Intel is cutting 340 jobs at its Folsom, California campus, as informed to state and local officials. The layoff is announced due to a ‘challenging macroeconomic environment’. In a statement, the company said that it is seeking cost reductions and efficiency through various initiatives, including workforce reductions across the company. The company says it is committed to treating impacted employees with respect and dignity. The layoffs were announced in a Worker Adjustment and Retraining Notification (WARN) notice, as required by the WARN Act which mandates employers to give 60 days notice to workers and state officials for mass layoffs. The…
Author: HRK News Bureau
A Chinese company sparked controversy by piling up 61 million yuan (around $9 million) in banknotes on a stage and giving it to employees as year-end bonuses. According to a Chinese news portal, the South China Morning Post, the managers of Henan Mine (a crane manufacturer) stacked the notes on stage and then distributed it among the employees in turns. A video showed piles of money, two meters tall, at the company’s annual party. Reportedly, the three top sales managers from Henan Mine received the top award of 5 million yuan (around $737,000) each, according to an unnamed manager from…
The chief technical officer (CTO) is the second highest paid CXO amongst BSE 100 companies. So, who earns more than a CTO? It is the chief financial officer (CFO), reveals a survey by an HR consulting firm. According to the executive rewards survey 2022-23 that covered over 500 companies, more than 50 executive positions across over 20 industries, a CFO’s salary is double that of the CTO, the latter being the second highest paid role amongst BSE 100 companies. The average total cost to company of a CTO is Rs 1.97 crore, while that of a chief marketing officer (CMO)…
Unilever has found its new CEO after a widespread global hunt. Hein Schumacher will be appointed Unilever CEO designate on 1 June 2023 and after a month’s hand-over process, will become CEO, Unilever, on 1 July, 2023. He will step into the shoes of Alan Jope, who is set to retire from the Company and resign from the Board on 1 July, 2023. Interestingly, Schumacher spent four years with Unilever as finance manager, in the initial years of his career, in 1997, based out of Germany and the Netherlands. In the year 200, he became corporate controller – Asia /…
The Supreme Court has declined to overturn the decision made by the National Company Law Appellate Tribunal (NCLAT). The tribunal had ordered the Jalan Fritsch consortium, which is the successful bidder of the debt-ridden Jet Airways, to pay the outstanding provident fund and gratuity amount of ?250 crore to the former employees of the defunct airline. A Supreme Court bench, led by the Chief Justice, declined to alter the order issued by the NCLAT. The bench stated that “any prospective buyer must be aware of the outstanding labour obligations. The order must be final and binding. We will not make…
A city labour court ruled that financial crisis cannot serve as a reason for not paying employee salaries and ordered a computer services company in South Mumbai to pay the overdue salary of an employee, along with retrenchment compensation and interest, for a period of six months. The labor court recognized that the company was responsible for the hardship experienced by the employee, who had to work without a salary for six months through no fault of their own. The court also noted that the employee suffered additional hardship as they were unemployed starting in April 2019. As reported by…
Google CEO Sundar Pichai has hinted at a major pay cut for senior executives following the recent termination of 12,000 employees. During a town hall meeting with employees, Pichai stated that those holding roles above the senior vice president level will see a substantial decrease in their yearly bonus. He explained that the compensation for senior positions is tied to the company’s performance. Google CEO Sundar Pichai is expected to take a pay cut along with other senior executives following the termination of 12,000 employees. Pichai didn’t specify the percentage or duration of the salary reduction, however. Despite the pay…
A seasoned HR professional, who has led HR for companies such as Indigo, Amazon and GE, Raj Raghavan has now joined CoreStack, the next-gen cloud business accelerator company, as CHRO. Raghavan will inspire the Company’s rapidly-growing global talent force. He will develop strategies to attract talent and maintain the Company’s culture based on its values, at a global scale. Ezhilarasan (Ez) Natarajan, founder & CEO, CoreStack, says, “Raghavan was the natural choice to inspire and lead the most valuable element of CoreStack, our people. He has dedicated his career to serving the talent of high-achieving, global companies. We see his…
On Sunday, a large group of state government employees, including contract, outsourced, and regular employees, gathered outside the Sangrur deputy commissioner’s office to protest various demands. The protest was organised by the Punjab Subordinate Services Federation Chandigarh. ML Sehgal, a prominent leader among the protesting employees, criticised the Aam Aadmi Party government for ignoring the demands of employees. He claimed that the government was following the same pattern as the previous Congress and Shiromani Akali Dal governments. Sehgal highlighted the main demands of the protesters, which included a minimum wage of rupees 26,000 for every employee, an end to the…
