Current Economic Trends vs Human Resource
Dear All,
Pls share any articles related to Current Global Economic trends.
If any body hav the presentation of the same, pls share.
I am sharing some HR related news,collected .:razz:
Pls shar more!!!!:icon1:
Current Economic Trends vs Human Resource Threats
Low Salary Hikes On The Cards For Chief Executives
Top executives are likely to get low salary hikes as India Inc tightens it belt. According to HR experts, while the salary hikes of CEO and top executives could range between zero to five percent, for the middle and lower management it is expected to be around 8 to 10 percent. Mr. Sanjeev Sethi, Corporate Director, Imperial Hotels, said, "Though at company level, we have thought of hikes of about 8 percent, CEO pay is going to increase by only 5 percent this year." This is a considerable drop, as last year the hospitality sector saw an increase of around 20 to 25 percent in the salaries of chief executives. Similarly, Bharti Airtel's could also get lesser salary hikes this year. HR consultants anticipate bad times for non-performing CEOs. Mr. Vijay Rai, an independent HR consultant said, "The Indian economy is now addicted to growth. Hence the accountability of the chief executives will now be hugely under the scanner."
Source: 20-10-07 Hindustan Times
50 Trainee Pilots Benched By Kingfisher
Mr. Vijay Mallya's Kingfisher Airlines, which is witnessing a loss of Rs 10 crores a day due to low flight occupancies and high costs, has benched 50 trainee pilots as an austerity measure. These pilots will continue to be on the airline's payroll but they will lose their substantial flying allowances. They usually get around Rs 1.2 lakh to Rs 1.5 lakh per month. Now, they will take home around Rs 30, 000. The airlines decided to bench the pilots and not sack them following the uproar over Jet laying off 1, 900 employees.
Source: 19-10-08 Hindustan Times
Merrill Lynch CEO Anticipates Job Cuts
Mr. John Thain, Merill Lynch & Co Chief Executive Officer, said that he expected thousands of job losses from the bank's $50 billion takeover by Bank of America Corp. He added that, most of the job cuts will fall in information technology, operations and finance. The firm has already cut more than 5, 000 jobs in the past 18 months, taking its headcount to about 60, 000, in an effort to rein in costs as credit markets froze.
Source: 21-10-08 Business Standard
Corporate India Is Now More Anxious
The recent layoffs in the IT, BPO, banking and airlines industry has added to the anxiety of corporate India. The layoff and subsequent reinstatement of the 1900 Jet Airways employees, as well as announcements by Kingfisher Airlines indicating additional layoffs have only aggravated the anxiety. According to HR analysts, the manner in which the layoffs were conducted at Jet Airways was unfortunate and unplanned. IT and banking companies, which have weeded out similar umber of people, have done it in a more strategic and objective manner. Mr. Sandeep Chaudhary, Business Header, Hewitt Associates' Rewards Consulting practice, said, "One of the effects of the current downturn and spate of layoffs is that attrition across sectors has gone down by at least 3% points. Salary levels and increases have taken a beating and have dropped from as recently as three months ago." The overall impact of the financial crisis will continue to affect jobs and salaries over the next 6 to 12 months. The only difference between the layoffs in India and the US is that if a certain position is made redundant in the US the employee is made to leave irrespective of his or her performances, whereas in Indian companies will usually try and retain top performers in other roles even if their positions are made redundant.
Source: 21-10-08 Business Standard
Infy Says India IT Is Safe
Mr. Nandan Nilekani, Co-Chairman of Infosys Technologies, said that there will be no pink slips in the Indian Information Technology (IT) as it has countered the impact of the cureent global financial tsunami well. "The fundamentals in the information technology sector are strong," he added.
Source: 23-10-08 Hindustan Times
Per-Capita Income Lowest In Bihar
with the monthly income of a person in the state being just a little over Rs 800. According to the State Directorate of Economics and Statistics, per capita income at current prices for Bihar was Rs 9702 for the year 2006-07, while Delhi was at the top with Rs 66,728, the data submitted by State Minister for Statistics and Programme Implementation Mr. G K Vasan indicated. After Delhi at the top in terms of per capita income were Puducherry with Rs 52,669 and Haryana with Rs 49,038 at the second and third position respectively for 2006-07. Meanwhile, Uttar Pradesh at Rs 14,685 and Madhya Pradesh at Rs 16,578 were lower down in the list but over Bihar.
