The Naukri Job Speak Index for the month of September 2016 stood at 1888, recording an increase of 5% in hiring activity over the same period last year. After a brief revival in August, the jobs growth has generally been relatively small in the last three months. Technology oriented industries presented a very mixed bag in terms of annual jobs growth; while IT – Software/Software Services grew at a moderate 6%, ITES/BPO industry registered an impressive 20% growth in September. By contrast, IT – Hardware saw jobs declining by 20% in September 2016 when compared to September 2015. Finance industries have shown strong positive growth so far in the 2016 financial year, this trend was further reinforced in September when Banking/Financial Services jobs grew by 25% on a YOY basis while Insurance clocked an even more impressive 43% growth. Infrastructure industries continue to be sluggish; Construction/Engineering, Oil & Gas/Power and Industrial Products / Heavy Machinery saw jobs decrease by 7%, 19% and 8% respectively while Real Estate, which has seen a general decline in jobs this year saw an annual dip in jobs by 10%.
Flipkart co-founder and chief executive Mr. Binny Bansal’s struggle to retain top talent continues as Chief Financial Officer Mr. Sanjay Baweja quit a little under two years after joining to the company from Tata Communications. Mr. Baweja’s exit comes at a time when Mr. Bansal’s push to revive growth after nearly a year gap was beginning to work. At the same time, Flipkart’s efforts to raise fresh funds from investors to fuel business and fend off aggressive competition from global rival Amazon faces a setback with this exit. Flipkart is also looking for Mr. Baweja’s replacement, said a Flipkart spokesperson confirming his exit. Mr. Baweja will continue to be with the company till December end. Following a top management rejig in January this year which saw Mr. Bansal take over the reins as CEO, exits in the top echelons of Flipkart have become common. Mr. Punit Soni, the star hire from Google quit the company less than a year after he got there. Other exits include that of Mr. Mukesh Bansal, whose company Flipkart acquired, after which he managed some of the top portfolios there. Mr. Ankit Nagori, one among the early Flipsters, quit from the position of Chief Business Officer to start his own company with Mr. Mukesh Bansal. In a townhall meeting with employees in August, co-founder Mr. Sachin Bansal revealed that his stepping down from the position of CEO was “performance linked”. He added that the entire management change too was driven by same force that had him ousted from the top position. “Just look at who was (in the) management six months ago, one year ago, and who is (in the) management today. It’s completely changed. Right? Yeah, I mean, nobody is here. I have changed. I was the chief executive and I have changed. It was performance-linked,” Mr. Sachin Bansal had told employees, according to FactorDaily. While several people from Flipkart’s management have quit, replacements aren’t coming in as quickly. Some would say Mr. Kalyan Krishnamurthy, an old hand at Tiger Global (one of the leading backers of Flipkart) who was brought back into the company, is now running the show, though Mr. Bansal has denied it.
Going back to an insider with little experience probably backfired for the salt-to-steel Tata group. Four years after he took over as the chief of Tata Sons, the holding company of the Tata group, Mr. Cyrus Mistry had to say ta-ta to the chairman’s office. Proxy advisory firms view this as a case of “failed experiment” in succession. “Obviously, it is an experiment in succession that did not work. The reasons are still unclear. They had taken years to zero in on Mr. Mistry after an international search. And, this new group has only four months (to choose a new chairman),” said Mr. Shriram Subramanian, founder, Ingovern Research Services. According to Mr. Subramanian, the continuous stress the group companies had gone through could have triggered the move, unless there is something more serious. “His (Mistry’s) experience in handling such a diversified group with numerous entities was doubtful. He was parachuted into running multiple entities. He should have been groomed,” he added. Mr. J N Gupta of Stakeholders Empowerment Services said: “Such a sudden change is unheard of in the history of the Tata group. The reason for such a move is unknown. And, this unknown worries us. Mr. Gupta said as a good governance practice, Tatas should explain the circumstances and reasons for the decision. Experts also wondered if the decision would lead to or was the result of dynamics between the Tatas and the Mistry family. Although Mr. Mistry has stepped down, his father Mr. Pallonji Shapoorjis Mistry remains the single-largest individual shareholder in Tata Sons. In a statement, Tata Sons announced that its board replaced Mr. Cyrus Mistry as chairman of Tata Sons. The decision was taken at a board meeting held in Mumbai. “The board has named Mr. Ratan N Tata as interim chairman of Tata Sons. The board has constituted a selection committee to choose a new chairman.
