior professionals like Business Development Executives, Research Analysts, Business Advisors, SAP Consultants, Quality Analysts, Java Engineers, Graphic Engineers, Game Programmers, and Sales Managers. Besides hiring for current openings, it also helped recruiters build their candidates database for future requirements. The fair witnessed job seekers from the twin cities as well as other parts of South India. Of the total number of registrations, 50% of the jobseekers that walked in had experience between 0-2 years, 35% had 2-5 years and 15% had more than 5 years. Naukri.com will hold its next job fair in Ahmedabad on 18th-19th October, 2008.
Source: 30-11-99 naukri.com

HeadlinesHR Professionals Happiest Despite The Work Load

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HeadlinesHR Professionals Happiest Despite The Work Load
According to a recent study, HR professionals have emerged as the happiest lot in the country, even as they face an enormous workload. As per the latest Happiness at Work Index survey by international recruitment consultancy, Badenoch & Clark, about 94 per cent of human resource professionals insist they are still happy in their role, despite having mounting workload and a bleak career outlook. The current level of optimism at 94 per cent is much higher compared to 76 per cent seen three months ago, but the study does not mention the reason for it. Interestingly, the optimism persists despite the fact that the sector has witnessed the highest increase in the work pressure since the beginning of 2008 compared to other industries surveyed.
Source: 18-08-08 rediffnews.com Compiled by Amresh Anjan

HeadlinesBanks Cut Down On Sales Force Due To Slowdown In Credit Growth
A slowdown in credit growth, which includes fresh personal loans, credit cards and auto loans is taking a toll on direct selling agents (DSAs) hired by banks to sell these products. According to estimates, banks have reduced the number of DSAs by 15-25 per cent, while marketing expenses are 35-40 per cent lower. For instance, ICICI Bank the country's second largest lender, has reduced the number of DSAs this year, while pruning the marketing expenses on these channels by 40 per cent to Rs 228 crore (Rs 2.28 billion) at the end of the first quarter. Citibank, which was till recently the most aggressive player among foreign banks, has slashed the number of DSA-managed sales staff by about 15 per cent over the last 18 months.
Source: 19-08-08 Business Standard Compiled by Amresh Anjan

HeadlinesTwo India-origin Persons In The League Of Forbes’ Top-Paid Young CEOs
Two Indian origin businessmen, Mr. Shantanu Narayen from Adobe and Mr. Francisco D’Souza from Cognizant have made it to the league of young CEOs with hefty pay package in the US, as per a list compiled by Forbes. Mr. Narayen has been ranked at the 5th position and Mr. D’ Souza is at 15th position in a list of 15 young CEOs, aged 45 or less. The list has been topped by a person of Pakistani origin, Mr. Nabeel Gareeb, CEO of chipmaker MEMC Electronic Materials since 2002.
Source: 16-08-08 Business Standard Compiled by Amresh Anjan

HeadlinesNine Lakh Bank Employees Go On A Day Long Strike
Banking services in the country came to a standstill as about nine lakh public sector bank employees went on a strike, paralyzing most commercial operations throughout the country. The strike affected banking operations in the financial capital Mumbai, other parts of Maharashtra, Delhi, Uttar Pradesh, West Bengal, Kerala, Tripura, Bihar, Assam and Gujarat. The employee unions are protesting against the government’s reform agenda, which includes privatization, mergers and consolidation and ‘unrestricted’ FDI in the banking sector.
Source: 21-08-08 Business Standard Compiled by Amresh Anjan

HeadlinesCorporate World Trying To Cope Up With Increasing Stress
With increasing stress and illness among employees, companies are now showing concern over the mental health of their employees. Many companies are offering psychological help to their employees in the form of counselors, workshops etc. These counselors give a non-judgemental approach to their problems and suggest alternate thinking methods and solutions. In most multi-national companies (MNCs), counselors are hired on a part-time basis. In smaller firms HR managers are playing the role of counselors. Counsellors feel that it’s best to nip the problem in the bud, before it seriously begins to affect one’s personal and professional life. Also, coming of ‘de-stress’ weekends, coporate workshops, employee-bonding picnics etc have become a part of the corporate cycle that help in reducing stress.
Source: 18-08-08 DNA Mumbai Compiled by Amresh Anjan

HeadlinesDelphi To Cut 600 Salaried Jobs
Bankrupt US Autoparts maker, Delphi Corp said that it would cut 600 salaried jobs from its electronics and safety division as part of a plan to cut the division’s costs by 25 per cent. The company, which employs around 10, 200 salaried workers in the US has cut thousands of jobs and has sold off several business units since it filed for bankruptcy protection in October 2005.
Source: 20-08-08 The Hindu Business Line Compiled by Amresh Anjan

