After a long and thorough internal investigation, Credit Suisse, the Swiss bank, has finally identified the former employee who managed to copy the personal and remuneration-related information pertaining to the employees of the Bank. This employee had access to the data during his tenure and unethically managed to transfer all the personal information of the workforce onto his personal device, violating the Bank’s policies before quitting the Company. This data contained information on the bank accounts of the employees where their salary was transferred, as well as details of variable pay for the 2013 to 2015 period. Although this breach…
Author: HRK News Bureau
Ford Ford announced on Tuesday that it plans to cut 3,800 product development and administration jobs in Europe over the next three years. The carmaker cited rising costs and the need for a leaner structure as it shifts production towards electric vehicles (EVs). Approximately 2,300 jobs will be cut in Germany, 1,300 in the UK, and 200 in other European countries. However, Ford will retain about 3,400 engineers in the region who will adapt US core technology to European customers. Martin Sander, European passenger EV chief and head of Ford Germany, said the reduction in jobs is a reflection of…
A law student from Jamia Millia Islamia, Md Imran Ahmad, has filed a Public Interest Litigation (PIL) seeking to enforce labour laws, ensure minimum wage protection, and terminate bonded labour in Delhi. The plea has also requested the state government to monitor online payments made to employees and ensure they receive the minimum wage set by the government. The Delhi High Court has sought the government’s response to the PIL and listed the matter for a hearing on May 23. Ahmad, who filed the PIL, claimed that he did it for the benefit of workers and labourers employed in Delhi.…
Air India, owned by the Tata Group, has reportedly instructed its cabin crew to comply with the company’s standards of ethics and warned of disciplinary action in case their actions affect the airline’s reputation. The airline’s in-flight safety department issued a communication to its cabin crew members, instructing them not to engage in any act that violates the Tata Code of Conduct (TCOC). The move follows a recent incident where a pilot allegedly attempted to smuggle two iPhone14s into India and was subsequently fined Rs 2.5 lakh. The communication also highlighted that some cabin crew members have been caught carrying…
Following Microsoft’s decision to lay off close to 10,000 employees, LinkedIn has begun layoffs in its recruitment department. The exact number of employees impacted has not been disclosed, but the company has confirmed the layoffs. This may come as a surprise to many, as LinkedIn had not revealed any plans to cut jobs. The company has also announced a hiring slowdown, which was first announced in November 2022. Although the CEO of LinkedIn had stated that there were no plans for layoffs, the company will not be hiring employees in certain verticals. The layoffs at LinkedIn have been extended from…
IBM Corp. has filed a lawsuit against Patama Chantaruck, its former Thailand general manager, claiming that she breached her contract by taking a senior role with rival company, Accenture. The suit was filed on Monday in federal court in New York, with IBM seeking the return of nearly $470,000 in bonus awards paid to Chantaruck in exchange for safeguarding confidential company information and refraining from engaging in competitive conduct within specific time periods. According to the suit, Chantaruck resigned from IBM in 2021 and joined Accenture as Thailand managing director a month later, in April 2022. IBM alleges that Chantaruck’s…
Zomato has revealed that it has discontinued its services in 225 smaller cities due to poor performance. During its Q3 financial report, the food delivery tech firm also incurred losses of Rs 346.6 crore, primarily due to the decline in its food delivery operations. Reportedly, in its Q3 report, the company stated, “The unexpected slowdown in demand has affected the growth of food delivery profits. Nevertheless, we believe that we are well positioned to achieve our profitability target.” It is not specified which cities have been affected by this decision, however, the company is trying to improve its profitability. According…
Employees of the Maharashtra state government have threatened to go on an indefinite strike starting March 14, 2023, in favour of the old pension scheme. Teachers’ unions in the state have also supported this move. This strike is expected to impact the ongoing 10th and 12th written exams conducted by the state board. One of the demands of the strike is the implementation of the old pension scheme. Additionally, the Maharashtra State Government Employees Federation (MSGEF) has also called for a dearness allowance equal to what central government employees receive. The strike notice will be given to the government on…
Allen Career Institute, the Indian institute that prepares students for the NEET-UG examination, has launched ALLEN NExT, a new initiative targeting NEET PG students. It will prepare students for specialisation and support the Country’s goal of reducing the shortage of specialist doctors. Talent in the areas of sales, marketing, content, academics, and product are being sought to form a team of at least 1000 in this segment alone. ALLEN NExT will have multiple offline centres in 8-10 major medical education hubs including Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, Ahmedabad, Kolkata, Jaipur and Patna. These centres will cater to the specialised needs…
