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Ferrari Unveils Ambitious 2024 Plans: 250 New Hires, Employee Share-Ownership Program, and Enhanced Bonuses

/ Human Resource Community

Ferrari, the renowned luxury sports car manufacturer, has unveiled its ambitious plans for 2024, signaling a positive direction for the company. In the first half of the upcoming year, Ferrari intends to expand its workforce by hiring 250 individuals. This decision follows recent disruptions caused by worker strikes at Stellantis, GM, and Ford plants in North America between September and October. In contrast, Stellantis is streamlining its workforce in Italy through voluntary redundancy programs. Ferrari’s initiative includes significant enhancements for its employees. The company will introduce a new share-ownership program and improved bonuses. Approximately half of the new hires are slated to join the workforce in January. Ferrari, with a predominantly Italian employee base of over 5,000, will kick off an employee share-ownership plan early in 2024, initially targeting its Italian staff. As part of this program, every employee will be granted company shares with a maximum value of 2,065 euros ($2,208) at no cost. Those who retain the shares for a minimum of 36 months will receive additional shares, amounting to up to 15% of the initial value of the allocation. The use of treasury shares will extend this plan to encompass Ferrari employees outside Italy. Furthermore, Ferrari has successfully negotiated an agreement with the FIM, UILM, and FISMIC unions to extend a competitiveness award program for Italian employees from 2024 to 2027. This annual competitiveness bonus may see an increase to 17,000 euros, up from 13,500 euros in 2022 and 12,000 euros in 2021. Notably, employees will have the option to voluntarily convert a portion of their bonus into Ferrari shares, with a maximum limit of 3,000 euros. These strategic moves underscore Ferrari’s commitment to fostering a positive working environment and reinforcing its position in the luxury sports car market.

Ferrari Unveils Ambitious 2024 Plans: 250 New Hires, Employee Share-Ownership Program, and Enhanced Bonuses Read More »

Apple Agrees to $25 Million Settlement Over Alleged Discriminatory Hiring Practices in 2018-2019

/ Human Resource Community

Apple has agreed to pay $25 million to settle allegations that it engaged in discriminatory hiring practices from 2018 to 2019. The settlement follows a lengthy investigation by the Department of Justice, which concluded that Apple violated the Immigration and Nationality Act by favouring immigrant workers over U.S. candidates for certain positions. The probe also found instances where Apple discriminated against non-U.S. residents. Despite vehemently denying any wrongdoing, Apple acknowledged a failure to adhere to DOJ standards and opted for a settlement to address concerns. In response to the settlement, Apple defended its hiring record, emphasizing its employment of over 90,000 people in the United States and significant nationwide investments. The $25 million settlement, a relatively modest sum for Apple, will be divided into $18.25 million allocated to a fund compensating victims of alleged discrimination, while the remainder covers fines related to Apple’s hiring practices during the specified timeframe. This comes as Apple reported $383 billion in revenue for its last fiscal year ending on September 30.

Apple Agrees to $25 Million Settlement Over Alleged Discriminatory Hiring Practices in 2018-2019 Read More »

Capgemini Witnesses a Sharp Decline in Offshore Headcount, India Heavily Impacted

