Foxconn, an Apple supplier, is gearing to double its workforce in India. V Lee, representative of Foxconn in India has announced on social media that it already has a 40,000-strong workforce at its plant in Tamil Nadu, and now intends to depend less on China. In a year’s time, the company aims to double its India workforce and also increase its investment in the country two fold as it works to expand its business here. In 2022, it was reported that the company hoped to hire 53,000 more workers in two years so that its team strength in the country…
Author: HRK News Bureau
All employers across the state of New York will now be required to follow the transparency law. That means, they will have to state the proposed pay rates and clearly give the pay ranges whenever they are advertising vacancies. The rates will have to be disclosed to the public irrespective of the vacancies being advertised within the firm or externally, as well as to employees keen to get a transfer or promotion. New York City has already been following a similar law since 2022. This law will apply to all employers with at least four employees in their workforce. The…
SAP Labs India, a branch of the German software giant SAP, is aiming to double its talent base in India by 2024. The company is looking to increase its AI workforce in response to the changing needs of the business environment. The Bengaluru-based facility is SAP’s largest global research and development centre, and is set to be the hub of the company’s AI evolution. The company will provide AI that is immediately accessible, as it is already integrated into the SAP applications that drive critical business processes. The company will expand its AI capabilities through new hires and enhance the skills…
The Gujarat High Court has ruled that endorsing settlement claims within Lok Adalat does not constitute misconduct. It underscores that even if an employee’s conduct may seem like a lapse in judgement or negligence while executing their responsibilities, it cannot be classified as misconduct unless the organisation can prove that it resulted in some kind of irreversible harm. This underscores the importance of assessing the gravity of negligence. The court was addressing two interrelated appeals. In the first appeal, an insurance company challenged a verdict that reversed the petitioner’s termination from employment and granted all relevant entitlements, essentially declaring the…
Velocity, a revenue-based financing platform, has laid off 14 per cent of its workforce affecting 22 employees. As per an offcial post by company on Friday, the layoffs have affected employees in various departments. The company’s current objective is to reportedly achieve profitability and the restructuring comes as a step towards achieving the same. The move is aimed at minimising any duplication of roles, simplifying and automating critical aspects of its processes, resulting in substantial increase in efficiency. The platform which has Valar Ventures as a major investor has extended a severance package to the affected employees, equivalent to two…
Brian Millham, chief operating officer, Salesforce, has announced that the incoming recruits will be distributed across three key areas: sales, engineering and the team dedicated to Salesforce’s data cloud product. As of now, there has been no immediate response from the company to a Reuters inquiry regarding this report. At the beginning of 2023, Salesforce made headlines when it announced its intention to reduce its global workforce by 10 per cent, resulting in approximately 7,000 employees worldwide losing their jobs. These job cuts happened via a two-hour video conference call, drawing significant media attention. Regrettably, Salesforce is now facing another…
As a part of the group’s effort for employee development and performance, Capgemini is offering a new employee share ownership plan (ESOP). The programme is open for approximately 97 per cent of the employees and will be implemented through a capital increase reserved for the Capgemini employees for a maximum of 3,200,000 shares. Employees will have the opportunity to participate in Capgemini shares through subscription plans that include leveraged and guaranteed options. These plans will enable them to secure the invested amount until the shares are accessible, ensuring a certain level of protection. Additionally, voting rights will be exercised by…
Arjuna Capital, an investment advisory firm hailing from Massachusetts, has put forth a proposal urging Nike to be more transparent and reveal data pertaining to pay equity among its women staff members and minority workforce. Concurrently, Tulipshare, a shareholder advocacy group, is pushing Nike to compile a comprehensive report evaluating the effectiveness of its supply-chain policies concerning equity objectives and human rights commitments. These proposals, however, require the backing of over 50 per cent of shareholders for approval, and Nike is not legally bound to implement them. The final vote results will be disclosed in an upcoming filing with the…
The quick commerce company, Dunzo is waiting for fresh funding to improve its financial situation. In the meantime, it has collaborated with payroll financing firm, OneTap, to pay the August salaries of its staff. The employees were instructed to download a particular app and do the needful in terms of the required KYC process so that their salaries could be transferred on 15 September. The Indian quick-grocery delivering company had been making headlines for all the wrong reasons. It has not been paying its employees their salaries on time. Admist a major funds crisis, the quick commerce startup had told…
