Indian Women Rise In Business But Not In Power Indian businesswomen are gaining managerial positions as the country's economic growth surges ahead, yet few are able to break the glass ceiling and secure jobs with real power due to stereotypical views of them as 'fragile' and ineffective, a new study says. According to research by the Centre for Social Research (CSR) -- a New Delhi-based gender rights think-tank -- professional women in India not only face attitudinal challenges, but also problems within their organizations like a lack of gender policies to accommodate the domestic pressures on them. The study focused on the situation of women managers working in the health, media, hospitality and banking and finance sectors and surveyed 240 female managers and 24 human resources managers across three cities "New Delhi, Kolkata and Bangalore. India's economic liberalization which began in the early nineties has helped the South Asian nation achieve near-double-digit growth over the last five years, making it the continent's third largest economy. The rapid emergence of the corporate sector and the spread of higher education amongst girls have meant that more women than ever are taking up professional positions in companies. Yet, according to the research, 72% of the companies surveyed did not have specific gender policies to help promote women to leadership positions. Special benefits for women such as flexible working hours, transport, compensatory leave, and medical benefits are not available to most respondents, said the report, despite laws which dictate this.
Source : 19-06-11 Moneycontrol.com Compiled by Amresh Anjan
Jobs For Weaker Sections In Private Sector: Centre For Voluntary Disclosure The Union government is working on a mechanism of 'voluntary disclosure' by the corporate and private sector on enhancement of employment opportunities for Scheduled Castes, Scheduled Tribes and other weaker sections. Prime Minister Manmohan Singh told a conference of State Social Justice and Empowerment Ministers that the government had taken a number of initiatives to increase 'affirmative action' with regard to employment of weaker sections in the private sector and working towards an annual voluntary disclosure mechanism. Under the provisions of the Constitution, reservation in employment and education for SCs, STs and Other Backward Classes (OBCs) is applicable only to public sector undertakings and public and private educational institutions. There have been demands for enforcement of job reservation in the private and corporate sector. The suggestion has not evoked a positive response from the private sector and hence the efforts by the government to encourage voluntary intake of weaker sections in recruitment.
Source : 18-06-11 The Hindu Compiled by Amresh Anjan
Blackberry To Slash Jobs BlackBerry maker Research in Motion (RIM) sank more than 15% during after-hours trading after Canada's top technology company released first-quarter results. As Waterloo-based RIM posted a much-lower-than-expected net income of $695 million compared to $934 million in the previous quarter, investors dumped the embattled icon, plunging its stock below $30 for the first time since 2006.The first quarterly revenue of $4.9 billion is down 12% from $5.6 billion in the year-ago period. The forecast for the next quarter is a dismal $4.2-4.8 billion — about $1 billion less than expected. Hammered by Apple's iPhone and Google Android devices, the once smart phone market leader announced "headcount reduction" to cut costs. "This realignment will be focused on taking out redundancies and a reallocation of resources to allow us to focus on the areas that offer the highest growth opportunities," RIM said.
Source : 17-06-11 Hindustan Times Compiled by Amresh Anjan
Bharti AXA Life Appoints New CEO Bharti AXA Life Insurance, which is in the process of being acquired by Reliance Industries, has appointed Sandeep Ghosh as the chief executive officer (CEO) of the company. He takes over from Milind Chalisgaonkar, who was the interim CEO. Bharti Axa Life Insurance is a joint venture between Bharti Enterprises and French insurer, AXA.Prior to joining Bharti AXA Life, Mr. Ghosh was with ANZ as the Managing Director, Commercial Banking head for Asia Pacific and was based in Hong Kong. Mr. Ghosh has over 20 years of experience in India and overseas, primarily in the financial services sector.
Source : 14-06-11 Livemint Compiled by Amresh Anjan
208 APVCC Employees To Be Asked To Resign Soon More than half of the disabled employees of the Andhra Pradesh Vikalangula Cooperative Corporation (APVCC) are anxious about the day they would be asked to resign from their jobs. That day would come soon, said Anitha Rajendhar, former commissioner for Welfare of Disabled and Senior Citizens. "The AP government has given orders to remove employees who joined illegally in the APVCC between 1985 and 1990 and to stop all allowances to them. So we are not giving them allowances and will be removing 208 such employees out of the total 429. These employees were not recruited by the government but had joined with recommendations and are now not quitting the job," said Prabhanjan Rao, Managing Director of APVCC. But the employees who have been working here for a long time are distressed with the order and complain that they have not been getting any allowances since 2009 and their increments according to the Pay Revision Commission- 2009 and drought allowances were also pending since then.
Source : 19-06-11 ibnlive.in.com Compiled by Amresh Anjan
Wall Street Braces For New Layoffs As Profits Wane Wall Street plans to get smaller this summer. Faced with weak markets and uncertainty over regulations, many of the biggest firms are preparing for deep cuts in jobs and other costs. The cutback plans are emerging even as Wall Street firms have mostly recovered from the financial crisis and are reporting substantial profits again. But those profits are not as big as they were before the crisis, and it is expected that in the coming months it will be even more difficult for firms to make money. Worries about debt in Europe and the shape that the Dodd-Frank financial overhaul rules will ultimately take are prompting banks to act. Bank of America is also likely in the next few months to cut some staff members from its securities division, according to a senior executive, Morgan Stanley is expected to cut at least 300 low-producing brokers in its wealth management division this year and has announced plans to cut $1 billion in non compensation expenses over the next three years.
