WHY QUITTING SHOULD NEVER BE AN OPTION

While business leaders like Arundhati Bhattacharya, Kiran Mazumdar Shaw and Suneeta Reddy see changes at the workplace, there is still a long way to go to get women back into the workforce.

It’s a known story. Women join the workforce in numbers, but only a few make it to the top. Many disappear from the workplace — giving up their careers after marriage, childbirth or simply inflexible work environments.

At a recent event in Mumbai, three powerful women took to the stage to talk about the importance of women in the workplace. And while pay gap and lack of opportunities may be some of the issues modern women face, the situation is far from bleak and companies are attempting to redefine the roles of women in big organisations.

Men as multi-taskers

According to Arundhati Bhattacharya, times are changing and improving. And in such times, we can also shower a little praise on men. Why? Because like women, they too have become better at multitasking.

“In the recent generations, we are seeing men becoming better multitaskers. When I look at my younger colleagues, quite often I see that their spouses are more participative in the housework and looking after children,” said the former SBI chairman, who was on a panel with Kiran Mazumdar Shaw, CMD, Biocon Ltd, and Suneeta Reddy, MD, Apollo Hospitals Enterprise Ltd.

This wasn’t something that Bhattacharya saw in her generation, as most women were brought up in households where men didn’t do any housework. But despite the progress, Bhattacharya believes we still had a long way to go. “In India, it is still a given that women are the primary caregivers,” she explained.

Why women drop out

One of the key points on the panel was why women were quitting their jobs. Women in the workforce dropping from 43 per cent to 31 per across sections of society was a big area of concern for organisations.

Bhattacharya said that a survey her company conducted threw some light on the matter. “There were three times when this [women leaving the workforce] happened: The first is during the childbearing years and when the children are very small. The second, and this is probably only true in India and a few other Asian countries, is when children are between classes 9 and 12. During the coaching, it is supposed to be the mother’s duty to chauffeur the kids around and be there with a cup of milk to wake them up. The third was when the parents or in-laws were sick, as in India geriatric care is very costly, so many people are taken care of at home.”

A call for continuity

According to Shaw, companies need to encourage women to stay in the workforce by ensuring continuity of work. “You must have a set of HR policies that really look at these issues. We should try to make sure there is no loss of continuity. Today, more than ever, there is a strong focus on leadership development among women. We, as a company, are spending a lot of time grooming young women to come up the levels.”

Shaw branded the tokenism of having one woman in the boardroom a “joke”, saying, “In five years, we want a fairly balanced team in the leadership role. Today it is 20 per cent, but we are aiming at 30-50 per cent. We have archaic laws that need to be done away with. Our policies are gender biased. I would like new policies in context of the new economy. The new economy allows us to come up with path-breaking policies for women.”

Embrace yourself

While we still need to fix the rungs so the climb up the corporate ladder is smooth for women, Reddy thinks we should realise that irrespective of gender, we are all the same, but not be shy about bringing our uniqueness to the forefront.

“I think that all of us in today’s world are so interconnected that we are able to choose careers that we are passionate about. We have to recognise we all have the same brains that a man does, but our perception is so unique and these create certain talents within us. And these talents are expressed through our profession. Women should find their passion,” she said.

Shaw also shared some words of wisdom for working women. “Today, in any workplace, whether you’re a man or woman, your competence and capabilities are respected. Women should be treated with respect and accepted as equal contributors. They need to have self-confidence. I advise young women to build this.”.

Source:- The Economic Times-Mumbai

Date:- 31st January,2019-Mumbai

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TCS campus offers higher by 50% this year

Tata Consultancy Services (TCS) has made offers to 30,000 campus recruits this financial year, higher than its previously stated number of 28,000. It’s the highest in three years. In the previous two years, it was 20,000 each.

The hiring momentum reflects TCS’s robust pipeline — it has won deals worth $15.8 billion in the nine months of the financial year. The rebound in the mainstay banking and financial services business was a major growth accelerator, along with pickup in its retail and consumer packaged goods business. “Going forward, our headcount addition will remain strong. This year we are quite confident about our double-digit revenue growth,” said Ajoyendra Mukherjee, EVP & head of global human resources in TCS.

