Thursday, June 20, 2013
According to multiple estimates, India trains around 1.5 million engineers, which is more than the US and China combined. However, two key industries hiring these engineers -- information technology and manufacturing -- are actually hiring fewer people than before.
For example, India's IT industry, a sponge for 50-75% of these engineers will hire 50,000 fewer people this year, according to Nasscom. Manufacturing, too, is facing a similar stasis, say HR consultants and skills evaluation firms.
According to data from AICTE, the regulator for technical education in India, there were 1,511 engineering colleges across India, graduating over 550,000 students back in 2006-07. Fuelled by fast growth, especially in the $110 billion outsourcing market, a raft of new colleges sprung up -- since then, the number of colleges and graduates have doubled.
Read More @ TimesOfIndia
Monday, June 17, 2013
"Fresher salaries of Rs 2.75 lakh to Rs 3.25 lakh will remain unchanged or be lowered over the next few years," wrote Kawaljeet Saluja and Rohit Chordia of brokerage firm Kotak Institutional Securities in a recent report.
The trend is changing because the number of students graduating in engineering has shot up in the past few years, and the demand has slowed. Estimates by IT industry body Nasscom show the number of engineers graduating each year has more than doubled to 8.13 lakh from 2007-08 to 2011-12. Read More
Saturday, June 20, 2009
The report also stated that IT&ITeS, manufacturing and pharmaceuticals were the main sectors where these acquisitions took place. The boom in Indian economy in last three to four years made few domestic companies rich thus giving them access to more capital. The deals were mostly based on debt finance with cash being a popular mode of payment. "This trend probably extends from India Inc's traditional preference for cash transactions in the domestic merger and acquisition space," the report observed.
Indian government and RBI have made few liberal policies which has helped Indian companies in overseas investments. According to RBI data, in 2007-08 the total outbound investments of Indian companies amounted to $18 billion. In the first half of 2008-09, at least 2,000 proposals valued at $9 billion were cleared for overseas investments in joint ventures and wholly owned subsidiaries.
Thursday, February 19, 2009
The Bangalore-headquartered company is providing training to its employees in different domains and technologies to cater to the current requirements as the company is pursuing for integrated deals by providing both BPO and IT services by a single team.
"When people are multi-skilled, we will likely have fewer people. Instead of having two individuals being paid lower salaries, we are better off paying more to a single person who is capable of doing both work. This not only improves turnaround times, but also efficiency in operations," Girish Paranjpe, Joint CEO for Wipro's IT business, told Business Standard.
With an aim of optimally using its manpower in both IT and BPO operations, Wipro has already signed a few large integrated deals, wherein the company is providing both the IT outsourcing and BPO services by a single team. The company has transitioned some of their employees from each of these two businesses (IT and BPO) to work for such projects.
According to Paranjpe, the company has signed up three-four large clients who have outsourced their entire IT and BPO activity to the company. By the end of FY09, the company expects that close to 1,000 people will be deployed in the integrated outsourcing projects.
"One of the things we are trying to drive is integrated projects by offering both BPO and IT services. So, it makes more sense to have a fungible team. Much of our new work, we are hoping to do in an integrated fashion — where we will manage the IT application and also carry out the business process for the clients," Paranjpe added.
In December last year, Wipro had offered close to 2,000 campus recruits from various engineering colleges jobs in the BPO business till they could be absorbed in the company's IT business. The experiment of putting engineering graduates into BPO work, however, seems to have seen a very limited success as the company found many of them unsuitable for BPO works.
Analysts say, Wipro's experiment of putting engineering graduates into BPO work was driven by the company's aggressive quest to make the manpower multi-skilled so that they could be useful as the company signs more number of integrated deals.
Of about 1,000 people who had accepted the offers to join the BPO jobs, the company found only about 300 suitable for the job after initial screening. Among those who failed to qualify the initial screening, close to 450 people are undergoing training now, and will be asked to take the test again, according to Wipro's Head of HR Pratik Kumar.
