Global Banking giant, Standard Chartered on Sunday said it has no plans to freeze hiring in India despite the challenging market conditions and would recruit around 2,000 professionals this year.
StanChart had recruited 4,000 people in the last calendar year but has decided to scale down fresh recruitments in the face of financial downturn that has hit its operations globally, StanChart Human Resources Regional Head Madhavi Lall told the media here.
"We have not stopped hiring. Although, the number of new recruits may be lower in 2009 as compared to last year, the bank plans to recruit 1,500-2,000 people in the current calendar year," Lall said.
The lender already recruited 110 people in the last two months while it plans to hire 28 more people by July to strengthen its various business divisions, Lall said.
"These 28 people will be joining us from IIMs. The bank will go ahead with its hiring plans in the months ahead, which will include campus recruitments," Lall said.
Presently, StanChart has a staff strength of 19,000 in India as against its global headcount of 75,000, Lall said.
Out of 19,000 total employees, around 6,500 people operate in StanChart's retail banking division.
Agencies
Tuesday, March 10, 2009
Monday, March 9, 2009
Has TCS extended working hours?
Tata Consultancy Services (TCS) has increased its working hours to 45 hours per week from 40 hours effective April 1. This effectively means that employees will have to put in an hour more every day.
The biggest software exporter has also decided to fire around 1,300 employees or 1 per cent of its global workforce this year. This roughly works around one percent of its global workforce.
These employees failed to meet performance standards, according to a company spokesperson said.
About 100 employees have already been sacked in Chennai alone in the last two weeks, sources in TCS told the media.
This comes in the wake of recent announcements by the company’s MD S Ramadorai 10 days back that variable pay of employees is being reviewed this year, to counter the tough economic situations across the globe.
The IT major has also increased working hours to 45 hours per week from 40 hours effective April 1. The TCS sources said in the last two weeks alone the company has sacked about 100 people after they were found wanting in their performance appraisal.
Agencies
The biggest software exporter has also decided to fire around 1,300 employees or 1 per cent of its global workforce this year. This roughly works around one percent of its global workforce.
These employees failed to meet performance standards, according to a company spokesperson said.
About 100 employees have already been sacked in Chennai alone in the last two weeks, sources in TCS told the media.
This comes in the wake of recent announcements by the company’s MD S Ramadorai 10 days back that variable pay of employees is being reviewed this year, to counter the tough economic situations across the globe.
The IT major has also increased working hours to 45 hours per week from 40 hours effective April 1. The TCS sources said in the last two weeks alone the company has sacked about 100 people after they were found wanting in their performance appraisal.
Agencies
India next to US in anti-dumping measures, says World Bank
With protectionism emerging as a major threat to the global trade flow, data compiled by World Bank shows that India is next only to the US in terms of new anti-dumping measures imposed by their respective governments.
Besides, the number of such measures increased substantially in the second half of 2008 in both countries, World Bank has said in its background paper for the G20 Finance Ministers and Central Bank Governors Meeting later this week in the UK.
The US imposed over 20 new anti-dumping measures during the July-December period in 2008, followed by 15 such measures by the Indian authorities.
As per the data compiled by the multilateral lending agency, India took more than 10 fresh anti-dumping measures in the first half of 2008 -- higher than any other country during that period -- while the US imposed less than five such measures.
Other countries where new anti-dumping measures are on the rise include Brazil and Canada, while European Union, South Korea and Egypt saw the number of such initiatives declining in the second half of 2008.
Agencies
Besides, the number of such measures increased substantially in the second half of 2008 in both countries, World Bank has said in its background paper for the G20 Finance Ministers and Central Bank Governors Meeting later this week in the UK.
The US imposed over 20 new anti-dumping measures during the July-December period in 2008, followed by 15 such measures by the Indian authorities.
As per the data compiled by the multilateral lending agency, India took more than 10 fresh anti-dumping measures in the first half of 2008 -- higher than any other country during that period -- while the US imposed less than five such measures.
Other countries where new anti-dumping measures are on the rise include Brazil and Canada, while European Union, South Korea and Egypt saw the number of such initiatives declining in the second half of 2008.