HeadlinesUS Slowdown Forces Ramco Systems To Cut 200 Jobs
The slowdown in the US economy has left 200 Ramco Systems employees jobless. The company is now left with only 1,200 people across the country. Employees with experience of two years and above, who have not been able to catch up with the performance requirements, were asked to leave. Though the average age of the professionals has increased marginally to 28.1 years from (from 27.5 years), the lack of experience poses challenges at the middle management level, according to Mr Kamesh Ramamoorthy, Chief Operating Officer, Ramco Systems. Other software companies who have cut down on extra staff in the last few months are TCS (500 plus), Wipro (725), Patni Computers (108), Hexaware Technologies (329) and Syntel (48), and Adventity (200 plus).
Source: 16-08-08 Business Standard Compiled by Amresh Anjan

HeadlinesUP Govt. Staff, Teachers To Get More Salary
Uttar Pradesh Chief Minister, Ms Mayawati has announced a pay hike for over 14-lakh government employees and teachers in accordance with the Sixth Pay Commission’s recommendations. This move would benefit 8.7 lakh State employees and around 5.5 lakh teachers. The Chief Minister said that the panel’s recommendations would be implemented with retrospective effect from January 1, 2006 and the employees would be entitled for the revised payscales from December 1, 2008.
Source: 19-08-08 The Hindu Compiled by Amresh Anjan

HeadlinesIndia Inc Reviews Its HR Policies Because Of US Sub-Prime Crisis
Due to the combined pressure of global economic slowdown, the sub-prime crisis in the US and rising inflation, India Inc has been forced to reconsider their HR policies, increase productivity and redeploy their manpower. Though companies have factored in the economic turmoil in their budgets for 2009, the average salary projections for the coming year are lower by only a percentage point at 13.9%. Despite the increased pressure, the year 2008 saw a strong salary increase of 14.8% according to a study by HR consultancy firm, Hewitt Associates. According to the survey across 150 companies, only 20% are resorting to a slowdown in hiring or a complete freeze. While the majority, 57% are looking to balance the effect of inflation and lower HR budgets by increasing productivity, 31% are deploying their manpower towards better efficiency. Many companies (30%) have also introduced performance linked pay to deal with fixed pay increases.
Source: 20-08-08 The Financial Express Compiled by Amresh Anjan

HeadlinesIIMs Expect An Increase In Pre-Placement Offers
The leading Indian Institutes of Management (IIMs) are expecting a 25 to 50 per cent increase in pre-placement offers (PPOs) vis-à-vis other prominent B-schools, who are anticipating a 25 to 30 per cent drop in placements, this academic year. The IIM PPO process begins every July and goes on till final placements conclude in February. This academic year, too, the offers came from prominent investment banks and consulting firms. For instance, IIM Calcutta (IIM-C) has received 33 pre-placement offers (including 15 international offers) so far, and expects the numbers to go up by 25 per cent over last year, when it received 90 PPOs. Compared to last year’s figures, though, the initial figures indicate a dip in the growth percentage. “Even if the PPOs remain at the same level as last year, we would be happy. Considering that most international recruiters are from the banking and financial sectors (hit by the US sub-prime crisis), we do not expect an enthusiastic response even at the final placement stage,” said a prominent IIM official.
Source: 20-08-08 Business Standard Compiled by Amresh Anjan

HeadlinesNBHC Adds Three More Directors To Its Portfolio
National Bulk Handling Corporation Ltd (NBHC) has strengthened its top management team by appointing three additional directors in the board meeting held in Mumbai. Mr. Surender Kumar Tuteja, retired IAS officer and ex-chairman of CWC, is appointed as Chairman, NBHC. Dr. Tajamul Haque, ex-chairman of CACP and advisor agricultural costs and prices, ministry of agriculture, GOI and Mr. Paras Ajmera, director operations and HR, FTIL are appointed as new directors.
Source: 21-08-08 The Financial Express Compiled by Amresh Anjan

HeadlinesIIM Course For Defence Personnel Bypassed By IT Firms
The Certificate Programme in Business Administration offered by the Institutes of Management has not seen much encouragement by information technology (IT) companies. The objective of this course is to help officers from all the three services - Army, Air Force and Navy - in their rehabilitation to civil life after retirement. The course has been initiated by the Directorate-General of Resettlement, Ministry of Defence, in association with the IIMs at Ahmedabad, Indore, Calcutta, Bangalore and Lucknow. However, out of the 80 companies that visited IIM-A during placements for the 66-strong participants in the batch, only a few companies including Tech Mahindra, TCS and Patni Computers were from IT. Companies from sectors like infrastructure, retail, telecom and finance mainly were present for placement. At IIM Lucknow, only five of the 26 companies that offered placements were from the IT sector.
Source: 10-08-08 Business Standard Compiled by Amresh Anjan

Headlines‘Outplacement Services’ Gaining Momentum In India
In order to help workers, who have been asked to leave, IT companies are now roping in HR firms for ‘outplacement services’. Outplacement is slowly gaining momentum as the US slowdown is casting a cloud on hiring, and delay in client decisions is forcing companies to cull jobs and weed out non-performers from their rolls, “Outplacement service is a global practice, but in recent times we have seen MNCs adopting it in India. The demand for such services has picked up steam since the beginning of 2008 and we have offered ‘outplacement assistance’ to three MNCs for almost 250 employees,” Mr Kris Lakshmikanth, Chief Executive Officer and Managing Director of Head Hunters India, said. The firm offers resume and interview assistance, career counselling and placement services to candidates affected by such lay-offs.
Source: 18-08-08 The Hindu Business Line Compiled by Amresh Anjan

