WRITES TO EMPLOYEES
Zomato gets shareholder approval for Esop plan, gives up pursuit of NBFC licence
Food delivery company Zomato had proposed an Esop pool of 183 million shares. The new plan would mean a 2% stake dilution for existing shareholders, founder and CEO Deepinder Goyal had told shareholders in May, adding that the new pool would be sufficient for the next five years.
Bank Unions write to Finance Minister for merger of RRBs with Sponsor Banks
The merger of Regional Rural Banks with Sponsor Banks, as demanded by bank unions, aims to enhance efficiency, viability, and sustainability in the banking sector. This strategic move will not only improve employee skills and governance but also mobilize deposits, streamline credit delivery, and benefit the rural population significantly.
I want to be one of the nicest guys they knew: Titan MD CK Venkataraman
Titan MD CK Venkataraman, who has been MD of Titan and Tanishq for four years, shares his experience in balancing the interests of various stakeholders, securing employee buy-in, and life after Titan. He explains that most decisions are about optimising stakeholder interest, but dealing with strong personalities with contrasting views is crucial.
OpenAI releases former staffers from non-disparagement clauses
In a message sent to former employees Thursday, the company said it would not seek to cancel staffers’ equity that has vested if they spoke out about the company.
Poor nations are writing a new handbook for getting rich
The recipe -- customized in varying ways by Hong Kong, Singapore, South Korea, Taiwan and China -- has produced the most potent engine the world has ever known for generating economic growth. It has helped lift hundreds of millions of people out of poverty, create jobs and raise standards of living.
Annual performance appraisal: Take charge of the most important discussion of the year
This is the time for annual goal setting that will determine how you will be measured next year, your likelihood of success or failure and your prospects for growth.
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Air India set to lay off 200 staff to recast business
Tata-owned Air India restructures, cutting 200 jobs. Compensation for retrenched staff. VRS schemes utilized. Air India Express part of the process. Consolidation to merge airlines for full service carrier, expanding headcount with strategic recruitment.
Job market signalling: What it is, how to apply it to stand out in the job market
Michael Spence received the Nobel prize for his Harvard thesis, where he proposed the idea of job market signalling, a foundational concept in labour economics. Here’s how to understand the way employers read signals, and apply this to stand out.
Boeing staff confused on safety reporting: US study
After fatal plane crashes, Boeing employees are confused and distrustful of changes to safety reporting systems. There is a disconnect between senior management and employees, with skepticism about safety complaints resulting in retaliation. The report offers recommendations to standardize safety training and enhance transparency.
Read the full text of Byju Raveendran's letter to employees after EGM by investors
On Friday, a group of investors unanimously voted to oust Raveendran as the CEO of Byju's and revamp the board, which includes wife and cofounder Divya Gokulnath and brother Riju Ravindran.
How many managers is too many managers? Why every corporation needs a Marie Kondo
Spring is not only a time for cleaning our homes, but also for decluttering organizations. Managerial clutter, bureaucratic tasks, and excessive meetings waste time and lower morale. Implementing a regular employee-driven spring cleaning process can empower employees and ensure that unnecessary processes are eliminated.
Board exits at Paytm bank; Mamaearth’s Q3 profit up 265%
Shinjini Kumar, a former Bank of America and PricewaterhouseCoopers (PwC) executive, resigned from the payments bank’s board in December, we have learnt. Manju Agarwal, former deputy managing director at State Bank of India, has also quit.
With eye on governance reforms, govt asks retiring and retired employees to share work experience
The Centre has launched the 'Anubhav portal' to collect experiences of retiring and retired central government employees. These experiences will serve as the foundation for future governance reforms. The government has also notified the Anubhav awards scheme 2024, which requires retiring employees to submit their write-ups up to one year after retirement. The write-ups will be assessed by ministries/departments and the selected ones will be published on the portal.
New pension rules: These female central govt employees can now nominate children for family pension instead of husband
The Department of Pension & Pensioners' Welfare has announced that a woman central government employee can choose to nominate her child or children for a family pension.
Class of 2024: Take time and care to make that resume
Resume is a key requirement for freshers looking for jobs. This document becomes even more critical when they are searching for jobs directly, without going through campus placements.
