Flipkart defers joining dates of IIM graduates by 6 months
India’s largest e-commerce firm Flipkart.com has deferred by six months the joining date for graduates of the Indian Institutes of Management (IIMs) to whom it made job offers, as the company looks to cut costs amid a funding crunch. The move may hurt Flipkart’s brand image as an employer during campus hiring in the years to come. The prestigious IIMs are considered the most important recruiting ground for companies. As per reports, Flipkart, which has been struggling to raise fresh funds, has slashed hiring along with spending on discounts and marketing. Apart from hiring a few senior leaders, Flipkart has reduced hiring to a trickle over the past two months in order to save costs. The delay in joining dates could impact the relationship between B-schools and Flipkart, an email from the office of IIM-Ahmedabad’s chairperson to Flipkart co-founder Mr. Binny Bansal and human resources head Mr. Nitin Sethi said. The e-commerce firm had made 17 job offers at IIM-Ahmedabad. He also demanded that Flipkart give a written commitment that these students will be absorbed by December. The B-school also requested that either the period of deferment be lowered or the compensation for deferment be increased.
Source : 25-05-16   Livemint.com   Compiled by www.naukri.com
Mr. Anand Chandrasekaran quits Snapdeal
In yet another high-profile exit from a start-up, chief product officer at Snapdeal Mr. Anand Chandrasekaran has quit the company less than a year of joining it. Mr. Chandrasekaran was technically the third-in-command at the online marketplace. Snapdeal’s co-founder Mr. Rohit Bansal confirmed the news on Twitter. According to sources, Mr. Chandrasekaran might start a new venture and is on the verge of setting up a team to do that. “He might launch a new company or be part of the founding team of one. However, details are being kept under wraps,” said a source. A Snapdeal spokesperson said Mr. Chandrasekaran has done some stellar work on the product side. “His insights and attention to detail have helped us traverse quickly towards launching and improving products at Snapdeal. We wish him the very best for his entrepreneurial journey ahead.” The last one year has seen a large number of high-profile executives in the Indian start-up ecosystem putting in their papers. Reasons ranged from starting new ventures to lack of job satisfaction. Flipkart has in the last few months lost a number of its top management hands, including Myntra co-founder and the third most powerful executive at the company Mr. Mukesh Bansal, chief product officer Mr. Punit Soni and chief business officer Mr. Ankit Nagori.
Source : 24-05-16   Business-standard.com   Compiled by www.naukri.com
PayU India ropes in Airtel former executive Mr. Sachin Singhal to head consumer biz
Payment solutions company PayU India said it has appointed Bharti Airtel’s former executive Mr. Sachin Singhal head of consumer business. In the given role, Mr. Singhal will be responsible for designing effective business strategies and bring in growth, PayU India said in a statement. The company had recently partnered with IndusInd Bank to bring the full suite of consumer banking products online and powering the same through payment innovations and online eco-systems enabled by PayU. “We will continue to build strong relationships with banks and bring out products which will largely impact the Indian online payment space,” Mr. Singhal said. The consumer business category will aim at unifying Indian banking services with latest fin-tech innovations by PayU and create a shift in the way banking and payments is done in India, the statement said. “Mr. Sachin Singhal brings valuable industry knowledge and experience to PayU India which will help us design effective business strategies and more innovative solutions for our consumers and help PayU grow its presence,” PayU India CEO and co-founder Mr. Nitin Gupta said. Mr. Singhal joins PayU India with over a decade of experience in business and technology. During his stint with Bharti Airtel, he led the channel marketing and mobile Internet growth. An alumnus of IIT Delhi and IIM Ahmedabad, he has also worked at One97 and Tradus.com.
Source : 18-05-16   Financialexpress.com   Compiled by www.naukri.com
More companies tweak maternity leave policies to retain employees
With an eye on retaining women employees, more companies are tweaking their maternity benefit policies, including increasing the mandatory three-months paid leave to six. Interestingly, companies are changing leave policies not just in the event of childbirth, but also surrogacy and adoption. Broadcaster Sony Pictures Network is the latest to join the bandwagon following the footsteps of companies such as Accenture, Airtel, Flipkart, Godrej and Tata Sons, which incorporated changes in their HR policies to curb attrition among women and also to increase gender diversity. Sony Pictures has introduced initiatives to make the company more women-friendly. SPN’s ratio of female employees to the overall employee population stood at 32.2 per cent during 2015-16 fiscal year. The media conglomerate has made amendments to its maternity leave policy with an increase in the quantum of paid maternity leave. This policy is also applicable to women who wish to opt for adoption or surrogacy. The duration of paid leave that can be availed for maternity has been increased from 12 weeks to six months. SPN has made special provision for a Mother’s Room, where a new mother can pump and store milk for her baby while at work. “Women form an integral part of our workforce. Our policies are geared towards encouraging women at SPN to develop their careers and essay leadership roles while playing a key part in supporting their families,” said Mr. NP Singh, CEO, Sony Pictures Networks India. The company also has a paternity policy applicable for its male employees for a period of five working days or 84 calendar days in case of a single male parent (adoption).
