Job vacancies in India’s BFSI sector see significant growth in March: Report

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Job vacancies in India’s BFSI sector see significant growth in March: Report

Job vacancies in India’s banking, financial services and insurance (BFSI) sector have seen a significant year-on-year (YOY) growth in March, according to a report on Monday.

The report by job platform Naukri showed that the insurance and banking sectors are witnessing a secular bull run in new job creation, significantly contributing to the upward hiring trend in the overall white-collar job market of India.

The new jobs created in the insurance sector recorded an astonishing 108 percent growth in March 2023 compared to March 2022, primarily driven by jobs related to selling insurance products.

The banking sector displayed a 45 percent YoY growth fuelled by the expansion of digital banking services in the rapidly evolving global economy.

The promising aspect of this growth is its geographical spread where vacancies in cities as diverse as Ahmedabad, Vadodara, and Kolkata increased by 145 percent, 72 percent, and 49 percent respectively.

The new job creation spread across both global capability centres of multinational BFSI giants as well as the domestic financial stalwarts focused on selling insurance and banking products to the Indian consumers.

“The BFSI sector’s growth in a cautious job market signals resilience of the Indian economy and the expanding horizons of the white-collar job landscape. Non-metro cities are proving to be the catalysts for change, redefining the employment narrative in India,” Pawan Goyal, Chief Business Officer, Naukri.com, said in a statement.

The IT sector, on the other hand, witnessed consolidation in hiring with a decline of 17 percent in new jobs created compared to March last year.

The hiring intent declined across both large IT giants and unicorns, while hiring for early-to-mid-stage startups remained stable with respect to the same period last year.

Vacancies for high-demand roles such as big data engineers, DevOps, and software development engineers, which were on a growth path until recent times, have declined in March 2023 by 20 percent, 9 percent, and 6 percent, respectively. However, the demand for emerging roles like machine learning saw an uptick, the report showed.

New jobs created in other non-tech sectors such as oil, real estate, FMCG, and hospitality increased by 36 percent, 31 percent, 14 percent, and 7 percent, respectively, compared to last year’s base.

However, specific non-tech sectors such as retail, education, and BPO, exhibited cautious hiring sentiment with a 4 percent, 2 percent, and 2 per cent decline in hiring activity, respectively, according to the report.

Leading job portal Indeed lays off 2,200 employees, CEO ‘heartbroken’

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Leading job portal Indeed lays off 2,200 employees, CEO ‘heartbroken’

Call it ironic but the leading job portal Indeed which helps thousands land their dream jobs has itself laid off 2,200 employees, or 15 percent of its workforce.

A ‘heartbroken’ Indeed CEO Chris Hyams announced that job cuts come from nearly every team, function, level, and region at Indeed and Indeed Flex.

“We anticipate we will be letting approximately 2,200 people go. This is roughly 15 per cent of our team. The specific decisions on who and where to cut were extremely difficult, but they were made with great care,” he said in a blog post late on Wednesday.

“Leading a company whose mission is to help people get jobs, every single day I think about how important a job is in a person’s life. Losing a job is extraordinarily hard, financially and emotionally,” he added.

The CEO said he will take a 25 per cent cut in base pay. Additionally, more than 75 percent of “my total compensation is directly tied to Indeed revenue growth, and is at risk given current trends,” he said.

The company will share information directly with everyone impacted and everyone outside of the UK, Ireland, the Netherlands, and Japan will receive an email informing them of their status.

If your position has been eliminated, the subject will be “Your Position Has Been Impacted.”

If your position has not been eliminated, the subject will be “Your Position Has Not Been Impacted.”

“In the UK, Ireland, the Netherlands, and Japan, unfortunately, local regulations will mean a longer wait. We will communicate with all of you today to outline the specifics in your region,” said the CEO.

Under the severance agreement, employees will receive 16 weeks of base salary, or two weeks for every year of service, whichever is greater.

“A cash payout equivalent to your RSUs scheduled to vest on May 1. For employees whose initial grant date was August 1, 2022, or later, you will receive a partial payout for RSUs that vest on May 1 with the standard one-year vesting cliff waived,” Hyams informed.

The payout will be calculated at the closing stock price on February 1.

Last quarter, US total job openings were down 3.5 percent year over year, while sponsored job volumes were down 33 percent.

“In the US, we are expecting job openings will likely decrease to pre-pandemic levels of about 7.5 million, or even lower over the next two to three years,” said the company.