Said Kumar, "If today we are looking for engineers for BPO works, it's not because we have engineers who are sitting idle. But because suddenly we found that nature of the job is such, we require engineers as well. It's is not a utilisation issue. It's an issue of the integrated nature of the work which is throwing opportunities."
Saturday, January 17, 2009
It’s great to see Windows 7 Beta finally released to the world! We're very proud of what has been accomplished over the last months; in many ways, it sets a new quality bar for a beta operating system release. Building on top of the Windows Vista foundation, Windows 7 adds a great deal of polish and refinement to both the user interface and the underlying architecture, while at the same time introducing many new features and improvements that support new hardware, give power users and casual users alike better tools to manage their digital lives, and enable new classes of application experience. Go to MSDN blog for complete Story.
Saturday, January 3, 2009
Wednesday, December 31, 2008
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Search queries from India:
Fastest Rising (India)
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Most Popular (India)
Top searches on Mobile (India)
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Top holiday destinations (India)
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Tuesday, December 23, 2008
Thursday, December 4, 2008
IT Job cuts in the UK financial services sector are continuing as companies get themselves ready for worsening economic conditions.
HSBC will cut another 500 jobs and Swiss banking giant credit Suisse has announced 650 UK jobs to go. Both announcements include IT jobs cuts.
Banks have been reducing staff numbers. They see IT and back office functions as surplus to requirements when business levels fall.
HSBC cut 1,100 jobs in its investment banking division in September including 500 front and back office jobs in London.
Credit Suisse, which made a loss in the third quarter of this year of £704m, has announced 650 job cuts including IT support functions.
"Due to market conditions and projected staffing levels required to meet client needs, we are reducing headcount by approximately 650 in the UK," said Credit Suisse.
Citigroup plans to cut its global workforce by 52,000 jobs across all businesses and geographies in the near future. Citigroup CEO Vikram Pandit revealed last month that the bank would cut 20% of its employees at the group.
A Citigroup spokeswoman said half of the job cuts will come from the sale of business units. The company had earlier announced 18,000 job cuts when it sold its Global Services unit in India to Tata Consultancy Services for £300m.
Pandit said earlier this year that it was feasible for the bank to take 10%, 15% or 20% off its cost base, especially in IT and operations.
The Royal Bank of Scotland (RBS) is expected to make thousands of job cuts as it comes to terms with the economic slowdown. According to various reports last month, up to 3,000 jobs will be cut in the bank's global banking and markets divisions.
Barclays is also expected to cut IT jobs at its FirstPlus loans business as it closes to new business. It will keep its IT infrastructure to process existing customer loans, but is scaling it back.
Wednesday, December 3, 2008
With the recession official, banks are trimming back. Tuesday many banks announced more layoffs. See the latest announcements after the jump.
Many U.S. banks are trimming back before the end of the fourth quarter.
J.P. Morgan Chase & Co. will lay off 9,200 or 21% of Washington Mutual Inc.'s employees by the end of 2009. Around half of the layoffs will be before the end of January.
- Bank of America Corp. is expected to cut about 10,000 investment banking jobs at in its combination with Merrill Lynch & Co., according to CNBC.
- Goldman Sachs Group Inc. has cut its Dubai-based work force, a bank official told the Gulf Times.
International banks are also announcing layoffs.
-German-based bank, Bayerische Landesbank, plans to slash 5,600 jobs.
-Credit Suisse Group said it was cutting 650 jobs.
-HSBC Holdings plc said it was cutting 500 jobs at its British banking business and will cut 200 jobs in Hong Kong, according to the International Herald Tribune.
-Standard Chartered plc is trimming 572 jobs at its main office in South Korea and 200 in Hong Kong.
-Royal Bank of Scotland Group plc and Macquarie Group Ltd. are eliminating a combined 260 jobs in Hong Kong, according to the China Morning Post. Royal Bank of Scotland is eliminating 3,000 jobs in its investment banking division. Rumor is that 250 cuts will be in the bank's division in India.