MUMBAI: The World Trade Center Mumbai, in association with the All India Association of Industries (AIAI), hosted a high-impact seminar titled ” India’s New Labour Codes: Impact on Industries and employees” here today at World Trade Center Mumbai. The event brought together nearly 200 industry leaders, business executives, and HR professionals to understand the impact of the Labour Codes on businesses and MSMEs.

Speaking at the seminar, Suhas Basakhetre, Managing Director, Prompt Personnel Pvt. Ltd., stated, “enhancing the ease of doing business is the central objective of India’s labour law reforms. He noted that the earlier labour laws, many of which had been in force for decades, have now been comprehensively rationalised by consolidating 29 existing laws into four simplified labour codes.”

Highlighting the intent behind the reforms, Basakhetre said that the labour codes focus on simplification of laws, ease of compliance for employers, digitisation of processes, creation of a balanced and equitable framework for both employers and employees, and strengthening enforcement mechanisms

He further added that, “the entire compliance and enforcement ecosystem has now been digitised, significantly reducing regulatory complexity. Over 1,400 compliances have been streamlined to approximately 400, which is a major step towards improving the ease of doing business. The new labour codes aim to provide equal weightage to the interests of employers and employees, fostering a more transparent, efficient, and growth-oriented labour ecosystem.”

In his remark, Dr. Vijay Kalantri, President, All India Association of Industries and Chairman, World Trade Center Mumbai, said, “The consolidation of 29 existing labour laws into four unified labour codes is a landmark reform aimed at simplifying labour regulations, expanding worker protections, and improving predictability and clarity for employers.

“There would be greater job formalization and increased worker welfare, which would lead to potential job creation and increased consumption. These positives come with certain challenges, including higher wages and labour costs, more formalities, possible job insecurity, strained HR capacity, increased compliance workload, and short-term cost impacts. These reforms mark a decisive step towards building a more unified, resilient, and inclusive labour ecosystem, aligned with India’s vision of a Viksit Bharat 2047,” Dr. Kalantri stated

Yashashri Kulkarni, General Manager, Labour Law Compliance, Prompt Personnel Pvt. Ltd., highlighted key provisions under the Code on Wages, including the fixation of a National Floor Wage and the need for employers to realign and update their wage structures accordingly.

She further noted that this is the first time Indian labour legislation has formally defined emerging categories such as aggregators, gig workers, platform workers, and fixed-term employment, reflecting the evolving nature of the workforce. Referring to the Code on Social Security, Ms. Kulkarni pointed out that the EPF case deposit requirement has been significantly reduced from 75 per cent to 25 per cent of the estimated amount, while monetary penalties for non-compliance have been enhanced to strengthen enforcement.

She also highlighted important reforms under the Occupational Safety, Health and Working Conditions Code, including the introduction of a pan-India single licence regime, liberalisation of leave encashment provisions, and mandatory crèche facilities, all aimed at improving worker welfare while simplifying compliance for employers.

The seminar concluded with an engaging and interactive question-and-answer session. Priya Pansare, Director Trade and Investment Promotion, World Trade Center, Mumbai, Suhas Basakhetre, and Yashashri Kulkarni presented the vote of thanks by expressing their gratitude to and for the insightful seminar. 

The post Seminar on Labour Codes: Equipping MSMEs for a Future-Ready Workforce appeared first on NRI News.

1.       mPokket

mPokket, one of India’s fastest-growing digital lending platforms, is on a mission to empower the country’s youth by bridging the credit gap and providing small instant personal loans. The company is at the forefront of employee development in India, driving initiatives that foster professional growth and inclusivity. With a strong focus on expanding its workforce, mPokket is committed to hiring diverse young talent and ensuring a gender-diverse environment. The company also prioritizes continuous learning by offering skill development initiatives and empowering employees to pursue further education and certifications that enhance their career prospects. Innovative work policies, such as the “Don’t-Feel-Like-It” policy, reflect mPokket’s dedication to employee well-being, allowing for flexible time off to maintain productivity and mental health. This supportive and inclusive work culture not only boosts employee satisfaction but also contributes to long-term career growth, positioning mPokket as a leader in cultivating a skilled and motivated workforce in India. The company is an RBI-registered NBFC, headquartered in Kolkata and Bengaluru, with pan-India operations.