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French IT company Capgemini has seen a significant reduction in its offshore workforce, with a decline of 14,600 employees in the September quarter. This reduction has notably affected its operations in India, where it had 185,000 employees, accounting for less than half of its total workforce of 342,700. It is estimated that Capgemini’s headcount in India may have decreased by nearly 7,000 employees during this period, following the addition of 35,000 people in the previous fiscal year. The offshore headcount of Capgemini has decreased by 7% to 196,000 employees in the September quarter, while its onshore workforce decreased by 1,100 employees. Capgemini’s CFO, Carole Ferrand, emphasized the company’s focus on efficiency and optimizing its talent base, especially in offshore locations, after a period of intensive hiring and high attrition. She mentioned that attrition rates have now cooled down to 18.6% over the last 12 months, aligning with the company’s nominal operating ranges. When contacted for a statement, Capgemini’s spokesperson explained that the company had adopted a stable hiring approach due to the challenging economic environment. They highlighted a focus on investing in new skills, fostering innovation, and expanding the portfolio. Capgemini, however, did not disclose its current headcount in India following the reduction in offshore employees. Capgemini’s CEO, Aiman Ezzat, mentioned the company’s plans to expand its workforce in data and AI, business, and technology talent, aiming to double the team to 50,000 people in the next three years. The company also intends to train over 100,000 employees in genAI-specific tools within the next 12 months. In terms of financial performance, Capgemini reported a 2.3% year-on-year revenue increase in constant currency for the September quarter. However, revenue in the North America region declined by 4%, attributed to the challenging economic environment and a gradual deceleration scenario for 2023. Ezzat emphasized the importance of the transition to a digital and sustainable economy for Capgemini’s clients and highlighted the increasing demand for generative AI. The company’s genAI campus has been launched to provide training for employees, aligning with its 2 billion euros investment plan to strengthen its presence in this field.

Capgemini Witnesses a Sharp Decline in Offshore Headcount, India Heavily Impacted Read More »

EPFO Initiates Evaluation of Financial Implications for Higher Pensions Following Supreme Court Ruling

1 Comment / / Human Resource Community
News on HR

The Employees’ Pension Fund Organisation (EPFO) has commenced the process of evaluating the financial implications of a Supreme Court ruling by issuing letters to individuals who have requested higher pension benefits. The EPFO is seeking a response of Rs 2,000 crore in this regard, marking the initial step in gauging the financial repercussions of the court’s decision. To assess the preliminary financial impact, the EPFO has employed an Actuary to make calculations based on specific assumptions. However, this actuarial assessment will be an ongoing process and will be conducted in batches of 50,000 demand letters sent out. A comprehensive evaluation will follow once all cases have been addressed. Additionally, the EPFO is in the process of establishing an actuarial department at its headquarters to ensure the use of realistic assumptions and to conduct thorough actuarial reviews of reports provided by the valuer or consulting actuary. In total, the EPFO has received 1.749 million applications for increased pension benefits, of which 629,000 have been reviewed. Among these, approximately 527,000 applications required the EPFO to contact employers for additional information or corrections, while around 3,618 forms were rejected. During a recent meeting of the EPFO’s Central Board of Trustees (CBT), it was noted that processing these applications is a time-consuming task, and the actuarial analysis can only be completed after addressing all applications, as per the CBT, which serves as the EPFO’s top decision-making body.

EPFO Initiates Evaluation of Financial Implications for Higher Pensions Following Supreme Court Ruling Read More »

Meesho Prioritizes Employee Well-Being with 9-Day ‘Reset and Recharge’ Break

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Meesho, the e-commerce platform, has placed a strong emphasis on the well-being of its employees by introducing its third annual ‘Reset and Recharge’ break from November 11 to 19, 2023. During this nine-day period, known as Meesho’s “MeeCARE” initiative, employees, or “Meeshoites,” can disconnect from work, prioritize their mental health, and celebrate. This move reflects Meesho’s dedication to the overall happiness and growth of its workforce, following the success of the ‘Meesho Mega Blockbuster Sale.’ Furthermore, the company has enhanced its parental policies, offering financial support, extended leave for primary caregivers, and provisions for unforeseen circumstances, health issues, and equitable performance evaluations. Meesho’s employee-centric approach is geared towards alleviating burnout and anxiety, promoting a healthy work-life balance, and fostering exceptional company culture. The ‘Reset and Recharge’ break is part of the comprehensive MeeCARE wellness program, encompassing mental, physical, financial, and social well-being, along with various initiatives such as employee-led communities, sports events, health services, counselling, financial wellness sessions, and partnerships with NGOs. Meesho has previously introduced innovative policies, including unlimited wellness leave, gender reassignment leave, and pet adoption leave, highlighting their commitment to creating a flexible and empowering workplace.

