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IT to lead hiring revival in second half of 2016: Naukri Survey
The IT sector seems set to lead a revival of hiring in the country, according to’ s survey on hiring outlook for the second half of 2016. Naukri said that its survey predicts an uptick in the job market, as the outcome of the survey reveals that 77 per cent of the recruiters predict that new jobs would be created in the coming months. The survey puts the recently wobbly IT sector as leading the pack when it comes to positive hiring outlook for the second half of the year. IT-Software lead the chart for job creation with 24 per cent of the polled recruiters forecasting maximum job creation, followed by ITES and Retail with 15 per cent and 11 per cent recruiters anticipating maximum new job creation in these industries respectively. Mr. V. Suresh, Chief Sales Officer,, said: “The job market continues to sustain the momentum gained in the first half and is poised to head north. More than 77 per cent of the respondents are optimistic of new job creation in the second half of 2016.” The past few years have seen the sector remain muted in adding to its net workforce, with net additions actually reducing over the last three years due to an increase in automation. The survey’s hiring outlook resulted in 51 per cent of polled recruiters feeling that not only would replacement hiring happen but that new jobs would also get created in the coming 6 months. Another 26 per cent say that new jobs would get created in addition of existing headcount. Only four percent feel that no hiring would take place. With regard to attrition level, 52 per cent expected it to remain at similar levels while 32 per cent were optimistic that attrition would come down compared to the first quarter of 2016.
Source : 01-09-16   Compiled by
IITs blacklist 31 companies for revoking job offers
In a strong message to recruiters, the Indian Institutes of Technology (IITs) have blacklisted 31 companies, including a large number of start-ups, barring them from their campus placements on grounds that they had “played with the careers of students”. The start-ups, including home healthcare services provider Portea Medical, restaurant search and review website Zomato and online baby clothes and products company Hopscotch, were barred for a year from the IIT placement season. “We have blacklisted 31 companies for playing with the career of our students,” said Mr. Kaustubha Mohanty, coordinator of the All IIT Placement Committee (AIPC). “Collectively, we wanted to send a strong message to the companies, especially the start-ups who come to campus and then dishonour their promise…” The companies were blacklisted for revoking job offers made in the last placement season; delayed the joining date of recruits from IITs; made offers in the name of one employer when they had actually hired them for an affiliate. Some recruiters were found to be fake. This is the first time that IITs have come up with a formal list of recruiters they have blacklisted. After the one-year ban, should the companies wish to attend IIT campus placements, they would have to first write to the AIPC convener and explain why they had dishonoured previous promises, Mr. Mohanty said in an email. “Then they need to come and give a presentation and have a one-to-one discussion with all AIPC members,” said Mr. Mohanty, who is a professor at IIT-Guwahati. In the last placement season, around 140 IIT students were affected by these firms going back on their promise, he said.
Source : 26-08-16   Compiled by
Flipkart: More top-level churn, job cuts likely, says report
Online retail company Flipkart has been of late witnessing constant restructuring at its top deck, as the home-grown e-commerce major battles stiff competition from its US counterpart Amazon and also not-so-friendly government policies that seek to put an end to deep discounts. As part of the latest rejig, Mr. Kalyan Krishnamurthy, an executive from the company’s largest investor Tiger Global, has added a few responsibilities while group CEO Mr. Binny Bansal has been relieved of some of his. However, Mr. Krishnamurthy was earlier a chief financial officer with the company. This is his second stint and now is head of marketing, advertising, marketplace, customer experience and category design management. According to a report, the changes that happened are not the last. More are likely after the Big Billion Sale in October. The company, which has already seen many high-profile exits in the recent past, may see its chief technology officer Mr. Peeyush Ranjan going in the next churn, says the report citing sources. In an internal note, Flipkart has said the goal of the reorganisation is to “increase focus on Flipkart Group, consolidate to simplify organisation and creation of top-team with clear accountabilities”, media reports said. The new structure will help the company better manage its functions and operations of the marketplace as well those of Myntra (and Jabong), Ekart (logistics) and PhonePe (wallet). Mr. Krishnamurthy, who is widely respected by Flipkart’s management executives, has earlier worked in operations and finance, and brings in efficiencies and optimisations in the marketplace categories, said a report. “In the last few months, Flipkart has made considerable progress in creating the foundation of an e-commerce conglomerate. Flipkart is now in a position to combine its strengths,” the note said. Among other changes, Mr. Samardeep Subandh, who joined Flipkart as chief marketing officer from Marico last October, will now report to Mr. Krishnamurthy. The report also says the company is likely to go for a second set of job cuts. It had laid off about 400 non-performing employees recently.