Air India began deducting the pay of employees who have not left their company-provided housing in Vasant Vihar, Delhi and the Air India Colony in Mumbai. The employees reported that their December salaries had substantial reductions, ranging from 15,000 to 90,000 rupees. Last Friday, the airline completed one year of privatisation, but r many of its employees who reside in the airline staff quarters in Mumbai and Delhi, faced significant salary reductions and penal rent charges. Since August 2022, the employees who have not yet vacated their flats have had their salaries deducted as a result and will continue to…
The Ministry of Labour and the Employees’ Provident Fund Organisation (EPFO) are planning to re-examine the Employee Pension Scheme (EPS) so that it becomes more feasible. The aim is to be able to work out ways to raise resources to be able to fund higher pensions every month. In November, a Supreme Court ruling had allowed most categories of employees to opt for higher pension, excluding those who retired prior to 1 September, 2014, without exercising their option for higher/ uncapped pension under 11(3); and those who joined on or after 1 September, 2014, with salary exceeding the limit of…
Amazon is grabbing headlines for the wrong reasons yet again. During a protest by its warehouse employees in Britain, some employees have made certain shocking revelations about the pitiable work conditions at the e-commerce company. They claim that they are questioned if they have been ‘idle’ for over half an hour. The employees have reportedly told BBC that they are questioned if they are missing from their desks for a little while or stop working for some time. They alleged that the Company keeps track of their toilet breaks too. Some claim that the robots at the warehouse are given…
Neetha Thomas is head – people function, mCaffeine. Before joining the Indian caffeinated personal care brand, Thomas was vice president – human capital & administration, LogiNext. An alumna of the University of Mumbai, Thomas began her career as an HR consultant, with Mannai Corporation, Qatar. A year later, she joined Weatherford as senior HR coordinator. Less than five years into this role, she was elevated to assistant manager – HR. She worked closely with the CEO and CHRO to lead and manage the HR department. Amongst other things, she developed the annual HR plans, budgets and performance targets and ensured…
SAP SAP announced on Thursday that it will be cutting 2.5 per cent of its worldwide workforce. The decision has been taken as a step to reduce its overall expenses and prioritise its cloud operations. Reportedly, the company noted a 30 per cent increase in revenue for its cloud business in the fourth quarter of the year, which was driven by high demand for its software. Despite record profits in the last year, tech companies are preparing for a more challenging economic environment in 2023 and hence trying to cut their expenses by layoffs. The decision will affect nearly 3,000…
Reena Tyagi has joined Future Generali India Life Insurance as its new chief human resources officer. Tyagi has been a human resource professional for over 20 years and has been in an HR leadership role for over 15 years. Before joining Future Generali India Life Insurance, Tyagi worked at ManipalCigna Health Insurance Company as CHRO. Tyagi comes with rich experience of over two decades; she started her career as group manager- resourcing at NIIT, and worked there for three years. Then she joined Tata Teleservices as manager corporate HR. She moved on to ABN AMRO Central Enterprise Services as…
Confederation of Indian Industries (CII), the Indian industry body hosted its annual flagship HR Conclave in Delhi recently. The Conclave was witness to open sessions where industry stalwarts talked about overcoming challenges and transformation. The discussions revolved around the importance of building the ‘organisation of tomorrow’ by leveraging diversity, employee experience, and organisational culture. The panelists acknowledged that diversity brings different perspectives and ideas, which can lead to more innovative solutions and better decision-making. Improving employee experience, which focuses on creating a positive and engaging work environment, can lead to increased productivity and employee retention. Organisational culture, which defines the…
Tata Steel has been recognised for advancing intersectional gender diversity for employees and students, by the World Economic Forum (WEF). Because of its inclusive work policies and recruiting processes, upskilling and sponsorship initiatives, Tata Steel has been recognised as Global Diversity Equity & Inclusion (DEI) Lighthouse 2023 by WEF. The efforts put in by the Company to improve gender diversity at the workplace have been selected as one of the eight case studies featured in the Global Parity Alliance: Diversity, Equity and Inclusion Lighthouses 2023 report. The report was published at the time of the World Economic Forum 2023 in…