Source : 18-05-16   Thehindubusinessline.com   Compiled by www.naukri.com
IIM Bangalore becomes the only Asian Management School to feature in the Top 50 World University Rankings
Indian Institute of Management Bangalore (IIMB), at the 31st position, is the only Asian Management School to be ranked in the prestigious ‘2016 SCM World University 100’ survey by SCM World. IIMB has been ranked alongside universities like University of Michigan, Massachusetts Institute of Technology, Stanford University, INSEAD, University of Texas at Austin, among others. “We are proud to be ranked in the 2016 SCM World University’ ranking. IIMB started the Supply Chain Management Centre (SCMC) over a decade ago, sensing the need for an effective mechanism to promote closer and enduring industry-institute collaboration. The distinguished faculty line-up and high quality research in different aspects of supply chain management at SCMC have been instrumental for this achievement,” said Professor Raghavan Srinivasan, Director Incharge, IIMB. IIMB has been actively pursuing Supply Chain Management as a major area of teaching and research. The SCMC at IIMB has carried out dedicated research, teaching and consulting activities in different aspects of Supply Chain Management covering logistics management, inbound/outbound transportation, network design, modeling and optimisation, partnership and negotiation, information technology and e-commerce and end-to-end Supply Chain Management strategies. The ranking is based on survey data collected from over 2,000 supply chain professionals.
Source : 21-05-16   Dnaindia.com   Compiled by www.naukri.com
CEO Mr. Vishal Sikka, COO Mr. Pravin Rao among 54 crorepati employees at Infosys
Infosys, India’s second largest outsourcer currently has 54 employees who earn annual salaries of at least Rs 1 crore, the company said in its annual report. Going by the information, the number of crorepati employees is three times higher than the figure of 18 two years ago. The number, however, stood at 113 last year but it was mainly on account of the one-time bonuses and high incentives the company had handed out to many of its key executives. Infosys had also given out-of-turn promotions and bonuses to thousands of its employees which in turn helped the company make a strong comeback, witnessing the highest growth rate among big IT companies. According to the company’s annual report, Infosys currently has 260 employees who earn over Rs 60 lakh per annum, as compared to 200 in the previous year. The report further stated that the number of crorepati employees may fall in the next financial year as six such employees have quit Infosys, including chief financial officer Mr. Rajiv Bansal, whose annual salary was Rs 10 crore. Infosys CEO Mr. Vishal Sikka took home Rs 49 crore salary in FY16, as compared to Rs 4.56 crore in the financial year 2015-16. The company’s chief operating officer UB Mr. Pravin Rao received Rs 9.28 crore salary this year, which is almost 1.5 times higher than his Rs 6 crore salary last year.
Source : 20-05-16   Indiatvnews.com   Compiled by www.naukri.com
PSU banks in rush to get women directors on board
As many as eight woman directors have been appointed to the boards of public sector banks (PSBs) in the last six months, as the government looks to adhere to regulations that mandate companies to have at least one woman director. The Securities and Exchange Board of India (Sebi) issued the directive in February 2014, asking all listed companies to adhere to the rule by October 1, 2014. The deadline was, however, extended by six months to March 31, 2015. Despite the extended deadline, several state-owned lenders failed to comply. At present, there are 11 women directors on boards of state-owned banks, who are either nominees of the Reserve Bank of India (RBI) or the government, according to Prime Database. Of them, in the last six months, the finance ministry directly appointed three directors as its own nominees — Ms. Sindhu Pillai (UCO Bank), Ms. Vandana Jena (Syndicate Bank) and Ms. Mudita Mishra (Indian Bank). “Public sector banks have huge responsibilities and it may take time to follow this rule, but the government has started appointing women officials its own nominees as and where it can,” said an official source. State Bank of India (SBI) and Punjab National Bank (PNB) already have women chiefs — Ms. Arundhati Bhattacharya and Ms. Usha Ananthasubramanian, respectively. Ms. Bhattacharya is, however, slated to retire in September. The SBI chairman is on the boards of four banks, including SBI, and three of its subsidiaries. Finance and corporate affairs minister Mr. Arun Jaitley has said that the government will take strict action against companies that do not adhere to the Sebi directive.