The company made a net addition of 27,049 employees in the last four quarters (calendar year 2018) compared to 7,000 in 2017. It has 4.2 lakh employees now. In the December quarter, TCS doubled its revenue growth to 12% on a constant currency basis, its highest in 14 quarters, with the banking, financial services & insurance

(BFSI) segment in North America accelerating.

TCS said it made the highest net addition of employees in the US in the last nine months compared to any similar period as part of its localisation drive. It goes to 70 campuses in the US to hire. The company is also making huge additions in its delivery centres in Latin America and Asia-Pacific now. “We have been hiring in Latin America because we need Spanish and Portuguese language capabilities. In Asia-Pacific, we are ramping up in Manila and China. In Australia and Japan too we are accessing local talent,” Mukherjee said.

The company has reduced its dependency on H-1B visas. It’s focusing on building a location-independent agile strategy. Business knowledge-oriented teams sit across distributed locations, and the locations and workflows are such that the project can take advantage of time-zone differences, with one team picking up the work as another heads home. “We have trained almost 3 lakh employees in TCS on this agile method. We are working to make the entire organisation agile-ready,” Mukherjee said.

Source:- The Times of India

Date:-31st January,2019-Thursday

Tata Consultancy Services (TCS) has made offers to 30,000 campus recruits this financial year, higher than its previously stated number of 28,000. It’s the highest in three years. In the previous two years, it was 20,000 each.

The hiring momentum reflects TCS’s robust pipeline — it has won deals worth $15.8 billion in the nine months of the financial year. The rebound in the mainstay banking and financial services business was a major growth accelerator, along with pickup in its retail and consumer packaged goods business. “Going forward, our headcount addition will remain strong. This year we are quite confident about our double-digit revenue growth,” said Ajoyendra Mukherjee, EVP & head of global human resources in TCS.

The company made a net addition of 27,049 employees in the last four quarters (calendar year 2018) compared to 7,000 in 2017. It has 4.2 lakh employees now. In the December quarter, TCS doubled its revenue growth to 12% on a constant currency basis, its highest in 14 quarters, with the banking, financial services & insurance

(BFSI) segment in North America accelerating.

TCS said it made the highest net addition of employees in the US in the last nine months compared to any similar period as part of its localisation drive. It goes to 70 campuses in the US to hire. The company is also making huge additions in its delivery centres in Latin America and Asia-Pacific now. “We have been hiring in Latin America because we need Spanish and Portuguese language capabilities. In Asia-Pacific, we are ramping up in Manila and China. In Australia and Japan too we are accessing local talent,” Mukherjee said.

The company has reduced its dependency on H-1B visas. It’s focusing on building a location-independent agile strategy. Business knowledge-oriented teams sit across distributed locations, and the locations and workflows are such that the project can take advantage of time-zone differences, with one team picking up the work as another heads home. “We have trained almost 3 lakh employees in TCS on this agile method. We are working to make the entire organisation agile-ready,” Mukherjee said.

Source:- The Times of India

Date:-31st January,2019-Thursday

Pvt life insurers improve claims paid record

Private life insurers improved upon their individual death claim settlement ratio from 93.72% in 2016-2017 to 95.24% in 2017-2018, an Insurance Regulatory and Development Authority of India (Irdai) report has said.

Moreover, for the first time, a private life insurer – Max Life – edged ahead of public sector behemoth LIC, clocking a settlement ratio of 98.26%, against the latter’s 98.04%. Also, 20 out of 23 private life insurance companies paid out over 90% of individual death claims received during 2017-18. Claim settlement ratio is a key parameter while identifying a life insurance policy, particularly when you are looking for a pure protection term cover.

Source: Economic Times

Date: 21st January 2019

Product launches

Tata AIG has launched Medicare, a new health insurance product. It comes in three variants—Medicare Protect, Medicare and Medicare Premier. The product offers features like global coverage, compassionate travel benefit for insured’s kin and cumulative bonus of up to 50% of the sum insured for every claim-free year.

Bajaj Allianz General Insurance has rolled out M-Care, a defined benefit health insurance policy aimed at covering seven vector-borne diseases. The policy offers sum insured options of ₹10,000 to ₹1 lakh. The premiums vary from ₹160 to ₹3,000.

