Hiring of senior executives may grow by 12 per cent in 2012: Experts – Economic Times

The hiring of ‘grey hairs’ or senior executives is likely to grow by 12 per cent this year as companies are looking at battling the continuedeconomic crisis with experience, according to experts.

“Earlier, to gain edge over competitors or to boost the top line companies would take unimaginable risks. Now that is thought of the past and to bring a balance to their aggressive postures men with ‘grey hair’ or experience are warranted. This year will see a growth of almost 12 per cent,” Executive Search firmSymbiosis Management Consultants CEO Vinay Grover said.

Being risk-averse is a major virtue of senior managers and the ability to take on multiple roles will become the differentiator for these men, he explained.

“The trend of hiring experienced people started during 2008-2009 post recession after the financial markets were in turmoil and was visible across sectors,” he pointed out.

The senior executives are mainly being hired in the banking and financial sectors followed by steel, engineering, power, real estate, infrastructure among others, he said.

However, the compensation offered to these senior executives is notch below the normal compensation levels offered in line with the enriched experience they possess, he opined.

Echoing a similar view, Elixir Consulting AVP (IT, ITeS and Telecom Practice) Deepti Yogi said to sustain the economic fluctuations most companies are also looking for experienced professionals, who are generally called as ‘Grey Hairs’.

“In today’s economic scenario, long term vision and short term goals are equally important and should be managed effectively to maintain growth of the organisation. The trend has been there for some time and hiring of grey hair has been increasing by 15-20 per cent every year,” she said adding that this trend will continue as industry wants to have a mix of talent so they do not lose good part of either of them

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Hiring will continue…

Hiring activity will continue to be robust in the third quarter, particularly in the services and the financial sectors, according to the latest recruitment survey.

Indian employers, the survey adds, are the most optimistic among those in the 41 countries and territories surveyed.

Employer optimism in the services sector is driven by high growth and the expected rise in demand in the ITeS sector,  and also in an attempt to trim costs, many international banks are shifting jobs to India, boosting the outlook in finance, insurance and retail sector to a level that matches the sector’s strongest forecast, first reported in the second quarter of last year.

Similarly, the outlook is positive in all the geographical regions, with employers in the east reporting the region’s strongest outlook since the survey started in 2005, he adds.

The survey covered 5,244 employers across India.

“While rapid growth in the retail sector – due partly to the relaxed legislation regarding single-brand retail – is expected to create millions of jobs in the next three years, it is causing structural talent shortages that the Retailers Association of India hopes to combat with the training of five million people in the next five years,” says industry sources.

Employers in all four regions of India report positive hiring plans for the coming quarter. The NEO (Net Employment Outlook) of 78% reported in the east reflects a dynamic labour market. Booming hiring prospects are also evident in the west where the outlook stands at 52%.

Employers report bullish hiring intentions in both the south and the north, with outlooks of 44% and 43%, respectively. When compared with the previous quarter, hiring prospects strengthen by a steep margin of 27% in the east while for the west, it improves by 2%.

However, a 7% decline is reported by employers in the south. The NEO of 50%, adjusted for seasonal fluctuations, indicates Indian employers are among the most optimistic.

NEO is the percentage of employers anticipating an increase in hiring less the percentage of employers expecting decrease in hiring. Quarter-on-quarter, hiring intentions strengthen by 5 percentage points and the outlook is 6 percentage points stronger year-over-year.

Sectoral comparisons show, employers in all seven industry sectors – finance, insurance & real estate, manufacturing, mining & construction, public administration & education, services, transportation & utilities, wholesale & retail trade – expect to grow staffing levels in the third quarter.

The most optimistic hiring plans are reported in the services sector and the finance, Insurance & real estate sector, with NEO of 55% and 53%, respectively.

Transportation & utilities sector outlook stands at 52%, and employers in both manufacturing sector and the mining & construction report an outlook of 49%.

Beat the Summer

Courtsey : Apollo Munich.
Beat Dehydration This Summer 

How To Keep Yourself Sufficiently Hydrated During The Summer Hundreds of people lose their lives to heat stroke every year in India. Millions of others suffer from minor to major heat related illnesses.  However, the worst part is knowing that almost all kinds of heat related illnesses are preventable and easily combated. Simply keeping a track of how much water you are losing and making up for in the course of a hot day can save you from dehydration, which is the main cause of almost all heat related illnesses.
What Is Dehydration? Dehydration is a state where the body loses more fluids than it can replace during a certain period of time. Since the human body is two-thirds water, this loss of fluids is easily apparent in the symptoms of dehydration, which may be one or more of the following.

