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Indian workers will spend more time using technology than manual skills: Report

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Gratuity to be paid on termination of employment only after 5 years of service

‘The Future of Work after COVID-19’ report from the McKinsey Global Institute (MGI), reveals that several companies adopted artificial intelligence (AI) in grocery outlets, warehouses, manufacturing plants and call centres to bring down the density of employees in the workplace, even while trying to fulfil the spurt in demand. This trend was most noticeable in sectors and organisations that require more physical proximity. The report by MGI forecasts that in India, the total work hours spent on utilising manual and physical skills will drop by 2.2 percentage points, whereas time spent on technological skills will go up by 3.3 percentage points.

The study reveals that businesses have always tried to control costs and tackle recession-induced uncertainty by adopting automation and redesigning work processes. This results in a drop in the number of jobs that primarily involve routine tasks. About two-thirds of those surveyed across eight countries admitted to increasing their spend on automation and AI. The fact that China’s production of robotics had gone beyond the pre-pandemic levels by June 2020 itself speaks volumes!

In jobs paying low wages, workers use basic cognitive skills and physical and manual skills 68 per cent of the time. However, in occupations that belong to the middle wage bracket, only 48 per cent of the work hours are spent using these skills. In the higher wage brackets, 20 per cent of the working hours are spent on those skills.

Before the pandemic, net job losses were limited to middle-wage occupations in manufacturing and some office work. In future, more than 50 per cent of the low-wage workers who lost their jobs may have to look for alternative jobs that pay higher wages, and require different skills to remain employed.

Considering the concentration of job growth in high-wage jobs and dip in low-wage jobs, it will be quite a challenge to handle the scale and nature of workforce transitions needed in the years ahead. At least a 100 million workers across the eight countries studied, that is, one in 16 workers, will have to find a different job in the next one decade, in the post-COVID-19 world. This is 12 per cent more than was estimated before the pandemic, and up to 25 per cent more in the developed countries.

Source: https://www.hrkatha.com/research/indian-workers-will-spend-more-time-using-technology-than-manual-skills-report/

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Joe Biden urges US employers to allow paid leaves for vaccination

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Amidst the second COVID-19 wave that is sweeping across the world, US President Joe Biden has urged companies to allow paid leaves to those employees who want to get vaccinated. Mentioning that vaccinating against COVID-19 is now a national duty of all the citizens of the country, the President has directed that no employer should stop employees from getting vaccinated, under any excuse whatsoever.

Biden called upon “every employer, large and small, in every state to give employees the time off they need—with pay—to get vaccinated.” He has urged employers to let the employees take time off whenever they wish to get vaccinated and recover from the side-effects, if any.

The President does not want any American to “lose a single dollar from their paycheck because they chose to fulfill their patriotic duty of getting vaccinated.”

New tax credits have been announced to encourage the employers to allow paid leaves to the employees for vaccination process. For the companies with less than 500 employees, the credit will cover leave for up to $511 per day for up to 10 workdays, or 80 work hours. This will be effective for vaccination between April 1 and September 30.

This benefit is for the sake of those thousands of Americans who are unable to get vaccinated as they cannot afford to lose a single day’s pay. The need to get leave for a day after the shot has been felt as the dosage has been known to leave people feeling under the weather for a while immediately after vaccination.

Some companies have already notified their employees about the paid leaves for vaccination procedure with additional rewards to promote vaccination among the workforce.

A survey report by Willis Towers Watson says that out of 446 organisations surveyed, approximately 49 per cent are willing to offer incentives to the employers to get vaccinated or are undertaking plans to do so. On the other hand, 39 per cent out of those are considering allowing paid leaves or extra leaves to their staff to get inoculated. One out of four employers is allowing paid or sick leaves to the employees suffering from some negative reactions, while 48 per cent are considering doing so.

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Source: https://www.hrkatha.com/news/global-hr-news/joe-biden-urges-us-employers-to-allow-paid-leaves-for-vaccination/

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Coinbase to hire ‘hundreds’ by 2022

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Coinbase, the cryptocurrency exchange, recently appointed Pankaj Gupta, as head of its India development centre. Immediately after joining in Bengaluru, not only will Gupta set up the Company’s technology centre in India, he also plans to hire hundreds of employees across the engineering, research, product and programme management and UX design domains over the next couple of years. The objective is to turn the India development centre of Coinbase into a technological hub.

The Company’s first physical office is coming up in Hyderabad, for which it had already announced its plans to hire engineers, engineering managers, software engineers and product managers as well. Coinbase already boasts of a 56 million strong verified user base.

Quite recently, Coinbase was successfully listed on Nasdaq. It is now gearing to acquire startups and go for acquihiring to further its work in the areas of blockchains, data engineering, infrastructure, machine learning, and so on. The Company believes in the advantages it will gain from the startup ecosystem in India.

The Company hopes to leverage the engineering talent available across India and at the same time, invest heavily in setting up a technology team in the country, hiring the best talent following the remote-first strategy.

Coinbase Ventures, the investment division of Coinbase, has invested in Coin DCX, the Indian cryptocurrency exchange in which it put in $13.5 million in a series B round in 2020.
With the Indian government demanding that companies mandatorily reveal their cryptocurrency investments, the hopes of startups and investors have only been fanned.

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Source: https://www.hrkatha.com/hiring-firing/coinbase-to-hire-hundreds-by-2022/

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BankBazaar.com to add 600 new hires

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BankBazaar.com, the online financial product marketplace and free credit score provider, is planning to add 600 more employees to its workforce at the end of the financial year 2022. The Company will hire across roles, such as technology, product, operations, and customer service.

The Company is looking to expand in the area of digital KYC and analytics solutions, which have been its key drivers of growth. The firm hire for positions in multiple places and locations, such as Bengaluru, Mumbai and Chennai.

