As per Hay Group, India may see low double-digit salary hikes of as much as 12% across various levels in 2012
The Indian job market is expected to see slower hiring activity, but double-digit salary hikes next year as employers are embracing a “cautiously optimistic” approach amid the economic uncertainty.
Surviving overall global sluggishness replete with large-scale layoffs in different sectors, the domestic employment scenario has gathered some steam towards the end of 2011, as reflected in the relatively better hiring plans of companies.
Experts, as well as different surveys, are projecting a slower pace of hiring activities in the country in the New Year, but said India would still fare better than its global peers. However, apprehensions are high that the economic slowdown and declining industrial output could seriously affect the hiring plans of corporates, they said.
“Although there will be a variation in employment generation outlook across sectors, new jobs will continue to be added, but at a slower pace,” global HR consultancy Ma Foi Randstad managing director and CEO, E Balaji, told PTI.
“The global economic uncertainty has impacted the Indian market, in spite of the positive sentiments displayed at the beginning of 2011,” he noted. In the coming months, recruitment is expected to grow in sectors such as retail, healthcare and IT & ITeS, defence, hospitality, consumer durable and nuclear energy. Global human resources major Hay Group’s India managing director, Gaurav Lahiri, believes that India, to some extent, is insulated from layoffs happening in the developed world.
“The Indian employment market is cautiously optimistic,” he said.
Salary hikes: As per Hay Group, India may see low double-digit salary hikes of as much as 12% across various levels in 2012. This would be slightly better than the average pay increase of about 11% in 2011. However, HR experts tracking various sectors feel there will be a slowdown in recruitment activity in the coming months.
Though most companies are unlikely to trim their headcount, as has been the case in many other countries, new hiring could be put on hold, at least in some segments.
Job offers: Staffing solutions company TeamLease Services’ senior vice-president and co-founder, Sangeeta Lala, said that new job creation over the last six months has declined by 15% from the year-ago levels, mainly in sales and customer services.
The uncertain economic environment and a perceived policy paralysis have also dampened the consumer sentiment and are affecting new job offers. The sectors, where new job creation, has been adversely affected include FMCG, sales, customer service operations, insurance and telecom.
Bajaj Allianz has four insurance options—Rs2 lakh, Rs4 lakh, Rs6 lakh and Rs8 lakh and the indicative premiums for these four options range from Rs3,770 to Rs14,276
Marriages are made in heaven, but they can very well turn sour on this earth, by way of getting cancelled or not proving to be fruitful after being consumed.
Seeing a business opportunity here, the insurance companies have come out with an innovative proposition, wherein they would insure the weddings against their postponement or cancellations for certain reasons.
The catch is that the insurer will not pay for marriages turning sour due to personal differences between the bride and the groom, and the claims would be entertained only for losses due to external factors like accidents, catastrophes or unintentional man-made disasters or disruptions.
At least two Indian insurance companies, ICICI Lombard and Bajaj Allianz, have come out with the exclusive ‘Wedding Insurance’ products, while some others are providing similar coverages under their more generalised insurance policies.
Experts say that the wedding insurance covers are currently being availed mostly by HNIs (high net worth individuals) and celebrities, given the high costs attached with their weddings, but insurers also want to tap others for these policies as wedding bills are as such on rise across the board.
Accordingly, Bajaj Allianz is offering wedding insurance with premium payments of below Rs4,000, and close to Rs15,000. As per its website, it has four insurance options—Rs2 lakh, Rs4 lakh, Rs6 lakh and Rs8 lakh and the indicative premiums for these four options range from Rs3,770 to Rs14,276.
The policy covers "wedding cancellation/postponement due to fire or any natural disaster, accident of bride/groom, accident of blood relations resulting within seven days of the wedding date, damage to property including the venue, burglary and even cases of food poisoning at the function."
Noting that wedding is an expensive, but 'once in a lifetime' event, Bajaj Allianz said that any postponement or cancellation involves a certain risk of monetary loss, and its wedding insurance acts as a safeguard against "unforeseen events that could postpone or cancel your wedding."
ICICI Lombard, on its part, provides insurance cover for the wedding cancellation, material damage to the property such as wedding venue, personal accident cover for insured person (bride or the groom) and any public liability arising out of the cancellation.
Denying that the move is a recall, Tata Motors said it is changing the old starter motor with a new and ‘better’ one, an exercise that will reportedly to cost the firm around Rs110 crore
New Delhi: In the biggest-ever replacement exercise in the Indian automobile history, Tata Motors has asked an estimated 1.40 lakh Nano owners to bring back their cars for change of the starter motor free-of-cost, reports PTI.
Vehemently denying this is a recall, the company said it is changing the old starter motor with a new and ‘better’ one, an exercise that will reportedly to cost the firm around Rs110 crore.
“We have devised a better starter motor and so we are upgrading it in our old Nanos for improved performance. We have not received any complaint for this and this is not a recall,” a Tata Motors spokesperson said.
The company started the exercise in October and has already replaced the starter motor in about 50,000 Nano units, he added.
When asked about the total number of cars that will be covered under this replacement activity, the spokesperson said: “We will change the part in all the old Nanos that were sold before launching the Nano 2012 in November.”
According to Society of Indian Automobile Manufacturers data, Tata Motors has sold a total of 1,40,428 Nano units till November 2011, since the car’s launch in 2009.
On 21st November this year, Tata Motors introduced an upgraded Nano with a facelift, a more powerful engine, better fuel efficiency and new features, while keeping the price the same, in a bid to boost sales.
Asked about the cost of replacing the starter motors, the spokesperson declined to comment. However, as per reports, the company is likely to incur a total outgo of Rs110 crore for replacing the key component, which is responsible for starting the engine.