With shortage of skills and labour in Britain, companies across the Country are likely to offer the highest pay hikes in over a decade. However, the five per cent pay hike will not be enough to tackle the rising inflation feel many. Also, as per a study by the Chartered Institute of Personnel Development (CIPD), about 55 per cent of recruiters intend to hike variable pay. But if this trend continues, the Bank of England has warned that it may become an even bigger challenge to rein in the rise in inflation. This year, the expected median annual pay rose…
GoDaddy has joined the trend of layoffs and announced that it will cut 8 percent of its current workforce, affecting over 500 employees. On February 8, 2023, CEO Aman Bhutani informed the staff of the decision through an internal email, stating that the layoffs were due to the increasingly difficult macroeconomic circumstances. According to an internal email sent by GoDaddy CEO Aman Bhutani, employees who are impacted by the layoffs were to receive a meeting invitation from their leadership within an hour of the announcement, to learn the specifics of their transition process, in compliance with local regulations. This reduction…
CapGrid has onboarded Ruchi Rai as head – HR and admin. In this new role, she will manage CapGrid’s strategy and performance culture, policies, processes, talent hiring, people development and retention. Rai began her HR journey with Bridgestone, where she served as assistant manager – HR and admin, from 2003 to 2005. Her responsibilities included manpower planning and managerial recruitment, along with staffing, interviews, on-boarding, contract negotiations and induction programmes. She joined Maruti Suzuki as deputy manager (HR) in 2005, for a period of four years, based out of Gurugram. Her next stop was InLogistics, where she served as head…
Salcomp, which is a supplier of chargers to Apple for its iPhones, announced its plans to increase its workforce in India to nearly 25,000 over the next 2-3 years. A senior executive at the company stated on Monday that their goal is to achieve annual revenue in India of at least $2 billion to $3 billion by 2025, as reported by Reuters. The Finnish company currently employs around 12,000 individuals in Chennai, where they focus primarily on making chargers along with other smartphone parts. Additionally, the company is also constructing a large housing complex complete with amenities for entertainment and…
In recent times companies like Meta have been investing large sums of money into bringing the idea of the metaverse to reality even going as far as renaming their company from Facebook to now Meta. The metaverse as a concept is an immersive virtual world, a parallel universe of sorts that hopes to bridge the issues faced with virtual connectivity with aspects of the physical world. In its earliest stages, the metaverse was used mainly as a platform where people could meet and chat using digital avatars in the virtual world. Since then, developers working on the technology for the…
Around the world the corporate world has seen a shift in employee demands. Since the pandemic, with the birth of the new wave of employee empowerment, workers have begun demanding more from their employers. Employees have taken many matters into their hands; working to change the five day work week, relax strict dress codes and add more paid leaves. Most of these demands have been made to help better the work-life balance and general employee satisfaction. Many governments and organisations alike have seen benefits in making these changes over a short period of time. Governments from around the world have…
Elon Musk, the CEO of Twitter, has recently made headlines for firing the company’s top engineer. The decision was reportedly made due to declining reach on Musk’s Twitter account. This came after Musk made his account private for a day last week in response to complaints from prominent right-wing accounts regarding Twitter’s recent adjustments that reduced their reach. During a meeting at Twitter headquarters, Musk gathered a team of engineers and consultants to discuss the issue and find out why his reach was declining. The staff showed Musk internal data and a Google Trends chart, which indicated that his popularity…
The couple from Gurugram who were arrested for allegedly torturing, beating,harassing, and sexually abusing a 17-year old minor domestic help have been sacked from their jobs. The wife worked in a PR agency and the husband worked in an insurance company. Both companies made an announcement of their termination on Twitter on February 8, 2023. According to sources Jharkhand Bhawan’s official in Delhi also visited the civil hospital to meet the girl on February 8, 2023. The complaint was filed by Pinky Malik, the in-charge of the Sakhi centre. The police rescued the girl and have stated that the Gurugram…