Source : 30-08-16   Compiled by
Ms. Anuradha Rao appointed as MD, CEO of SBI Mutual Fund
Sbi Mutual Fund said it has appointed Ms. Anuradha Rao as its Managing Director and chief executive. Prior to this, Ms. Rao was Deputy Managing Director at Sbi handling New Business Portfolio. She has also worked as the Chief General Manager of personal Banking at the bank. Some of the key assignments handled by her include developing the home loans and real estate businesses at SBI. She took charge from Mr. Dinesh Kumar Khara, who has been appointed Managing Director of State Bank of India (Associate & Subsidiaries). “Ms. Rao has been appointed as the new MD and CEO of SbiFunds Management Pvt Ltd effective August 25, 2016,” SbiMF said in a statement. She has over three decades of vast experience in Banking and allied sectors. “It will be a huge responsibility to oversee its future growth and work continuously towards offering the best services to the investor through a process driven approach which is high on transparency, convenience, and value creation,” Ms. Rao said. Sbi Mutual Fund, which has established itself amongst the top five fund houses in the country, has an assets base of Rs 1, 19,878 crore as on June 30.
Source : 30-08-16   Compiled by
Apple Inc CEO Mr. Tim Cook cashes in on $35 million in stock
Mr. Tim Cook just gave himself a performance bonus by selling off 334,000 Apple shares worth $35 million (roughly Rs 235 crores). The timing and volume of the sale was pre-determined, following a procedure that is meant to avoid charges of insider trading. Apple stocks have been rising in value, from previous lows in May and July. It was a good time for Mr. Tim Cook to cash in, but the transaction would have taken place even if the stocks were valued on the lower side. Mr. Tim Cook has been receiving stocks for being appointed as the CEO, remaining the CEO for five years, and the performance of the company. The profits have been skyrocketing, investors and shareholders are happy, and he has maintained the legacy of the product line. Mr. Tim Cook continues to hold 1.3 million shares in Apple stock after the sale, and may get as much as seven million shares by 2021. While there may be questions if Mr. Cook deserves such a big pay out, there is nothing unusual about the transaction. Mr. Cook has been selling off Apple shares he owns periodically, including in 2010, 2011, 2012 and 2014 according to a report.
Source : 29-08-16   Compiled by
Microsoft appoints Mr. Bala Girisaballa as CEO of Accelerator India
Microsoft said Mr. Bala Girisaballa will be leading Microsoft Accelerator in India as CEO-in-Residence. Prior to this, Mr. Bala was with Globalisation and market expansion advisory Zinnov as Partner and Practice Head helping MNC R&D companies. He took charge of the Accelerator’s India operations, with effect from August 1. Microsoft also announced that Mr. Ravi Narayan, Director, will now assume the role of Global Director at Microsoft Accelerator. Mr. Girisaballa will lead the Accelerator’s efforts to help market-ready startups and entrepreneurs to scale up and become successful businesses through the technology enablement, global go-to-market efforts and deep business advisory in the form of Hi-Po and Scale-Up programs, Microsoft said in a statement in Mumbai. Mr. Ravi Narayan, in his new role as Global Director, will help Microsoft Accelerator in eight locations around the world to become market-ready, focused and accelerate these startups that have or will raise institutional funding from venture capitalists. He will also focus on scaling the startup acceleration model through global partners, it said. Early last year, Microsoft Accelerator in India redesigned their programs to cater to market-ready startups. Since then, it has graduated three cohorts which include startups like iBot, CustomerXPs, Altizon, CloudCherry and Reverie Technologies. It has also formed partnerships with Temasek, TCS, Citi, Reliance Industries and other multinational corporations under its corporate engagement program #CoInnovate, to help the startups in their go-to-market efforts and global expansion.
