Flipkart’s of India to help create ‘missing jobs’: HSBC report
Indian e-commerce companies will have to pick up the slack left by traditional sectors such as agriculture, manufacturing and services in employment generation over the next 10 years, according to the British bank HSBC Holdings Plc. India needs to generate a total of 80 million jobs by 2025, double that in the last 10 years. Taking into account both demand and supply of jobs, existing labour-intensive sectors like agriculture and services may not be able to meet the entire demand, HSBC analysts Mr. Pranjul Bhandari and Mr. Prithviraj Srinivas wrote in a note. “Armed with both demand and supply for new jobs, we find that without e-commerce, India would have 24 million missing jobs. With a potential of creating 12 million new jobs in ten years, e-commerce fills half of this shortfall,” the research note said. “With the rise of online purchases, e-commerce could create 20 million gross jobs across logistics and delivery (70%), and customer care, IT & management (30%). Some jobs will be lost in bricks-and-mortar stores. We model this carefully and find that, on net, e-commerce could create 12 million new jobs,” the note added. E-commerce currently employs less than a million people and a lion’s share of these are in logistics and warehousing, the note estimates.
Source : 27-07-16   Compiled by
TCS top employer in IT industry, says Nasscom
Software services major Tata Consultancy Services (TCS) has been ranked as the top employer in the Indian IT industry by the representative body Nasscom. The Mumbai-based firm was followed by its peers Infosys, Cognizant, Wipro and Capgemini, Nasscom said in a statement. Though Cognizant is a US-based IT firm, it has the largest number of employees in India with development centres in Chennai, Bengaluru and Hyderabad. At the end of June, 2016, TCS had a total headcount of 3.62 lakh while Infosys and Wipro had 1.97 lakh and 1.73 lakh, respectively. Others in the top 10 include HCL Technologies, Tech Mahindra, Genpact, Intelenet Global Services and Aegis. The top 20 includes Hinduja Global Solutions, CSC India, WNS Global Services, Syntel, Mphasis, EXL, L&T Infotech, Firstsource Solutions, MindTree and CGI. The Indian IT-BPM industry’s employee base has reached a total of 3.7 million with an addition of 2 lakh employees in 2015-16. About 1.1 million jobs were added in the last 5 years, according to another Nasscom report. Nearly 1.3 million employed in the sector are women.
Source : 25-07-16   Compiled by
As the purse strings tighten, Flipkart to lay off 700-1,000 non-performers
India’s largest e-commerce player, Flipkart, is downsizing its workforce as it looks to cut costs and better compete with global rival Amazon. The move will affect between 700-1,000 staffers or up to 3.3% of its workforce, according to a report. Flipkart, which has come under the gaze of investors for burning cash, is trying to find a balance between growth (to ward off Amazon) and profitability. Recently, the company made several changes to this effect, including increasing margins the margins its charges from sellers. At the same time, Amazon has committed to invest a further $3 billion in its India operations over the next few years, aiming to become the leader in India’s e-commerce space. The US firm is estimated to have already edged out local player Snapdeal and is seen as closing in on Flipkart. However, Flipkart says that the downsizing is part of its annual employee performance review where underperformers are asked to leave or will be let go. It claims that it loses between 1-2% of its workforce during this time each year, and that it isn’t something to be alarmed of. “At times, we have employees who do not meet the performance bar. In those situations we work closely with employees to enable them to improve their performance. In due course, if these employees are unable to make the desired progress, they are encouraged to seek opportunities outside the company,” said a Flipkart spokesperson. With a staff of 30,000 people, Flipkart has one of the largest workforces among Indian e-commerce companies.
Source : 29-07-16   Compiled by
Ex-Myntra Finance Head Mr. Prabhakar Sunder joins Voonik as CFO
Fashion marketplace Voonik has appointed rival Myntra’s former Finance Head Mr. Prabhakar Sunder as its Chief Financial Officer. Mr. Prabhakar Sunder brings over 15 years of experience in capital raising, corporate finance, financial reporting and compliance, treasury and fund management, etc. “With more than a decade of experience with core e- commerce business platforms, Mr. Sunder has a proven track-record of maintaining lean and healthy financial operations and providing strategic guidance to top ventures. We are certain that his expertise will provide the necessary impetus to Voonik s growth,” Mr. Sujayath Ali, the CEO & founder of, said.
