LOCAL TALENT
Singapore is making life tougher for global talent
Singapore's 2022 points-based employment pass system, requiring a salary minimum for overseas employees, may affect its business hub status. It addresses local job concerns, crucial for the People’s Action Party's election prospects. The American Chamber mentions US firms' talent shortage. Ministry of Manpower notes local job growth and non-resident employment drop in 2024.
India Inc makes a play for equality: L&T and Amazon lead the way with all-women teams in engineering and delivery
Engineering giant L&T has established an all-women team at Tata Steel's mining site in Odisha, handling large machinery repairs, inspired by a successful pilot. Amazon, which initiated all-women virtual customer service in 2020, now operates nine all-women delivery stations in various locations. Companies like Shell, KFC, and Dr. Reddy's are also creating all-women teams in various sectors, boosting productivity, reducing attrition, and attracting female talent. These initiatives aim to address the gender gap and promote inclusive practices across industries.
Infra push, talent access helps satellite cities reshape India's commercial realty
India's commercial real estate landscape in satellite and tier II cities is undergoing significant transformation due to robust infrastructure development, strategic urban planning, talent availability, and lower cost of living. Cities like Navi Mumbai, Pune, Gurugram, Noida, and Hyderabad have seen extensive investment in road networks, metro connectivity, and digital infrastructure, making them attractive hubs for businesses.
Cost of living doesn't influence salaries; Pune among safest cities: KPMG Survey
A survey by KPMG revealed that cost of living differences across Indian cities do not affect compensation decisions, with most HR leaders stating there is no city compensatory allowance anymore. Employees consider various factors like rent, property indices, and local purchasing power when evaluating cost of living. Pune is highlighted for excelling in safety, while other cities like Chennai and Navi Mumbai excel in connectivity and healthcare. Companies are tapping into talent pools in satellite cities like Gurugram and Navi Mumbai.
Small cities home to big dream jobs: Hiring scene in tier 2, 3 cities gets busy
Job opportunities are growing across sectors in tier 2 and 3 cities, and professionals are eager to join, recruiters and firms said. Escalating living costs and infrastructural challenges in metros are prompting executives to move to smaller cities. Companies, on their part, are drawn by cheaper land costs, lower salaries and easy talent availability, besides rising disposable incomes in these cities.
Senior-level IT services hiring in 2024 focuses on new-age skills
IT services and global market conditions impact senior-level hiring with pay hikes expected. Roles in finance, consulting, and program management are in demand. Companies hiring for roles like chief AI officer, delivery head-AI, and CFOs. Skills in cloud computing, machine learning, and data engineering are sought after. Gartner forecasts $5 trillion IT spending in 2024, with India's IT spending growing.
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Indian IT’s reliance on H-1B dropped 56% over past 8 years
Indian IT companies’ reliance on H-1B visas has fallen over the years as they have ramped up local hiring in the US. High denial rates during the Trump administration along with tightening of the immigration regime have also decreased visa usage, experts said.
Sweltering heat pushes up demand for temporary workers in rural markets
There is a 20% year-on-year increase in rural job vacancies, according to executives at recruitment services and consumer companies. They estimate 20,000-50,000 new temporary jobs are being created this year thanks to robust summer season demand in rural and semi-urban areas while companies with a large focus on rural businesses are looking to bolster sales and distribution presence in the hinterlands.
Vengsarkar, Walsh, RP Singh launch Big Cricket League
Courtney Walsh, Dilip Vengsarkar, and Rudra Pratap Singh launch Big Cricket League (BCL) with franchises. Vengsarkar is the League Commissioner, aiming to provide local cricketers a platform to shine alongside their heroes.
Firms rush to recruit chief AI officers amid tech frenzy
Companies scramble for AI talent, hiring CAIOs and other AI leadership roles. Top firms like Harman, Blackrock, and Deloitte emphasize the importance of AI leadership as AI becomes more integral to business operations worldwide.
Foreign lands turn hunting ground for CXO search companies
Global CEO and CXO searches by Indian companies and MNCs focus on specialist roles in high-tech sectors like automotive and pharmaceuticals, emphasizing expertise in data centers, cloud computing, and EV technologies. Returning Indians are sought for their industry knowledge.
Top law firms rule in favour of smaller cities; plan to hire local talent in Nashik, Pune, Indore, Jaipur & Chandigarh
Indian law firms are expanding beyond metros, focusing on smaller centres like Nashik, Indore, Chandigarh, Jaipur, Pune, Ahmedabad, and Kochi. These firms believe that physical offices in these areas are crucial for their growing corporate and private client portfolios, as well as for cost arbitrage and client retention. Global captives of multinationals, companies in the automobile, electronics, renewable, and real estate sectors are also considering expanding their operations in these areas.
India’s bumper Apple harvest; GCCs go wider to hunt talent
The iPhone has driven India’s mobile exports to over $15 billion in FY24. This and more in today’s ETtech Top 5.