Agencies
Sunday, March 8, 2009
Citi, Pepsico ranked among best cos for 'corp transparency'
Citigroup may be surviving on taxpayers money but the Vikram Pandit-led entity along with Pepsico, another firm led by an India-born chief executive Indra Nooyi, have been named among the best companies for corporate transparency by an American publication.
The 10th annual list of '100 Best Corporate Citizens 2009' by Corporate Responsibility Officer (CRO) magazine features US firms ranked for their activities in various areas including governance and employee relations.
Citi is ranked at the 35th spot while Indra Nooyi-led Pepsico is placed at the 85th spot.
Pharma major Bristol Myers-Squibb has topped the league of 100 followed by food retailer General Mills and technology giant IBM at the second and third positions, respectively.
Regarding the list, CRO noted, "when someone next asks you to define 'corporate transparency,' show them this..."
The ranking of the companies are based on activities in seven categories -- environment, climate change, human rights, philanthropy, employee relations, financial and governance.
"This list also proves that 10 years is a long time on the corporate responsibility timeline. Only three companies have made the list all 10 years: Intel, Cisco and Starbucks. Nearly 400 companies have appeared on the list over the past 10 years, including 48, by our count, that no longer exist.
"... the 100 Best List is the best-known annual snapshot of the leaders," the magazine said in an accompanying report.
Compiled by IW Financial and edited by CRO, the ranking is "completely based on publicly available information."
Other companies which have made it to the list are pharma entities Merck & Co (4th rank) and Abbott Laboratories (8), computer hardware makers HP Co (5) and Cisco Systems Inc (6), toy manufacturer Mattel (7), personal care products firm Kimberly-Clark Corp (9) and utilities entity Entergy Corp (10).
The ranking assigns maximum weight of 19.5 per cent to environment and employee relations. Climate change and human rights have a weights of 16.5 per cent and 16 per cent, respectively.
Citi has been severely battered in the ongoing financial turmoil, forcing the government to pump in billions of dollars into the financial services entity.
Already, the company has received 45 billion dollars of fresh capital apart from the US guaranteeing assets worth more than 300 billion dollars.
Agencies
The 10th annual list of '100 Best Corporate Citizens 2009' by Corporate Responsibility Officer (CRO) magazine features US firms ranked for their activities in various areas including governance and employee relations.
Citi is ranked at the 35th spot while Indra Nooyi-led Pepsico is placed at the 85th spot.
Pharma major Bristol Myers-Squibb has topped the league of 100 followed by food retailer General Mills and technology giant IBM at the second and third positions, respectively.
Regarding the list, CRO noted, "when someone next asks you to define 'corporate transparency,' show them this..."
The ranking of the companies are based on activities in seven categories -- environment, climate change, human rights, philanthropy, employee relations, financial and governance.
"This list also proves that 10 years is a long time on the corporate responsibility timeline. Only three companies have made the list all 10 years: Intel, Cisco and Starbucks. Nearly 400 companies have appeared on the list over the past 10 years, including 48, by our count, that no longer exist.
"... the 100 Best List is the best-known annual snapshot of the leaders," the magazine said in an accompanying report.
Compiled by IW Financial and edited by CRO, the ranking is "completely based on publicly available information."
Other companies which have made it to the list are pharma entities Merck & Co (4th rank) and Abbott Laboratories (8), computer hardware makers HP Co (5) and Cisco Systems Inc (6), toy manufacturer Mattel (7), personal care products firm Kimberly-Clark Corp (9) and utilities entity Entergy Corp (10).
The ranking assigns maximum weight of 19.5 per cent to environment and employee relations. Climate change and human rights have a weights of 16.5 per cent and 16 per cent, respectively.
Citi has been severely battered in the ongoing financial turmoil, forcing the government to pump in billions of dollars into the financial services entity.
Already, the company has received 45 billion dollars of fresh capital apart from the US guaranteeing assets worth more than 300 billion dollars.
Agencies
About 1 lakh Indians will return from US in next 3-5 years
As many as 100,000 Indians and an equal number of Chinese will return to their native countries in the next three to five years, a move that will greatly boost their economies and undermine technological innovation in America, a new US study warns.
