Layoffs Coming, and in Large Numbers - Article from WorkForce Management

Career Protection - employment consulting and legal firm took a survey with more than 1,300 corporate executives and senior-level officials earlier this month.

In fact, the firm is predicting a 37 percent increase in layoffs this year compared with last year, based on a survey of more than 1,300 corporate executives and senior-level officials that was conducted earlier this month.

The layoff forecast is the worst in the past five years, according to Career Protection officials. They also showed that the firm has already been “inundated” with inquiries from employees at a number of companies that announced layoffs earlier this month, including Bear Stearns, Chrysler, Citigroup, Ford, Covidien, General Motors, IndyMac and Sprint Nextel.

To read the full story, Visit WORKFORCE MANAGEMENT ONLINE

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Interesting HR Survey - "No love for the ladies of tech"

Women in IT feel let down by the lack of support from their HR departments, according to a UK survey by Microsoft and networking portal womenintechnology.co.uk.

When asked to rate the support given to them as female employees, HR’s reputation fared significantly worse than other members of the workforce. More than a quarter (28%) of respondents rated HR departments as less than okay, compared with just 19% of line managers and bosses, and 11% of colleagues.

To read the full story, Visit JimStroud Blog

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Life of a Recruiter - After posting a Job AD

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TCS cuts Staff Salaries

Tata Consultancy Services (TCS), India’s largest software exporter has cut a portion of the variable pay linked to its performance,reducing an employee’s salary by about 1.5% for the Q1,2008.

On Tuesday, TCS in an email communique to its 100,000 plus employees said a combination of internal and external factors saw it failing to meet its Economic Value Added target—a financial performance method calculated as the net operating after taxes profit minus a charge for the opportunity cost of capital invested.

Infosys Technologies, the closest Indian rival of TCS, chose not to read anything into the missive. “It is not an industry issue,” said Infosys Chief Financial Officer V Balakrishnan.

On its part, TCS said, though it met its revenues targets, the EVA target forms the basis for the variable pay computation and has been given in advance, each month during Oct-Dec period.

Based on the audited results, the EVA-based variable payout amounts to Rs 293 crore for the quarter. The actual variable payout based on expected EVA given in advance amounts to Rs 376 crore.

Therefore, the advance payment that has to be adjusted amounting to Rs 83 crore, will be recovered during the current quarter from the employees.

The recovery would be reflected in employee wages in the months of February and March 2008.

To read more, Visit Business Standard

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Best Practices in Candidate Sourcing - Free White Paper from WorkForce Management Online

Source: workforce.com

The white paper on Talent Acquisition in a Tight Market briefs on talent acquisition strategies need to be followed in future to reach both active & passive job seekers and the practices that can help improve the company's recruitment planning process.

The white paper is free for download. To download click here

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Naukri's Insta Hire

Naukri.com - India's leading Job portal introduced Instahire-recruitment solutions made available on mobile phone!

This service enables the recruiters to view,select & shortlist the candidates and send an SMS to the prospective candidates. If the candidate is interested in the job, they can reply to the SMS to get the details of job profile.

Instahire aims at convenient, effective & instant recruitment - all on your mobile phone.

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Virtual Candidate Asseessment Tests

The Multi-State banking firm National City Corp adopts Virtual tools for Candidate assessment purposes.

We were looking for ways to differentiate ourselves among our competitors," says Cheryl Goodman, National City’s assessment consultant vice president.

It was among the reasons National City adopted Shaker Consulting Group’s Virtual Job Tryout in early 2007. The system does what its name suggests—allows companies to audition candidates by measuring how they react to computerized simulations of specific job-related tasks.

Beyond assessment, Goodman is counting on it to give National City a leg up on competitors by creating a distinctive recruiting experience.

Read the full story from Work Force Management Online

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