The migration of domestically developed intellectual property to foreign corporations within India reflects an anomaly in the demand pattern of the country's job market, points out Kanika Datta.
Driven by ever-expanding workforce and salary levels, the employee expense bill of Indian corporates has grown beyond Rs 1,00,000 crore (Rs 1,000 billion).
Over 90 per cent of those who underwent abridged courses at various IIMs this year have got jobs with salaries ranging from Rs 10 lakh to Rs 25 lakh per annum.
The year 2015 is likely to see an average pay increase of 11.3 per cent across job roles.
Of the 508 crorepatis, 17 are from newly-listed companies while 26 joined their companies last year.
Many employees feel there is still a significant salary disparity between the genders for the same profile.
While praising the internship scheme announced in the Budget, India Inc wants clarity on how it will be implemented. The scheme is expected to help companies address the skill gap in employment. Dheeraj Hinduja, chairman, auto major Ashok Leyland, said: "We had started an internship programme at our plant in Pantnagar, which we established in 2010 with colleges there.
Boost to dairy sector will generate jobs
It's not surprising that CEOs in IT companies are among the richest in India Inc.
With the negative impact of demonetisation waning and the implementation of the GST, 80% of the CEOs surveyed said they were planning to hire more people in 2018
Indian companies are likely to shell out an average salary increment of 10.3 per cent in the current fiscal with employees in pharma, health care and life sciences projected to get 12.4 per cent raise, says a survey.
Few top honchos of India Inc did very well in 2014.
Many chief executives said they were talking to people at the top level in their organisations to find how their companies can help the flood victims.
India Inc resorted to salary cuts to protect their profits in the June quarter, as revenues came under pressure due to the second pandemic wave that affected nearly the entire country, a report said on Wednesday. The "weak" wage growth will prove to be a drag on the overall economic recovery in the medium term as it will affect household consumption, the report by India Ratings and Research said. An environment of pandemic-led uncertainty and elevated inflation could impact the level of spending and hence the overall demand, it said.
Going by the current pace, IT firms are likely to exceed the manufacturing sector in salary payouts over the next five years.
The year gone by saw the high and mighty of the corporate world face the music in the Delhi High Court which held that the telecom majors are amenable to CAG audit and Mukesh Ambani's RIL struggling hard to get rid of an FIR lodged on gas pricing by the 49-day-old AAP regime.
Even as cyber threats continue to rise in India - the second-largest global active internet user base - the country is currently facing a big skill gap in the cybersecurity domain and represents just six per cent of global cybersecurity jobs, finds a report. As of May 2023, the industry had about 40,000 open opportunities, indicating the growing demand for skilled cybersecurity professionals. However, the demand-supply gap stood at 30 per cent, projecting a major skill challenge in the industry, finds the study by tech staffing firm TeamLease.
Rishad Premji, chairman of IT services major Wipro, saw his compensation for FY23 decline by almost 50 per cent year-on-year, due to a fall in the firm's profit. According to the Form 20-F, filed with the US Securities and Exchange Commission by Wipro, Premji's compensation for FY23 was $951,353, down 50 per cent from $1,819,022 in FY22. "Rishad A Premji is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits of Wipro Limited over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2023 was negative, the Company determined that no commission was payable for fiscal year 2023 to Mr Rishad A. Premji," said the company in the filing.
At a time when the Members of Parliament (MPs) bagged a 300 per cent salary hike, India Inc has taken a pay hike between 50-90 per cent.
Executives in India are likely to take home a fatter salary than their peers across Asia this year as average base pay for heads of organisations in the country are likely to rise by 8.3 per cent, says a report.
Recession or not, the number of CEOs earning more than a crore is rising with hundreds of new names in India's millionaire club.
Mother India is going through a prolonged labor, trying to give birth to a child called Innovation.
'Dear PM, INC supports the salary cut for MPs. Please note that MPLAD is meant to execute developmental works in the constituency. Suspending it is a huge disservice to the constituents and will undermine the role and functions of MP,' Congress chief spokesperson Randeep Surjewala said on Twitter.
With a focus on direct, indirect, and corporate tax structures, the Budget 2016-17 offers a balanced taxation structure
The banking regulator was uncomfortable with the runaway pace at which consumer credit was growing.
'Markets are factoring in a good show by India Inc in Q2.'
In 2013, the average salary increase was 10.2 per cent while in 2009, it was 6.6 per cent.
Engineering giant Larsen & Toubro (L&T) handed out a pay cheque of Rs 61.27 crore to its chief executive officer (CEO) and managing director (MD) SN Subrahmanyan in the last financial year (FY22), which is a near 115 per cent hike over FY21, as executive compensation at India Inc comes under sharp focus after two years of Covid-19. In fact, the total compensation of L&T's executive directors (including Subrahmanyan) in FY22 was 120 to 670 times the median remuneration of the company's employees, data from its FY22 annual report shows. This points to sharp hikes that the top management saw in their remuneration during the period, experts in human resources said. In FY21, L&T's executive compensation was 56 to 337 times the median remuneration of company employees.
The Enforcement Directorate (ED) is probing alleged fraudulent foreign funds infusion of more than Rs 86 crore into a company that runs the NewsClick portal even as it is expected to soon file a charge sheet in the case being probed under the anti-money laundering law, official sources said on Monday.
India Inc is expected to offer average salary increments of 11.3 per cent this fiscal and those working in sectors like pharmaceuticals, health care and life sciences are expected to get a raise of 13.1 per cent.
This has affected all political activity of the party, Maken said at a press conference.
Increments in 2017 would be less than in 2016, says survey.
Salary hike isn't enough anymore, it's time for stock options, promise of deferred entrepreneurship and much more.
Shareholders have given approval to the appointment of Ambani scions Akash, Isha and Anant on board of Reliance Industries, the company said in a stock exchange filing.
The median gross hourly salary for men in India in 2018 stood at Rs 242.49, while for women it stood at around Rs 196.3.
India Inc has weathered many a storm during Covid-19: from supply chain disruptions to demand dips, steep increase in input costs to shortage of key raw materials. As most companies navigated unprecedented challenges on multiple fronts, realisation dawned also about the criticality of employee welfare in the survival of the business. And it was the human resources (HR) department that faced the greatest test on this front.
Most companies see the next few quarters as a period of uncertainty and are trying to shift costs from fixed to variable.
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