Source : 27-07-16   Compiled by
Microsoft to cut 2,850 more jobs
Microsoft Corp said it would cut about 2,850 more jobs over the next 12 months, taking its total planned job cuts to up to 4,700, or about 4 per cent of its workforce. The company said in May it would cut 1,850 jobs in its smartphone business, most of them in Finland. Microsoft bought Finland-based handset maker Nokia in 2014 in an ill-fated attempt to take on market leaders Apple Inc and Samsung Electronics Co Ltd. Chief Executive Mr. s Satya Nadella, who took the helm just two months before the deal closed, has since focused on restructuring the struggling phone business. Microsoft had about 114,000 full-time employees as of June 30.
Source : 29-07-16   Compiled by
Mr. Sunil Kant Munjal, Joint MD at Hero MotoCorp, to step down
Mr. Sunil Kant Munjal, joint managing director at Hero MotoCorp will step down from his position next month to ‘pursue new business interests’. Mr. Munjal is the brother of Mr. Pawan Munjal, the chairman, managing director and chief executive officer of the company. “Mr. Sunil Kant Munjal, JMD, Hero MotoCorp, and chairman, Hero Corporate Service, intends to focus his time and energy on his independent and core businesses, and to pursue new business interests. He has, therefore, expressed his desire to step down from the Board of Directors, once his tenure comes to an end on August 16, 2016,” the company said in a communication to stock exchanges. Hero said this realignment will not impact the overall promoter shareholding, strategic direction or operational management of the company. “We will continue to work in the best interest of all stakeholders of Hero MotoCorp, including shareholders, employees, suppliers and business associates,” the statement said.
Source : 28-07-16   Compiled by
SBI chief Ms. Arundhati Bhattacharya set to get 1-yr extension
The government is likely to extend the tenure of State Bank of India (SBI) chairman Ms. Arundhati Bhattacharya by a year to ensure smooth merger of the bank’s five associate banks and Bharatiya Mahila Bank, said finance ministry sources. Ms. Bhattacharya’s three-year tenure at the helm of the country’s largest lender by assets began on October, 2013. Currently, the SBI brass comprises the chairman and four managing directors — Mr. B Sriram, Mr. VG Kannan, Mr. Rajnish Kumar and Mr. PK Gupta. Officials said an extension to Ms. Bhattacharya would help the government complete the merger process of SBI within the current fiscal. The Appointments Committee of Cabinet is expected to take a final decision on the extension of Ms. Bhattacharya’s tenure soon. On June 15, the Cabinet gave an in-principle approval to SBI’s proposal for the merger, which would place it among the world’s top 50 banks in terms of assets. After working out the scheme of amalgamation, SBI would soon seek the final approval from the Cabinet. The merger will result in a consolidated entity commanding a deposit base of over R21.5 lakh crore or nearly a fifth of the banking system’s total deposit base of R97 lakh crore. “The merger of SBI and its associate banks is a win-win for both. While the network of SBI would stand to increase, its reach would multiply. One can expect efficiencies to be created from rationalisation of branches, common treasury pooling and proper deployment of a large skilled resource base,” Ms. Bhattacharya said after the Cabinet approved the merger last month. While mergers of banks have traditionally been opposed by employee unions, Ms. Bhattacharya, who is said to have a good rapport with the unions, could help convince them of the benefits.
Source : 28-07-16   Compiled by
Mr. Jaikishin Chhaproo quits as Media head at Snapdeal
Mr. Jaikishin Chhaproo will be moving on as Media Head at Snapdeal, confirm sources. Chhaproo leverages around 20 years of experience – panning FMCG, Telecom, Broadcast, E-commerce in India & Middle East Markets. He has handled Media requirements at Nokia MENA, Hindustan Unilever Limited, Snapdeal, Godrej and Wipro. He has also spear- headed Marketing for STAR Middle East (a NewsCorp company) & Strategy & Research for MCCS (ABP News, Ananda, Majha – erstwhile STAR News, Ananda & Majha). His next destination remains unknown as of now.
Source : 28-07-16   Compiled by
Indian women to soon get 6 months maternity leave, work from home option after leave!
Maternity leaves in India were fixed at 12 weeks with female employees generally utilising their excess leaves after that or choosing to take a break from their career if they wanted more time with their babies. However, 3 months seems like a paltry time and also, it makes bonding with the child difficult as the mother is hardly home and the baby is with either the relatives or a nanny. There are newer and mom-friendly provisions in the latest Maternity Benefit Act, 1961 prepared by the Cabinet keeping in mind the working mother and their problems. According to the new provisions, the amount of leaves will be increased to 26 weeks from the current 12 weeks. That’s more than double the leaves. The current leaves come to 3 months whereas, after the new provisions, the women will get slightly over 6 months. Also, the new, upgraded act has the option of moms being able to work from home where their profiles permit them. There’s no lower or upper limit of leaves set by the government on the work from home option and the option will depend completely on the woman and the organisation. The organisation can refuse the work from home option if the profile does not permit it. Also, for women who are having a baby through surrogacy or adopting a child younger than 3 months old, can avail a leave for 12 weeks. The 26 week policy does not apply to women who already have 2 kids. The new policy also mandates that each organisation with over 50 employees have a crèche or team up with other organisations in their vicinity and have a combined crèche where the mothers can leave their kids when they work. Also, the employee must grant mothers availing crèche services at least 4 breaks in a day to visit the crèche. Also, mothers who have just given birth will be provided breaks and rest periods so that work does not take a toll on their bodies and thus, on their babies too.