HeadlinesEmployees Union Express Dissatisfaction With The Pay Hike
Many employees’ unions have expressed their dissatisfaction over the Union Cabinet’s approval to the recommendations of the Sixth Pay Commission. While the All India Trade Union Congress (AITUC) claimed that the recommendations accepted were ‘not fully satisfactory’, the Centre of Indian Trade Unions (CITU) showed their disagreement with the government’s decision terming it “totally inadequate, disappointing and discriminatory towards lower-level employees”.
Source: 16-08-08 Business Standard Compiled by Amresh Anjan

HeadlinesRediffusion Has Appointed A New Group CEO
Rediffucion | DYR has appointed Mr. Mahesh Chauhan as Group CEO, with immediate effect. Mr. Chauhan is taking over the reins from Mr. Diwan Arun Nanda and will be spearheading all the group companies of Rediffusion | DYR; TME, Wunderman, Showdiff, Rediffusion Public Relations, OAP-Touchpoint as well as Rediffusion | DYR.
Source: 20-08-08 The Hindu Business Line Compiled by Amresh Anjan

HeadlinesMr. Vinod Gupta Resigns From InfoGroup
Company founder of database provider, InfoGroup, Mr. Vinod Gupta resigned as Chief Executive Officer. The company said that Mr. Gupta would remain on the board of directors.
Source: 22-08-08 Hindustan Times Compiled by Amresh Anjan

HeadlinesAmbit Corp Finance Appoints A New MD
Ambit Holdings Pvt. Ltd has announced the appointment of Mr. Nikhil Puri as Managing Director of Ambit Corporate Finance. Prior to this, Mr. Puri was working as Managing Director in the Global Industries Group.
Source: 21-08-08 DNA Money Compiled by Amresh Anjan

HeadlinesMr. R.S. Pandey Joins Petronet As A Board Member
Mr. R.S. Pandey is all set to join the Board of Petronet LNG Ltd (PLL), a position left vacant after his predecessor, Mr. M.S. Srinivasan had quit on July 31 this year. Mr. Pandey’s name has been approved by the government. According to a source, the next step of PLL would be to circulate a resolution to its Board members to not only consider Mr. Pandey’s appointment as an independent director but also to designate him as Chairman of the Board.
Source: 22-08-08 The Hindu Business Line Compiled by Amresh Anjan

HeadlinesClifford Chance Appoints Mr. Rahul Guptan
International law firm, Clifford Chance has said, Capital Markets Lawyer, Mr. Rahul Guptan will join its global partnership. He will be based in the firm’s Singapore office. He has moved from Amarchand & Mangaldas & Suresh A Shroff & Co.
Source: 21-08-08 DNA Money Compiled by Amresh Anjan

HeadlinesMr. Uday Ved Appointed As Head of Tax By KPMG
KPMG has appointed Mr. Uday Ved as Head of Tax. He specializes in international taxation, transfer pricing and exchange control regulations.
Source: 22-08-08 The Hindu Business Line

IT Companies Taking A Hit On The Quality Front
After the frenzied recruitment drives, the IT and IT-enabled services (ITES) companies are now feeling a hit on the quality front. Companies are being forced to rethink their hiring strategies considering that there is a widespread lack of sufficient technical skills for high-end jobs with a basic absence of soft skills. There is an industry-wide concern over the gap between academics and industry needs. The existing syllabus seems outdated and obsolete compared to the global IT standards while the industry demands newer and enhanced skills and competencies.
Source: 07-08-08 www.sify.com Compiled by Amresh Anjan

Attrition Goes Down With The Economic Slowdown
While the economic slowdown is wreaking havoc on the revenues of the companies, it is also a blessing in disguise, when it comes to attrition. According to HR analysts, the economic slowdown is expected to clamp down the attrition rates across industries, at least for the next two quarters. The attrition rates were very high in some industries such as financial services and retail, as companies were on a hiring spree. However, now with the economic slowdown, jobs are not coming easy and many companies have frozen recruitment, leading to lower attrition rates across industry.
Source: 04-08-08 Business Standard Compiled by Amresh Anjan

Infosys Invests Rs. 750 crore In Fresh Recruits’ Training
Complaining that existing engineering colleges do not churn out candidates with required skills, Infosys Director Mr T. V. Mohandas Pai has informed that Infosys Technologies spends Rs. 750 crore a year on training fresh recruits. The company added 3,192 staff in the first quarter of 2008-09. This amounts to Rs. 2.50 lakh spent on each potential new employee during a 16-week training period. The training has successfully helped in containing attrition at around 13.7 per cent against the industry average of 17 per cent. Infosys runs its own on-campus job skills programme, Campus Connect that covers 510 engineering colleges in several regions.
Source: 03-08-08 www.thehindu.com Compiled by Amresh Anjan

