GDP growth estimate scaled down to 6.9%
Times of India
India’s economy is expected to grow by 6.9 percent in 2011-12, new data from the government showed, Times of India reports. GDP growth, the lowest in three years, has been hampered by poor industrial performance and a decline in the mining sector. Data from the Central Statistics Office showed growth in 2011-12 is estimated to be a little below the 7 percent to 7.5 percent being projected by policymakers and well below the 9 percent projected last year. The growth rate is the lowest since the 2008-09 global financial crisis, when it fell to 6.7 percent. The key farm sector is estimated to grow by 2.5 percent in 2011-12, much below the 7 percent achieved in the previous year. High inflation, high interest rates, a slowing global economy and policy paralysis following several scandals are some of the factors responsible for the slow growth.

Click here for the story from Times of India.

Employment optimism among Indians slips
Financial Express / Financial Chronicle
Indians were less optimistic in the fourth quarter of 2011 compared to the previous quarter about their job prospects over the next 12 months, Financial Express reports. As per a study by international information and insights provider Nielsen, Indians’ optimism about their employment prospects fell to 78 percent in the fourth quarter of 2011 from 81 percent in the previous quarter. Nielsen’s latest global consumer confidence study covered more than 28,000 online consumers across 56 nations. However, Indians were still more confident about their prospects compared to people in Indonesia, which was at 72 percent, the Philippines 72 percent, Brazil 71 percent and China 68 percent, the report said. India topped the charts globally in terms of overall consumer confidence levels for the eight consecutive quarters.

Click here for the story from Financial Express.
Click here for additional coverage from Financial Chronicle.

Hiring improves in January 2012
Financial Express
Hiring improved across all sectors in the first month of this year despite the prevailing economic uncertainties, as per an analysis, Financial Express reports. There was positive hiring activity in all key industries in January against December. The Naukri Job Speak index, an indicator of online job demand, was 1,121 for January, which is 4 percent above the index in December last year. Hiring growth in ITeS, oil and gas and telecom was the strongest at 19 percent, 18 percent and 16 percent, respectively, the report said. Hiring in construction and pharmaceutical sectors remained stable, while it improved 3 percent for IT and banking in January compared to December last year. City-wise, hiring in Delhi, Bangalore and Chennai showed a 10 percent, 9 percent and 8 percent increase, respectively, in January over December.

Click here for the story from Financial Express.

Placement season at IIM-K beats slowdown blues
Times of India
B-schools seem to have weathered the global slowdown going by the placement season at Indian Institute of Management-Kozhikode (IIM-K), Times of India reports. More than 60 percent of the 2012 batch has landed lucrative jobs with leading companies in the first two weeks of the season itself. In fact, the institute is likely to secure 100 percent placements this year as well. Following their summer internships, as many as 50 students have received pre-placement offers (PPOs) from companies, a 100 percent increase over the previous year. Among firms which made PPOs were HSBC, Hindustan Unilever, Deloitte and Reliance. The increase in PPOs shows that companies are impressed with the performance of the institute’s students during their internships, said Raghupathi Hari, placement coordinator at IIM- K.

Click here for the story from Times of India.

LinkedIn unveils customized solutions for India
Financial Express
LinkedIn has launched hiring solutions tailored for the Indian market, a move aimed at enabling recruiters to access the large talent pool in the country, Financial Express reports. LinkedIn India has introduced localised versions with India pricing for offerings like LinkedIn Recruiter which will enable Indian recruiters to search and target profiles in India. Head of Hiring Solutions Irfan Abdulla said the networking website’s member base, comprising educated and engaged professionals, is much in demand among recruiters. The portal has more than 13 million users in India. The move comes in response to the growing demand for customised solutions in the Indian market, Abdulla added. Other offerings, such as Jobs Network and Talent Direct are also priced differently for India.
 
Click here for the story from Financial Express.

Study: Growing ‘app economy’ creating jobs
Times of India / Economic Times
Apps, tools which run on smartphones, computer tablets and social networking sites, are creating thousands of jobs as per an analysis, Times of India reports. According to a study by technology trade group TechNet, demand for applications (apps) has generated 466,000 jobs in the U.S. since 2007. This includes 311,000 jobs at companies actually producing the apps and an additional 155,000 at local merchants who expanded their workforce due to the economic ripple effect of increased spending at their businesses. Apps manufacturers were hiring even when the overall U.S. unemployment rate touched a high of 10 percent in late 2009, says Michael Mandel, the economist behind the report. The “app economy” is actually expanding and hiring, he adds. Further, every app-programming job produces another position in sales, marketing, human resources and other administrative roles, says the study.