  • Fatigue
  • Weakness
  • Dizziness
  • Nausea
  • Excessive sweating
  • Muscle pain or cramps
  • Sunken eyes
  • Headache
  • Irritability
  • Dryness of tongue, mouth and lips
  • Bright coloured or dark urine/less than normal quantity of urine

It is important to work towards getting rehydrated as soon as any of these symptoms are noticed in order to avoid the complications of dehydration, which might be as severe as shock, organ failure, coma or even death. People with severe dehydration may have negligible or nil urine production, low blood pressure, an increased heart rate and should be immediately taken to the nearest emergency room.
Keeping Yourself Hydrated The best way of avoiding dehydration and its effects is to keep yourself sufficiently hydrated at all times and this can be easily achieved by following the tips given below: Drink Enough Water: An average adult needs at least two to three litres of water every 24 hours, and this should be increased based upon the amount and kind of physical activity one indulges in as well as time spent in the sun or in hot surroundings. In case you are going for a workout or spending time in the sun, then as per the American Medical Athletic Association, you need to drink at least 600 ml of water before your workout and 750 ml in the couple of hours following outdoor activity. This is in addition to 300 ml of water consumed after every 20 minutes of outdoor activity.
Even if you are unable to consume so much water because you are not used to it, these figures should give you a fair idea of how much fluid the body loses when you workout or spend time in the hot summer sun. In such a scenario, drinking enough water is often easier said than done, and hydration needs to be paid special attention to at all times.
Drink The Right Kind Of Fluids: Reaching out for a can of soda or a chilled beer is what you might feel like doing when the summer sun parches you. But hold that thought right there! When it comes to hydration, not every drink is created equal; and alcohol, carbonated and caffeinated drinks end up dehydrating you instead of providing the body with hydration. Apart from water, drinks that will help hydrate you better are electrolyte and mineral rich drinks like sports beverages, ORS, nimbu pani, aam panna, chaas and jal zeera.
Eat To Hydrate: Fresh fruits and vegetables are rich sources of water as well as the minerals that will help your body maintain its electrolyte balance. Eating five to six portions of fresh fruits and vegetables in the form of salads or whole fruits like melons, watermelons, mangoes, jackfruit, berries and other summer fruits will help you stay healthy and hydrated. On the other hand, eggs, red meat, deep fried food and oil-rich gravies will all make you feel dry and dehydrated.
Stay Cool: Contain fluid loss through sweat by staying out of the sun as much as possible, resting in the shade whenever you can, wearing loose and light clothing and by exercising during the early morning or evening. Like in all things healthy, remember that prevention is better than dehydration! So chill, and we mean it literally!

GIC posts loss!

General Insurance Corporation, the state-owned reinsurer, has posted a loss of Rs 2,469 crore in 2011-12, the first in its history, as it had to pay out more due to natural catastrophes in countries such as Japan and Thailand, while yield on investments and inflow of fresh business were hit on account of the global economic slowdown.

2011-12 was a difficult year for reinsurance companies with substantial exposure to Asia, as countries as far apart as Thailand, Japan, New Zealand and Australia were hit by natural calamities such as earthquakes and floods.

Reinsurance refers to insurance bought by insurors from other insurance companies. GIC, the only Indian insurer allowed to provide reinsurance and which made a profit of Rs 1,033 crore in 2010-11 proved no exception to these global trends.

The corporation has increased its exposure to overseas markets in the past few years, a decision that did not prove beneficial during 2011-12 as it reported an underwriting loss – the difference between payouts toinsurance companies and premiums received from them – of Rs 4,971 crore.

This includes a Rs 1,956 crore hit on account of floods in Thailand and Rs 400 crore and Rs 470 crore respectively due to earthquakes in Japan and New Zealand. GIC, also made an additional provision of Rs 811 crore to cover possible losses arising from providing reinsurance for the motor vehicle industry.

“Most of the losses have come because of global programs where we participated,” said A K Roy chairman and managing director GIC. “We are cutting down exposure to such programs. So, for example if Munich Recovering catastrophe in various countries, we have brought down that exposure.” Overall GIC saw claims of Rs 7,672 crore against an income of Rs 5,924 crore from abroad.

Global reinsurance firm Swiss Re has termed 2011 as the costliest year for the reinsurance industry with catastrophic losses exceeding $110 billion, of which 60% is from the Asia Pacific region.

GIC saw its premium income rise 16% to Rs 13,000 crore in 2011-12. The company reported investment income of Rs 2,255 crore, marginally down from Rs 2,339 crore in the previous year. “We have made provision of Rs 2,491 crore. Actual payment of claims will be paid in next few years.

GIC’s solvency ratio is more than 150% despite all this losses. Overseas business contributed 44% to the premium growth. The combined ratio, which is claims and operating expenses as a percentage of premium income, from overseas business was at 191%,” Roy said.

“GIC will grow more slowly at 10% this year. We have taken proactive steps, cut underwriting losses, brought down expense and are looking to improve investment income,” Roy said. It has a reserve of Rs 9,000 crore, which will come down to Rs 7,000 crore because of the provisioning on account of losses.

The corporation has been exiting segments where it has failed to make money over a five year period. GIC, for instance, has stopped providing reinsurance for insurors in the health and credit insurance businesses