Bharti Enterprises Restructures Top Level
Distributing responsibilities for its various businesses, Bharti Airtel has announced a strategic restructuring at its corporate level. As per the new structure, Mr Rajan Mittal, younger brother of group chairman Mr Sunil Mittal, has been promoted to be the Vice-Chairman. He will look after the Group’s retail, cash and carry, and realty businesses. Mr Akhil Gupta is the new Deputy Group CEO and MD and would be responsible for tower infrastructure unit—Bharti Infratel, and also lead the financial services and software businesses. Mr Gupta would remain Non-Executive Director on the company board. Mr Manoj Kohli has been designated as the CEO and Joint Managing Director. Also, the board has approved the appointment of Mr Quah Kung Yang as an Additional Director and accepted the resignation tendered by Mr Francis Heng.
Source: 05-08-08 www.livemint.com Compiled by Amresh Anjan

Global Financial Firms Reducing Headcount In India
Global financial powerhouses such as Lehman and Merrill reducing their employee headcounts in India owing to the US sub-prime shakeout. Lehman Brothers is shutting down its mortgage capital division in Mumbai dismissing 28 people in Mumbai and 17 in their Chennai office. Merrill Lynch, which announced a $5.7 billion bad debt write-down earlier this week, is reportedly cutting down 45 jobs in India giving substandard performance of employees as the reason. JP Morgan Chase has cut down its Indian workforce by 10. Several other US banks have already stopped recruitments in India while others have put on hold their expansion plans. There are also reports that Citi Group is in the process of selling its Indian back office operations, where it employs over 5,000 people.
Source: 03-08-08 Hindustan Times Business Compiled by Amresh Anjan

LG Innovates 5-yr Career Growth Plan For Its Staff
In a bid to beat attrition, LG Electronics India has started a 5-year programme to enhance the career of its white-collared employees. The programme that was started last month has been made mandatory for its white-collared employees that number about 1,900. Under the programme, all eligible employees will undergo an assessment by experts to help them identify their weak points. While the senior employees will be assessed on the basis of their vision and leadership abilities, young people will be assessed as per their functional capabilities. On an average, the company makes about 300-400 new recruitments a year in various departments and has managed to keep its attrition rate at 6 per cent.
Source: 03-08-08 www.ndtvprofit.com Compiled by Amresh Anjan

PwC To Hire 5,000 People In 3-4 Years
Auditing and consulting firm PricewaterhouseCoopers is looking to double its headcount in the next three to four years. Its technology centre in India is being projected as a global outsourcing hub for the group. Currently, the firm has 5,000 professionals. PwC has three 'Centre of Excellence' on technology, e-governance and government practises.
Source: 06-08-08 The Financial Express Compiled by Amresh Anjan

Wage Hikes To Moderate At Wipro
According to Wipro Ltd Executive Vice-President – Human Resources Mr Pratik Kumar, the company expects salary hikes to moderate in 2008-09 as per industry standards. The company is also hiring more cautiously. For April-June, Wipro’s employee utilization for its IT services business edged up 50 basis points.
Source: 08-08-08 Hindu Business Line Compiled by Amresh Anjan

Over Half Of India's Programmers Work On Sun Micro
According to Sun Microsystems Vice-President and Managing Director Mr Anil Valluri, the company has around 7.40 lakh developers working mainly on Solaris and Java platforms in India. This amounts to over half of the total developer population in India. The company has around 700,000 developers in China and around 600,000 in the US. Thus, India has retained its position of being the largest developer location for the company.
Source: 07-08-08 Business Standard Compiled by Amresh Anjan

Sebi Allows Grant Of Esops To Nominee-Directors
The Securities and Exchange Board of India has made an amendment, which now makes directors nominated by financial institutions eligible for employee stock options, if the director and nominating institutions sign an agreement on this and a copy of it is given to the company. The amendment was made after the board received several cases after a grey area in the regulation led to institutions forbidding nominee-directors from receiving Esops. However companies such as Life Insurance Corporation and General Insurance Corporation may not allow nominee-directors to accept Esops since they were government-owned bodies. Earlier, as per the Employee Stock Option Scheme and Employee Stock Purchase Scheme guidelines, 1999, Esops were meant for whole-time directors, employees and officers of an organisation. Exempt categories were promoters or directors with over 10 per cent holding in the company.
Source: 06-08-08 Business Standard Compiled by Amresh Anjan

From Public To Private: No Easy Road For PSU Executives
For top level public sector executives, it would now be not easy to join private firms after retirement or resignation. As per a circular issued by the Ministry of Heavy Industries and Public Enterprises, they would have to get a go-ahead from the government. If they fail to do this, they may have to pay damages to the government for violation as per the bond or agreement signed with the department concerned. The decision was prompted by case of some senior officials of finance, petroleum and other ministries who joined the private sector, and were later allegedly involved in lobbying for their new employers.
Source: 04-08-08 Business Standard Compiled by Amresh Anjan

