Social networking giant Facebook has hired an engineering student here for a fat annual pay package of Rs 1.34 crore, one of the biggest offers made to alumnus of any technical institution of the country.
According to P Chakravarti, Director of the Motilal Nehru National Institute of Technology (MNNIT), a B.Tech student from the institute, who has requested that his name be withheld for "security reasons", received a letter on March 27 from Facebook confirming his appointment and the annual pay package on offer was stated to be USD 262,500 (around Rs 1.34 crore).
Interestingly, the MNNIT Director said the recruitment process began with a mail from Facebook "in October last year which was followed by nine rounds of telephonic interviews" before he was finally selected for the plush job which would require the student, who hails from Kanpur, to move to Menlo Park in California after finishing his software engineering course at the institute.
Friday, March 30, 2012
TCS
TCS to provide banking solution for Malaysia's AmBank
Tata Consultancy Services (TCS) today said Malaysia-based financial services group AmBank has decided to deploy the banking solution of the Indian software major.
This integrated banking suite, spanning conventional and Islamic banking, will support both retail banking and lending functionalities, TCS said in a statement .
By deploying 'TCS BaNCS', AmBank will see its banking business expand into new areas, while enabling flexible development and the scalability to meet market and regulatory needs, it added.
This integrated banking suite, spanning conventional and Islamic banking, will support both retail banking and lending functionalities, TCS said in a statement .
By deploying 'TCS BaNCS', AmBank will see its banking business expand into new areas, while enabling flexible development and the scalability to meet market and regulatory needs, it added.
Tuesday, March 27, 2012
Adobe Systems to scrap annual appraisals
About 10,000 employees at Adobe Systems, including 2,000 in India, have just completed what could probably be their last performance review. The global product services company plans to scrap the age-old practice of being pitted against colleagues and measured up by the bosses once a year.
"We plan to abolish the performance review format," says Donna Morris, senior VPHR at the company. Still in its blueprint, the plan is to have managers give regular feedback to their teams to ensure a quicker and continuous selfactualisation, rather than wait for the year-end.
Adobe took the plunge after it entered the digital marketing space, which required a completely different gamut of customer base and marketing strategies that called for an overhaul of HR processes as well.
"We plan to abolish the performance review format," says Donna Morris, senior VPHR at the company. Still in its blueprint, the plan is to have managers give regular feedback to their teams to ensure a quicker and continuous selfactualisation, rather than wait for the year-end.
Adobe took the plunge after it entered the digital marketing space, which required a completely different gamut of customer base and marketing strategies that called for an overhaul of HR processes as well.
Layoffs in USA
Yahoo layoffs, possibly this month, could reach thousands, report says
Yahoo CEO Scott Thompson may be close to announcing a major reorganization and sizable layoffs at the Sunnyvale Internet company, which has been grappling with falling revenue, dissident investors and a changing Internet landscape.
Thompson's plans could lead to thousands of layoffs being announced in coming weeks, according to two news reports Monday that cited unnamed sources.
But analysts warn that cutbacks alone won't solve the company's problems.
"I wouldn't say there is fat to be cut. I would say there has to be a transformation of the company," said Ben Schachter, who follows Internet companies for Macquarie Equities Research. "They cannot continue to conduct business as they have for the last 10 years."
Thompson's plans could lead to thousands of layoffs being announced in coming weeks, according to two news reports Monday that cited unnamed sources.
But analysts warn that cutbacks alone won't solve the company's problems.
"I wouldn't say there is fat to be cut. I would say there has to be a transformation of the company," said Ben Schachter, who follows Internet companies for Macquarie Equities Research. "They cannot continue to conduct business as they have for the last 10 years."
CTS, HCL, Infosys, TCS, Wipro
IT cos like Infosys, HCL Tech, Cognizant, Wipro pamper placement officers for best talent
Once reserved for market analysts and key clients, Indian information technology companies are now pampering college placement officers by taking them on domestic and foreign trips as they seek to hire the best talent from Indian campuses ahead of competition.
Over the years Cognizant has been taking placement officers to cities like Bangkok and Dubai while others have been holding their offsites within their campuses. Infosys has also joined the race this year, although with a modest start in domestic locations.
Indian IT firms depend on campus recruits for a bulk of their hiring every year, making job offers to thousands of students every year. In this financial year for instance, Infosys is hiring over 20,000 students from campus while TCS is hiring over 30,000.
Such events, some analysts say are part of efforts to get the best interview slots when hiring from colleges. Infosys, which insiders say lost out in the talent scramble because it failed to get the socalled "slot zero" has now started Samvaad 2012, where the Bangalore-based firm hosts placement officers in Mysore, Pune, Hyderabad, Bhubaneswar, and Chandigarh.
Some 310 placement heads from a similar number of engineering institutions across the country are being invited, according to a company spokesperson. Through the event, Infosys seeks to impart skills, including "negotiation skills" to help these placement officers in their current roles.
Over the years Cognizant has been taking placement officers to cities like Bangkok and Dubai while others have been holding their offsites within their campuses. Infosys has also joined the race this year, although with a modest start in domestic locations.
Indian IT firms depend on campus recruits for a bulk of their hiring every year, making job offers to thousands of students every year. In this financial year for instance, Infosys is hiring over 20,000 students from campus while TCS is hiring over 30,000.
Such events, some analysts say are part of efforts to get the best interview slots when hiring from colleges. Infosys, which insiders say lost out in the talent scramble because it failed to get the socalled "slot zero" has now started Samvaad 2012, where the Bangalore-based firm hosts placement officers in Mysore, Pune, Hyderabad, Bhubaneswar, and Chandigarh.
Some 310 placement heads from a similar number of engineering institutions across the country are being invited, according to a company spokesperson. Through the event, Infosys seeks to impart skills, including "negotiation skills" to help these placement officers in their current roles.
Thursday, March 22, 2012
BPO, Layoffs in USA
IT services co Tieto to cut 1,300 jobs
Finnish IT services group Tieto plans to cut 1,300 jobs, or 7 per cent of its staff, as it struggles to compete against global rivals like IBM .
The company's share rose 6 percent to the highest level in 13 months on the move, which Tieto said will cut annual costs by 50 million euros ($66 million).
The cuts will include 500 jobs in Finland, 300 in Sweden, and around 500 elsewhere, the company said.
The company's share rose 6 percent to the highest level in 13 months on the move, which Tieto said will cut annual costs by 50 million euros ($66 million).
The cuts will include 500 jobs in Finland, 300 in Sweden, and around 500 elsewhere, the company said.
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