Click here for the story from Times of India.
Click here for additional coverage from Economic Times.

Improving productivity new focus area for HR
Financial Chronicle
The common problem facing companies today is one of “talent crunch” and firms spend a lot on training and retaining employees but often do not succeed. According to a study by global HR services provider Kronos, the problem is not about talent creation or reducing attrition but about improving productivity, Financial Chronicle reports. The survey covered 215 respondents including 30 HR heads across the IT, BPO, manufacturing, healthcare, hospitality and retail sectors. It found that recruiting and retaining talent is among the most important workforce challenges in India. However, boosting productivity, which has never been a focus area for HR before, has now become a main concern for the departments. James Thomas, country manager, India operations, Kronos, said workforce productivity is becoming a key focus area internationally and even more in workforce-intensive markets such as India. It is vital to understand the factors that affect workforce productivity so that organisations can take steps to increase their competitiveness, he added.

Click here for the story from Financial Chronicle.

Why many hesitate to switch jobs
Economic Times
Daniel Gulati, tech entrepreneur and co-author of the book “Passion & purpose: Stories from the best and brightest young business leaders” discusses, in an Economic Times report, the forces that often prevent a person from leaving a job they despise. Contrary to popular belief, people’s inability to quit their existing jobs has nothing to do with the perceived riskiness of their new professions, says Gulati. Human beings are conditioned to accumulating small wins, such as spontaneous recognition from our bosses, an unexpected bonus or promotion or landing a big new client. These are all rewards subconsciously conditioning us to keep working the same job. Add to that, losses are amplified in the age of networking. So, when your early-stage venture fails, your friends are going to know about it. Thus, most people, already very careful, are finding it more difficult than ever to quit their familiar jobs to try something new.

Click here for the story from Economic Times.

Channel the perfectionists
The Hindu
Many people believe that perfectionism is a virtue but according to experts, perfectionists employed in the wrong place in an organization can do more harm than good, The Hindu reports. Perfectionists find it difficult to delegate work, meet deadlines and handle criticism. They are unable to see the big picture and therefore do not comprehend the priorities. Consequently, they often face failure in life. The solution lies in modifying their perfectionist mindset or locating the right role for them within the company. Experts suggest several ways to handle perfectionists in an organisation. Perfectionists are good at jobs that require attention to detail but are limited in scope. Therefore, giving perfectionists the right job in an organisation can increase their productivity and reduce their negative influence on co-workers.

Click here for the story from The Hindu.

People Moves & Recruitments

Dhanlaxmi Bank MD steps down
Financial Express
Amitabh Chaturvedi, managing director and CEO of Thissur-based Dhanlaxmi Bank, has resigned, Financial Express reports. A bank spokesperson confirmed that Chaturvedi had put in his papers. Chaturvedi had taken over in 2008.

Click here for the story from Financial Express.

Sakal Media names COO, Marketing Chief
exchange4media
Sakal Media Group has appointed Jaisurya Das as COO and Shailesh Amonkar as chief marketing officer, exchange4media reports. Das, who has been associated with Sakal Media as a consultant, joins from Xanadu Consulting Group, a media and advertising talent firm where he was chief mentor and founder-director. Amonkar, who will be heading sales and marketing, has rejoined Sakal. He was with the group from 2003 to 2006 as head of sales but quit to set up his own media firm, Kemistry Media Solutions.

Click here for the story from exchange4media.

OMD India appoints COO
exchange4media
OMD India has appointed Harish Shriyan as COO of the agency with immediate effect, exchange4media reports. Shriyan joined the agency at the time of its launch as managing partner and has worked with OMD India CEO Jasmin Sohrabji.

Click here for the story from exchange4media.

Song Investment founder & MD quits
VC Circle
Song Investment Advisors has announced the departure of founder and managing director, Vishal Vasishth, VC Circle reports. Vasishth said he was looking at various opportunities. Aspada Capital Advisors, led by Song’s existing investment manager Kartik Srivatsa, will handle the firm’s existing portfolio of investments.

Click here for the story from VC Circle.