Source : 30-08-16   Compiled by
Mr. Abhijit Bhaduri, Wipro’s Chief learning officer, quits to start own venture
Mr. Abhijit Bhaduri, Wipro’s chief learning officer, has quit and plans to start his own venture. Mr. Bhaduri was instrumental in leading the firm’s Global 100 programme, to identify and groom the next generation of leaders. “Wipro Ltd confirmed that Mr. Abhijit Bhaduri, currently the Chief Learning Officer, has decided to pursue his entrepreneurial ambition after a rewarding career with the organization. Given this, he will continue with Wipro in an advisory role, from October 1. We wish him all success in his future endeavours,” said a statement by the company. Mr. Bhaduri introduced unconventional training methods for the employees, including one where top leaders were taken to participate at the Jaipur Lit Fest. He also led the initiative for Wipro to collaborate with Wharton School of the University of Pennsylvania to groom future leaders. Mr. Bhaduri, a former HR director at global IT giant Microsoft, joined Wipro in 2009. Prior to that, he worked with multinationals such as PepsiCo, Colgate and advertising agency Mudra Communication. Mr. Bhaduri has been vocal about his views on future of work and the way jobs will change as technology advancements increase in various lectures he has given at various universities. Bhaduri is also an author of three books. Two of them a series called ‘MBA’ Series that stands for Mediocre But Arrogant and Married but Available. He has also authored a management ‘guide-book’ Don’t hire the best. According to his website, Mr. Bhaduri is on the advisory board of the prestigious CLO program by the University of Pennsylvania.
Source : 30-08-16   Compiled by
Firms adopt stringent hiring processes as discrepancy levels in CVs rise
To tackle the challenges of recruitment and talent management, both multinational and Indian companies are incorporating stringent hiring processes to safeguard their organisations and avert unwarranted situations. Industry insiders say employers now look at the authenticity of the claims made on the CV. “Although background screening is not a mandate in India like in the US and other developed countries, awareness and screening backgrounds are growing at a rapid pace. Employers look for best hiring and screening practices that would bring incremental value to the company, rather than merely looking to hire and complete the task on hand,” Mr. Purushotam Savlani, Managing Director and Senior Vice-President, First Advantage India, said. Sharing the key findings of the Quarterly Discrepancy Analysis for the first quarter of 2016 (January-March), he said “the discrepancy percentage has risen to 12 per cent (out of every 100 candidates screened by the company, 12 were found to have discrepancies in one or more component) against 11.4 per cent during the corresponding quarter of 2015.” “When compared by gender, the discrepancy rate was higher among male candidates compared to females.” The total number of cases verified was highest for the BFSI sector at 35 per cent, followed by IT at 28 per cent. Likewise, the highest number of discrepancies was also in the BFSI sector, he said. Discrepancies related to employment, address and education components were at 59.5 per cent (up marginally from the last quarter of 2015), 11.4 per cent (down from 12.3 per cent during the October–December quarter of 2015) and 5.3 per cent (up from 5.1 per cent during Q4 of 2015) respectively. It was higher in the southern zone as compared to North, excepting education checks. Remaining discrepancies of 23.8 per cent related to criminal, document investigation, database and reference checks.
Source : 30-08-16   Compiled by
Sapient To Hire 1,500 Employees in India this Year
Global marketing, consulting and technology company Sapient said it will hire about 1,500 people in India to take its total headcount to 10,000 by the end of the year. The company, which has about 8,500 people across its centres in India, has also set up a new office in Bengaluru with a capacity of 3,500 workstations. Sapient has over 13,000 employees globally. Out of this, 8,500 are housed in India. The target is to take the India capacity to 10,000 by the end of this year. The Bengaluru centre, spread over 4 lakh sq ft, is its single largest premise globally. The new Office will add 3,500 workstations and take the portfolio to close to 10,000 desks across India. Also, Gurgaon would continue to be Sapient’s largest office space in the world but it is divided into two buildings. “We are a company that comprises of 84 per cent millennials. The new innovative office space has been designed to appeal to this group and for today’s flexible work styles. An open environment is a breeding ground for innovation, collaboration and co-creation. I am confident that it will enable our people to develop boundary-breaking ideas for our clients,” said Mr. Rajdeep Endow, managing director of Sapient India.