Source : 20-05-16   Hindustantimes.com   Compiled by www.naukri.com
As Apple plans to Make In India, China fears exodus of production chain and loss of thousands of jobs
As Apple CEO Mr. Tim Cook spoke of plans to expand manufacturing operations in India, China apprehends that it could lead to possible exodus of Apple production chain and loss of tens of thousands of jobs, Chinese state-run media said. “It seems the time has come for China to consider whether it is ready for the possible exodus of Apple Inc’s production chain,” said an article referring to Mr. Cook’s comments during his India tour. Mr. Cook had discussed with Prime Minister Mr. Narendra Modi the “possibilities of manufacturing”. “Mr. Cook shared Apple Inc’s future plans for India. He spoke of the possibilities of manufacturing and retailing in India. He appreciated the breadth of young talent in India and said the youth have significant skills which Apple would like to tap,” an official statement had said. “Mr. Cook’s words have prompted a heated discussion in China. Wage increase has apparently eroded China’s labour competitiveness, resulting in the departure of a number of manufacturing businesses. Now people are wondering if Apple will be the next one,” the Global Times said. Apple’s decision could affect the jobs of tens of thousands of Chinese workers. However, a see-saw battle between China and India over the technology giant is not the only solution, it said. It is natural that Apple would want to move its manufacturing base from China to another Asian nation to lower production costs. In fact, before Mr. Cook’s words, some major Apple suppliers such as Foxconn had already announced plans to expand their business in India,” the report said. China may need to promote the development of more local manufacturers and encourage them to move to less-developed central and western regions where labour costs are lower, it said.
Source : 23-05-16   Financialexpress.com   Compiled by www.naukri.com
IT firms to go slow on hiring this fiscal
Not many may find luck this year in getting hired by an IT company. In 2015-16, the Indian IT industry created about 2 lakh jobs, lower than the initially estimated 2.75 lakh jobs. This fiscal hiring may be even lower. The big four Indian IT companies added 67,000 plus employees in the last fiscal, a 10 per cent increase over the previous year. But, in their forecast for the current fiscal, all of them have indicated a slower addition to their headcount. A tough economic condition in global markets has been weighing on the performance of IT vendors of late. This has led to revenue growth slipping for IT vendors in recent quarters. For India’s largest IT player as well as employer, TCS, the revenue growth (constant currency) in 2015-16 dropped to 11.9 per cent from 17 per cent in 2014-15. With clients cutting back discretionary spends, it has been a tough year for all Indian IT companies. The going is likely to get tougher with increasing competition from their MNC peers, who have built stronger capabilities around high end services such as consulting and newer technologies such as cloud and big data. Double digit growth for Indian players will be increasingly hard to come by. Nasscom too has lowered its 2016-17 growth estimates for the IT industry to 10-12 per cent (in constant currency terms) after 12.3 per cent growth in 2015-16. Many Indian IT service companies are increasingly using more automotive tools in IMS and BPO service lines resulting in better productivity and lower manpower requirement.
Source : 20-05-16   Thehindubusinessline.com   Compiled by www.naukri.com
Shell is axing another 2,200 jobs
Oil giant Shell is cutting “at least 2,200” more jobs as part of cost cutting measures, designed to cope with the persistently depressed price of oil. The cuts will include the loss of 475 jobs in the company’s operations in the UK and Ireland. “These are tough times for our industry and we have to take further difficult decisions to ensure Shell remains competitive through the current, prolonged downturn,” Mr. Paul Goodfellow, Shell’s vice president for UK & Ireland, said in statement. That “prolonged downturn” saw Shell’s profits slump by 80% to just $3.8 billion (£2.6 billion) in its full year results in February. Mr. Goodfellow continued: “The reductions we’re announcing in Aberdeen are part of a global programme of job reductions in Shell. Last year, in response to the oil price downturn, we made the tough but necessary decision to remove 7,500 Shell staff and direct contractor roles and this has now been completed. Separately, as previously announced, a further 2,800 global staff reductions were initially identified as part of the BG integration, which is now well underway.”
Source : 25-05-16   Businessinsider.in   Compiled by www.naukri.com
HSBC’s branch rationalisation exercise will cut over 300 jobs in India
British lender HSBC announced a consolidation exercise under which it will almost halve its branches in the country to 26 as customers shift to digital alternatives for their banking transactions. The exercise will also lead to over 300 jobs being affected, which is less than one per cent of its total workforce of over 33,000 people in the country, and “redeployment opportunities will be accorded to the affected employees”, the bank said. “A key priority is the fair treatment of our staff and we will do everything we can to assist affected employees during this business transition. Redeployment opportunities will be accorded to the affected employees,” it said in a statement. The total number of branches will be coming down to 26 in 14 cities from 50 in 29 cities earlier, with a bulk of the impact in smaller centres. It added that the impacted branches account for only 10 per cent of the customer base in the country. The reduction in branches is due to customers’ adoption of digital solutions, it said. “This change reflects changes in customer behaviour, who are increasingly using digital channels for their banking,” the bank said.
