NEW DELHI: Even as thousands are losing their jobs worldwide on deteriorating
economic condition, India has a reason to cheer - in just one week, firms have unveiled plans of hiring 40,000 people in the country, while nearly 30,000 jobs fell on the firing line elsewhere.
Private insurer MetLife India is looking to recruit about 2,000 managers and a whopping 30,000 advisors in the coming months. Further, global management consultancy firm Deloitte Touche Tohmatsu is looking to hire 3,500 employees in the country.
On the contrary, in just less than a week, corporates, right from the US to UK have announced job cuts amounting to nearly 30,000.
The latest job cuts have been announced by companies including banking behemoth Citigroup, British Telecom and Royal Bank of Scotland.
According to MetLife India's Managing Director Rajesh Relan, MetLife India plans to hire about 2,000 sales managers and 30,000 financial advisors by March, which would nearly double the two workforces.
At present, MetLife India has about 2,220 sales managers and more than 30,000 financial advisors working for it, which would grow to a strength of about 60,000 advisors and more than 4,200 managers by March 2009.
Last month, the unemployment rate in the world's largest economy - US - touched a 14-year high of 6.5 per cent, an indication of the deepening economic turmoil.
Moreover, global management consultancy firm Deloitte Touche Tohmatsu is planning to hire 3,500 employees in India, aiming to take the firm's total headcount to 12,000 in the next three years.
"We are planning to increase our headcount to 12,000 people by 2011 from 8,500 at present. The hiring would be focused mainly in our advisory business," Deloitte Asia Pacific CEO Chaly Mah said.
In the past one year, the consultancy firm had hired over 2,000 people.
On the other hand, British Telecom, which has a significant offshore presence in India, has announced plans to cut 10,000 jobs by March next year but the company said its India operations would not be affected.
"The Indian operations would not see any retrenchment. The majority of the job cuts are UK based. It is too early to know country specific job cuts," a company spokesman said.
The cuts will mainly affect agency and contract staff and offshore workers, the company said. BT has a global workforce of 1,60,000.
However, following the announcement on Thursday, a British media report said the telecom giant may axe more people in addition to the figure of 10,000.
In addition, financial services behemoth Citigroup is reportedly mulling over slashing 10,000 more jobs.
India-born Vikram Pandit-led Citi has reduced its workforce by nearly 23,000 people in the first three quarters of this year.
"Starting this week, Citigroup is handing out pink slips to at least 10,000 employees...," the Wall Street Journal had reported on Friday.
Meanwhile, American IT major Sun Microsystems has announced slashing 6,000 jobs. Adding to the gloom, another British major Royal Bank of Scotland is reportedly planning to reduce its headcount by 3,000.
6 months ago