Capgemini And HCL On A Hiring Spree In Kolkata
Capgemini and HCL Infosystems are looking to ramp up headcount in the city of Kolkata. While Capgemini plans to increase its headcount to 2,000 by the end of 2009, HCL Infosystems is looking at hiring anywhere between 1,000 and 1,500 in the next 12 months. Capgemini is shifting to its new 200,000 sq ft office campus, which can accommodate 1,700 people. HCL Infosystems Ltd has also got land for a Kolkata campus, which will become a consulting hub for the IT major in system integration and employ around 1,000 to 1,500 people in the next 12 months.
Source: 06-08-08 www.telegraphindia.com Compiled by Amresh Anjan

M & M Rejigs Top Management
Mahindra & Mahindra (M&M) has announced key changes in its top management. Mr Rajesh Jejurikar has been appointed Chief of operations and Mr Rajan Wadhera Chief of engineering and development, while Mr Louis Pereira is the new CEO of Mahindra Automotive Ltd. Mr Jejurikar will look after the manufacturing division, in addition to his sales and marketing functions. Mr Wadhera will manage the materials management segment apart from product engineering and development. Mr Pereira will be responsible for the development of the Chakan plant in Maharashtra. Meanwhile, Mr Nalin Mehta has been appointed Chief Executive Officer of Mahindra Renault Pvt Ltd, the joint venture between M&M and Renault of France.
Source: 05-08-08 www.telegraphindia.com Compiled by Amresh Anjan

US Unemployment At A Four-Year High
According to a labour department survey in the US, the unemployment rate hit a four-year high in July. While employers are shedding jobs for a seventh straight month, economic uncertainty is adding to the woes. Employers cut 51,000 jobs last month as the national unemployment rate ticked up to 5.7 per cent from 5.5 per cent in June.
Source: 02-08-08 www.sify.com Compiled by Amresh Anjan

In UK, Support Diminishes For Working Mums
A survey by Cambridge University has suggested that in the United Kingdom, growing numbers of people are getting concerned about the effect of working mothers on family life. The results are based on social attitude polls from the 1980s, 1990s and 2000s. In 1998, 51% of women and 45.9% of men believed family life would not take a hit if a woman went to work. This has dropped to 46% of women and 42% of men in 2002. This indicates growing acceptance of the old-fashioned view that women should be in the home and not the workplace. The survey, conducted by Professor Ms Jacqueline Scott from the university's Department of Sociology, questioned between 1,000 and 5,000 people. She, thus, established that the idea that support was steadily growing for women taking an equal role in the workplace, rather than their traditional role in the home was just a myth.
Source: 06-08-08 news.bbc.co.uk Compiled by Amresh Anjan

British Government Launches Helpline For Mistreated Employees
The UK government has launched a helpline to report the mistreatment of workers and illegal pay rates. The helpline is part of government’s initiative to clamp down on rogue employers. A new board has been constituted to coordinate the work of the groups which check that firms adhered to rules on treatment of staff. An information campaign has also been planned to raise awareness of employment rights and how to enforce them.
Source: 05-08-08 news.bbc.co.uk Compiled by Amresh Anjan

New CMO At Reliance Cap
Mr Anil Ambani-led Reliance Capital has hired Mr Sanjay Jain as the Chief Marketing Officer of the company. In his new role, he will be responsible for brand building, marketing strategies and corporate communication of all Reliance Capital companies. Earlier, he was associated with Bajaj Allianz where he was responsible for creating a strong visible identity for brands Bajaj Allianz & Allianz. In his 17 years of work experience, Mr Jain has worked in diverse sectors and companies like Times of India Group, Ogilvy and Coca-Cola Co.
Source: 06-08-08 www.livemint.com Compiled by Amresh Anjan

India-Origin Co-CEO At Motorola Inc
The US-based telecommunications major Motorola Inc has appointed Mr Sanjay Jha as its Co-Chief Executive Officer alongside Mr Greg Brown. Mr Jha is the Co-CEO for its handset division. In this role, he would be responsible for overseeing all aspects of the company's mobile devices business and report directly to the board. Also, Mr Greg Brown, Motorola's earlier CEO would now serve as Co-chief executive officer of Motorola and would be heading the other two divisions of the company. Mr Brown and Mr Jha would share responsibility for Motorola as it moves towards separating into two independent, publicly-traded companies. Prior to this, Mr Jha was the Chief Operating Officer of Qualcomm.
Source: 05-08-08 www.rediff.com Compiled by Amresh Anjan

Apollo Tyres Gets New CFO And CRT
Apollo Tyres has appointed Mr Salil Gupta as Chief Financial Officer and Mr Peter Becker as Chief of Research & Technology of the company. These two posts were created recently as part of company’s expansion plans in the domestic and global markets. Mr Gupta would be responsible for the finance, taxation and accounts functions, while Mr Becker, based out of Germany, would oversee the setting up of an R&D facility there keeping in mind the mobility needs of European customers.
Source: 04-08-08 www.livemint.com Compiled by Amresh Anjan

