The Naukri JobSpeak Index for December 2018 at (1,987), marked an 8% increase in hiring from December 2017 (1,833). In the month of December 2018, the recruitment activity in IT-Software witnessed a growth of 14% as compared to December 2017.The Auto/Ancillary industry recorded a notable rise of 24% and the HR domain grew by 17% in December 2018. The hiring sentiment across metropolitan cities was positive with Bangalore and Delhi recording a rise of 13% and 10% respectively. Commenting on the report, Ms. Sumeet Singh, CMO, InfoEdge India Ltd. said, “The year 2018 has ended with a growth in hiring across most major cities and top industries. For the past few months IT and Auto/Auto Ancillary have been leading the growth. It has been a good year for BPO, and FMCG and we hope to see the trend in hiring to continue.”
The Reserve Bank of India has appointed Infosys co-founder Mr. Nandan Nilekani as the Chairman of a high-level committee on deepening of digital payments in India. Other members of the committee include Mr. HR Khan, former RBI deputy governor; Mr. Kishore Sansi, former Vijaya Bank MD, Ms. Aruna Sharma; former secretary of the Ministry of Information Technology and Steel; and Mr. Sanjay Jain, Chief Innovation Officer, Center for Innovation, Incubation and Entrepreneurship (CIIE), IIM- Ahmedabad. The committee will review the existing status of digitization of payments in the country, and will identify the current gaps and suggest ways to bridge them. It will also assess the current levels of digital payments in financial inclusion. The panel will also “undertake cross-country analyses to identify best practices that can be adopted in our country to accelerate digitization of the economy and financial inclusion through greater use of digital payments,” said an RBI statement.
Apple Inc hiked the salary of its chief executive Mr. Tim Cook by 22 per cent during the past year, resulting in his remuneration for 2018 reaching almost $15.7 million, a filing submitted to the US Securities and Exchange Commission showed. According to the document, Mr. Cook took home $3 million as base salary and $12 million as bonus. Apple paid $680,000 as “other compensation” to Mr. Cook, which includes private air travel expenses and security costs. This was the second year in a row that Mr. Cook saw a hefty rise in his pay cheque. The 58-year old received Rs 12.8 million as his annual compensation as the Apple CEO, whereas he was paid $8.7 million in 2016. “The Compensation Committee determined that no downward adjustments to the payouts would be made based on Apple’s 2018 performance and the individual contributions of our named executive officers and approved the maximum total payout at 400 percent of annual base salary,” the Apple filing said.
To succeed Mr. Rana Kapoor as Chief Executive Officer of YES Bank, Mr. Rajesh Sud and Mr. Rajat Monga had been shortlisted. According to reports now, however, Mr. Sud has backed out of the running. Mr. Monga is thus the only recommendation for the CEO’s job at the moment. The RBI, in October, had instructed that Mr. Kapoor’s successor be appointed by 1st February, 2019 and the executive tenure of Mr. Rana Kapoor has been brought down to January 31st, 2019. A search and selection committee has been responsible for shortlisting the candidates to run the enterprise. This committee had the directive to evaluate both internal and external candidates and make their recommendations to the board to allow time also for the RBI’s final approval. Mr. Monga has served with the bank since 2004 when it commenced functioning. At present, he is the Senior Group President of financial markets at Yes Bank and has also served as its Chief Financial Officer. While Mr. Sud has not yet commented on his decision to withdraw from the race, Ms. Madhu Kapur and Mr. Rana Kapoor are pressed for time to finalize CEO and Chairman selection decisions. As with any new top leadership appointment, it would be safe to assume that the bank might see operational changes in the near future.