Meesho Prioritizes Employee Well-Being with 9-Day ‘Reset and Recharge’ Break Read More »

Sharp 61% Surge in Female Job Applicants Signals High Demand in India’s Festive Job Market: Report

/ Human Resource Community

Ahead of the festive season in India, there has been a substantial 61% increase in the number of female job applicants, as reported by the prominent job and professional networking platform, apna.co. This surge in women applicants suggests a growing demand for female professionals in various industries, especially in sectors like e-commerce, retail, and hospitality, which tend to experience increased activity during the festive season. The job market has undergone significant changes from 2022 to 2023, with notable shifts in the top five job categories: telecalling, accounts, business development, marketing, and delivery. Notably, several leading companies such as Bajaj, Axis Bank, Paytm, Flipkart, and Reliance actively participated in the festive season job market and offered attractive incentives to attract top talent. “We have witnessed a substantial increase in the number of female applicants and evolving preferences among job seekers over the past year. Looking forward, we expect further changes in the employment landscape as we strive to empower professionals and bridge the gap between job seekers and employers,” noted Nirmit Parikh, Founder and CEO of apna.co. Furthermore, the report revealed that more than 1.2 lakh job openings were documented in August and September 2023 in major Indian cities, reflecting a surge in hiring demand in anticipation of the festive season. City-specific trends indicated distinct preferences, with Delhi showing a preference for roles in Sales & Marketing, Customer Support & Sales, and Accounting Technicians, while Mumbai exhibited high demand for Finance & HR, Sales & Marketing, and Business Development positions.

Sharp 61% Surge in Female Job Applicants Signals High Demand in India’s Festive Job Market: Report Read More »

Infosys Founder Narayana Murthy Calls for Indian Youth to Embrace 70-Hour Workweeks for Global Competitiveness

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Narayana Murthy, the founder of Infosys, has suggested that India’s work culture needs a transformation, with young individuals in the country being urged to commit to working 70 hours per week in order to enhance India’s global competitiveness. In a conversation on 3one4 Capital’s podcast “The Record” with Mohandas Pai, Murthy emphasized the necessity to boost productivity and address governmental inefficiencies in India. He stressed the importance of raising work efficiency and tackling corruption within the government. He commented that unless these bureaucratic delays and inefficiencies are minimized, India won’t be able to compete with nations that have made significant advancements. He urged young Indians to think of their country and be willing to dedicate 70 hours per week to work. Drawing a parallel with post-World War II work practices in Germany and Japan, Murthy highlighted that these nations required their citizens to work extra hours for a specified period to rebuild their economies. He called for discipline, improved work productivity, and a cultural shift towards being determined, disciplined, and hardworking individuals. Narayana Murthy’s comments have prompted diverse reactions on social media. Bhavish Aggarwal, the CEO of Ola, expressed his agreement with Murthy’s perspective, advocating for a strong commitment to building the nation in a single generation. In contrast, Ronnie Screwvala, the founder of upGrad, disagreed with the idea of longer working hours, asserting that productivity improvement should focus on upskilling, fostering a positive work environment, and ensuring fair compensation for quality work rather than just working extended hours.

Infosys Founder Narayana Murthy Calls for Indian Youth to Embrace 70-Hour Workweeks for Global Competitiveness Read More »

SAP Labs India Expands with New Pune Office, Creating 300 Job Opportunities

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SAP Labs India has unveiled plans for a new office in Pune, with the goal of generating employment opportunities for 300 individuals. This office will be located in Pune’s Kharadi area. SAP’s presence in India began with a modest team of 150 employees in Bengaluru, but it has rapidly expanded, leading to increased job prospects. The company is also actively constructing a new facility in Bengaluru, designed to accommodate up to 15,000 employees. The groundbreaking ceremony for this upcoming campus took place on May 29, 2023, near Bengaluru Airport in Devanahalli. In 2023, SAP Labs India is celebrating its 25th year in India and is committed to bolstering job opportunities. The company has recently announced its intention to double its workforce in the field of artificial intelligence (AI) by 2024. Notably, about 40% of SAP’s global workforce is based in India, and SAP Labs India is responsible for 25% of all SAP patents, underscoring the significant role India plays in pioneering research and development for the organization. Nearly 60% of SAP’s workforce in India is dedicated to AI-related projects, underscoring the company’s commitment to job creation in this dynamic field.