New CMDs At Three Public Banks
Executive Directors of three leading public-sector banks have been elevated as heads of state-owned banks. Union Bank of India Executive Director Mr R. S. Reddy is now CMD of Andhra Bank, while Central Bank of India Executive Director Mr Albert Tauro has been appointed the Chairman and Managing Director Vijaya Bank. Bank of India Executive Director Mr K. R. Kamath will be the Chairman and Managing Director of Kolkata-based Allahabad Bank.
Source: 03-08-08 www.thehindu.com Compiled by Amresh Anjan

New CMD At Power Grid
Mr S K Chaturvedi is the new Chairman and Managing Director of the Power Grid Corporation of India. Earlier, he was Director (personnel) with the National Hydro Power Corporation. He possesses 30 years’ experience in the power sector.
Source: 04-07-08 Hindustan Times

India Is Training Its Fresher Workforce
Despite low science and engineering graduation rates, India is rapidly becoming a global hub for R&D. A team from Duke University found that Indian firms are training their staff from scratch and bridging the skills gap. Technology majors such as HCL and Wipro increasingly hire from second- and third-tier colleges, and also arts and science schools. These companies have taken upon themselves to make these recruits profitable by training them. Most large firms have built their own dedicated learning centres. For instance, the Infosys Global Education Centre at Mysore can train 13,500 people at a time. New recruits at Infosys attend a 16-week session, which strengthens their technical, communications and management skills. Similarly, TCS provides seven months of training in computer programming, customer orientation and project management to its science recruits. The shortages in managerial talent are also made up by fostering talent from within.
Source: 24-07-08 www.livemint.com Compiled by Amresh Anjan

IT Industry Getting Younger By the Day
The India IT industry is focusing on freshers and young pass-outs stand a better chance of getting a job in the industry than their more experienced counterparts. Factors such as rising oil prices, high inflation growth, the sub-prime crisis and an economic slowdown in the US are prompting IT companies to clamp down on costs. Consequently, these companies are hiring freshers that settle for lower salaries leading to significant savings. Freshers can be hired at half or less the cost involved in getting an experienced person on-board. IT majors such as TCS, Wipro and Infosys are increasingly scouting for young guns. TCS plans to recruit 30,000-35,000 people this year, of which about 60% would be freshers and the remaining 40% those with experience. At Infosys, about 70% of the new hires would be fresh campus recruits. Also, the monopoly of IT graduates has been challenged with more and more companies hiring Bachelors of Science (BSc) graduates. With basic training, these graduates are able to handle roles of a system analyst or programmer. Also, starting salary for B.Sc. grads is around Rs 1.5 lakh against Rs 3 lakh-plus that engineers command. Wipro will hire 15,000 freshers and over 8,000 experienced people this year. Of the freshers, 30-40% would be BSc graduates and 50% engineering graduates.
Source: 19-07-08 www.dnaindia.com Compiled by Amresh Anjan

Financial Results of Info Edge (India) Ltd For Q1
Strengthening its position as the pioneer in the online business in India, Info Edge (India) Limited reported Net Profit after Tax of Rs. 129.73 million for the quarter ended 30 June 2008. Info Edge recorded Total income of Rs. 671.44 million compared to Rs. 519.63 million in the corresponding quarter last year (FY2007-08). Operating EBITDA at Rs. 167.29 million grew by 40.7% over the corresponding quarter of FY07-08. The company achieved a profit after tax of Rs. 96.68 million from operations in Q1 of FY08-09, a 39.9% growth over the corresponding quarter of FY07-08. The Other Income has come down by 25.8% at Rs. 40.21 million from Rs. 54.19 million in corresponding quarter of FY07-08. This decline is primarily for the reason that about one third of the investment portfolio has been moved into longer maturities where returns will be accounted for in the next financial year.
Source: 24-07-08 Our Bureau Compiled by Amresh Anjan

EPFO Free To Invest To Enhance Returns: FM
Finance Minister Mr P. Chidambaram has indicated that the Employees’ Provident Fund Organisation (EPFO) may invest in high yielding instruments to enhance monetary returns for its over four crore subscribers. However, the minister has negated chances of increasing the interest rates on special deposit schemes (SDS), where the bulk of the EPF funds are parked. Instead, he said, the EPFO was free to withdraw the SDS money and invest it elsewhere, if it got better returns.
Source: 19-07-08 www.telegraphindia.com Compiled by Amresh Anjan

Slump In Net Manpower Addition Of IT Majors
For the quarter ended June 2008, the net manpower addition among the top four Indian IT services companies has seen a sharp climb-down, as compared with the year-ago quarter. TCS saw a manpower addition of 4,895 at the end of June’08 against 5,512 in June’07. For Infosys, the figures stand at 3,192 in June’ 08 against 3,730 in June’ 07. Worst hit was Wipro with net addition as low as 108 in June’08 against 5,225 in June’07. At Satyam, it was 651 at the end of June’07 against 2,716 a year ago. Collectively, the figures dipped from 17,183 in June’07 to 8,846 in June’08. The salary hikes have also been low across the IT sector this year.
Source: 21-07-08 www.thehindubusinessline.com Compiled by Amresh Anjan