2.       Biz2x

Biz2X, a fintech lending SaaS platform in India, is setting the standard for employee development in the fintech sector with its innovative and comprehensive growth initiatives. By partnering with financial institutions to drive digital transformation, Biz2X not only fuels business expansion but also prioritizes the professional advancement of its workforce. The company has introduced the “Learner’s Wallet” policy, enabling employees to enroll in courses that enhance their skills and performance, alongside reimbursing certification costs up to INR 5,000 annually. Beyond financial support, Biz2X offers robust mentorship programs, personalized career advancement plans, and regular skills development workshops, fostering a culture of continuous learning and development. This dedication to employee growth ensures a motivated and skilled team, capable of delivering exceptional client experiences and driving the company’s mission forward. By investing in its employees’ professional journeys, Biz2X exemplifies leadership in cultivating a dynamic and talented workforce within India’s competitive fintech landscape.

3.       CASHe

CASHe, a fintech startup, specializes in providing short-term personal loans primarily to salaried millennials. The company is set to hire 300 new employees by the end of 2024 to build a Technology Excellence Centre in Hyderabad. This initiative will focus on digital engineering and fintech innovation, enhancing CASHe’s capabilities in lending, insurance, and wealth management. The hiring will span various roles, fostering a culture of continuous learning and professional growth. CASHe’s commitment to leveraging AI and machine learning aligns with its mission to drive financial inclusion and support career development within the evolving fintech sector.

4.       Finserv

Fiserv, Inc., a global technology leader in enabling seamless money movement for countless financial institutions and millions of individuals and businesses, is also at the forefront of employee development in the fintech industry. The company prioritizes continuous learning, diversity, and innovation, ensuring that its workforce remains ahead of the curve. Through comprehensive skilling programs, employees gain access to advanced learning platforms, while the Business Innovation Group fosters a creative environment for developing cutting-edge fintech solutions. Fiserv’s culture is deeply embedded with principles of diversity, equity, and inclusion, supported by Employee Resource Groups like the Women Impact Network and Unity, which champion professional growth and drive the company’s DE&I agenda. 

The post How Fintechs are Leading Employee Development in India appeared first on NRI News.

BENGALURU: Schneider Electric, the global leader in energy management and nextGen automation, today inaugurated one of its largest employee campuses globally, at Bagmane Solarium City, Bengaluru, also known as India’s Silicon Valley.

This state-of-the-art campus covers an area of ~ 630,000 sq. ft and features a Global Innovation Hub, Training center, R&D center, Skill center, and Digital Hub with a capacity to accommodate over ~ 8000 professionals.

This new campus reaffirms Schneider Electric’s commitment to be an employer of choice by providing world-class infrastructure for employees to collaborate, develop, and deliver industry-leading solutions for customers. It also reinforces the company’s pledge to “Make in India for India and the world,” showcasing ongoing investments in manufacturing, innovation, people, R&D, and skill building.

Underlining Schneider Electric’s focus on accelerating its investments in India, Peter Herweck, Chief Executive Officer, Schneider Electric, said, “I am delighted to open one of our largest employee campuses worldwide in India. This new investment underscores our dedication to accelerating our contribution to India’s rapid growth. We strongly believe in its potential as a springboard for innovative ideas benefitting local customers, while making a global impact.”

Commenting on the new campus inauguration, Deepak Sharma, Zone President – Greater India, MD & CEO, Schneider Electric India, said, “Our new employee campus goes beyond being just a workplace. It exemplifies the creation of a dynamic ecosystem aimed at fostering collaboration and igniting creativity across the entire energy sector value chain. Through this campus, we aim to provide an immersive, hands-on learning experience, offering comprehensive insights into energy management and industrial automation. Furthermore, it underlines our commitment to expanding our workforce of over 37,000 in India to drive the development of cutting-edge products and solutions not only for India but also for the global markets”

The Innovation Hub at Bagmane offers an immersive experience that integrates all Schneider Electric offerings to showcase a comprehensive journey, transforming sustainability ambitions into tangible actions at the intersection of automation, electrification, and digitization. This innovative approach underscores Schneider Electric’s commitment to providing a holistic view of its solutions and their impact on driving sustainable practices and outcomes.