Mr. Mark Schwartz, chairman of Goldman Sachs Asia-Pacific, has joined the board of One97 Communications Ltd, which runs online payments and e-commerce website Paytm. “He has played a critical role in building leading businesses in the Asia Pacific region and across the world. I am confident Mr. Mark Schwartz’s insights would offer excellent leadership for Paytm as we work towards bringing half a billion Indians to the mainstream economy,” said Mr. Vijay Shekhar Sharma, chief executive officer, Paytm. Currently based in Beijing, Mr. Schwartz, is also the vice-chairman of the US-based Goldman Sachs Group. He has over 27 years of experience in Goldman Sachs, having joined the firm’s investment banking department in 1979. “Mr. Mark Schwartz played a major role in helping Alibaba founder Mr. Jack Ma and executive vice chairman Mr. Joseph Tsai with Alibaba’s $25 billion IPO in New York in 2014,” the company said in a statement. In September last year, Ant Financial and Alibaba had together committed to invest less than $1 billion in Paytm. This amount includes the $575 million which was committed to Paytm in February 2015. Out of the $575 million, Ant Financial has till now pumped in $200 million for a 25.88% stake. Mr. Schwartz will be the 12th member on the board of One97, after announcing Mr. Amit Singhal, the former head of Google Search, as the 11th member joining the board on 20 October.
The merger of State Bank of India (SBI) with its associate banks will bring down new recruitment by around a fifth next year. SBI is calculating that the numbers are likely to become surplus with the merger. It has already announced there won’t be any job cuts on account of the merger. “There will be an impact on recruitment next year. It could be in the range of 20-25 per cent. Already, associate banks have stopped filling vacancies. The day we decided on a merger, we knew not to opt for new recruitment in the associate banks. We won’t drastically cut down on hirings; there is a need to infuse fresh blood,” said an official. Since 2015-16, there has been no recruitment in the associate banks. On an average, SBI requires at least 13,000 staff (new hires) on account of retirement every year, according to an SBI official. However, over the past two years, the bank has been going slow on recruitment, especially clerical staff. Last year, the bank did not hire any clerical staff. This year, however, SBI is recruiting around 17,000 clerical staff, one of the highest in the past few years. This includes recruitment of around 3,008 agri staff, which SBI is inducting after a gap of several years.
Twitter Inc may cut 8 percent of its workforce or about 300 people. The job cuts could be announced before the company reports third-quarter earnings, and the number of jobs affected could change. Last year, Twitter announced plans to lay off up to 336 employees, or about 8 percent of its workforce, a week after Mr. Jack Dorsey, its co-founder who had been serving as interim chief executive, took over as permanent CEO. Twitter, which last month hired bankers to field acquisition offers, faces an uncertain future after Salesforce.com Inc, the last of the companies believed to be interested in buying the company, said it would not make a bid. With a markcap of about $12.76 billion and losses running at about $400 million a year, Twitter was likely judged too expensive by prospective buyers. The company said in September it would lay off some employees and halt engineering work at one of its development centers in India’s technology hub Bengaluru. Twitter said it rescheduled the release of its third-quarter earnings to before the market open on Thursday to avoid conflicting with earnings announcements by other internet companies. It had originally planned to release results after the market close. The company had 3,860 employees globally as of June.
Infosys chief executive Mr. Vishal Sikka is setting higher salaries for his top management team as an incentive to reach his revenue target of $20 billion by 2020. Four Presidents – Mr. Mohit Joshi, Mr. Rajesh K Murthy, Mr. Ravikumar S, Mr. Sandeep Dadlani and Mr. David Kennedy— of the company’s general counsel will now get a million dollar salary package, in addition to restricted stock units and employee stock options. Their salaries include a higher variable component, the company said in its regulatory filings. Infosys Board had approved the compensation increase last week to key executives, including its chief operating officer Mr. Pravin Rao and chief financial officer Mr. M D Ranganath. The human resources head Mr. Krishnamurthy Shankar and company secretary Mr. Manikantha AGS will also see salary increase from November 1.“Based on fiscal 2016 performance, 27,250 restricted stock units and 43,000 stock options would be granted (to Rao) once approved by shareholders and these would vest over a 4 years. RSUs and stock options, in future periods, will be granted on achievement of performance conditions,” said the Infosys letter to the BSE.
Mr. Abhishek Tripathi, associate director and business head at PayU Payments Pvt. Ltd, has decided to quit the company to join Bharti Airtel Ltd. He will be leading the small and medium business at Airtel Payments Bank. “I have joined Airtel Payments Bank to lead the SMB/SME solutions,” Mr. Tripathi confirmed the development to TechCircle. “I will be responsible to formulate product and strategies for the small and medium business at the payments bank.” In his new role, he will be directly reporting to the Airtel Payments Bank CEO Mr. Shashi Arora. On his more than three years journey at Naspers-owned digital payments company PayU, Mr. Tripathi in a blog post on LinkedIn wrote, “I joined the company as the first employee to start the business of PayUMoney (then PayUPaisa) and built the business from scratch and hired 99% of the PayU SMB team (~250). It’s been quite the journey, and I owe a lot to PayU India, Naspers and the team.” According to Mr. Tripathi, his experience of building PayUmoney and scaling it makes him confident about the SMB space in India. “Looking forward at the changing paradigm of payments bank would work for SMBs,” he added.