The study on immigration by a team at Duke, Harvard and Berkeley universities led by Vivek Wadhwa, an Indian-American technology entrepreneur turned academic, says "America's loss is the world's gain".
There are no hard numbers available on how many have returned, but anecdotal evidence shows that this is in the tens of thousands, says Wadhwa, executive-in-residence for the Pratt School of Engineering at Duke University and fellow at the Labour and Worklife Programme at Harvard Law School.
"With the economic downturn, my guess is that we'll have over 100,000 Indians and as many Chinese return home over the next three-five years," says Wadhwa. "This flood of western educated and skilled talent will greatly boost the economies of India and China and strengthen their competitiveness.
"India is already becoming a global hub for R&D. This will allow it to branch into many new areas and will accelerate the trend," he says.
"The US has always had the luxury of being arrogant about immigration because it has been the strongest magnet for the world's best and brightest," but as the study shows "there are other strong magnets now".
"We are effectively exporting our economic stimulus. Policies like those which the US just enacted which prevents some banks from hiring foreign workers will have the opposite effect from what they intended - they will send jobs abroad and scare away top talent," Wadhwa said.
The study released on Monday Ewing Marion Kauffman Foundation, based in Kansas City, Montana, indicates placing limits on foreign workers in the US is not the answer to America's rising unemployment rate and may undermine efforts to spur technological innovation.
"A substantial number of highly skilled immigrants have started returning to their home countries in recent years, draining a key source of brain power and innovation," said Robert E. Litan, vice president of Research and Policy at the Kauffman Foundation.
"We wanted to know what is encouraging this much-needed economic growth engine to leave our country, thereby sending entrepreneurship and economic stimulus to places like Bangalore and Beijing."
The report builds on an earlier Kauffman Foundation report by Wadhwa documenting a queue of one million H-1B holders and their families anxiously awaiting longer-term work visas and growing frustrated with the immigration process.
Until recently, America has been the prime destination for the world's best and brightest immigrants. "Immigrants have made tremendous personal sacrifices," said Wadhwa. "They would leave behind relatives and friends and accept second-tier status in American society.
"Now countries like India and China are providing equal career opportunities and a better quality of life. So the most highly educated and skilled are often returning home."
The two-year study covered 1,203 Indian and Chinese subjects who had studied or worked in the US for a year or more before returning home.
Agencies
The study on immigration by a team at Duke, Harvard and Berkeley universities led by Vivek Wadhwa, an Indian-American technology entrepreneur turned academic, says "America's loss is the world's gain".
There are no hard numbers available on how many have returned, but anecdotal evidence shows that this is in the tens of thousands, says Wadhwa, executive-in-residence for the Pratt School of Engineering at Duke University and fellow at the Labour and Worklife Programme at Harvard Law School.
"With the economic downturn, my guess is that we'll have over 100,000 Indians and as many Chinese return home over the next three-five years," says Wadhwa. "This flood of western educated and skilled talent will greatly boost the economies of India and China and strengthen their competitiveness.
"India is already becoming a global hub for R&D. This will allow it to branch into many new areas and will accelerate the trend," he says.
"The US has always had the luxury of being arrogant about immigration because it has been the strongest magnet for the world's best and brightest," but as the study shows "there are other strong magnets now".
"We are effectively exporting our economic stimulus. Policies like those which the US just enacted which prevents some banks from hiring foreign workers will have the opposite effect from what they intended - they will send jobs abroad and scare away top talent," Wadhwa said.
The study released on Monday Ewing Marion Kauffman Foundation, based in Kansas City, Montana, indicates placing limits on foreign workers in the US is not the answer to America's rising unemployment rate and may undermine efforts to spur technological innovation.
"A substantial number of highly skilled immigrants have started returning to their home countries in recent years, draining a key source of brain power and innovation," said Robert E. Litan, vice president of Research and Policy at the Kauffman Foundation.
"We wanted to know what is encouraging this much-needed economic growth engine to leave our country, thereby sending entrepreneurship and economic stimulus to places like Bangalore and Beijing."