Source: 23-10-08
Share Threats facing by HR persons and Recruiters!!!
From India, Mumbai
6Dear All,
Pls share any articles related to Current Global Economic trends.
If any body hav the presentation of the same, pls share.
I am sharing some HR related news,collected .:razz:
Pls shar more!!!!:icon1:
Current Economic Trends vs Human Resource Threats
20 Million Jobs Likely To Get Slashed, Warns ILO
Even as governments around the world struggle to raise capital into their banks in the hope that the global liquidity crunch doesn't disrupt economic activity, the International Labour Office (ILO) has warned that there would over 20 million jobs would be slashed across the globe due to the global financial crisis by the end of 2009. The turmoil might as well push 40 million more working poor people living on less than a dollar per day below the poverty line. Based on revised global growth estimates of the International Monetary Fund (IMF), the United Nations and early reports of other similar agencies, the ILO said that there were indications that the number of job losses would be rise in most countries. "Preliminary estimates indicated that the number of unemployed could rise from 190 million in 2007 to 210 million in late 2009. The number of working poor living on less than a dollar a day could rise by some 40 million and those at two dollars a day by more than 100 million," ILO director-general, Mr. Juan Somavia said.
Source: 22-10-08 The Financial Express
Even as governments around the world struggle to raise capital into their banks in the hope that the global liquidity crunch doesn't disrupt economic activity, the International Labour Office (ILO) has warned that there would over 20 million jobs would be slashed across the globe due to the global financial crisis by the end of 2009. The turmoil might as well push 40 million more working poor people living on less than a dollar per day below the poverty line. Based on revised global growth estimates of the International Monetary Fund (IMF), the United Nations and early reports of other similar agencies, the ILO said that there were indications that the number of job losses would be rise in most countries. "Preliminary estimates indicated that the number of unemployed could rise from 190 million in 2007 to 210 million in late 2009. The number of working poor living on less than a dollar a day could rise by some 40 million and those at two dollars a day by more than 100 million," ILO director-general, Mr. Juan Somavia said.
Source: 22-10-08 The Financial Express
Low Salary Hikes On The Cards For Chief Executives
Top executives are likely to get low salary hikes as India Inc tightens it belt. According to HR experts, while the salary hikes of CEO and top executives could range between zero to five percent, for the middle and lower management it is expected to be around 8 to 10 percent. Mr. Sanjeev Sethi, Corporate Director, Imperial Hotels, said, "Though at company level, we have thought of hikes of about 8 percent, CEO pay is going to increase by only 5 percent this year." This is a considerable drop, as last year the hospitality sector saw an increase of around 20 to 25 percent in the salaries of chief executives. Similarly, Bharti Airtel's could also get lesser salary hikes this year. HR consultants anticipate bad times for non-performing CEOs. Mr. Vijay Rai, an independent HR consultant said, "The Indian economy is now addicted to growth. Hence the accountability of the chief executives will now be hugely under the scanner."
Source: 20-10-07 Hindustan Times
50 Trainee Pilots Benched By Kingfisher
Mr. Vijay Mallya's Kingfisher Airlines, which is witnessing a loss of Rs 10 crores a day due to low flight occupancies and high costs, has benched 50 trainee pilots as an austerity measure. These pilots will continue to be on the airline's payroll but they will lose their substantial flying allowances. They usually get around Rs 1.2 lakh to Rs 1.5 lakh per month. Now, they will take home around Rs 30, 000. The airlines decided to bench the pilots and not sack them following the uproar over Jet laying off 1, 900 employees.
Source: 19-10-08 Hindustan Times
Merrill Lynch CEO Anticipates Job Cuts
Mr. John Thain, Merill Lynch & Co Chief Executive Officer, said that he expected thousands of job losses from the bank's $50 billion takeover by Bank of America Corp. He added that, most of the job cuts will fall in information technology, operations and finance. The firm has already cut more than 5, 000 jobs in the past 18 months, taking its headcount to about 60, 000, in an effort to rein in costs as credit markets froze.