Student groups protest at TSPSC office over exam paper leak

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Student groups protest at TSPSC office over exam paper leak

Student and youth wings of various opposition parties in Telangana on Tuesday tried to lay siege to the office of the Telangana State Public Service Commission (TSPSC) to protest over the leakage of the question paper.

Tension prevailed at the TSPSC office in the Nampally area here when workers of Bharatiya Janata Yuva Morcha (BJYM) barged into the premises by scaling the boundary wall.

The protesters damaged the TSPSC Board. Police had a tough time controlling the protesters.

Carrying BJYM flags and raising slogans, the protesters clashed with the policemen who had erected barricades.

Demanding the suspension of the TSPSC chairman and secretary, activists of the youth wing of Telangana Jana Samithi (TJS) also staged a protest. Police detained the protesters who tried to barge into office premises and shifted them to a police station.

The protesters also demanded a thorough investigation into all exams held by TSPSC in the recent past. They demanded stringent action against those involved in paper leakage.

The BJYM leaders alleged that the government is playing with the lives of the unemployed by failing to check paper leakage.

Student groups also staged protests at Osmania University, demanding action against the TSPSC chairman.

Hyderabad Police on Monday arrested nine persons, including two employees of TSPSC and a police constable for leakage of question paper of the examination conducted for recruitment to the posts of Assistant Engineer in various departments.

The TSPSC conducted the examination on March 5 for 833 vacancies of Assistant Engineer, Municipal Assistant Engineer, Technical Officer, and Junior Technical Officer in various engineering departments. A total of 55,000 candidates had written the exam.

As the two employees TSPSC allegedly copied folders containing the question papers of various exams from computers in the confidential section, the Commission already postponed recruitment examinations to posts of Town Planning Building Overseer scheduled on March 12 and Veterinary Assistant Surgeon scheduled to be held on March 15 and 16.

The Commission is scheduled to meet later in the day to take a decision on canceling the exam held on March 5 and conduct a re-exam.

Four lakh students drop out as UP Board exams begin

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Four lakh students drop out as UP Board exams begin

More than four lakh students have dropped out on the first day of the UP Board examinations for Classes 10 and 12.

The exam began on Thursday. As per reports received at the UP Board headquarters from the 75 districts, as many as 2,18,189 students out of the total registered 31,14,224 skipped the exam in the first shift itself.

Those who remained absent in the first shift included 2,17,702 out of 31,08,584 of high school and 487 out of the total registered 5,640 intermediate students.

In the second shift also, 1,83,865 intermediate students out of the total registered 25,80,544 skipped the exam taking the total to 4,02,054.

Board secretary Divyakant Shukla said that the strict anti-copying measures undertaken on the orders of the state government led to four lakh students skipping the exam on the very first day.

On the first day itself, a total of nine proxy candidates were nabbed, five in Ghazipur and one each in Mathura, Jaunpur, Bulandshahr and Lucknow.

“FIRs are being registered against these nine individuals,” board officials said.

A total of 11 students were also caught cheating in the exam on the first day. Seven boys and three girls of high school and one boy of intermediate were caught, officials added.

In the first shift, FIR was registered against Yogendra Yadav, principal of Shri Suchit Nandan Inter College, Vishanpura of Ghazipur for facilitating use of unfair means in the exam.

The state government had deputed police as well as personnel of the local intelligence unit (LIU) and special task force (STF) of the state police for smooth and fair conduct of the exams.

To ensure copying does not take place, CCTV cameras, with 3 lakh voice recorders have been installed in 1.43 lakh examination rooms of all 8,753 examination centres across the state that include 540 government institutions, and 3,523 private and 4,690 unaided colleges.

Online monitoring of the exam centres is also being done from the control room set up in the District School Inspector’s offices besides a central state-level control room in Lucknow.

A total of 170 jailed prisoners are also registered to appear in the UP Board exams this year. Of them, 79 are registered to write the high school exam while 91 will take intermediate exam.

Philippine unemployment rate rose slightly at 4.3% in Dec 2022

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Philippine unemployment rate rose slightly at 4.3% in Dec 2022

The unemployment rate in the Philippines reached 4.3 percent in December 2022, 0.1 percentage point higher than the performance in November but the second lowest since April 2005, new data revealed on Wednesday.

According to the data from the Philippine Statistics Authority (PSA), the number of unemployed Filipinos rose to 2.22 million in December, reports Xinhua news agency.

