This week has been really bad on the job front with Network equipment maker Cisco Systems cutting 4,000 jobs as part of its efforts to reduce costs, while the Network18 Group will cast off 350 employees after reorganization.
The good news is that Tech Mahindra has announced that it will dish out wage hikes of 8% this fiscal, while employees of 10 sick PSUs will get outstanding salaries and other statutory dues like PF and gratuity for six months till March 2013. Meanwhile, private insurer Reliance General plans to hire over 4,000 retail agents this financial year.
In an interesting strategy of talent retention, companies like Infosys and SAP Labs are offering sabbaticals to employees for taking up social causes. The trend of more management professionals taking up governance projects is increasing in India. Several women business leaders are blogging to support ambitious women who don't want to give up everything for corporate success.
In appointments, Indian Institute of Management-Ahmedabad (IIM-A) has announced the appointment of Harvard Law School professor Ashish Nanda as its director. Nanda would assume charge on September 2. B.N. Talukdar, director for exploration in Oil India Ltd. (OIL), will be the new director general of Directorate General of Hydrocarbons (DGH). Unilever has elevated Ranjay Radhakrishnan as senior vice-president for Europe, making him the third Indian in the top human resources team of the world's second-largest consumer products company. Bharti Airtel has appointed Gopal Vittal as its new Chief Executive Officer, who also serves as Joint Managing Director, at around two-third of the gross remuneration compared to the amount it paid to his predecessor Sanjay Kapoor. Avdesh Mittal has joined Korn/Ferry International as Senior Client Partner
In IR, Bajaj said the workers at Chakan strike have “unconditionally” called off the strike after 49 days. Many car makers are now contemplating pruning workforces thanks to the prolonged slowdown.
In payrolls, Top United Breweries (UB) Group executives and close aides of the troubled billionaire Vijay Mallya, who were parked on the payrolls of United Spirits (USL), have been shifted out with Diageo tightening the leash over India's largest distiller.
There was grim news on the industrial output front with factory growth shrinking 2.2% in June, but exports, which rose at their fastest pace in almost two years, provided some relief.
Since the Company Law was announced, majority of the media have focused on how it will change the CSR landscape. Corporate houses keen to open schools in partnership with the government will have to deposit Rs.50 lakh for each school with the HRD ministry.
ArcelorMittal is facing an exodus of senior management at its India office, with about 20 top executives, including its chief executive officer for greenfield projects Sanak Mishra, quitting with little or no work as company’s projects have failed to take off so far.
In the never-ending Kingfisher saga, a consortium of banks has taken possession of Kingfisher Airlines Ltd’s headquarters at Vile Parle in Mumbai as a part of its efforts at recovering loans from the grounded airline.