As if mass layoffs weren’t bad enough, Google managed to disappoint its laid-off employees yet again. The Company sent them an e-mail that indicated they would probably not get as many stocks as was stated. The tech giant has admitted that there was a calculation error and that the employees will get lesser stocks than were earlier promised. This information, as per an employee who recently lost his job, felt like yet another ‘kick in the chest’. It was only in late January that Google laid off about 12,000 people from its workforce. The impacted employees received details of their…
While experts had predicted that Canada unemployment rate will go up to 5.1 per cent, the country’s economy has done better than expected. It create 1,50,000 jobs in January, with the majority being full-time work. This is way more than was expected. In comparison, December 2022 saw 70,000 jobs being added. The open immigration policy has resulted in growth in population. Students, temporary employees as well as other residents who are not permanent, are getting more jobs. The labour force participation rate has gone up to 65.7 per cent, that is, 0.3 percentage points. This is because, the labour force…
With remote work becoming more common, many people have found that they can now be employed without having to step out of their homes. While 46 per cent of employers surveyed feel that the 100 per cent remote work option has helped them draw more skilled workers and better candidates, an equal percentage feel that this has only increased the number of applications, but not the number of qualified candidates. About 38 per cent feel that more candidates have started applying, while 14 per cent feel that there has been no change in the applications or quality of talent. A…
TikTok On Monday, Bytedance-owned social media app TikTok terminated its entire workforce in India, which consisted of around 40 employees. The India office staff was primarily responsible for the Brazil and Dubai markets. According to a report by Economic Times, the affected employees will receive up to nine months of severance pay. The move has not been an unexpected one as the platform was banned in India approximately three years ago. Additionally, the employees were informed that February 28 would be their last day and were encouraged to search for other job opportunities. They were also given the reason that…
On Thursday, Microsoft Corp carried out job cuts in several units, including Surface devices, HoloLens mixed reality hardware, and Xbox, as part of the 10,000 worker layoffs that were announced last month, according to Bloomberg. The cuts will affect approximately 5 per cent of its total workforce. As per Bloomberg’s report, cuts to a significant portion of the HoloLens hardware team have raised doubts about the company’s plans to develop a third version of the goggles, apart from the one intended for the US Army. One of the sources stated that the job reductions at the Xbox gaming unit impacted…
Webandcrafts, a leading global IT solution provider located in Koratty Infopark, Kerala, recently honoured one of its most dedicated and valuable employees with a luxurious gift. The recipient, Clint Antony, who serves as the chief creative officer, was presented with a brand-new Mercedes Benz in a special ceremony held in Koratty Infopark. As one of the first employees to join the company when it was founded in 2012, Clint has consistently demonstrated exceptional performance and unwavering commitment to Webandcrafts. After 10 years of dedicated service, the company’s management team felt it was only fitting to recognize his contributions with this…
Sapphire Foods India, a leading food company in India, has made an exciting announcement for its employees. The company’s board of directors has approved the allocation of 63,286 stock options to eligible employees under its Sapphire Foods Employee Stock Option Scheme 2022 (Scheme IIIA). The shares would be granted to eligible employees for a price of Rs 1,180 per share and would vest with them as per the terms of the grant and conditions approved by the Committee. This allocation aligns with Sapphire Foods’ commitment to empowering its employees and creating a sense of ownership among them. The allocation is…
XLRI – Xavier School of Management proudly announces the successful achievement of 100% placement for its outgoing batch of 2021-23. The campus placement was conducted in two stages, the Lateral Recruitment Process (LRP) for students with prior work experience, and the Campus Recruitment Process (CRP) for students without work experience. The Final Placement process saw participation from 117 recruiters, including 30 new recruiters, with a total of 487 domestic and international offers. The median salary offered to the batch stood at INR 30.0 lakhs per annum with the top 10th and 25th percentile averages being INR 57.7 lakhs and INR…
JP Morgan Chase & Co has stunned the industry by announcing layoffs for hundreds of its mortgage employees despite previously indicating plans for new hiring. In September of 2022, JP Morgan announced its intention to hire approximately 2,000 engineers worldwide in response to the intense competition for technology talent. However, this round of layoffs will affect bankers specializing in mortgages and mortgage planning. According to Reuters, Jamie Dimon, CEO, JP Morgan, stated that the company intends to recruit over 500 small business bankers by 2024. In an interview with Reuters, Dimon also emphasised that JP Morgan’s outlook for hiring remains…