Source: Economic Times

Date: 21st January 2019

IRCTC offers free travel insurance for air travellers

New Delhi: Air passengers can now avail free-of-cost travel insurance of Rs 50 lakh if they book their tickets through the IRCTC, the catering and tourism arm of the railways, an official statement said Wednesday. This facility will be available for passengers irrespective of the class of tickets and for both domestic and international flights. The insurance will provide them financial protection against accidental death and total or permanent disability, the IRCTC statement said. 

The insurance partners of the Indian Railways Catering and Tourism Corporation (IRCTC) will be Bharti AXA General Insurance, it said.


The premium for insurance will be borne by the IRCTC to secure its passengers from any untoward incident during the journey. The insurance cover will be for both one-way and round trip, it added.

Source: Indian Times

Date: 9th January 2019

Health insurance segment posts growth of 20% for third time in a row: IRDAI

The health insurance segment has reported a growth of more than 20 per cent in premium collection for the third year in a row.

In 2017-18, general and health insurance companies collected₹37,029 crore as health insurance premium, registering a growth of 21.8 per cent over 2016-17, according to the latest annual report of the Insurance Regulatory and Development Authority of India (IRDAI).

Group business accounted for 48 per cent (₹17,757 crore) of the premium, followed by individual segment at 41 per cent (₹15,291 crore), and government business at 11 per cent (₹3,981 crore).

During 2017-18, general and health insurance companies issued around 1.47 crore health insurance policies (excluding policies issued under personal accident and travel insurance), covering 48.20 crore lives, a growth of 10 per cent in the number of lives covered over the previous year.

Three-fourths of the lives covered were under government-sponsored health insurance schemes, and the balance one-fourth by group and individual policies issued by general and health insurers.

There is an also improvement in net incurred claims ratio (ICR) during FY 2017-18. This is observed in all three classes of businesses.

The four public sector general insurers held a combined market share at 58 per cent in 2017-18. However, their share declined from 63 per cent in 2016-17.

On the other hand, the share of private sector general insurers increased to 21 per cent in 2017-18 from 19 per cent in 2016-17, and the share of standalone health insurers in health insurance premium went up to 21 per cent from 18 per cent in 2016-17.

Standalone health insurers reported an increase in underwriting losses in 2017-18, which is ₹436 crore, compared to an underwriting loss of ₹261 crore in 2016-17.

Of the six standalone health insurers, three reported losses and three made profits in 2017-18. The three standalone health insurers that reported PAT include Apollo Munich, Max Bupa and Star Health. They reported PAT of ₹15 crore, ₹23 crore and ₹170 crore, respectively, during 2017-18.

Source: The Hindustan Business Line

Date: 10th January 2019

2019 to be fast & furious for HR professionals

With the digital bug gripping the country, human resource (HR) professionals have consistently evolved in the last years. The status quo that it was in was disrupted in 2018, with technology onslaught, automation, artificial intelligence and virtual reality. From traditional practices, HR moved to the Cloud, Big Data and understanding how other technologies could be integrated. 

However, the fact of the matter is that most companies are still grappling with their own set of issues in adopting digitisation to keep pace. While 2018 was all about familiarising and planning, experts say 2019 will see professionals adopt a pragmatic HR policy and respond aggressively to ensure their companies stay afloat.

The key for any company that is dreaming big will be managing millennials, says Rituparna Chakraborty, co-founder and executive vice-president of human resources services provider TeamLease. “Millenials are different, but very ambitious, purpose-centric and quick. How we align our HR policies will be the most pressing challenge for HR in 2019,” she says.

Beyond the traditional modus operandi of attracting and retaining employees with fat salary packages, companies have stepped up efforts to provide benefits that increase employee satisfaction, productivity and loyalty. “Both public and private firms are looking at creating a personalised benefit package fit for each employee and for 2019, we have plans to extend our offerings in the multi-benefits employee benefits space to help our clients in driving better employee engagement,” says Stephane Michelin, CEO, Sodexo BRS India. According to Sodexo, ITes and Banking, financial services and insurance (BFSI) sectors are early adopters of multi-benefit solutions. 

Tough decisions may need to be made and HR will face its common challenge —prioritisation. “Recruiting, payroll, compliance, employee query management, induction programme… all of these are important, but it is imperative for the HR to prioritise their role on focusing on some, while outsourcing the remaining,” says Aditya Narayan Mishra, Director & CEO, CIEL HR Services.

Source-Indian Express

Date-10-01-2019