Source : 29-08-16   Compiled by
With 5 VP-level hires, Swiggy to serve it up
Bengaluru-based, on-demand food-delivery platform Swiggy has lined its top deck with five Vice-Presidents to head Product, Design, Finance, HR and Marketing, with the view to take the company through its next phase of growth. The start-up is actively scouting for two Associate Vice-Presidents to lead engineering. Founded in August 2014 and bootstrapped till January last year, Swiggy has hit a new high of delivering 50,000 orders a day, up from 3,500 orders a day last August, and has set itself a new target of 1 million orders a day by 2020. Mr. Nandan Reddy, co-founder, Swiggy, said that the company is already profitable in two of its eight markets — Bengaluru and Hyderabad — and will now focus on achieving break-even status per order in the other cities within the next two quarters. Delhi, Gurugram, Mumbai, Pune, Kolkata and Chennai are the other markets that Swiggy operates in. “We still have CXO-level positions open for COO, CMO and CFO, but are in no hurry to fill the positions as the VP-level hires will take Swiggy through the next phase of growth. We will focus on strengthening our position in the eight markets. For instance, a market like Bengaluru alone can take 3-4 lakh orders a day. In terms of geographic expansion, we are looking to add at the most three cities — Ahmedabad, Jaipur and Chandigarh,” said Mr. Reddy. Swiggy has over 5,000 restaurants on its platform and receives commissions ranging between 20-25 per cent for lead-generation plus deliveries from restaurants. “We drive 10 per cent of a restaurant’s business today, and are looking to take that up to 30 per cent. The average order-value on Swiggy is ₹330; we want to increase that to ₹400 in the next 12 months.” Swiggy offers features such as no minimum order value, for which customers have to pay a delivery fee. Delivery charges range ₹30-40, depending on the city. The company has its own delivery fleet size of 6,000 people.
Source : 25-08-16   Compiled by
Cost-cutting measures: Startups using layoffs to tackle tightening fund flow
At a time when investors are gradually tightening their purse strings on venture capital-backed e-commerce firms and tech startups — from $2.91 billion in September quarter of 2015 to $1.52 billion in December quarter to $1.40 billion in March quarter of 2016 and to $583 million in June quarter of the ongoing year — the investee companies are having to take a hard look at their growth oriented businesses. And it is the employees who are having to bear the brunt. Since August 2015, eight of the poster-boys of the country’s e-commerce and technology ventures have reportedly trimmed close to 3,000 jobs because of reasons such as organisational restructuring, non-performance, scaling down of operations. Online food-ordering company Zomato had asked nearly 300 of its employees in North America to leave in October 2015, after the firm restructured its operations to focus on increasing traffic on its platform. “The Urbanspoon acquisition taught us a lot about what works, and how things worked in the way that Urbanspoon used to run their business. Last year’s restructuring was a combination of the best of our knowledge and the best of Urbanspoon’s knowledge and processes,” a Zomato spokesperson said. “The restructuring largely affected our content operations and community management teams in North America,” the spokesperson said, adding that the company did not expect any foreseeable job redundancies. Zomato acquired US-based food portal Urbanspoon in January 2015. Consolidation in the sector is another key reason why experts believe companies will continue to rationalise costs, and to that effect, reduce jobs. Earlier this month, India’s largest app-based taxi-hailing service Ola laid off close to 700 employees of TaxiForSure (TFS), which it acquired nearly 18 months ago. At the time of the development, an Ola spokesperson had said that the cab aggregator has absorbed “as many TFS employees for open roles in Ola to support our growth.”
Source : 29-08-16   Compiled by
Yes Bank appoints Mr. Amit Sanan Head Mid Corp Banking
Private sector Yes Bank has appointed Mr. Amit Sanan as Group President and Country Head of Mid-Corporate Banking. “Mr. Amit Sanan will be responsible for further developing and deepening key corporate relationships in the mid-corporate space covering more than 30 locations nationally, with a clear mandate to grow and scale up the ‘Life-Cycle Banking Business’ significantly vide granular revenue, assets and liabilities,” Yes Bank said in a statement. The two existing teams of Emerging Corporate Banking and Commercial Business Banking of 300 relationship managers nationally will now report to him, it added. Besides a strong focus on granular transaction banking, cross sell and various digital banking solutions, Mr. Sanan would also drive business development in the key knowledge banking sectors of the bank, it said further. Mr. Sanan has more than 20 years of corporate banking experience in the areas of relationship management, structured financing and commercial banking.