Boosted by the full resumption of commercial activities, pent-up demand, and holiday spending, top employment contributors in December include wholesale and retail trade, other service activities, and accommodation and food service activities.

Addressing reporters here, PSA head Dennis Mapa said the unemployment rate has declined to the pre-pandemic levels since July 2022 after jumping to 17.6 percent in April 2020 when the government had imposed lockdowns to curb the spread of Covid-19.

As the economy further reopened, the National Economic and Development Authority said the corresponding expansion in the services and industry sectors resulted in an additional 2.7 million employed persons year-on-year, bringing total employment to 49 million Filipinos.

TN to set up high-tech labs in Classes 6 to 8 with support from IT companies

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TN to set up high-tech labs in Classes 6 to 8 with support from IT companies

The Tamil Nadu school education department will hire IT companies to set up high-tech labs in Classes 6 to 8.

Presently high-tech labs are set up in government high schools and higher secondary schools. The state school education department will direct the IT companies to procure computer systems for the projects.

Sources in the state school education department told IANS that each high-tech lab would be provided with 10 computer systems, a projector with a mounting kit, web cameras, and LAN connectivities with a hard disk capacity of 1 TB annually. High-tech printers, headphones, and CCTV cameras will also be installed.

The computer firm will provide UPS, and generators will also be kept available for uninterrupted power supply. The operating system will be open software and Linux will be provided. The IT firm will maintain each laboratory for five years and the company will also replace the worn-out equipment.

The company will appoint service engineers in each district to monitor the functioning of the labs and uninterrupted Internet connectivity will be provided to all the systems.

Extensive training will later be provided to five selected teachers from each school for properly handling these high-tech laboratories.

9 in 10 Indians believe hybrid job improves work-life balance

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9 in 10 Indians believe hybrid job improves work-life balance

More than 9 in 10 (92 percent) Indian employees believe that a hybrid work environment improves work-life balance and over 7 in 10 (72 percent) say that the hybrid work model is more productive, a report showed on Tuesday.

About 88 percent said hybrid work is increasing employee retention. However, employees need better technological tools to thrive in the hybrid working model, according to a global study by PC and printer major HP.

Most employees are unwilling to go back to the office full-time as they are relishing the hybrid work model, which became a necessity in the last two years due to the pandemic.

“Organisations need to re-evaluate a hybrid workplace culture that offers flexibility and work-life balance while encouraging inclusivity, engagement, and a sense of well-being among employees. Most importantly, monitor employee satisfaction to boost productivity at large,” said Ketan Patel, Managing Director, HP India Market.

Employers too have something to cheer about as Indian employees indicate a higher probability of staying in their current job if given a hybrid work option.

“The hybrid model is seen to amplify employees’ chance to prioritize personal well-being. Most of the respondents prefer working from the office for two-three days a week,” the findings showed.

About 51 percent of respondents said that laptops help them carry out tasks more productively and 43 percent agreed that they have a more enhanced collaborative process through laptops.

According to the report, firms must provide access to better tools while conducting adequate training, to further boost productivity.

“Additionally, promoting a culture of trust within the workplace leads to inclusivity in a hybrid work environment,” it added.

In India, 30 percent of the respondents said that internet connection is one of the major disruptions.

61% Indians wary of revealing salary to co-workers, friends: LinkedIn

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61% Indians wary of revealing salary to co-workers, friends: LinkedIn

Sharing salary information is considered taboo in India, and 61 percent of professionals are more comfortable sharing their payment details with family members rather than with co-workers or friends, a LinkedIn report said on Thursday.

Just one in 10 professionals said they would discuss their salaries with coworkers they trust (13 percent) and peers they trust in other companies (9 percent).

According to LinkedIn’s Workforce Confidence Index, India’s overall workforce confidence has dwindled slightly.

“This is due to a volatile perception towards jobs, finances, and career progress in these times of global uncertainty,” said the report.

Despite a dip in overall confidence, India’s workforce remains optimistic about navigating these challenges as seven in 10 professionals say they are confident about reaching the next level in their field, their work experience, and education, and chances of their income increasing.

“Professionals are still not comfortable having conversations about pay in the workplace,” said Nirajita Banerjee, India Managing Editor, LinkedIn News.

Family and friends remain India’s closest confidantes when it comes to sharing the size of their paychecks.