Semiconductor sector thrives in India as more talent ‘chips’ in for global companies
The semiconductor sector in India is experiencing significant growth, with around 30% of new global capability centers (GCCs) established in India during the December quarter of last year focusing on semiconductors. This reflects a rising interest in utilizing local talent for various aspects of semiconductor development.
GE Aerospace to invest Rs 240 cr to upgrade Pune manufacturing facility
GE Aerospace on Thursday announced its plans to invest over Rs 240 crore (around USD 30 million) to upgrade its manufacturing facility in Pune. The investment will be used to add new projects and manufacturing processes in the facility by acquiring machines/equipment and specialised tools along with capacity enhancement of existing products, the company said in a statement.
Cash-rich NBFCs lure banking professionals for CXO roles amid rapid growth
Leading NBFCs are attracting top CEO and CXO talent from major Indian banks like ICICI Bank and HDFC Bank. Recent moves include executives joining Poonawala Fincorp and L&T Finance, reflecting the sector's rapid growth.
Chinese handset companies in a fix over leadership hiring in India
While the Indian government is nudging these brands to add local executives in top decision-making leadership roles, many are apprehensive to come on board due to the limelight and scrutiny that comes along with the job in a Chinese company. Officials aware of the details told ET that the government is hopeful that Chinese brands will soon hire local talent for key leadership roles in their Indian operations, like what they did for distribution and marketing.
National Australia Bank interested in Indian fintechs, tracking local innovations closely: official
The Australian lender set up its first own office in Gurugram and is set to expand its presence locally. Patrick Wright said that there are certain aspects of banking where India leads and others where Australia does, and the attempt is to find the best of both worlds.
RBI governor on fintechs; Google, Indian apps in temporary truce
The banking regulator's recent actions are not directed against any fintech but against a regulated entity, the Governor underlined in a reference to the Paytm case that has caused major ripples in India's fintech industry.
Singapore to raise salary criteria for foreign workers in bid for high-quality talent
Singapore will raise the salary criteria for foreign executives and professionals from January next year, with employment pass holders needing to earn at least S$5,600 per month, up from S$5,000. The financial sector's requirement will increase to S$6,200. The move aims to ensure high-quality hires and fair competition for locals.
Singapore taps foreign talent as labour crunch worsens, birth rate falls
Singapore grapples with a labour shortage due to falling birth rates. The government seeks foreign workers to sustain economic growth in the digital economy. Singapore emphasizes self-reliance and sustainable growth to secure a better future.
France's 'talent passport': All about the four-year visa for highly-skilled foreign workers
France's 'talent passport' allows non-EU nationals who show promise for significant contributions to France's economy or culture, including highly qualified researchers, artists, and individuals distinguished in science, literature, arts, academia, education, or sports, to live and work in France for an initial four-year period.
ET Now GBS 2024: Higher education helps bring people together, fosters peaceful disruption
Indian universities are at the forefront of the global educational landscape, known for their entrepreneurial and adventurous spirit. With an emphasis on talent development and an expanding global presence, Indian universities are poised to lead the world. Sundaram highlights the pioneering role of NYU with its campuses outside the US as an exception to the single-campus model.
More made-in-India cars hit the roads abroad in 2023
"With increasingly stringent regulations focusing on safety, emissions, and technological advancements, car manufacturers are investing in research, development, and innovation," said Piyush Arora, managing director and CEO of Škoda Auto Volkswagen India. VW exported 40,920 passenger vehicles in 2023, registering a growth of 29%, while Skoda's exports soared 431% to 1,530 units.
India Inc acquires right expat-ise to scale new growth
Kotak Mahindra Bank, Vedanta, Larsen & Toubro, the Tata Group and the Adani Group are among large Indian conglomerates and companies that are bullish on expat talent, they said. There is also increased interest among these executives to work in India, given the opportunity for growth and experience this country offers, they said.
Top talents at real estate PE funds seek brighter prospects
"India is on the path of becoming a well-structured economy and becoming one of the top three global economies. Real estate sector will be a key contributor to this growth and recognising the potential, the government and regulators are also trying to support it with apt reforms and policies," said Chakravarti, former head of indirect investments, Asia-Pacific, Ivanhoe Cambridge, the real estate arm of CDPQ. He said formalisation of the realty sector will lead to a growth pattern similar to the one seen in the financial services over the last three decades.
Private equity real estate top guns chart new paths to tap growth opportunities
According to industry experts, the exodus of top talent on the real estate fund side is across all top positions including senior vice president and director in addition to managers, with many new funds looking at India as a growth opportunity.
Known for appearances in American TV show, former constable among 3 held with heroin in Punjab
Former police constable and America's Got Talent participant Jagdeep Singh, recognized as the world's tallest Sikh at 7 feet 6 inches, was arrested in Tarn Taran district, Punjab, along with two others. The arrests were made by the state special operation cell of the Punjab Police, who seized 500 grams of heroin from Singh's SUV.
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