Ending months of speculation, the hunt for the Chairman of IIM Ahmedabad (IIMA) Board of Governors ended this week, with the MHRD appointing noted industrialist and Chairman of Aditya Birla Group Chairman- Mr. Kumar Mangalam Birla as the chairman of IIM A BOG and its Society. Mr. Birla pipped both HDFC Chairman Mr. Deepak Parekh and Infosys Chairman Mr. R Seshasayee to the position and it is learnt that Mr. Birla who is also currently the Chairman of IIT Delhi’s BoG has reportedly accepted the position for a tenure of 3 years. After IIMA’s former Chairman and L&T Chairman Mr. AM Naik had stepped down citing lack of time in December last year, the premier B-School had set up a selection committee and shortlisted 3 names including those of Mr. Parekh, Mr. Seshasayee and Hero MotoCorp CMD Mr. Pawan Munjal-only to be rejected by the then Smriti Irani-led Ministry of Human Resource Development (MHRD) in May this year. However a second list was sent to the MHRD on September 23 – post a Board meeting of the selection committee headed by IIMA’s interim Chairman and CMD of Zydus Cadila – Mr. Pankaj Patel. “We have received communication from the Director’s office on noted industrialist Mr. Kumar Mangalam Birla being appointed on 21st October for a period of 3 years and we welcome the move,” said senior IIMA faculty member Mr. Ajay Pandey.
In keeping with the tradition of promoting group company CEOs to the board of Tata Sons, Mr. Ralf Speth, CEO of Jaguar Land Rover, and Mr. N. Chandrasekaran, CEO & managing director of Tata Consultancy Services (TCS), were appointed as additional directors. “This is in recognition of their exemplary leadership in their companies,” said Mr. Ratan Tata, interim chairman, Tata Sons. Mr. Chandrasekaran, 53, and Speth, 61, are running the most successful operations of the Tata group. Earlier, during the tenure of Mr. Ratan Tata, Mr. RK Krishna Kumar, MD of Tata Tea, and Mr. JJ Irani, MD of Tata Steel, were appointed on the board of Tata Sons. Similarly, the late Mr. JRD Tata had appointed the late Mr. Sumant Moolgaokar and the late Mr. Darbari Seth on the TSL board. Mr. Chandra, as the TCS CEO is popularly known, is credited with the success of India’s largest IT Company with market value of Rs 4, 72,636 crore. On his appointment to the Tata Sons’ board, Mr. Chandrasekaran said: “I am humbled by this honour and I look forward to contributing to the board.” Mr. Speth was appointed as CEO of Jaguar Land Rover in February 2010 after he served BMW for 20 years. Under his leadership, JLR continued to show strong global sales, despite the China slowdown and reported a strong growth in key markets of North America and Europe. With the two new directors, the Tata Sons board now has a balance of experienced industrialists and CEOs.
Bengaluru-based food ordering and delivery platform Runnr said it has hired senior executives from Bharti Group, Uber and Facebook to strengthen organisational capabilities. The company said in a statement that, over the past few months, it has recruited Bharti Group’s Ms. Garima Gupta as finance chief, Mr. Aadish Dhakad from Uber as the head of supply operations and Mr. Ankit Jain, who was previously with Facebook, to lead its data operations. Meanwhile, the founders of TinyOwl–the food delivery startup which Runnr acquired in June–have quit the company. Mr. Mohit Kumar, co-founder and CEO at Runnr, confirmed to TechCircle that TinyOwl founders Mr. Harsvardhan Mandand and Mr. Saurabh Goyal are no longer part of the company even though they are still shareholders of the combined entity. Runnr, earlier known as Roadrunnr, is operated by Carthero Technologies Pvt. Ltd. It started its food delivery app in July and aims to grow quickly over the next few months. “With a strong core team in place we are now focused on a new phase of growth,” Mr. Kumar said. Ms. Gupta, the new chief financial officer, is a chartered accountant. She was previously the CFO of Nxtra Data Ltd, Bharti Group’s data centre business. She has also worked with US-listed BPO firm Genpact. Mr. Dhakad, an IIM alumnus, has experience in banking, power and logistics sectors. As the operations manager of Uber in Pune, he was responsible for developing processes for partner on-boarding, training, quality and fraud control, and for managing payments. Mr. Jain will head the data operations at Runnr, where his team uses advanced machine learning and statistical skills to solve last-mile logistics problems. Prior to this, he worked at Facebook in Silicon Valley as a data scientist. Mr. Jain holds a master’s degree from UC Berkeley and a bachelor’s in electrical engineering from IIT Bombay.
