In July this year, Binance, the cryptocurrency firm had reduced headcount by 1,000 and also reduced employee benefits amidst dipping profits. Now, the company is gearing to lay off more than a 100 staff members. Brian Shroder, CEO, Binance, is set to leave too for unknown reasons. Shroder is only the most recent senior leader to quit. Earlier, Mayur Kamat, global head of product, had also quit, close on the heels of Patrick Hillman, chief strategy officer, who quit in July. Normal Reed, general counsel, will take over Shroder’s duties for the time being. Reed has been with Binance since…
Author: HRK News Bureau
Next week, when the special five-day session of the Parliament begins, the staff of the Parliament will be sporting new uniforms. In addition to shifting to the new building on 18 September 2023, the employees of the Parliament will be wearing new uniforms with an Indian touch. All employees, across departments including reporting, table office, notice office, legislative branch and security will have new uniforms. The security personnel will now wear army fatigues instead of the blue safari suits. Other employees including chamber attendants, drivers, officers and marshals will be seen in Khaki/ cream coloured kurta pyjamas, with Nehru jackets…
The Labour Department in Karnataka has received monetary assistance of Rs 10 crore from the finance department, which will be used as a corpus fund to provide Rs 4 lakh health insurance cover to gig workers. A government order has been issued by the Karnataka Labour Department to this effect. Although exact official figures are not available, there are reportedly more than two lakh gig workers in the state. There will soon be a portal for gig workers via which they will be able to register and apply for the scheme. The beneficiaries will be identified through a certification process…
Workers and employees in West Bengal’s transport sector have come together to present a comprehensive list of 14 demands. Their primary request is for a minimum pension of Rs 9,000 a month for all transport-sector workers, excluding state transport employees. Additionally, they are seeking employment letters and identity cards, eight-hour workdays, the implementation of social security schemes, including health insurance, and the cessation of extortion by individuals protected by the police and ruling party. These demands were articulated during a workshop organised by the West Bengal Road Transport Workers Federation, at the centre of Indian trade unions (CITU) state office…
An engineering student at NIT Jalandhar recently took to Twitter to share his insights into the campus placement offer extended by Tech Mahindra. This tweet shed light on the terms and conditions accompanying the offer, which have raised eyebrows among students. There are two key conditions in the Tech Mahindra placement offer. First, candidates are expected to be open to working in shifts that encompass all hours of the day throughout the week. This means, a commitment to a 24×7 work schedule, which can be quite demanding. Second, individuals who secure a position with Tech Mahindra are required to sign a…
Recenty, the Delhi High Court ruled that women employees under contract are eligible for maternity leave. The case involved a petitioner who served as an empanelled advocate on a contractual basis with the Delhi State Legal Services Authority (DSLSA). She had been denied maternity benefits by her employer. Following the rejection of her request by the organisation, she took her case to the Delhi High Court, where she filed a petition seeking maternity benefits to be extended to contractual employees. Following the court hearing, Justice Chandra Dhari Singh issued a decree emphasising the importance of creating a supportive work environment…
Citing market shifts as the primary reason, Chargebee has laid off 10 per cent of its global workforce. The decision will reportedly affect 100-120 employees across multiple departments. The firm will now focus on its upcoming phase of streamlined expansion. The company plans to restructure and concentrate on smaller key objectives. Additionally, considering the ongoing technological and market changes in the industry, the company will now place greater emphasis on improving its customers’ experience and core products. The company will also offer severance packages to all the departing employees. Additionally, it will comply with the labour laws applicable in the…
Indian Institute of Technology (IIT) Bombay’s placement season 2022-2023 saw 1,516 students securing job offers. This is a record high. While 16 students were offered over Rs 1 crore per annum, the highest domestic salary offered was Rs 1.68 crore per year, and the highest international salary package was Rs 3.67 crore per annum. Three hundred pre-placement offers were made of which 194 were accepted. About 65 students have accepted offers from international firms. The maximum offers were bagged by participants from the computer science department (228). While 214 electrical engineering students bagged offers, 78 students from aerospace engineering bagged…
It has not been very long since Daniel Zhang took over as chairman and CEO, Alibaba. And now, amidst major restructuring of the Chinese multinational tech firm, Zhang has quit his position unexpectedly. He will be succeeded by Eddie Yongming Wu who will play CEO and director, while Joseph Tsai will be chairman of the Alibaba Group. Wu has said that Alibaba will henceforth focus on promoting the younger employees, especially those in their mid or late 30s. In fact, over the next four years, the main business teams will comprise members from this age bracket, so that there is…