Source: 21-10-08 Business Standard
Corporate India Is Now More Anxious
The recent layoffs in the IT, BPO, banking and airlines industry has added to the anxiety of corporate India. The layoff and subsequent reinstatement of the 1900 Jet Airways employees, as well as announcements by Kingfisher Airlines indicating additional layoffs have only aggravated the anxiety. According to HR analysts, the manner in which the layoffs were conducted at Jet Airways was unfortunate and unplanned. IT and banking companies, which have weeded out similar umber of people, have done it in a more strategic and objective manner. Mr. Sandeep Chaudhary, Business Header, Hewitt Associates' Rewards Consulting practice, said, "One of the effects of the current downturn and spate of layoffs is that attrition across sectors has gone down by at least 3% points. Salary levels and increases have taken a beating and have dropped from as recently as three months ago." The overall impact of the financial crisis will continue to affect jobs and salaries over the next 6 to 12 months. The only difference between the layoffs in India and the US is that if a certain position is made redundant in the US the employee is made to leave irrespective of his or her performances, whereas in Indian companies will usually try and retain top performers in other roles even if their positions are made redundant.
Source: 21-10-08 Business Standard
Infy Says India IT Is Safe
Mr. Nandan Nilekani, Co-Chairman of Infosys Technologies, said that there will be no pink slips in the Indian Information Technology (IT) as it has countered the impact of the cureent global financial tsunami well. "The fundamentals in the information technology sector are strong," he added.
Source: 23-10-08 Hindustan Times
Per-Capita Income Lowest In Bihar
with the monthly income of a person in the state being just a little over Rs 800. According to the State Directorate of Economics and Statistics, per capita income at current prices for Bihar was Rs 9702 for the year 2006-07, while Delhi was at the top with Rs 66,728, the data submitted by State Minister for Statistics and Programme Implementation Mr. G K Vasan indicated. After Delhi at the top in terms of per capita income were Puducherry with Rs 52,669 and Haryana with Rs 49,038 at the second and third position respectively for 2006-07. Meanwhile, Uttar Pradesh at Rs 14,685 and Madhya Pradesh at Rs 16,578 were lower down in the list but over Bihar.
Source: 23-10-08
Share Threats facing by HR persons and Recruiters!!!
From India, Mumbai
thanks sir, am working on project regarding influence of global meltdown on HRP programs. this info will help me a lot. thanks. i appreciate your efforts to collect news.:icon1:
From India, Lucknow
From India, Lucknow
PLEASE DO NOT SPREAD PANIC AMONG OUR COLLEAUGES. I AM AFRAID VERY MUCH AFRAID SIR,
PLEASE SUGGEST SOME SOLUTIONS TO GOVERNMENT OF INDIA AND RESERVE BANK OF INDIA AS WELL AS CORPORATE INDIA.
PLEASE DO NOT COPY PASTE NEWS APPEARED IN THE NEWS PAPERS BECASUE SENSEX AND NIFTY IS SURGING HIGH EVERY DAY MEANS CORPORAE INDIA IS BOOMING AGAIN...............RAIN RAIN ..................:huh:
BUT YOUR POST SOUNDS DRAIN DRAIN....................:?:
THIS IS CONFUSING............:confused:
From Saudi Arabia
PLEASE SUGGEST SOME SOLUTIONS TO GOVERNMENT OF INDIA AND RESERVE BANK OF INDIA AS WELL AS CORPORATE INDIA.
PLEASE DO NOT COPY PASTE NEWS APPEARED IN THE NEWS PAPERS BECASUE SENSEX AND NIFTY IS SURGING HIGH EVERY DAY MEANS CORPORAE INDIA IS BOOMING AGAIN...............RAIN RAIN ..................:huh:
BUT YOUR POST SOUNDS DRAIN DRAIN....................:?:
THIS IS CONFUSING............:confused:
From Saudi Arabia
Well i believe that companies would prefer to imply cost cutting first on support function than rarely on sales.
Hence HR people have major risk in todays situation, I believe that still
Indian companies have not matured enough to considered HR as strategic partner, but it is only considered as cost centre.
But the worst secene is that job availability for HR is very low and for sales it will never stop. Hence Sales people need not worry about it.
From India, Mumbai
Hence HR people have major risk in todays situation, I believe that still
Indian companies have not matured enough to considered HR as strategic partner, but it is only considered as cost centre.
But the worst secene is that job availability for HR is very low and for sales it will never stop. Hence Sales people need not worry about it.
From India, Mumbai
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