Stories on Employment

Companies Wringing Huge Profits From Job Cuts - NYTimes.com: "This seeming contradiction — falling sales and rising profits — is one reason the mood on Wall Street is so much more buoyant than in households, where pessimism runs deep and joblessness shows few signs of easing.

Many companies are focusing on cost-cutting to keep profits growing, but the benefits are mostly going to shareholders instead of the broader economy, as management conserves cash rather than bolstering hiring and production. Harley, for example, has announced plans to cut 1,400 to 1,600 more jobs by the end of next year. That is on top of 2,000 job cuts last year — more than a fifth of its work force."

Wipro profit up 31 pct to $284M on stronger demand - Yahoo! Finance: "Wipro said it added net 4,854 employees during the quarter, bringing net staff additions over the last three quarters to nearly 15,000. Despite a February wage hike, attrition for the quarter was a high 23 percent.

'We have given promotions to as many as 20,000 people and consequent promotion increases,' said Suresh Vaswani, joint chief executive of Wipro's IT business. 'The issue is not unique to us and it's reflecting the demand environment today.'

Wipro said that despite rising employee costs it increased margins by 30 basis points, thanks in part to a stable pricing environment and volume growth of 4.7 percent for the quarter.

BP is one of Wipro's key clients, but executives said the oil spill and costly clean up effort had not affected their relationship."

The Hindu : Business / Industry : India Inc’s hiring activity soars 21% in June: "India Inc’s hiring activity grew by 21 per cent in June this year compared to the year-ago period, led by the improving business sentiment, job portal naukri.com said in a report.

Naukri.com’s monthly job index — JobSpeak — moved up to 947 in June this year compared to 784 in the same month of 2009.

Hiring activity in June also showed an improvement over the previous month as well, with the job index increasing by four per cent in June from 913 in May, the study revealed.

“Companies are actively hiring now and have shed their ‘wait-and-watch’ policy. The hiring growth in June is secular in nature, with a balanced rise seen across all sectors and cities,” Info Edge (owner of naukri.com) COO and Director Hitesh Oberoi said."