Source : 25-07-16   Compiled by
New RBI governor announcement unlikely before August review, Mr. Kaushik Basu in frame
The Indian government has scaled back the urgency of its search for a new central bank governor, sources said, with a replacement to Mr. Raghuram Rajan now likely to be named only after he chairs his final policy meeting on August 9. Two government sources with direct knowledge of the matter also said Mr. Kaushik Basu, who is stepping down as the World Bank’s chief economist, had made it onto a shortlist of candidates to take over when Mr. Rajan’s term expires on September 4. Mr. Rajan announced in June that he would not be seeking a second term, stunning investors who had accorded him “rock-star” status as the former International Monetary Fund chief economist who saw the global financial crash coming. Anxious to reassure investors following Mr. Rajan’s shock exit announcement, Prime Minister Mr. Narendra Modi’s team initially wanted to identify a replacement in time for Mr. Rajan’s last bi-monthly policy meeting. Now, one senior government official said that Mr. Rajan’s successor is likely to be named afterwards to a temporary post at the Reserve Bank of India as a stepping stone to formally assuming office – as was the case with Mr. Rajan’s own appointment in 2013. “I find it difficult to think that the new governor will be appointed (before the policy meeting) – the governor in place would become a lame duck,” said the official, who requested anonymity due to the sensitivity of the matter. The official said the timing of an announcement is yet to be fixed. Also still in contention are RBI deputy governor Mr. Urjit Patel, former deputy governor Mr. Subir Gokarn and State Bank of India Chairman Ms. Arundhati Bhattacharya. A close aide to Mr. Modi said it is preferable for Mr. Rajan to see out his three-year term before his successor formally assumes the role.
Source : 30-11-99   Compiled by
Air India on a hiring spree, to recruit 2,000 crew members likely by 2019
To meet the carrier’s expanding fleet, state-owned carrier, Air India said that it would recruit 500 pilots and more than 1,500 cabin crew in next two to three years. According to the officials, nearly 150 pilots are expected to complete their training by December 2016 and start flying on various routes. “We are planning to have 700 more pilots in the next two to three years keeping in view the fleet expansion. From last August till now, we have already recruited 250 pilots. So about 500 more pilots we are going to recruit. Advertisement for 400 pilots has already been floated,” said AI’s General Manager (Operations), Mr. N Sivaramakirshnan. “We have plans to have cabin crew of 3,000 personnel. Beside the existing number, we are planning to take 1,500 more in the next two to three years,” he said. He further added that in 2015, Air India had planned to hire about 200 trainee pilots. However, only 78 of those completed their training. Air India has about 858 pilots and the beleaguered airlines has lost around 100 pilots to other airlines since 2014.
Source : 28-07-16   Compiled by
NDMC to implement 7th Pay Commission despite financial crunch
Despite facing a financial crunch, the North Delhi Municipal Corporation (NDMC) has decided to implement the recommendations of the 7th Pay Commission for its employees. “After the notification of recommendations of the 7th Pay Commission by the Centre, it has been decided that the NDMC would also implement the recommendations of the 7th Pay Commission for its employees as it is,” NDMC Standing Committee Chairman Mr. Pravesh Wahi said. “We hope this would boost the morale and improve efficiency of the employees,” he said. The matter would soon come up in the NDMC House and sources said it is likely to be cleared by it. “The civic body had made a provision for implementing it in its budget. And, now it will come up before the Standing Committee and is likely to get cleared by it and the House,” a civic official said. “Although we are facing a financial crunch yet this decision has been taken keeping in view the interest of the employees,” Mr. Wahi said. He claimed, once the process is completed, the NDMC would be the first local body to implement the recommendations of the 7th Pay Commission. “Employees of the corporation have to work under pressure, besides facing situations arising due to financial position, yet they work in the interest of citizens. Hence, it has been decided in their interest. And, we hope, this would certainly improve our services too,” Mr. Wahi said.