SAP Labs India Expands with New Pune Office, Creating 300 Job Opportunities Read More »

Accenture Halts Salary Hikes for India, Sri Lanka Employees in 2023

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Accenture, a prominent IT consulting firm, has informed its employees in India and Sri Lanka that there will be no salary increases for the fiscal year 2023 due to challenging macroeconomic conditions. In an email from the country’s managing director, Ajay Vij, it was stated that employees may still receive individual annual performance bonuses, although these bonuses will be significantly lower than in previous years, reflecting the company’s underperformance. This decision coincides with broader industry challenges, including macroeconomic headwinds and reduced client spending. Vij explained in the email, “As outlined in our FY23 results, we faced a more difficult macroeconomic environment than expected at the start of the fiscal year, resulting in lower growth and necessitating tough choices regarding promotions and rewards.” Additionally, promotions for senior management roles will be postponed until June 2024. Vij further clarified, “Considering our performance context, we will not be granting base pay increases this year, except where legally required or in select critical skill areas.” While Accenture provided a sales growth guidance of 2-5% for FY24, the company reported a 16% year-on-year decline in net income for the quarter ending in August. This decision aligns with the challenges faced by major players in the Indian IT industry, who have cited an uncertain demand environment. Promotions are scheduled to be awarded in December, up to Level 5 employees, although they will be less generous compared to the previous year. Accenture, estimated to employ over 300,000 people in these countries, follows a rewards philosophy that considers market-relevant pay based on skills and geographic locations, taking into account various factors, including the macroeconomic landscape, when making compensation and benefits decisions, according to a spokesperson responding to ET queries.

Accenture Halts Salary Hikes for India, Sri Lanka Employees in 2023 Read More »

TCS Reports Drop in Employee Count in Q2 FY24 as IT Firms Navigate Challenges

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Tata Consultancy Services (TCS) has reported a decrease in its employee headcount by 6,333 during the second quarter (Q2) of FY24, resulting in a total headcount of 608,985. Furthermore, compared to the same period last year, there has been a reduction of 7,186 employees. In the first quarter (Q1), India’s largest IT company had only added approximately 523 employees. This trend is reflective of the challenges faced by IT firms due to macroeconomic factors and clients’ cautious technology spending. Accenture, a global IT leader, also reported modest headcount growth of 951 employees in their fourth quarter while projecting a subdued 2-5% revenue growth for FY24. However, TCS saw an improvement in voluntary attrition, which dropped to 14.9% from 17.8% in the previous quarter, with expectations of further enhancements in this metric in the future. In the first quarter (Q1), the six prominent Indian IT service companies experienced their most significant decline in headcount over the past three years, particularly during the April-June period. The combined workforce at TCS, Infosys, HCLTech, Wipro, LTIMindtree, and L&T Technology Services (LTTS) contracted by 18,000 employees, a more substantial decrease than the negative 9,000 in the June quarter of 2021, which occurred during the pandemic. Moreover, IT giants have been postponing or reducing campus recruitment drives, opting for a phased approach to hiring. Data from TeamLease reveals that the Indian IT sector is planning to hire 40% fewer fresh graduates compared to the previous fiscal year (FY23) when they onboarded 250,000 engineers. Typically, major IT companies initiate their campus placement processes around August-September, but this year they have been notably absent from campuses during the placement season. TCS is an exception, having set a target of hiring 40,000 freshers for the current fiscal year.

TCS Reports Drop in Employee Count in Q2 FY24 as IT Firms Navigate Challenges Read More »