Memphis-based shipping company, FedEx, is reportedly gearing to axe a few jobs in the information technology (IT) and finance departments as part of a realignment and streamlining exercise. Those impacted will be given adequate support. The present workforce strength in the greater Memphis area is 30,000. Earlier, FedEx had already integrated its operations — including ground and air— in a bid to cut costs. The move reportedly saved the company about $4 billion costs. In February, FedEx had revealed its intention to let go 10 per cent of its global officers and directors as part of cost-cutting measures. In April…
Deliveroo’s India Development Centre or IDC in Hyderabad will soon have students recruited from across Indian institutions and universities interning. The IDC will be actively hiring from Chaitanya Bharathi Institute of Technology (CBIT), Vasavi College of Engineering, Hyderabad, National Institute of Technology (NIT), Warangal and Indian Institute of Information Technology(IIIT) Hyderabad. The selected students will undergo a six-month internship programme during which they will be closely interacting and learning from the main engineering teams. This is the global food-delivery firm’s attempt to leverage the talent available in the country and at the same time give students an opportunity to work…
With Telangana Governor Tamilisai Soundararajan approving the Telangana State Road Transport Corporation (Absorption of Employees into Government Service) Bill 2023, 43,000 employees of the Telangana State Road Transport Corporation (TSRTC) will now be treated as part state government staff. The Bill had been passed by the state legislative assembly on 4 August, following which certain recommendations were made. Now that the 10 recommendations have been satisfactorily addressed, the Governor has given her consent to the same on 14 September 2023. Earlier, there were rumours that the Bill had been held back and that the approval of the President of India…
Alphabet, the parent company of Google, is reducing headcount in its global recruiting department. The decision comes as the tech giant continues to curtail its hiring efforts. As per media reports, the layoffs will not be on a large scale, as the company intends to keep a substantial portion of the team intact for hiring essential positions. Hence, the entire team will not be affected in the recent round of layoff. As per a Reuters report, the company has let go of ‘a few hundred’ employees in the global recruiting division. Furthermore, the company will also support its departing employees…
An employer in the United Arab Emirates (UAE) may file an absconding complaint if an employee is found to be absent from duty for seven consecutive days without information. However, there are also cases where companies terminate employees wrongly or unfairly labelling them as absconders. These employers also try to get the visas of these employees cancelled even after the employees return all the company-owned items in their possession. They refuse to clear the dues of the employees even after persistent follow-ups. In such situations, the General Directorate of Residency and Foreigners Affairs—Dubai (GDRFAD) says that companies that wrongly label…
In a bid to enhance overall efficiency, Wells Fargo, the financial services company, might be considering a workforce reduction in the coming months. As per one of its top executives, the bank has been trimming its team since the third quarter of 2020, resulting in a reduction of nearly 40,000 employees. Now it is reported that more reductions may be in the offing. Till now, the bank has reduced its overall count in various services such as mortgage operations, and the commercial real-estate sector, where it was facing a lot of challenges. By the time the June quarter ended, Wells…
Betterhalf, a startup specialising in wedding and matrimony services, has announced its second employee stock ownership plan (ESOP) buyback programme, benefiting 29 current and former employees. This announcement follows the success of its first buyback initiative last year, which provided benefits to seven employees. This development is a result of the company’s impressive monthly revenue of $500,000. The company is committed to fostering an entrepreneurial work culture among its employees. It empowers team members by granting them ownership of their respective work domains, which has resulted in nearly zero attrition. It further emphasised that this year’s ESOP buyback program…
Amazon is currently facing allegations from the US Labour Board prosecutors for imposing illegal confidentiality rules on its employees. According to a Bloomberg’s report, the rule has prompted the company to revise its confidentiality policies. The complaint was lodged by an official from the Labour Board. He alleged that the e-commerce company has mandated a confidentiality agreement as a condition of employment for a staff member of the drone programme. The complaint further states that the agreement prevented employees from sharing information about the company’s money matters and how they do their work. The agreement also prevents employees from talking…
