Weekly Roundup (November 4-9): News you cannot miss
This was an exciting week in the Government sector with the announcements of several appointments. Alok Perti, R N Trivedi, and Kamal Raj Gupta were appointed as independent directors of the Board at Coal India Ltd. (CIL). Beside that, Siddharth Tiwari was appointed as the new Chief Economic Advisor replacing Raghuram Rajan who took over as the Governor of RBI a few months back.
The Supreme Court also upheld the appointment of UK Sinha as Chairman of SEBI stating that no procedures were violated in the appointment.
There was a lot of activity in the executive ranks in the Indian as well as global circuit with GK Pillai appointed as the new Chairman of MCX. Thorstein Heins, the CEO of the troubled smartphone maker, BlackBerry also stepped down this week and the company is in the process of finding a stopgap CEO until the new CEO is appointed.
In the hiring landscape, recruiters are under more and more pressure to hire for quality in a bid to improve workforce quality and increase employee retention. As a result of this, many of the largest corporations have started sharing their employee retention and workforce quality data as part of their shareholder meetings. With the added pressure of cutting costs in hiring, contingency search firms are seeing a boom in business with many registering as much as 40% business growth in the last two quarters.
IT companies continued to post strong business growth and profits in India. Compared to the global landscape, IT is booming in India, with news reports claiming that global IT companies have more staff in India compared to any other location, even the home countries. Demonstrating stellar financial and business performance, Cognizant announced a flurry of staff promotions that will likely come in the coming weeks. The company also announced its intent to provide healthy bonuses to its executives.
Lastly, the Fortune’s “Most Powerful Businesswoman” list is out again this year and Chanda Kochhar has yet again won the title of the most powerful businesswoman of India for the third year in a row. She was closely followed by Aruna Jayanthi.