The deadline for enrolling in the United Arab Emirates’ (UAE) unemployment insurance scheme is fast approaching, with penalties to be imposed on those who miss the last date, that is, 30 September 2023. This mandatory scheme applies to all employees throughout the country, encompassing both free-zone and federal-government workers. Officially named the involuntary loss of employment insurance (ILOE) scheme, it has been in effect since 1 January, 2023, with the primary aim of providing financial stability to residents in case they lose their jobs due to reasons unrelated to disciplinary action or voluntary resignation. Under this insurance, those who lose…
Barclays, a British financial institution, is said to be in the process of considering a significant staff reduction, possibly set to take place next week, as part of its cost-cutting measures. The UK bank is contemplating downsizing its workforce in the domestic retail sector, with the potential to eliminate up to 400 positions. According to sources familiar with the situation as reported by Bloomberg, Barclays is considering trimming its workforce by nearly 5 per cent in the trading division, which includes client-facing staff as well as some stakeholders on a global scale. Additionally, Barclays is apparently gearing up for a…
Veolia, a French ecological transformation company, has rolled out ‘Veolia Cares,’ an extensive package of employee benefits. The primary focus of the programme is to provide care, security and employee well-being. The programme is tailored for its workforce in the Near & Middle East region. Anchored in five core principles, including parental leave, health coverage, bereavement benefits, assistance for caregivers, and volunteer days, Veolia Cares stands out for its inclusivity. Under parental leave, the company will allow a minimum of 10 weeks of fully paid leave to new mothers, and a week of fully paid leave to the father. This…
Realising that locals are finding it difficult to communicate with bank employees, the Government of Karnataka may soon make it a requirement for all bank employees to acquire proficiency in Kannada. The move will facilitate smooth communication between bank employees and the locals. For some time now there have been requests and efforts to make the use of the local language mandatory. Finally, the state government may actually issue an official notification in this regard. The state government also passed a bill in 2022, the Kannada Language Comprehensive Development Bill, which was designed to encourage the use of Kannada across…
Mitalee Dabral, former vice president – HR, ShareChat, has joined Wayfair, the e-commerce company, as country HR leader. An alumna of the Tata Institute of Social Sciences (TISS), Dabral served as manager – HR, Patni Computers in the initial years of her career, for over six years. As HR generalist, she took care of employee development, HR operation functions at Bangalore. In 2010, she moved to Infosys Technologies, as unit HR manager for almost two and a half years. Her next stop was Accenture, where she joined as AVP – HR, leading HR service delivery for India corporate functions for…
Microsoft has introduced a discreet employee performance-rating system known as ‘impact descriptors,’ designed exclusively for managers’ use and not disclosed to employees. These ratings play a pivotal role in determining employees’ compensation and bonuses, referred to as ‘rewards’ within Microsoft. The company emphasises that these descriptors differ from conventional performance ratings or labels associated with individual employees. Not revealed to employees, these ratings promote a growth-oriented mindset. The impact descriptors include four categories: ‘Lower than Expected Impact (LITE),’ ‘Slightly Lower Impact than Expected (SLITE),’ ‘Successful Impact,’ and ‘Exceptional Impact.’ Each category is defined in detail to guide managers in their…
West Bengal Chief Minister Mamata Banerjee has announced a salary increase for state ministers and legislators, citing disparities compared to other states. She noted that the current salaries for ministers and MLAs were relatively low in comparison to other states and declared an increment of Rs 40,000. MLAs in West Bengal currently receive the lowest salaries in the country, with a monthly salary of Rs 10,000. As a result, the state government has decided to raise the monthly salaries as follows: Cabinet ministers will now earn Rs 51,000, state ministers Rs 50,900, and legislators Rs 50,000. The gross salary of…
Walmart has recently adjusted its hourly wage structure for new store workers, a move that signifies a trend among employers to trim labour expenses in response to the cooling demand for hourly staff positions. This change, implemented in mid-July, has implications for how new hires are compensated. Under the revised structure, employees will start at the lowest hourly wage rate applicable to their respective store. In the past, certain roles, such as online order pickers, received slightly higher starting wages compared to positions such as cashiers. It’s worth noting that Walmart’s minimum hourly wage remains $14, with regional variations. That…