OYO Hotels & Homes has announced a slew of leadership appointments across three of its fast-growing international markets as it endeavors to aggressively expand its presence across China, Europe, and Malaysia. The company has announced the appointment of Mr. Sam Shi as its chief operating officer (COO) for OYO Jiudian, its Chinese subsidiary, which over the past year has emerged as its second home market after India. Prior to joining OYO, Mr. Shi was the President of Global Consumables and chief executive at Asia Pulp & Paper Co. He also has worked with energy drink giant Red Bull and French multinational hospitality firm Accor Group, besides having a two decade-long run across roles at Pepsi China. Mr. Shi will report to Mr. Ritesh Agarwal, founder & CEO at OYO, who is looking over the China market directly. Mr. Agarwal said, “China is a home market and we invest in leadership there like we invest in India. With some of the best and brightest minds joining the leadership team in our home market China and high-priority markets in Southeast Asia and Europe, I am confident that they will be able to help us set new benchmarks in the hospitality industry. What we are attempting is to solve the demand supply imbalance that characterizes the global hospitality sector through technology and talent and these appointments will take us a step ahead in this direction.”
Infosys, the country’s second largest software services company, saw another top-level exit in a span of one year with Mr. Sudip Singh, global head of the energy, utilities, resources & services quitting the company. Mr. Singh, who directly reported of CEO & MD Mr. Salil Parekh, was with the company for close to two decades and was managing a portfolio of around $1.5 billion under his vertical. Mr. Singh’s exit comes close on the heels of that of Mr. Ken Toombs, then global head of consulting, who had put in his papers in October last year. Since January this year, Infosys has seen some key management personnel leaving the company with Mr. M D Ranganath, the then chief financial officer of the firm being the most prominent, who had resigned from the firm in August last year. Mr. Rajesh Krishnamurthy, who was the president and head of the company’s Europe operations, quit the firm in January last year after a 26-year-long stint. Similarly, Ms. Sangita Singh, an executive vice president and head of Infosys’s $750-million healthcare and life sciences vertical, left the company in June. Around the same time, another senior-level executive, Mr. Nitesh Banga, who was heading Infosys’s manufacturing vertical, had also put in his papers.
Ride hailing platform Uber said it has appointed Daksh e-services co-founder Mr. Pavan Vaish as the head of central operations in India. “As we embark on our next wave of growth, we are building and strengthening a team of industry experts and veterans who appreciate the impact of ride sharing and are committed towards innovation for a better tomorrow,” Uber President India and South Asia Mr. Pradeep Parameswaran said. Uber is confident that Mr. Vaish will play a pivotal role in writing the next chapter of the company’s growth journey, he added. Mr. Vaish also co-founded Quadrant Infotech, an offshore data capturing business focused on the US market. Besides, Mr. Vaish has served as the global Chief Operating Officer at UnitedLex. He was also the co-founder and CEO of Daksh e-services, widely recognized as one of the most successful services acquisition in tech giant IBM’s history.
National carrier Air India has defaulted on salary payments for the second consecutive month missing the December pay-day amid liquidity crunch. Air India had failed to pay to its over 20,000 employees on time for most of the months last year. Like other public sector enterprises, the airline is supposed to pay the salaries on the last day of the month. “Air India has not paid the December salary to its entire staff. Worst, there is no word on the date of payment,” an airline official said. When contacted, an Air India spokesperson said the salary payment is under “process,” without offering a timeline for the “process” to be completed. Air India’s union representing narrow-body pilots had last month claimed that a majority of its members were defaulting on their bank loans and other financial commitments due to the salary delays.
Vodafone plans to cut up to 1,200 jobs from its Spanish business, the company said though it declined to give further details ahead of talks with labour representatives expected to begin at the end of the month. The telephone company said in November it planned to reduce its costs in Spain and Italy to respond to challenging business conditions.
American Express India announced the appointment of Mr. Kabir Julka as the Chief Human Resources Officer, India. In this role, Mr. Julka is responsible for the development and delivery of a business-focused HR strategy that attracts, develops, motivates, and retains American Express’ most important asset – its people. Throughout his 10-year career with American Express, Mr. Julka has held a range of Human Resources roles in Asia and built a strong track record of successfully partnering with business leaders to drive strategic organizational goals. His most recent role was as Vice President, HR – Greater China & South East Asia in Hong Kong, where he partnered with the business to develop the HR blue print for American Express’ newly created joint venture in mainland China as well as providing support in building a high performing and collaborative team across multiple Asian markets. Welcoming Kabir to the new role, Mr. Manoj Adlakha, CEO, American Express Banking Corp., India, said “As part of our commitment to strengthen the market in India, we are delighted to welcome Kabir. He has made a significant contribution to American Express over the past ten years and I believe that his knowledge and subject matter expertise will help us accelerate further growth in the Indian market. We look forward to Kabir joining the India Leadership team and would like to wish him the very best going forward.”