However, “the current generation of young professionals are more willing to share pay information with their coworkers and industry peers as compared to other generations”, Banerjee noted.

In fact, Gen Z professionals are found most likely to share their pay across their whole network as compared to any other age group.

Around 72 percent of Gen Z and 64 percent of millennials in India say they are comfortable sharing their payment information with family members, while 43 percent of Gen Z and 30 percent of millennials are also willing to confide in their close friends.

“Gen Z is keen to influence change and eager to lead these conversations in the workplace, Banerjee added.

About 45 percent of professionals in India say pay discussions among peers are discouraged at their workplace.

Further, 36 percent of professionals in India also say they feel anxious about sharing their payment information with anyone.

S.Korea’s unemployment rate hits all-time low

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S.Korea’s unemployment rate hits all-time low

South Korea’s unemployment rate hit an all-time low last month, but the pace of job growth slowed down for the third month in a row amid economic uncertainties, new data revealed on Friday.

The number of employed people stood at 28.41 million in August, up 807,000 from a year earlier, according to the data compiled by Statistics Korea.

It is the highest on-year rise for any August since 2000 when the country added 848,000 jobs from the previous year, reports Yonhap News Agency.

The country’s job market has improved markedly after being hit by the Covid-19 pandemic, with the number of employed people constantly rising since March last year.

But the growth slowed down for the third consecutive month, from 935,000 jobs added in May to 841,000 jobs in June and to 826,000 jobs last month.

The slowdown in job growth came as South Korea is facing multiple economic challenges, such as high inflation and slowing growth, amid external uncertainties over the ongoing Russia-Ukraine war and global monetary tightening.

The country’s jobless rate fell 0.5 percentage points on year to 2.1 percent in August, the lowest level since the statistics agency adopted the current data compiling methods to analyze the job market in 1999.

The employment rate of people aged 15 and older rose 1.6 percentage points on year to 62.8 percent in August, the highest for any August since the statistics agency began compiling related data in 1982, according to the data.

The number of economically inactive people — those who are neither working nor actively seeking jobs and people outside the labor force — reached 16.25 million in August, down 3.1 percent from a year earlier.

It marked the 18th consecutive month of an on-year fall.

The number of permanent workers grew by 907,000 on-year last month, while that of temporary workers and daily laborers fell by 78,000 and 97,000, respectively.

The increase in job posts for older adults led to overall growth.

More than half of the jobs added in August, or 454,000 jobs, were for people aged 60 and older, followed by 182,000 new positions taken by those in their 50s. Some 98,000 people in their 30s and 81,000 people in their 20s also landed jobs.

But the number of the employed among those in their 40s fell for the second consecutive month in August, the data showed.

Top results secured by the telangana students in the NEET exam.

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Top results secured by the telangana students in the NEET exam.

Students of the Neet exam who have taken the exam recently have qualified for around 9,93,069 and  35,148 of the 59,296 passed in the Telangana state.

Telagana students also created history in the NEET exam results, which were released today, four students were in the top 50 at the India level.

Errabelly Sidharth Rao has secured all India 5th rank with a score or marks of 711,37th rank was bagged by Chappidi Lakshmi Charitha with 705 scores, With the score of the 705 the, Kachana Jeevan Kumar Reddy got the 41st rank into his account and Vurum Aadhithi has gained the 50th rank in the neet exam with the 700  the marks.

Total of the 10 ranks the PwD category holders got the ranks, Vasarla Jaswanth Sai got the rank 2493 through 661 scores.

In the ST category, Mudavath Litesh Chouhan reached first with an India rank of 400, Gugulothu Shivani got an all-India rank of 715, Navodaya Brinda secured the rank of 1373 and reached fifth place and the sixth position was bagged by the Anumeha Bhukya with the rank of 1619.

Involving with14 outside of India, over 18,72,343 students attended the exam at 3,570 centers around 497 cities on July 17 in 2022. Among the qualified students, male are 4,29,160, 5,63,902 are female and seven are transgender.

The exam has been performed in the 13 languages like Odia, Punjabi, Tamil, Telugu, and Urdu, Assamese, Bengali, English, Gujarati, Hindi, Kannada, Malayalam, Marathi.

The exam had also arranged for the first time in 2022 in the languages of Bangkok, Riyadh, Colombo, Doha, Manama, Kathmandu, Abu Dhabi, Kuala Lumpur, Lagos, Muscat, Sharjah, and Singapore, besides Dubai and Kuwait City.

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