Source : 17-06-11 Hindustan Times Compiled by Amresh Anjan
Reliance Communications Hiring Spree To Boost Wireless Service To strengthen its wireless services business, which has faced severe challenges in recent times, Reliance Communications Ltd (R-Com), a part of Anil Ambani's Reliance Group, is tapping into an external talent pool, including elder brother Mukesh Ambani's Reliance Industries Ltd (RIL).In the past three months, India's second largest mobile phone company by subscribers, has hired three senior executives to look after functions within the wireless business such as device and data services, brand and communications, and finance.
Source : 19-06-11 Livemint Compiled by Amresh Anjan
ITC's Chairman Mr. Deveshwar to pave way for successor by 2017 Diversified fast-moving-consumer-goods (FMCG) company ITC has said its chairman YC Deveshwar would move into a non-executive role sometime in the next five years paving the way for a smooth handing over of the reins to a successor. In a notice, however the company has not mentioned any specific timeline separating the tenure for the executive and non-executive roles for Mr Deveshwar. Mr. Deveshwar is an engineering graduate from the Indian Institute of Technology, Delhi and joined ITC Ltd in 1968. He was appointed as a director on the company's board in 1984 and has served as the chairman since January 1, 1996.
Source : 14-06-11 Hindustan Times Compiled by Amresh Anjan
Sandeep Das Likely To Head Standard Chartered's Private Banking Business In India Standard Chartered Bank is likely to appoint Sandeep Das as head of its private banking business in India, sources said. It has been vacant since Soumya Rajan left. Earlier this month, it appointed Sanjeeb Chaudhuri, who was with Citibank, as the regional head for South Asia and group chief marketing officer for consumer banking. Mr. Das is currently heading StanChart's premium banking business. He was earlier the head of the wholesale banking division.His appointment comes when StanChart's private banking business is recovering from a crisis. Some of the bank's private banking clients had alleged the lender mis-sold debentures to them with a promise of assured rate of return, failing which it would buy these back. Under Indian laws, a bank is not authorised to provide a repurchase option for debentures.
Source : 20-06-11 Business Standard Compiled by Amresh Anjan
Google's Median Salary 23% Higher: Survey A survey by PayScale found that the median salary paid by Google to its staff is 23% higher than the market rate for the IT sector. The Guardian reports that as per the survey, Google's 26,000 workforce earns a median salary of $141,000 annually, as compared to the U.K. private sector average of $34,883. The search engine company gives all its employees free gourmet meals, massages and several other perks not normally handed out in most companies. In January, Google awarded a $1,000 tax-free bonus and increased pay by 10% to prevent employees from moving to rivals like Facebook. The compensation research company's survey also found that Facebook has the youngest employees in the technology sector, with an average age of 26.
Source : 10-06-11 The Guardian Compiled by Amresh Anjan
Gateway Terminals India Hires CEO Gateway Terminals India, a joint venture of APM Terminals and Container Corporation of India (CONCOR) has appointed Mr. PK Agrawal as CEO. Prior to joining GTI, Mr. Agrawal was the chief General Manager of CONCOR's Western Region. He successfully completed a tenure of 5 years in CONCOR and also served in the Indian Railways for 17 years on various important assignments, both at Divisional and Zonal headquarter levels comprising of operations as well as commercial management of freight and coaching traffic.
Source : 16-06-11 Steelguru.com Compiled by Amresh Anjan
SMG India Elevates Key Personnel To Position Of VP's Starcom MediaVest Group (SMG) India has announced the appointment of Dinesh Rathore, Narendra Alambara and Sriram Sharma to the position of Vice Presidents. Until now they were General Managers in charge of a branch. In their new roles they will be part of the National Leadership team. They all continue to report to Mr. Mallikarjunadas CR, Chief Executive Officer, Starcom MediaVest Group.
Source : 16-06-11 Exchange4media.com Compiled by Amresh Anjan
Indian IT Outsourcing Model Undergoing Change: Nasscom The Indian IT outsourcing model is undergoing a fundamental shift, according to Nasscom head Som Mittal. The Financial Times reports the Indian IT outsourcing model has moved to an outcome-based model defined as being paid on performance, rather than on the number of people deployed on a job. According to Milan Seth, a partner and technology analyst at Ernst & Young, the economic downturn has changed the paradigm for IT outsourcing companies. Customers now want more tailor-made and innovative solutions, rather than the standard fare. Mr. Mittal expects revenues from the sector will increase at least 15% to around $70 billion in 2011, as customers in the U.S. and Europe resume spending after the financial crisis. But Arup Roy, a principal analyst at the consultant Gartner, says investors are used to growth of 20-25% year-on-year.
Source : 16-06-11 Financial Times Compiled by Amresh Anjan
CEO's Pitch Innovation To Power Growth Worldwide, CEOs have voted for innovation as the road to growth, as per a survey conducted by PricewaterhouseCoopers. As per the results of the survey, launching new products and services is chosen over other methods, such as mergers and acquisitions for this purpose.The survey reviewed 1,200 CEOs globally, out of which 78% believe that improving and re-inventing products will lead to large revenue generation and cost reduction opportunities over the next three years.In the pharmaceutical as well as entertainment and media sectors, nearly 40% of the surveyed chiefs foresee growth through the launch of new products and services. The study also found that CEOs are re-considering their approach to innovation by looking for partners in external markets.
Source : 15-06-11 Financial Express Compiled by Amresh Anjan
Religare Capital Hires Equity Capital Head Religare Capital Markets has hired John Sturmey as global head of equity capital markets. Prior to joining the investment banking unit of Religare Enterprises, Mr. Sturmey served at UBS as head of the global capital markets group for Asia.
Source : 15-06-11 Financial Express Compiled by Amresh Anjan