The Bagmane Campus Training Center will feature interactive demonstrations, workshops, and expert-led sessions, ensuring that our employees, partners, and customers, gain practical knowledge and expertise in the latest technologies and solutions. It will harness internal expertise to foster a learning culture, offering an advanced learning environment equipped with the latest technologies and infrastructure.

Standing by its commitment towards sustainability, the Schneider Electric Bagmane Bengaluru Campus is designed to prioritize sustainability with off-site green power, energy-efficient chiller systems, and 100% greywater reuse via a sewage treatment plant. The campus has already applied for LEED Gold certification, demonstrating Schneider Electric’s commitment to international sustainability standards. Further, the Schneider Electric interior fit-out works are also striving for LEED – Platinum certification, reflecting the company’s ongoing pursuit of excellence in sustainable building practices.

The post Schneider Electric Inaugurates One of its Largest Employee Campuses in India appeared first on NRI News.

San Yoji Okumura, Representative Director and President of Fujita Corporation said on the occasion “Having worked with Neilsoft over the past four years to overcome the language and cultural challenges that can sometimes slow progress, we are pleased to announce we are now committed to expanding the scope of the BIM Center in Neilsoft’s Pune Campus and making it a great success.  We are also expanding our cooperation efforts to include BIM in the Construction phase of the project lifecycle – building on our earlier progress in Design BIM (Architecture and Structure, MEP) and AI-assisted Configurator Software development.”

Ketan Bakshi, Chairman of Neilsoft said “With Fujita Corporation’s patience, efforts, and commitment we have seen progress & some results. We now have the confidence that we can grow the BIM Center to 300 persons by 2027. We continue to evolve methods, templates & language translation tools plus train our teams in Japanese Design/Construction practices to ensure high-quality services. In technical co-operation with each other, Fujita and Neilsoft are also developing Scan2BIM solutions for Reality/Legacy-capture requirements and for improved Construction quality monitoring (to check variations) & progress tracking.”

The post Fujita And Neilsoft To Strengthen Working Co-operation To Grow Their Pune-based BIM Center To A 300 Persons Team By 2027 appeared first on NRI News.

INDIA: CriticalRiver Inc., a leading technology solutions provider announces that 100% of its employees will now have ownership in the company through its lucrative ESOP initiative, marking a significant milestone in its commitment to empowering its workforce. This move underscores CriticalRiver’s commitment to fostering a culture of customer-centricity, employee empowerment, and shared success. CriticalRiver embarks on a new chapter where every team member has a stake in the company’s future. With over 1,000 employees across 9 global locations, this strategic move reinforces the company’s commitment to retaining its top talent. As part of the transition, CriticalRiver will grant 100 ESOPs to each employee annually based on their years of service. Furthermore, each employee’s account will receive an additional 100 ESOPs each year. This move not only reflects the company’s dedication to building long-term relationships with clients and maintaining a positive company reputation.

According to the Harvard Business Review, businesses with at least 30% employee ownership tend to be more productive, experience faster growth, and have a lower likelihood of going out of business compared to their counterparts. In addition to ensuring the continuity of quality talent, this model reinforces a customer-centric approach, where employees deeply invest in satisfying clients and meeting their expectations, thereby securing the longevity of the organization.

Commenting on the milestone, Anji Maram, Founder & CEO of CriticalRiver Inc., said, “This strategic move is more than a milestone; it’s a testament to our confidence in our team and our collective future. Aligning with our visionary goal, we are setting the stage for propelling CriticalRiver towards revenues of $500 million by 2030 and achieving our Initial Public Offering (IPO) vision thereafter. The ESOP further reinforces our commitment to innovation and excellence, ensuring unwavering customer confidence. This strategic shift underscores our unwavering commitment to bolstering client confidence, and we’re further reinforcing the founders’ and management’s steadfast dedication to nurturing the organization’s growth.”