Rising Poaching In The Auto Industry
The auto industry is witnessing a slowdown due to rising cost of finance and sluggish sales. Despite that, the industry is seeing an all-time high level of poaching among auto makers. With the entry and expansion of global auto companies in the Indian market, there is a rising demand for experienced high and medium level officials. Recently, German automaker Volkswagen lured away Mr KK Swamy from Toyota Kirloskar Motors Ltd, who has brought with him two more senior officials from Toyota — Mr K Takewala, head of quality control, and Mr Kalyan Kumar, head of regional sales. TVS Motor lost two high-ranking officials within a year. Threatened by the trend, some companies are mulling talks with rivals for non-poaching deals.
Source: 19-07-08 www.hindustantimes.com Compiled by Amresh Anjan

Top Level Appointments At Hexaware Technologies
Hexaware Technologies recently hired Mr Rajiv Pant from Wipro Technologies to assume the role of President, North America. Also, Mr P R Chandrashekhar has been appointed as Chief Executive Officer and Chairman replacing Mr Rusi Brij. Prior to joining Hexaware, Mr Chandrashekhar was President, Americas and Europe at Wipro. Other than these two, Mr Prateek Aggarwal has been roped in as Chief Financial Officer replacing Mr P K Sridharan. Earlier, Mr Aggarwal was Head of Finance of the software division of HCL Technologies.
Source: 25-07-08 Business India Compiled by Amresh Anjan

SBI Plans To Hire 3,000 Recovery Officers
Amid the displeasure expressed by the regulators and the judiciary on the high-handedness of agents hired by banks to recover loans, State Bank of India (SBI), is planning to hire 3,000 marketing and recovery officers. This is the second such recruitment drive in less than a year. The position of officer for its rural operations would have a contract period of two years. Apart from recovering loans, these officers would also promote the bank's products, conduct pre-sanctioned survey, file applications and verify the documents. Being the largest employer in the country’s banking space, SBI had a total 1,79,205 employees as on March 31, 2008.
Source: 24-07-08 www.business-standard.com Compiled by Amresh Anjan

Around 400 RIL Employees To Be Outplaced
After downscaling its fuel retailing business, Reliance Industries Ltd (RIL) is looking to outplace around 400 employees. The 400 would mainly include sales and marketing executives, besides some finance executives, people manning oil pumps at retail stations, and employees of Reliance A1 Plaza, the retail-entertainment-dining establishments that are attached to the stations. RIL officials say that people in the company’s petroleum retailing business would be placed in other business operations within the company. Over the past three-four years, Reliance has hired around 1,800 people from consumer goods companies, banks and insurance firms for its fuel retailing business. In 2007, Reliance trimmed the number of employees in this business by around 500 and shifted them to Reliance Retail.
Source: 22-07-08 www.livemint.com Compiled by Amresh Anjan

IIT Mumbai Director Resigns
Mr Ashok Mishra, the Director of Indian Institute of Technology (IIT)-Bombay, has quit to join US firm Intellectual Ventures in the month of September. Mr Mishra had submitted his resignation to the Ministry of Human Resource and Development. An alumnus of IIT-Kanpur, he was a professor of chemical engineering and fellow of the Indian National Academy of Engineering and National Academy of Sciences. Mr. Mishra has been working with the institute for the last six years and had two more years to serve as director of IIT Bombay. His successor at IIT is still to be decided.
Source: 22-07-08 www.topnews.in Compiled by Amresh Anjan

Management Reshuffle At HSBC India
HSBC has appointed Mr Vikramaaditya as the Chief Executive Officer of HSBC Asset Management (India) Pvt. Ltd. He replaces Mr Sanjay Prakash who will take up a senior position within the HSBC Group. Joining the HSBC Group in 1998, Mr Vikramaaditya has held various key positions in cash management and securities services for HSBC in India. Prior to this appointment, he was Head of HSBC Securities Services for India. Mr Kapil Seth, until now head of Corporate Banking in South India, will assume Mr Vikramaaditya’s role in the company. Mr Seth joined HSBC in 1996 and has held positions across Personal Financial Services and Global Banking functions.
Source: 21-07-08 www.moneycontrol.com Compiled by Amresh Anjan

InfoGROUP Sacks Its Indian-Origin Chairman
US-based business and consumer database provider infoGROUP has sacked its Indian-origin founder Mr Vinod Gupta from the post of its Chairman. The sacking came as a result of a shareholder lawsuit against the company and a probe by the market regulator SEC. However, Mr Gupta would continue as the company’s CEO.
Source: 23-07-08 www.dnaindia.com Compiled by Amresh Anjan

