0 comments Posted by L.ArulRajh at 3:22 AM
In a bonanza for central government employees, the 7th Pay Commission is likely to recommend a 22-23 per cent jump in their salary and allowances, according to sources. The pay panel is expected to submit its report to the finance minister today. The Pay Commission headed by Justice A K Mathur has suggested a 15 per cent increase over the basic salary plus dearness allowance (DA) for the central government staff, they said, adding that an increase in allowances like house rent allowance (HRA) has also been recommended. The total increase will be 22-23 per cent of the gross salary (basic plus DA plus allowances), the sources said. The recommendations of the 7th Pay Commission are scheduled to take effect from January 1, 2016.Besides Chairman, other members of the commission are Mr. Vivek Rae, a retired IAS officer of 1978 batch, and Mr. Rathin Roy, an economist. Ms. Meena Agarwal is secretary of the commission. The central government constitutes the pay commission every 10 years to revise the pay scale of its employees and often these are adopted by states after some modifications. The Commission was set up by the UPA government in February 2014 to revise remuneration of about 48 lakh central government employees and 55 lakh pensioners. The Union Cabinet had extended the term of the panel in August by four months, till December. The 6th Pay Commission was implemented with effect from January 1, 2006.
Source : Profit.ndtv.com
0 comments Posted by L.ArulRajh at 5:55 AM
The Indian Institutes of Technology (IITs) are softening their stand on allowing start-ups to recruit from their campuses. In August, IITs had decided that before inviting start-ups for campus placements, they would review their balance sheets for the past three years, study their annual reports and seek independent feedback from experts and the IIM alumni employed by these start-ups. However, with most start-ups having been floated by their own students, IITs say the due diligence might not be as stringent. "We will allow a basic background check regarding start-ups but we cannot decline placements if they do not furnish their annual reports or balance sheets. Many start-ups are founded by our own students. We cannot deny them permission to be on campus," said a placement cell official at IIT Bombay. This year, IIT Bombay has seen increased interest from start-ups to participate in campus placements. Overall, about 300 companies, including start-ups, have applied so far. Last year, 240 companies had applied as of October. The IITs begin placements from their campuses on December 1every year. IIT Kharagpur has said it is willing to take a chance with start-ups founded by its alumni. "There are two sets of start-ups - those operating since the past two-three years and those that are fresh. The former have built a reputation. For instance, OYO Rooms, an IIT Kharagpur alumnus-founded start-up, has established its brand value in the market. Now, it is treated as a company such as Flipkart. Any such start-up, which has shown a good trend through two-three years, will not face much of an issue in being invited to IITs for placements," said a source at IIT Kharagpur. In the case of fresh start-ups, the institute is willing to show leniency to those founded by its own students. "The other set of start-ups, which are absolutely fresh, will be reviewed very carefully. One of the important things we will ask at the review will be about the founders.
Source : 31-10-15 Business-standard.com
0 comments Posted by L.ArulRajh at 11:46 PM
Less hiring but more productivity is the way forward at the Aditya Birla Group as technology and specialization kick in to change HR trends across the industry. The group is looking to add approximately 30,000 people in the next two decades or so to its current workforce of 120,000 people, or a 1.25-fold growth, which is nearly the same seen in the last 20 years, according to its human resources head. This contrasts with the 26-fold revenue growth to $41 billion at present from 20 years ago. “Going forward there will always be fewer number of people, not just with us but in every organisation,” said Mr. Santrupt Misra, CEO, carbon black business, and director, group HR, Aditya Birla Group. “People cost will continue to grow. People’s preferences about what they want to do will continue to change. And there will be more cost advantage and more consistency in applying technology. So all of these will drive to lesser number of people.” The third largest conglomerate of India, handling its traditional manufacturing business of metals, chemicals and fertilizers, cement and fabric along with services business of telecom, retail and money, has identified employee care as one of its five guiding points for the future. “Just like new-age businesses are forcing us to re-look HR structure and processes, the traditional industrial businesses are also in need of special focus on their own HR structure and processes for the future,” said Mr. Sandeep Chaudhary, chief executive officer, Aon Hewitt. The group has so far hired 20% of its senior managers from outside, the rest being home grown, but going forward, it may hire 30% from outside with the main aim of bringing in specialists, said Mr. Misra. That said, it also announced a hiring freeze earlier at several senior levels so that the lower level employees could move up.
Source : Livemint.com
0 comments Posted by L.ArulRajh at 11:47 PM
Parents-to-be at technology firms should be a happy bunch. In the last four months, at least six tech companies – Accenture Plc., Flipkart Ltd, Adobe Systems Inc., Inmobi, Netflix Inc. and Microsoft Corp. -- have increased benefits for new mothers and fathers. Intel India, where one in five employees is a woman, joined the pack, increasing maternity and paternity leaves. The company said it has increased maternity leave from 84 days to 150; adding new mothers will be entitled to work part-time on full pay for up to one month after they return to work. Not to leave fathers behind, Intel increased paternity leave from five days to 10. “Diversity and inclusion are key business imperatives at Intel. Our corporate business principles, policies and strategic initiatives are designed to further develop and retain our diverse workforce,” Mr. Kumud Srinivasan, president, Intel India, said in a statement. The government is planning to double mandatory maternity leave from 12 weeks to 24. Why are companies, especially technology firms, queuing up to address the issue all of a sudden? “The tech sector has been ahead of the curve when it comes to innovative policies. Also, the sector that is facing the biggest pinch (with respect to talent crunch), reacts faster,” said Shachi Irde, executive director of Catalyst India, a research organization for gender diversity. Irde points out that more women tend to stick to their companies than men -- 36% of women stayed at the same company against just 21% men, according to a 2014 Catalyst report. “So, it pays off for companies to have policies to improve their retention as it has a direct impact on their bottom line.”
Cost of a 'bad hire' to an organisation is five times such an employee's annual salary and, hence, companies should focus on hiring the right talent to mitigate business risks, says a report. According to the report by the Society for Human Resource Management (SHRM), hiring the wrong candidate can prove to be a costly affair because every employee in an organisation has a big impact on performance, company culture and its success. "The cost of a bad hire to an organisation is five times the bad hire's annual salary," SHRM said, adding that an elaborate screening process before hiring is a crucial task faced by many organisations today. "The future of any organisation solely depends on the kind of employees the organisations have and that makes screening a crucial aspect of the overall hiring process," SHRM India CEO Ms. Achal Khanna said. It has been observed that by recruiting right candidates, organisations have achieved success and growth and that has contributed substantially in brand building. "There is a need for flexible and tailored screening solutions for candidates before hiring by any organisation," said Mr. Edward Hickey, managing director-APAC of HireRight, an employment background screening provider. The report further said that there should be in-depth interviews soon after a new employee has joined to understand his expectations and the firm should also make use of informal gatherings and social media to make the prospective hire a part of the system even before he/she has actually joined.
Source : Profit.ndtv.com