Chandra Chandragiri, CFO of CriticalRiver Inc., expressed enthusiasm about the new journey, emphasizing the strategic decision as a testament to their faith in their employees, who are now more than ever the pillars of the company’s success. “For clients, this transition promises not only improved service quality but also a partnership model where employees are deeply invested in satisfying clients and meeting their expectations. This alignment fosters better customer service, innovative solutions to client needs, and a shared sense of purpose in achieving mutual success.”

The initiative is expected to attract and retain top talent, improve job satisfaction, and foster a collaborative, and innovative work environment. It reflects the company’s forward-thinking approach and dedication to creating a sustainable and prosperous future for its employees and stakeholders, enhancing its capability to serve clients as true partners in their journey.

The post CriticalRiver Announces That 100% Of Its Employees Will Now Have Ownership In The Company Through Stock Options appeared first on NRI News.

“We are honored to receive the CII HR Excellence Award, which underscores our unwavering commitment to fostering excellence in human resources practices,” said Neena Bahadur, Chief Human Resources Officer, Tata BlueScope Steel. “At Tata BlueScope Steel, we believe that investing in our people is pivotal to success. This recognition reaffirms our belief in the importance of nurturing a workplace culture that values inclusivity, fosters growth, cares for the community, and continuously strives for improvement.“

The assessment process involved a comprehensive review of Tata BlueScope Steel’s HR policies, practices, and performance. The CII HR Excellence Awards serve as a platform to promote and benchmark HR practices across industries, fostering the growth of world-class standards in organizational management. The award also serves as a tool for self-assessment, enabling organizations to identify areas for improvement and chart a path toward greater excellence in HR management.

Tata BlueScope Steel recognizes that employees are the cornerstone of the organization. To foster engagement and empowerment among the workforce, the company tailors policies to enhance the ’employee experience’ while building trust. Initiatives such as the ‘Buddy’ and ‘Sarthi’ mentoring programs have been introduced to cultivate camaraderie among employees, bridging generational and experiential gaps within the workforce.

The company’s #SheAll initiative strives to build empowering workspaces for all, by creating a safe work environment- physically, emotionally & psychologically. They aspire to break down barriers and ensure that every individual, regardless of their background, has equal opportunities for growth, development, and success. #SheAll encompasses not just the employees, but also extends to vendors, channel partners, students, and the community. 

Furthermore, Tata BlueScope Steel is committed to further diversifying its workforce by actively including individuals from the LGBTQIA+ community and persons with disabilities. The company has developed customized onboarding plans to ensure an inclusive and welcoming experience for all new hires.

In addition to fostering a diverse and inclusive workplace, the company prioritizes initiatives aimed at promoting work-life balance, offering remote work options, wellness leaves, maternity benefits, and providing essential amenities for construction site workers. The company also implements safe travel policies and offers accommodation for women apprentices, among other supportive measures.

Additionally, the company’s reward and recognition initiatives play a vital role in cultivating a culture of excellence.

The post Tata BlueScope Steel Recognized By CII HR Excellence Award 2023-24 appeared first on NRI News.

This holistic revision shall have a positive impact on past and present generations of LICians and also make LIC a more attractive employment proposition to the future generation. LIC is thankful to the Government of India for this wage revision which will benefit all LICians and their families across the country. Dated at Mumbai on 15th March 2024.

The post LIC Implements Wage Revision with 17% Hike appeared first on NRI News.

The report also provides a detailed view of some of the major risks that organizations must address in 2024, including the climate crisis, the power of AI, the evolution of employees’ expectations, and worldwide unrest. The second-highest security concern identified by respondents in this year’s survey revolves around geopolitical tensions, with civil and social unrest, coupled with political instability, ranking as the next largest worries for organizations.