BankBazaar.com has also decided to bear the cost of vaccination of its employees and their family members as per the guidelines given by the Government. Since March last year, the Company is operating from a work-from-home model.

According to the firm, the major reason for growth last year has been credit cards, and 72 per cent of credit card issuance has been contactless. The Company also says that there has been a surge of personal loan applications in the last leg of the financial year 2021-22. In fact it claims that it has seen a 2x growth in the number of personal loan applications between January and March, 2021.

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Source: https://www.hrkatha.com/hiring-firing/bankbazaar-com-to-add-600-new-hires/

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How ‘bad hires’ can be transformed into a ‘star performer’

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Matrimony.com’s chief human resource officer, Rajesh Balaji recalls a case, where a new joinee as HRBP appeared to be arrogant, unresponsive, pushing the manager, and not listening or participating during open meetings, during the initial days. It was believed that the person concerned was a bad hire, and was almost written off by the management.

However, Balaji decided not to give up on the new joinee so early. In a one-on-one meeting, the new HRBP changed all previous perceptions. Balaji was astonished by the person’s knowledge and intelligence. Within a few days, the executive had gathered critical information and insights on how  attrition was high among the sales team because new joinees in the sales team were not able to achieve targets in the first three months. The HRBP also suggested ways to change the matrices and processes. These insights brought in a lot of positive changes in the process,  and while productivity increased and attrition declined.

The organisation took time, but finally realised that the person who was once considered  to be  a bad hire was actually a storehouse of knowledge. The problem was that the person concerned just couldn’t express himself/herself during meetings.

“New hires can’t start performing from day one. They have to understand the system and processes first. Eventually, they will deliver. It will take three-six months for them to be productive. Within that time, they can be analysed.”

Rohit Suri, chief HR & talent officer, South Asia and Corporate Communications, GroupM

Bad hires are part of any hiring process. Not all judgements and choices can be correct. However, what’s important is how to convert bad hires into star performers, as it happened in the above mentioned case. Balaji suggests that bad hires need to be provided emotional support in terms of team challenges, work ecosystem and management.

“Work closely with them, have matrices in place, agree with those individuals on the matrices they will be tracked on, whether monthly or fortnightly, and provide all the support they need. Put in place systems to track purpose and productivity. Agree with the managers on a baseline, and then set the target,” he says.

The reasons for a bad hire or someone being labelled as a bad hire could be many. In fact, one of the common reasons attributed to a bad hire is when there is a mismatch in expectation between the new employee and the organisation.

“At Raheja QBE, there is a practice of where, for all senior-level hires, there are regular check-ins with the new leader, their manager and teams as they are in critical roles and impact the organisation at large.”

Saba Adil, chief people officer, Raheja QBE General Insurance Company

Rajeev Singh, chief human resources officer, Yokohama Off-Highway Tires, is a big believer in giving people a second chance.

In fact, he feels every organisation should believe in supporting all its employees irrespective of whether someone is old in the system or a new joinee, or someone is a good or a bad hire.

“Organisations have to remember that if an employee is successful, they add value to the company.”

At Raheja QBE, there is a practice of where, for all senior-level hires, there are regular check-ins with the new leader, their manager and teams as they are in critical roles and impact the organisation at large.

Saba Adil, chief people officer, Raheja QBE General Insurance Company, says, “It’s critical to address any issues early!”

“Work closely with them, have matrices in place, agree with those individuals on the matrices they will be tracked on, whether monthly or fortnightly, and provide all the support they need. Put in place systems to track purpose and productivity. Agree with the managers on a baseline, and then set the target.”

Rajesh Balaji, CHRO, Matrimony.com

Adil shares a case, “During one of those check-ins, it came to our notice that there were communication gaps between the manager and the team as the manager wasn’t as gregarious as the previous leader. Of course the team found the manager competent in work advice and approachable. We soon got a dialogue running between the manager and the team to set expectations and to establish that every leader will have his/ her own unique style. With constant communication of the two, we were able to address the issue very early. The team went on to develop great camaraderie!”

Rohit Suri, chief HR & talent officer, South Asia and Corporate Communications, GroupM India, firmly believes that the hired candidates are never good or bad. The objective is to get the best fit for the job. The inability to perform could be attributed to other peripheral reasons, which need to be addressed. The reasons could be many —the environment, the manager the person is reporting to, or a conflict with other people and so on.

“If one employs the same yardstick for internal recruitment — underperformance is a matter of concern there too —whom does one blame.”

Rajeev Singh of Yokohama Off-Highway Tires

“New hires can’t start performing from day one. They have to understand the system and processes first. Eventually, they will deliver. It will take three-six months for them to be productive. Within that time, they can be analysed.”

Suri shares a common practise in case of bad hires. It’s about moving people across various departments within an organisation.

However, problems of misfit or bad hire are not just restricted to external hires. The same can happen even during internal movements.

“If one employs the same yardstick for internal recruitment — underperformance is a matter of concern there too —whom does one blame,” opines Singh of Yokohama Off-Highway Tires.

“This is why even in internal movements, an assessment process and evaluation of values is a must to get a right fit,” he adds.

At Yokohama, there is a special programme for summer interns, where they are taught how to be better professionals and what it takes to be successful. This is to ensure to reduce the chances of bad hire when they are finally recruited into the team.

Clearly, bad hires are a possibility but they are certainly not beyond repair. Yes, they may increase a manager’s job as they may need more time to cope than usual, but they deserve all the support. Showing them the door at the first sign of difficulty may be disadvantageous, not just to the employees but to the company as well.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.hrkatha.com/recruitment/how-bad-hires-can-be-transformed-into-a-star-performer/

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