About 1.46 lakh auto workers in the US are set to participate in a series of strikes. They are unhappy with the pay hikes offered to them. The United Auto Workers has called for a series of strikes against US auto plants. For the first time in the country, there will be simultaneous strikes against the Big Three of Detroit, that is, General Motors, Ford Motor and Chrysler-parent Stellantis. The UAW had warned of this coordinated strike if the automakers failed to reach an agreement on a new contract that would cover at least 1.5 lakh workers employed across these…
Google is looking to cut costs so that it can invest more on artificial intelligence. After laying of 12,000 people in January this year, it has now let go hundreds of people in the recruiting team. This is because, the number of requests for the recruiting team have gone down. The hiring team at Google was once 3,000 strong. Part of this team was impacted in the January round of layoffs when about three per cent of the workforce had been let go. Now, this latest round will affect some more. The members of the recruiting team had been conveyed…
A 50 per cent increase in the UK’s offshore energy workforce is expected by 2030. As per a recent report, the current number of 1,50,000 workers has a potential to increase to 2,25,000 by the end of the decade. It further suggests that in the event of a successful transition to renewable energy, there is the potential for the number of new jobs in the renewable sector to surpass those in the oil and gas industry. However, it also cautions that unless there is a substantial increase in investment and activity in renewable energy in the UK, particularly as the…
The 27,000-strong workforce of Deloitte in the UK may be reduced by over 800. If reports are to be believed, the British professional services firm is planning to reduce its team in the UK by three per cent. As per a report by Bloomberg, the multinational is facing a dip in demand and not many workers are willing to leave or move on to other firms amidst the uncertainty in the economy. There appears to be a reduction in open roles. Therefore, the company, which is one of the Big Four, has decided to restructure and take care of the…
In an industry-first move, Citibank has introduced a work-from-home (WFH) programme exclusively for the women in its workforce. The move is aimed at helping new mothers balance their family and career successfully. The programme will allow its women employees to apply for a WFH arrangement for a duration of up to 12 months following their 26-week maternity leave. They will also have an option to extend the duration of leave for up to three months of WFH during the final trimester of pregnancy, subject to evaluation and approval. That means, expecting and new mothers can work from home for a…
Merck, a company specialising in science and technology, has announced an extensive Fertility Support Initiative set to be rolled out in October 2023. It will be available to all employees, regardless of their marital status and will cover their partners as well. The initiative will provide financial assistance to employees seeking fertility treatments. The initiative will cover various services such as fertility testing, in vitro fertilisation treatments and hormonal therapies. Additionally, the employees will also get access to informative services concerning fertility-related disorders. Initially, the programme will be rolled out in eight markets, that is, Germany, the United Kingdom, Switzerland,…
Gautam Srivastava has been appointed as the director and head of HR, The Phoenix Mills. Srivastava has moved from Leela Palaces Hotels and Resorts, where he served as the vice president of corporate HR. Before joining The Leela, Srivastava held the position of vice president and head of talent management, performance, and rewards at HDFC ERGO General Insurance. He has spent close to a decade in the insurance industry and successfully led the transformation of key HR processes: HR digitalisation (performance management system, reward and recognition, human resource management system, wellness), organisation talent review and talent development. He has also…
In the last 40 years the definition of talent management has progressed with its time. In the 1980’s talent management meant developing internal talent. As the world faced an economic downturn, the definition changed. Organisations restructured and began focusing on recruiting external talent. Organisations in the ‘90s realised they were losing too many valued and experienced employees because of this and changed tracks again to focus on retention and nurturing the existing employees. As HR integrated into the talent management function, the 21st century looked to be a promising chapter in the future of talent management. Technology developed at exponential…
Switzerland’s UBS Group AG is reportedly implementing substantial workforce reductions in the Asia-Pacific region following its acquisition of competitor Credit Suisse. These job cuts are driven by several factors, including weak customer demand and concerns about China’s struggling economy. The bank has already initiated some layoffs, with further reductions expected to continue through November. One of the key areas impacted by these layoffs is the role of relationship managers, particularly in Singapore and Hong Kong. Many of these positions belong to teams recently acquired from Credit Suisse. While the exact number of job cuts remains uncertain, UBS has clearly stated…