AI has inspiring potential to create a new industrial revolution. However, for now, it further complicates the vital task of sorting reliable information from misinformation and deliberate disinformation for businesses. More than two out of five respondents to the Risk Outlook research said they were worried about the effect of medical misinformation and disinformation on their workforces. This rises to three in five when asked about inaccurate political information.

Three-quarters of surveyed organizations report increased employee expectations for Duty of Care. A similar number are now also shouldering duties previously seen as government responsibilities, including two-thirds who acknowledge extending responsibilities to support workers’ families in times of need. This underlines how the era of offering only basic occupational health services for work-related conditions is over. While still essential, occupational health provisions must be enhanced with diverse support and interventions to safeguard and nurture employees globally.

Udit Mehta, Executive Vice President and Director of Operations for International SOS, comments “2024 will likely be a year that redefines a crises conundrum, with multiple risks driven by instability causing a considerable impact and consistent insecurity that organizations need to address. This coupled with the crisis management functions being continually challenged for a fourth year running since the outbreak of the COVID-19 pandemic implies organizations would need to re-assess not just the resourcing of this critical function but also its placement in management structures.”

It is now imperative that all current and future organizational climate action planning includes employee health and well-being as a key driver of sustainable business operations. The International SOS Group of Companies is in the business of saving lives, and protecting your global workforce from health and security threats. Wherever you are, they deliver customized health, security risk management, and well-being. solutions to fuel your growth and productivity.

The post Global Perma-Crisis Predicted to Significantly Impact Employee Wellbeing in 2024, According to International SOS Risk Outlook Report appeared first on NRI News.

The new uniforms are expected to be rolled out by the end of 2023. Air India CEO and MD Campbell Wilson expressed his excitement about the collaboration, saying, “Air India is delighted to be collaborating with Manish Malhotra to represent the very best of a vibrant, bold, and progressive India on the world stage. We are working closely with Manish and his team to create a fresh and exciting new look that supports and represents the new Air India.“

Manish Malhotra, a renowned fashion designer, expressed his honor to collaborate with Air India, saying, “Reimagining their uniforms is the onset of a journey of joy and collaboration, and I am excited to embark on it. Our shared ideology is simple yet profound: to evolve without erasing, to modernize without forgetting. Together, we aim to intertwine tradition with the future, crafting uniforms where comfort meets authenticity, wrapped in timeless elegance.“

Malhotra and his team have already begun meeting with Air India’s frontline staff to better understand their specialized needs. Malhotra’s prolific career spanning over 30 years as a couturier, costume stylist, and entrepreneur has seen him revolutionize the fashion landscape in India. His designs are characterized by their use of rich fabrics and bold colors, and his clothes are known for their perfect fit. He has styled and designed costumes for over a thousand films, including some of the biggest blockbusters in Indian cinema, besides dressing A-list celebrities from around the world.

Air India, founded by the legendary JRD Tata, pioneered India’s aviation sector. Since its first flight on October 15, 1932, Air India has built an extensive domestic network with non-stop flights to cities around the world, across the USA, Canada, UK, Europe, Far East, South-East Asia, Australia, and the Gulf. After 69 years as a government-owned enterprise, Air India and Air India Express were welcomed back into the Tata group in January 2022.

Air India is navigating through a major five-year transformation roadmap under the aegis of Vihaan.AI, with an ambition to become a world-class airline with an Indian heart. The first phase of this transformation, the taxi phase, was recently concluded and focused on fixing the basics. These included bringing back to service many long-grounded aircraft, the addition of talent across flying and ground functions, rapid upgradation of technology, and strengthening of customer care initiatives amongst others. A member of Star Alliance, the largest global airline consortium of leading international airlines, Air India offers seamless connectivity and facilities to passengers all over the world.

Air India’s collaboration with Manish Malhotra to design new uniforms for its frontline employees is a significant step in the airline’s ongoing modernization program. The new uniforms are expected to reflect the airline’s brand, heritage, and culture while meeting the unique requirements of the airline environment. The rollout of the new uniforms is expected to begin by the end of 2023.

The post Air India Collaborates with Fashion Designer Manish Malhotra for New Employee Uniforms appeared first on NRI News.