Source : 28-07-16   Compiled by
Lloyds to cut 3,000 jobs, close more branches after Brexit shock
Lloyds Banking Group is to step up its cost cutting plans to help to offset a more testing economic environment caused by Britain`s vote to quit the European Union. Britain`s largest retail bank aims to save 400 million pounds ($528.56 million) by end-2017 by axing a further 3,000 jobs and closing an additional 200 branches to protect its earnings and dividends against the effects of lower-for-longer interest rates. Lloyds, rescued in a 20.5 billion pound taxpayer bail-out during the financial crisis, is the first major British bank to report results since the referendum and is the most exposed to any downturn in the British economy. Chief Executive Officer Mr. Antonio Horta-Osório is searching for ways to prop up Lloyds` dividend, one of its key attractions, and sustain profit growth in its main UK consumer and commercial lending market, still reeling from the Brexit result on June 24. “While the business will remain highly capital generative, it is possible that this capital generation may be somewhat lower in future years than previously guided,” the bank said in a statement. So far this year, Lloyds has already said it would cut about 4,000 positions from its 75,000-strong workforce and has closed nearly 100 branches this year. The bank said it would look to sell off unwanted properties to increase income. “Lloyds remains a no growth bank,” Mr. Ian Gordon, an analyst at Investec, said. “Its revenue outlook is flattish, hence its costs need to fall faster.”
Source : 28-07-16   Compiled by
Yahoo suddenly in a hiring frenzy despite layoffs and the sale of its company
July 18 was a big day at Yahoo: it announced its second quarter earnings and took the final bids for the auction of its core business, which eventually sold to Verizon. But it appears that day marked the start of a new trend at Yahoo as well: a massive hiring spree. According to Yahoo’s US careers page, the company posted 76 new job openings on July 18. Two days later, on July 20, it posted a whopping 151 new job openings. And after announcing its sale to Verizon, Yahoo’s posted 23, 20, and 15 new job openings over each of the past three days. That’s a big increase from the previous two months, during which time Yahoo’s careers page has not had a single day in which it posted a double-digit number of new jobs in the US. It’s unclear what’s driving this change, but it’s a strange development given the fact that Yahoo’s going through a 15% workforce reduction plan and a massive reorganization simultaneously as a result of its sale to Verizon. Most of the jobs are located in Yahoo’s Sunnyvale headquarters, with a heavy focus on engineering. A lot of the jobs require experience in mobile and ad technology, the two areas Yahoo’s been investing in more heavily lately. The sudden uptick in the number of new jobs could be interpreted in a lot of different ways. It could be a sign of high turnover and Yahoo filling up those empty positions. It could also be a result of Yahoo replacing less productive jobs with newly created positions focused on its higher growth areas. Maybe it’s just a sign of Yahoo pushing forward with some of its previous plans. Or it could simply be a backlog of job openings being pushed out after a pre-determined date.
Source : 30-11-99   Compiled by
Cyanogen to Cut Jobs as Part of Major Revamp, may pivot to Apps: Reports
Cyanogen Inc., the company that once wanted to take Android away from Google, is said to be falling apart. Multiple reports suggest that the company is undergoing a major revamp and cutting jobs. According to a report, the company is conducting layoff where it is asking roughly 30 out of the 136 people to leave – that’s about 20 percent of entire workforce. The report says that the layoffs are being conducted by Mr.vSteve Kondik, the Co-Founder and CTO of Cyanogen. The biggest impact of the layoffs has been on the team behind the Cyanogen OS commercial distribution, and not those involved with the Cyanogen Mod project. The report adds, “The systems and QA teams in Palo Alto and Seattle have been heavily cut, with Cyanogen’s smaller offices in Lisbon and India reportedly being essentially gutted.” Notably, the community driven Cyanogen has also not spared community support members as they were allegedly also removed. There are rumours that Cyanogen is looking to revamp its services and once of the sources hinted that the company may be involved in a “pivot to apps.” As of now, there is no word how the company will move to the new strategy but we can expect hear more from Cyanogen soon. Re/code in a separate report points out that Cyanogen will be working on the new strategy under the supervision of former Facebook employee Mr. Lior Tal, who has joined the company as Chief Operating Officer. The report adds that several top executives have also moved out from the company in last few weeks. The sudden layoffs hint that Cyanogen despite having an eventful 2015 where the company announced rebranding alongside raising $80 million (approximately Rs. 497 crores) in funding has not been able to show results. The company also managed to strike a deal to get Microsoft’s apps preloaded on Cyanogen OS-based devices.
Source : 25-07-16   Compiled by