Dutch technology investor Prosus and it’s South African parent company, Naspers, has announced that they will be cutting up to 30 per cent of jobs at their corporate offices. This news comes on the heels of similar announcements from other major technology-based firms, such as Google parent Alphabet, which announced significant layoffs last week. In a statement on January 25, 2023, a spokesperson for Prosus said the company is adapting to a changing macro environment and has been working for some time to strengthen its cost structures. “Today we are announcing a reduction of some roles as we realign our…
On January 25, 2023, at Berlin Brandenburg Airport (BER), all passenger flights were canceled as airport staff walked out because of a dispute over higher pay. The airport said almost 300 flights were either rescheduled or canceled, which affected around 35,000 passengers. The Verdi Union called a day-long ‘warning strike’ to increase pressure ahead of the next round of negotiations with seniors. Around 1,500 airport employees are going to take part in the walkout, according to the union. Verdi is a powerful union and is trying to push for the monthly salary of ground crew to increase by 500 euros…
The International Monetary Fund (IMF) has refused to provide financial aid to Pakistan, which is currently experiencing a severe economic crisis, at a time when the situation is getting worse. This decision is a significant setback for Pakistan, as the IMF will not be sending any assistance to help the country during this crisis. The crisis-hit-nation is considering reducing the salary of government employees by 10 per cent as a counter-measure to this. To address the crisis, the government is exploring various options, such as decreasing spending on government departments by 15 per cent. They also plan to cut down…
Uber Freight announced on Tuesday that it will be cutting around 150 jobs, which is roughly 3 per cent of its total workforce. As reported by Reuters, this decision is a result of the economic uncertainty currently affecting the demand for shipping services. As per CNBS, Lior Ron, CEO, Uber Freight, said that the layoffs will impact the digital brokerage team within the division. The unit is focused on its digital brokerage operations that connect shippers with truck drivers looking to transport goods. Reportedly, Laid-off employees will receive severance packages that include extended healthcare, 2022 bonus payments, outplacement and career…
After spending over a decade with Asian Paints, Subhashis Sinha has joined TBZ- The Original, as CHRO. An alumnus of IIM Indore and SVKM’s Narsee Monjee Institute of Management Studies (NMIMS), Sinha began his professional journey with ICICI Prudential Life Insurance, as agency manager, back in 2003. Then he moved to Metlife, where he was associated with the company for close to four years. He started his stint as training manager after which he took on the role of area training manager – eastern region, with Jharkhand, Bihar, Orissa and Kolkata being his areas of operation. A little over a…
IBM is gearing to axe 3,900 jobs as part of an asset divestment exercise. The Company has been unable to achieve its cash target for the year. The investors, however, it is reported, expected the number of job cuts to be higher. Right now, only about 1.5 per cent of IBM’s global workforce is affected. Last year, IBM’s cash flow was merely $9.3 billion, way less than the target of $10 billion, owing to working capital requirements being much more than the Company had anticipated. While the Company is all for taking full advantage of digitisation and automation to enhance…
Much to the relief of a government school lecturer, the Delhi High Court ruled that no employer can force an employee to get vaccinated against COVID-19 or insist on the vaccination. Last year, the said teacher — who teaches history in a government school under the Directorate of Education of the Government of Delhi — had approached the court with a petition to be allowed to discharge her duties without being compelled to get vaccinated. However, the teacher is now vaccinated, and therefore, Justice Prathibha M Singh allowed her to formally seek service benefits from the concerned authority. The Court…
On Tuesday, Walmart announced that it will increase pay for its hourly employees, showing that there is still a high demand for front-line workers despite recent layoffs in the tech industry. The new pay range for retail employees will be between $14 and $19 starting in March. This means that the largest private employer in the United States minimum wage will now be $14 an hour, which is higher than the federal minimum wage of $7.25, but lower than the minimum wage in states like California, where it has been set at $15 or higher. Walmart spokeswoman, Anne Hatfield, added…
The implementation of the Old Pension Scheme (OPS) has been discussed widely in recent days, and many states have already put it into action. The state of Himachal Pradesh will now also join in on the implementation of the OPS, as instructed by the state’s Chief Secretary and the Finance Department. The state government of Himachal Pradesh has announced the implementation of the OPS, which will benefit approximately 136,000 employees. The OPS is seen as a major step forward for the state’s government employees, as it will provide them with more stability and security in their retirement. The Finance Department…