Govt lets women employees nominate children instead of husband for pension in marital discord cases
If a deceased government servant or pensioner is survived by a spouse, family pension is first granted to the spouse. Other family members become eligible for family pension, on their turn, only after the spouse of the deceased government servant/pensioner becomes ineligible for family pension or dies, according to the rules.
Two U.S. senators write to Musk, call for Tesla recalls over safety risk
A Reuters report found that Tesla told NHTSA and customers that the frequent failures of defective parts in its electric vehicles were caused by driver "abuse," such as hitting a curb. In 2020, Tesla gave that explanation in a letter to the safety agency explaining why it would not recall a suspension part called the aft link in the United States, despite having just recalled it in China.
Work-life balance: How companies can get the best out of their employees by giving equal priority to their personal and professional lives
To increase individual productivity, there is no substitute for hard work. An athlete works hard to get his body to retain muscle memory. Software engineers are no different. They compete in an increasingly complex world. If they have not practised diligently and modernised themselves, chances of success are low. Hence, hard work is a given. A question to many youngsters arguing against the idea of hard work: 'Is your work so repulsive that you have to reserve only specific times for it?'
How layoffs reordered Indian startups this year, and other top tech stories this week
Startups laid off over 28,000 people just in the first three quarters of 2023. This alone was over 50% higher than 2022, when companies let go nearly 18,000 employees.
Congress writes to MP CEO over postal ballot 'malpractice' in Balaghat; officials deny charge
"The service votes (postal ballots) were being segregated assembly-wise by taking them out from the strong room in the presence of authorised Congress and Bharatiya Janata Party agents. These were kept in the boxes meant for them," Anupam Rajan told PTI.
Provision write back helps SBI as wage costs rise
Net profit increased to Rs 14,330 crore in the quarter ended September 2023 from Rs 13,265 crore a year earlier due to a 12% growth in advances, led by a 23% growth in loans to small and medium enterprises (SMEs). Total provisions fell sharply to Rs 115 crore in September 2023 from Rs 3039 crore a year earlier because the bank benefited from a Rs 1295 crore write back from accounts which recouped delayed payments earlier. Net profit was in line with a poll of analysts by Bloomberg which had predicted Rs 14,329 crore.
Railway employees' union writes to PM Modi for pay revision
"It can be reviewed and revised on the basis of the Aykroyd formula which takes into consideration the changes in prices of the commodities that constitute a common man's basket, which the Labour Bureau at Shimla reviews periodically. It is suggested that this should be made the basis of revision of that matrix periodically without waiting for another pay commission," the 7th CPC had added.
Mind your language! Teach your employees to write emails. Really.
Business emails are not just about good English and perfect grammar. Miscommunication on email can damage relationships and burn bridges faster than a tinderbox.
Senior official who won VRS case against Railways given 'punishment posting', alleges employees' unions
A chief divisional train controller who won a VRS case against the Railways in July has been transferred to Mathura, sparking opposition from employees' unions. The unions claim that the transfer is an act of vendetta, as Mathura does not have a train control office. The North Central Railway (NCR) zone defended the transfer, stating that postings are subject to requirements in different departments.
Priyanka Gandhi writes to PM Modi, calls for declaring Himachal calamity 'national disaster'
Gandhi also expressed concern about the reduction in import duty on foreign apples, which would further impact the state's apple farmers. The Congress government in Himachal Pradesh is working to address the crisis, and Gandhi called for solidarity and support from the central government.
'Hardest thing I've ever had to write': Laid-off Google employee shares heartfelt note in viral LinkedIn post
Google is reportedly laying off hundreds of employees from its global recruiting team. One affected employee, Vanessa DeCollibus, shared a heartfelt note on LinkedIn expressing her gratitude to Google for the opportunity and her determination to find a new path. She appealed to the LinkedIn community for any job opportunities, stating her willingness to relocate anywhere in the US.
As AI reshapes workplaces, prioritising health & well-being of employees takes centre stage
The rapid adoption of artificial intelligence (AI) in the workplace has the potential to impact the health and well-being of workers. While AI can perform strenuous tasks and improve safety, it could also lead to inequities in the labour market and increase job intensity and stress.
Heart goes out to team members who are facing downsizing: Byju Raveendran writes to staff
Byju's has undertaken multiple rounds of layoffs amid uncertainty around the company's cash position and overall slowdown in its business post the Covid-19 bump up.
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