Source : 25-08-16   Compiled by
Indian-origin software industry veteran Mr. Ajei Gopal named CEO of US firm
An IIT Bombay alumnus and software industry veteran has been named CEO of a leading US company that produces engineering simulation software used for testing product designs across a wide spectrum of industries including rockets and wearable technology. Mr. Ajei Gopal, 54 will become the CEO of Pennsylvania-based ANSYS with effect from January 1 next year. Mr. Gopal, a 25-year technology industry veteran who has served as a member of the ANSYS Board since 2011, has been appointed President and Chief Operating Officer of the company effective immediately and will continue to serve on the Board. Mr. James Cashman, who has served as ANSYS’ Chief Executive Officer since 2000, will become Chairman of the Board of Directors, effective from January 2017. ANSYS said Mr. Gopal has extensive management and business development experience at large software and technology companies. He has held leadership roles at companies including Symantec, Hewlett-Packard and IBM. Mr. Gopal has served as interim president and COO at California-based technology company Symantec, leading the company through the recruitment of a permanent CEO. He was senior vice president and general manager at Hewlett-Packard from 2011 and has worked at IBM from 1991 to 2000.
Source : 30-08-16   Compiled by
Infosys’ Mr. Vishal Sikka: No lay-offs, expect better Q2; attrition under control at 15.8%
IT major Infosys expects its September quarter growth to be better than what it achieved in the April-June period, though it cautioned that the external environment still remained uncertain. The company, however, said no employee has been laid off on account of it. Addressing an analysts’ meet held at its Pune campus, Infosys CEO Mr. Vishal Sikka said, “There is a focus on disciplined execution in the second quarter and some of the drag factors of Q1 have largely been arrested.” The IT major had recorded a sequential revenue growth of 2.2% in dollar terms for the first quarter of FY17, which was well below analysts’ expectations. It also lowered its annual revenue growth guidance to 10.5-12% from the earlier 11.5-13.5%. Mr. Sikka said it would have a It also lowered its annual revenue growth guidance to 10.5-12% from the earlier 11.5-13.5%. Mr. Sikka said it would have a clearer picture on the annual revenue guidance only after the second quarter results. On the overall demand environment, the CEO said that they did not anticipate a Brexit-like impact in the case of Royal Bank of Scotland. The bank had terminated its contract with Infosys. “We have seen some client specific softness, which we did not see in the beginning of the quarter,” Mr. Sikka said. However, he added that there has been an improvement in the large deal wins and traction is coming back into other segments like consulting, Finacle and India business.
Source : 27-08-16   Compiled by
Automation won’t kill jobs, it will kill tasks: HCL Tech CEO Mr. Anant Gupta
At a time when there is fear that increasing automation will lead to layoffs in the IT sector, HCL Technologies CEO Mr. Anant Gupta said, “Automation won’t kill jobs, it will kill tasks.” “We have overhauled hiring to absorb the impact of automation. We have replaced mass hiring with just-in-time hiring,” Anant Gupta said. It is widely believed that technology and automation will increasingly to eat up jobs in sectors such as IT. Labour Bureau recently surveyed eight sectors and out of them, information technology and business process outsourcing sector (BPOs) have seen the highest decrease in employment during October-December 2015. Zinnov, a Bengaluru-based consulting firm, recently came out with a report that said that internet of things , or machine-to-machine communications may eliminate a whopping 94,000 jobs in India’s IT industry over the next five years. Last month Mr. Mohandas Pai, an IT industry veteran said that increasing automation would shave off 10% of incremental jobs in India’s IT sector each year. He said that middle-level managers would also bear the brunt of artificial intelligence. By Mr. Pai’s calculations, every year if IT creates 2 to 2.5 lakh jobs, 25,000-50,000 jobs will disappear. He is of the view that, middle-level managers account for 10 per cent – or 450,000 people – of the 4.5 million (45 lakh) strong IT industry in India. Half of them (2, 25,000) would lose jobs over the next one decade as their work would get automated.
Source : 30-08-16   Compiled by