[24]7.ai, the intent-driven customer solutions and contact centre services provider, tied up with UN Women to organize the ‘UNite HER’ Job Fair in Bengaluru, on 9 September. The event was aimed at increasing the representation of women in the workforce by offering them professional career opportunities. It was open to graduates, including those with career gaps, as the ultimate goal was to promote gender diversity in workplaces. The event was supported by UN Women and UN Women’s Empowerment Principles (WEPs) signatories. A virtual fair will take place on 14 September 14, 2023, where walk-in interviews will also take place. The…
Recently, a leaked internal report from Google Pay highlighted the ongoing pay discrepancy that exists between the black employees and their white counterparts at the Google. The report states that there is an alarming $20,000 pay gap among the Google staff. The information pertains to the year 2022 and was voluntarily provided by the employees. The report revealed that Black employees, on average, earn about $20,000 less than their white colleagues, and gender pay gaps persist across various departments. Additionally, the document also contains comprehensive data regarding the earnings and bonuses of more than 12,000 US employees, including software engineers,…
In an upcoming round of layoffs, Goldman Sachs Group is preparing to let go of employees who are not meeting performance expectations. The job cuts are expected to begin as early as next month. The job cuts will occur as a routine part of the annual staff evaluation process. Furthermore, the reduction for this year will be towards the lower end of the typical range, which usually spans from 1 per cent to 5 per cent of the bank’s workforce. The company had halted its performance-based job cuts during the pandemic. However, with the return of normalcy, the company resumed…
Airbus, the international aerospace company, is aiming to expand its employee base in India by adding 2000 engineers in the coming years. The move is aimed at increasing the total number of employees in India to 5,000. To aerospace company has signed a Memorandum of Understanding (MoU) with Gati Shakti Vishwavidyalaya (GSV) in Vadodara. This will help the company establish a specialised engineering programme designed specifically for the aerospace industry. Additionally, the partnership will help cultivate a strong pool of well-trained professionals prepared to meet the growing demands of the thriving aerospace sector. Speaking on the initiative, the company stated…
In a bid to secure financial stability, Nielsen has announced workforce reduction. The company will reduce headcount by 9 per cent, globally. The company is focussing on investing in areas that promote innovation and advancement in the field of cross-media measurement for the future. The current round of layoffs will affect its product, sales, insights, engineering, ad-intel and panel management. As per local US media, 30 individuals have been laid off from its radio and TV sector. The exact number of employees has not been disclosed by the company. However, the current layoffs are set to impact only lower-tier positions.…
In 2004, a petition was filed by Amar Singh (the petitioner), employed in the state as a school watchman in December 1992. The petitioner was initially employed on a monthly wage of Rs 30. In the subsequent year, he officially took on the position of a watchman (choukidar) and his salary was increased from Rs 30 to Rs 150 in 1998. However, the petitioner has continued to receive this amount (Rs 150) ever since. As per the petitioner plea, he expressed that he had provided continuous service for a decade since 1992, working daily from 10 AM to 4 PM,…
Marking a rare shift in the swift expansion of Jeff Bezos’ space venture, many employees at Blue Origin have been rendered jobless. The downsizing is primarily impacting the human- resources and talent- acquisition departments. The news has been confirmed through LinkedIn, by Micah Thornton, production control specialist, Blue Origin. Furthermore, sources close to the information have also revealed that certain employees were offered the chance to secure a different position within the company. Established in the year 2000, Blue Origin’s workforce has been consistently expanding in recent times, driven by various initiatives. The company recently launched various initiatives such as…
Expedia Group has recently undergone another round of layoffs, as confirmed in an internal message sent by Tript Singh Lamba, a senior vice president within the company. The message, obtained by GeekWire, emphasised the need to prepare for 2024 with the goal of creating the world’s most sought after AI-powered travel apps. These organisational changes are intended to facilitate faster progress, enhance alignment and streamline operations. The company has not provided specific details regarding the layoffs but issued a statement to Skift, expressing its commitment to delivering exceptional travel experiences to customers amidst high demand. The fir. acknowledged that some…
In a recent news, a female employee of the International Cricket Council (ICC) claimed that she has faced sexual harassment at the workplace. What is more shocking is that there has been no action or reaction on the part of the council regarding the complaint, including the chairman and CEO. The employee had claimed that the ‘harassment’ by the senior ICC official commenced prior to the 2021 T20 World Cup in the UAE. As stated by many media reports, the female employee, concerned about her safety, chose to deliver her complaint in person to a senior ICC official instead of…