Source : 20-05-16   Firstpost.com   Compiled by www.naukri.com
Microsoft to trim smartphone business, plans to cut 1,850 jobs
Microsoft Corp said it will trim down its smartphone business by cutting 1,850 jobs, most of them in Finland, and write down $950 million from the operation. The U.S. Company, which entered the phone business in 2014 by buying Finnish firm Nokia’s handset unit, said it would “streamline” its smartphone business and close down its research and development site in Tampere, Finland. Microsoft said it will continue to develop Windows 10 Mobile platform and support its Lumia smartphones, but declined to say whether it would develop new phones. “We are focusing our phone efforts where we have differentiation,” said chief executive Mr. Satya Nadella in a statement. “We will continue to innovate across devices and on our cloud services across all mobile platforms.” Earlier this month, Microsoft divested its entry-level feature phones business for $350 million.
Source : 25-05-16   Reuters.com   Compiled by www.naukri.com
Nokia to shed more than 1,000 jobs in Finland
Mobile phone giant Nokia is to cut more than 1,000 jobs in Finland, the company announced as part of cost-cutting measures following its merger with Alcatel-Lucent. Once the world’s top mobile phone maker, Finland’s Nokia has been crushed by Samsung and Apple in the smartphone and tablet market in recent years, but earlier this month said it was returning to the fiercely competitive field. Nokia last month said it expected some 1,300 jobs to go in Finland, but the number announced in a statement was slightly lower, at 1,032. The company is targeting 900 million euros ($1 billion) of savings per year starting in 2018 and further redundancies are expected around the world. In its first earnings announcement since the deal with French-American rival Alcatel-Lucent, Nokia reported a first quarter net loss of 513 million euros ($583 million) earlier this month. The company, just three days back, said that it was about to re-enter the mobile handsets business. Nokia Technologies had said that it has granted HMD global, a newly founded company based in Finland, an exclusive global license to create Nokia-branded mobile phones and tablets for the next ten years. While HMD will focus on new devices that will carry the Nokia brand name and run on Google’s Android OS, Foxconn’s subsidiary FIH Mobile Limited will manufacture, sale and distribute Microsoft’s feature phones. Microsoft is believed to have sold the portfolio to Foxconn after the last quarter alone saw a 46 percent drop in phone revenue, slightly better than the 49 percent drop in the quarter before that.
Source : 21-05-16   Hindustantimes.com   Compiled by www.naukri.com
Companies are chalking out plans to train differently-abled people for managerial roles
Jubilant FoodWorks, the parent firm of Domino’s Pizza in India, has come up with a programme because of which one can expect differently-abled employees in the company’s managerial roles in the coming years. As a part of the programme, the company plans to have one differently-abled worker in tier-1 city outlets with 25 or more employees, said Mr. Biplob Banerjee, executive VP (HR and CSR), Jubilant FoodWorks. Jubilant FoodWorks is now one of the several companies in the country that want to hire people with disabilities and train them for managerial roles. IBM India, for example, has four-hour sessions for senior employees, making them aware about unconscious bias while also stressing on the need to include more differently-abled employees in the workforce. “Differently-abled employees bring in a diversity of thought to the organisation, and hiring such persons is a business imperative for us, not a CSR activity,” said Mr. DP Singh, vice-president of HR (India/South Asia) at IBM. EY India hires differently-abled talent through the Ability Foundation in Chennai, and the whole process is governed by a special mechanism. Other companies that in the recent past have come up in favour of hiring differently abled staff include Infosys, Dell, IBM, HCL and Accenture.
Source : 20-05-16   Businessinsider.in   Compiled by www.naukri.com
DBS Singapore denies expansion reports; will not relocate 1,500 jobs to India
Singapore’s largest lender Development Bank of Singapore has denied reports about its expansion plans, saying it was not outsourcing about 1,500 jobs to India. “To be clear, DBS is not relocating its existing tech operations to another location, nor does it have such plans,” “DBS Asia Hub in Changi Business Park (in Singapore) continues to be the group’s largest tech hub anywhere in the world, supporting its digital strategy,” said the bank. The group said the report, which triggered a reaction from netizens on Twitter and Facebook, was probably the result of its announcement in India earlier last week that it is setting up a technology hub in Hyderabad, which will be the biggest outside of Singapore, with plans to recruit 1,500 people for the facility over the next two years. “The new tech centre in Hyderabad is an addition to DBS’ operations as the bank expands,” it said in a statement. A spokesman said the bank hired 600 people in Singapore last year, bringing its total headcount here to 10,300. “DBS continues to hire in Singapore across different functions, including in technology,” the spokesman was quoted as saying.
Source : 22-05-16   Business-standard.com   Compiled by www.naukri.com