The civil aviation ministry plans to hire more than a dozen officers including a new head for its Air Accident Investigation Bureau (AAIB) five months before a key international safety audit is expected to take place. “It has finally advertised these positions, including DG (director general) ahead of ICAO audit,” said a government official who asked not to be named. The International Civil Aviation Organization (ICAO), the United Nations’ aviation watchdog, will conduct an audit of India’s air safety readiness around March and the aviation ministry wants to complete staffing the bureau before the audit team arrives. The outcome of the audit will be critical for India as it could affect international expansion plans of new as well as old Indian airlines. AAIB was formed in May 2012, but while the idea was to make it independent of the civil aviation ministry, that hasn’t happened and it is still staffed by officials of the ministry. Interestingly, ahead of an earlier audit by ICAO in 2015, the ministry had sought to find people for AIIB though nothing much came of the plan. According to the ministry’s advertisement, to qualify for the post of director general of AAIB, an applicant should hold a degree in engineering and have about a decade-and-a-half of experience in areas such as air safety and air traffic control. The salary scale starts at Rs37, 400 per month. Significantly, the post has been opened up for senior pilots for the first time.
Tata CLiQ, Tata group’s e-commerce venture, said it has appointed Mr. Vikas Purohit as its Chief Operating Officer. The company has also appointed Mr. Amit Rawal to head its ‘Luxury’ business. Mr. Purohit will spearhead commercial, seller management and digital marketing functions, the company said in a statement. He was one of the first few employees of Amazon.in and comes with a strong e-commerce and fashion retail experience. He has also previously held leadership positions at Reliance Brands, Tommy Hilfiger India and Aditya Birla Group’s Madura Garments. “Tata CLiQ has witnessed a multi-fold growth since its launch in May this year… These appointments come at a time when TataCLiQ is at a crucial growth juncture and is expected to launch two new categories and the luxury portfolio,” it said. Mr Rawal, who will focus on building Tata CLiQ as a luxury-lifestyle destination, had founded Elitify.com. He has also worked with Thomson Reuters and Deloitte Consulting.
Mr. Aashish Bhinde, the rainmaker credited with making Avendus Capital the go-to investment bank for Indian consumer Internet start-ups, has decided to quit the firm and take a sabbatical. Mr. Bhinde has been heading the digital and technology division at Avendus. Under his watch, the team has closed 60 transactions since 2011, raising over $3.5 billion. Mr. Gaurav Deepak, Avendus co-founder and managing director, will be taking charge of the vertical. Mr. Bhinde started the franchise in 2011 with a five-member team that has grown to 24. “We have built a strong team with deep experience in the space. And that is why we are not hiring anyone from outside to run the team. Mr. Gaurav Deepak will take over it, given that this is a very critical business for the firm. Mr. Karan Sharma and Mr. Pankaj Naik, the two directors, will run the day-to-day business,” Mr. Bhinde said in a phone interview. His decision to leave comes a year after KKR and Co. LP bought a 60% stake in the boutique investment banking firm for around $100-120 million.xss.
With the Central government gearing up to disburse both the hiked salaries and hiked allowances for central government employees from this month, there is yet another surprise waiting for the beneficiaries. The Diwali bonanza, as some are calling it for the central government employees has just gotten a little more sweeter with reports suggesting that more incentives will be paid to those who wish to acquire higher qualifications. The change has been brought about to encourage acquiring of new skills and higher qualifications by the employees. This comes after the 7th Pay Commission had recommended abolition of 51 allowances and subsuming 37 others, causing a lot of disappointment amongst the employees. The final decision of accepting or rejecting the recommendations however, rests with the Central government. After the abolition of allowances caused a stir amongst central government employees, an expert committee was appointed to review the allowances. The final report of the review committee is expected to come in the next two weeks, which means that those entitled to them, will also get their hiked allowances before Diwali. The CPC meanwhile has accepted the demand to retain some of its erstwhile cancelled allowances and even suggested a raise in the amount of some, which includes a hike in incentives paid for acquiring of higher education and higher qualifications. Reports suggest that the amount for staff has been accorded a steep raise between Rs. 2,000 to Rs. 10,000. The amount is subject to several caveats and will be applicable according to the existing norms related to such payments. In its report that was submitted to the central government on November 29, 2015, “The Commission appreciates the need to encourage acquiring of higher qualifications. At the same time, it is important that the knowledge so acquired is directly relevant to the scope of the employee’s occupation.” The Pay Commission had, however, refused to being the incentives at par with those payable to defence personnel, citing non-feasibility of the raise, ”in view of the different service conditions, mode of recruitment and other factors.”
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