Former SpiceJet Chief Joins InterGlobe
Mr Siddhanta Sharma, former Executive Chairman at SpiceJet has joined InterGlobe, a leading aviation and hospitality company. Based in Gurgaon, Mr Shrama will assume the role of Executive director (corporate affairs) at InterGlobe.
Source: 19-07-08 Business Standard Compiled by Amresh Anjan

Reva Electric Hires Former TVS Executive
Mr R Chandramouli, former Senior Vice President at TVS Motor, has joined Reva Electric Car Company as President of sales and marketing. In his new role, he will be responsible for strengthening Reva in India and non-European markets.
Source: 19-07-08 Business Standard Compiled by Amresh Anjan

Renault To Trim 5,000 Jobs
As the auto industry faces huge losses and dipping consumer demand, carmakers are adopting ways to cut costs. French car manufacturer Renault has decided to clamp down on its European workforce by 5,000 through voluntary redundancies. Renault has blamed the deteriorating economic outlook for these job cuts. Renault is witnessing weak sales in Spain, Italy and the UK. Apart from Renault, Ford and Daimler are also undertaking cost-cutting measures.
Source: 24-07-08 news.bbc.co.uk Compiled by Amresh Anjan

Northern Rock Appoints New CEO
Mr Gary Hoffman, the vice chairman of Barclays, has been appointed as the new Chief Executive of Northern Rock. Mr Hoffman will join in place of current Chief Executive Mr Andy Kuipers who will leave the lender after 20 years of service. Mr Kuipers is the final member of Northern Rock's original board to leave the bank following last year's crisis. 47-year old Mr Hoffman is a Cambridge University graduate. He joined Barclays in 1982 and has worked as Chairman of UK banking and Chairman of Barclaycard.
Source: 23-07-08 news.bbc.co.uk Compiled by Amresh Anjan

The Ogilvy Group Appoints Global CEO
Mr Miles Young, Chairman of Ogilvy and Mather Worldwide AsiaPacific, has been appointed global CEO of The Ogilvy Group. In his new role, he replaces Mr Shelly Lazarus who has led the company for 11 years. Mr Lazarus will continue as Chairman of the group. Mr Young has been running Ogilvy in Asia-Pacific for the past 13 years. He has built the group into the clear industry leader in India and China. The group is a strong player in Japan, Korea, Vietnam, Indonesia and Thailand, and the creative powerhouse of Ogilvy’s Singapore hub.
Source: 23-07-08 www.livemint.com Compiled by Amresh Anjan

Morgan Stanley Recruiting Financial Advisers
Morgan Stanley is on a hiring spree and aggressively recruiting financial advisers, especially from Merrill Lynch and other rivals. At a time when Wall Street is reeling under a credit crisis, the bank is accelerating the expansion of its global wealth management business. With relative stability in the bank, it has added a net 250 recruits so far this year. Morgan Stanley ended May with 8,350 brokers, down from 8,429 at the end of November 2007. The drop was caused due to Morgan's sale of its Spanish brokerage, which had 233 advisers.
Source: 24-07-08 news.yahoo.com Compiled by Amresh Anjan

US Jobless Claims Escalate With Weak Housing Market
According to US Labor Department reports, the number of newly laid-off people filing for unemployment benefits in the country jumped to 406,000 last week, a rise of a seasonally adjusted 34,000. Amid a weak economy and poor housing scenario, employers across industries are cutting jobs. With increased lay offs and new jobs being hard to find, the buying momentum in the market is also very low. Weak housing and job outlook is likely to affect the upcoming presidential elections too.
Source: 24-07-08 news.yahoo.com Compiled by Amresh Anjan

Management Reshuffle At Citigroup
Mr Michael Klein, a former head of investment banking and a 23-year veteran of Citigroup, is leaving as part of the latest management shakeup under Citigroup Chief Executive Mr Vikram Pandit. In March, Mr Klein was named Chairman of investment banking group, known as the Institutional Clients Group, as well as Vice Chairman of Citi. Mr Klein was once considered a candidate to eventually become the company's Chief Executive. However, he is set to leave now. Mr Pandit hired Ms Teresa (Terri) Dial as global head of consumer strategy and CEO of consumer banking in North America. Ms Dial previously worked at Lloyds TSB Group Plc.
Source: 21-07-08 news.yahoo.com Compiled by Amresh Anjan

Qantas Airways To Prune 1,500 Jobs
Australia’s largest airline, Qantas Airways, has decided to slash 1,500 jobs worldwide and has dropped plans to hire 1,200 more. The airline is trying to cope with skyrocketing fuel costs. The cuts would amount to 4 percent of its total work force. About 1,300 jobs will be lost in Australia and the rest overseas.The airline would close call centers in Tucson, Arizona and London, causing the loss of 99 jobs there. Globally, carriers are facing a tough time and resorting to job cuts to stabilise costs.
Source: 19-07-08 Australia’s largest airline, Qantas Airways, has decided to slash 1,500 jobs worldwide and has dropp

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