With hiring being a recurring theme in the banking sector, India’s small-finance banks are planning to recruit about 4,000-5,000 people in smaller towns between January and March this year. AU Small Finance Bank, ESAF Small Finance Bank, Ujjivan Small Finance Bank and Suryoday are expecting to hire more staff in the coming months. The pace of recruitment is accelerating as lenders are in the final stages of opening branches in line with their initial plans. Mr. Sabyasachi Chakraverty, business head, banking & financial services, at human resources services company TeamLeaseNSE, said, “Larger branch footprint is leading to more job creation and relocation opportunities for people to want to move to their home-towns.” AU Small Finance Bank is planning to hire about 1,500 people in the next three months, while Ujjivan would add about 600 people. ESAF wants to hire 500 people, and Suryoday 200-250 people. Other small-finance banks are also expanding their networks.
Raymond Group promoter and Chairman Mr. Gautam Hari Singhania stated that he will step down as Chairman from all group companies and dissociate himself from day-today functioning. It is to be noted that Mr. Gautam Singhania had stepped down from the position of the Chairman of Raymond Apparel in November last year, paving the way for Mr. Nirvik Singh to take charge as the Non – Executive Chairman of Raymond Apparel Limited. Mr. Singhania, who has already moved out from the chairman’s post for the FMCG entities and Raymond Apparel which handles the branded apparel business, will next move out of the two engineering entities — JK Files and Ring Plus Aqua. He is already looking for a professional chairman to head them, and he may even move out from the top post of the flagship entity, Raymond Ltd. Mr. Gautam Singhania stated, “At Raymond Ltd, I don’t know how long I will be the chairman. I have something in mind which I don’t want to talk about now. I am not the chairman of all other group companies which are significant.” He added that he is creating independent governance for each company and will ensure the promoter family is always away from day-to-day functioning.
The recently announced changes in norms for e-commerce companies with foreign investment may have sent the players into a tizzy, but recruitment firms expect only marginal impact on hiring in the sector in the near future. According to GlobalHunt Managing Director Mr. Sunil Goel, there could be a “marginal 5-10 per cent” impact in the near future, but hiring is expected to continue. “The impact of changes in the policy would not be that large in the sector… supply chain and customer service will remain crucial functions wherein hiring shall continue to happen to meet the consistently growing demand of the consumers, he said. In December, the government introduced new regulations that would bar online marketplaces with foreign investments from selling products of the companies where they hold stakes, and ban exclusive marketing arrangements. Another provision states that the inventory of a vendor will be seen as controlled by a marketplace, if over 25 per cent of the vendor’s purchases are from the marketplace entity, including the latter’s wholesale unit. These norms — which are effective February 1 — would hit Amazon and Walmart-backed Flipkart the hardest. These two e-commerce platforms are also the largest in the country.
HTC Global Services is planning to hire 2,000-3,000 people in India in the coming two years to support its $1-billion revenue target by the end of 2020. The IT services company has a strong employee base across its development centers in Chennai, Hyderabad, and Bengaluru. The company has a workforce of 11,000 employees globally including Ciber and CareTech, which was acquired in 2014. “We are finalizing hiring and it will not be less than 2000-3000 people by 2020 for India,” said Mr. Chary Mudumby, Chief Technology Officer, HTC Global Services, adding that its customers are looking for better value resulting in an increased demand for talent with domain knowledge. The IT service firm is competing with the other multinational IT services company such as IBM, Accenture, and others. Companies such as HTC and others have seen a disruption in their business model as clients in the US, and other markets are now demanding more digital technology-led delivery. “We are trying to bring in talent from the educational institutions because the current market demand for emerging technology is more,” added Mr. Mudumby. He is upbeat about HTC’s growth, and he feels digitization of existing services and support using robotic process automation, machine learning, and AI will drive the growth.