The report builds on an earlier Kauffman Foundation report by Wadhwa documenting a queue of one million H-1B holders and their families anxiously awaiting longer-term work visas and growing frustrated with the immigration process.
Until recently, America has been the prime destination for the world's best and brightest immigrants. "Immigrants have made tremendous personal sacrifices," said Wadhwa. "They would leave behind relatives and friends and accept second-tier status in American society.
"Now countries like India and China are providing equal career opportunities and a better quality of life. So the most highly educated and skilled are often returning home."
The two-year study covered 1,203 Indian and Chinese subjects who had studied or worked in the US for a year or more before returning home.
Agencies
Is TCS likely to lay off 1,300 staffers?
India’s biggest software exporter by sales, Tata Consultancy Services (TCS), will lay off less than a percent of its global workforce over the next few months, as these employees failed to meet performance standards, a company spokesperson said.
This roughly works out to 1,300. The company has a total employee count of around 1.3 lakh.
IT companies are adopting stringent appraisal, cost-trimming and productivity-boosting measures as they grapple with the global economic slow down.
TCS employees said on condition of anonymity that lay-offs have started at the company’s development centres in Chennai, where over 200 employees have been asked to leave in the last fortnight .
When contacted, a member of the TCS corporate communication team confirmed the development but did not put a number or place to it.
Agencies
This roughly works out to 1,300. The company has a total employee count of around 1.3 lakh.
IT companies are adopting stringent appraisal, cost-trimming and productivity-boosting measures as they grapple with the global economic slow down.
TCS employees said on condition of anonymity that lay-offs have started at the company’s development centres in Chennai, where over 200 employees have been asked to leave in the last fortnight .
When contacted, a member of the TCS corporate communication team confirmed the development but did not put a number or place to it.
Agencies
Saturday, March 7, 2009
Is IBM also in the race to buy Satyam?
Global IT giant IBM is learned to be leading the list of prospective buyers of beleaguered Satyam Computer Services. If the plan fructifies, IBM would become the largest IT services player in India with a combined employee strength of over 125,000 people.
According to sources close to the development, IBM officials has begun discussions with Satyam board and expressed its desire to acquire a majority stake in the company. Moreover, a team of investment bankers and lawyers from the U.S. and Europe has been brought in to assess the size of the deal and the risks associated with it. It is also believed that IBM has conducted an initial due diligence on some of Satyam's major customers.
Making easy entry for foreign players, Minister of Corporate Affairs P C Gupta had said a week ago that open bids would not be restricted to Indian players. IBM was named one of the hostile bidders for Satyam at the company's meeting in the last December. Apart from IBM, other prominent companies in the race are Larsen & Toubro (L&T), which owns 12 per cent in Satyam, and B K Modi-owned Spice group.
The government-nominated board is expected to invite bids for a 31 per cent stake in the company, but is likely to assure the successful bidder 51 per cent even if it fails to get the additional mandatory 20 per cent from the open offer.
Analysts foresee that if IBM can buy Satyam, that can give IBM the leverage to compete with Indian IT service providers as Satyam has a low-cost structure.
Agencies
According to sources close to the development, IBM officials has begun discussions with Satyam board and expressed its desire to acquire a majority stake in the company. Moreover, a team of investment bankers and lawyers from the U.S. and Europe has been brought in to assess the size of the deal and the risks associated with it. It is also believed that IBM has conducted an initial due diligence on some of Satyam's major customers.
Making easy entry for foreign players, Minister of Corporate Affairs P C Gupta had said a week ago that open bids would not be restricted to Indian players. IBM was named one of the hostile bidders for Satyam at the company's meeting in the last December. Apart from IBM, other prominent companies in the race are Larsen & Toubro (L&T), which owns 12 per cent in Satyam, and B K Modi-owned Spice group.
The government-nominated board is expected to invite bids for a 31 per cent stake in the company, but is likely to assure the successful bidder 51 per cent even if it fails to get the additional mandatory 20 per cent from the open offer.
Analysts foresee that if IBM can buy Satyam, that can give IBM the leverage to compete with Indian IT service providers as Satyam has a low-cost structure.
Agencies
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