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The rapid acceleration of change in the workplace — from the boom of generative AI to shifting work models — means leaving behind old ideas of what C-suite leadership looks like.For Business Insider's third Workforce Innovation virtual roundtable, we asked board members how C-suite leaders might have previously led their businesses and how old approaches are giving way to a distinctly new way of executive leadership.Several board members said change needed to happen at every level of an organization, not just on a single team. Now it's up to leaders to harness the potential of their workforce and prepare employees for how they can play an active role in transformations across the business."The reset message here is that no function is exempt," Maggie Hulce, the chief revenue officer at Indeed, said. "Every function can change and should be changing and needs to take accountability and ownership for driving that, versus waiting for a central team to figure everything out."With evolving workplace priorities, the Workforce Innovation board also predicted which new roles might emerge in the C-suite, including "chief transformation officer" and "chief experience officer."The following has been edited for length and clarity.Julia Hood: What's the old way of C-suite leadership, and what's the new way? What is changing for those leading the workforce during this time of transformation?<h2 id="0c6ca21f-d8b4-40db-bb90-e9fb8d56ff2b">Alicia Pittman, chair of global people team, Boston Consulting Group</h2>One of the biggest differences we're seeing and we'll continue to see is that the concept of apprenticeship is becoming truly a two-way street. An old version of apprenticeship is learning the craft step-by-step — like the "Karate Kid" and Mr. Miyagi, based on wisdom and time.Now leaders are also seeing from younger generations how to embrace technology and AI, specifically, how to lead inclusive teams that maybe don't look so much like you, and how to support employees through mental-health challenges and general wellness.I'm seeing that happening in very powerful ways, truly two ways, and up and down. Organizations that embrace that — which are flatter, less formal, and allow for more of that cross-connectivity — are going to benefit as that becomes more the norm in how we craft leadership.<h2 id="f242fb98-9c94-4e5b-8135-1f191d2cb6f3">Neil Murray, CEO, Work Dynamics at JLL</h2>I like the idea that's been coined about leading from behind. The notion is that the old way was about leading leaders top-down, personally owning strategy, P&amp;L, innovation, and culture.Leading from behind has been likened to a shepherd coordinating from behind and creating an environment where people who are willing and able can take initiative and lead innovation. That company culture becomes owned collectively rather than the singular responsibility of the CEO.I don't think that's about a CEO stepping back and allowing mob rule, but rather, it's about harnessing collective genius in the organization.I think the reason for this is that the psychological contract between companies and employees has changed quite dramatically and continues to change. We know that people are looking for more meaning and purpose in their working lives. They expect to be seen. They expect to be valued for who they are and, ultimately, want to be part of and coauthor a company purpose and culture.It also applies to innovation. It's no longer about incremental innovation from a centralized chief product officer. Breakthrough innovation will be key, with consistent breakthrough innovation to sustain competitiveness. From a leadership perspective, that's about creating an environment where those closest to issues and most nimble can lean in and innovate, rather than trying to centralize it.<h2 id="d012677b-737d-445d-84a4-5d9f7a363a82">Kenon Chen, executive vice president of strategy and growth, Clear Capital</h2>When I first saw the GitHub Copilot demo before it was launched, I was struck by the idea of someone with a business use case and business knowledge being able to execute and create a technical solution without going through our typical translation layers, which are business analysts and scrum masters and technical project managers.We now have this huge layer of translators between the business, especially from the C-suite to the people who are creating the innovations or products.What gen AI is leading us to is a world in which we don't need so many translators because there are fewer hops from the idea to the value that we want to create to the execution. When you have all these translators, it's like the telephone game.As a leader, you need to be able to communicate much more precisely and clearly the outcome that you're trying to create in terms of value. You have to be your own translator, in a way, so that every stakeholder involved can take action on what's being communicated.<h2 id="df0e2c1a-ee63-46c5-b1e1-3cca22a63036">Anant Adya, executive vice president, service-offering head, and head of Americas delivery, Infosys</h2>At Infosys, one of the things we are focusing on is employee well-being. We want to be a hybrid work environment where we give flexibility to our employees to choose the way they want to work.There is obviously great value in coming to the office, collaborating with team members, and working to do innovative stuff. But this also ties back to DEI initiatives in the company. As we improve our gender diversity, especially as we go to the top, we want to make sure we give flexibility to our employees.Also very important is how we embrace innovation. We continuously upskill, retrain, and reskill our employees. How do we make sure that we embrace the culture of learning in the company? It's very critical that we have to constantly learn and upskill ourselves with all the new technologies that are coming and with all the new lingo that is being spoken. We don't want to get stuck in the old world of still talking old technology.Finally, we balance risk and focus from a long-term standpoint. Of course, everybody's focused on the quarter results and numbers, but we want to have a very long-term focus and plan at the same time.<h2 id="ef9e6c96-6d4a-4af5-a150-163cc530eada">Justina Nixon-Saintil, vice president and chief impact officer, IBM</h2>There is such a focus on employee voice across everything that we do. When you think about AI, we're asking employees, no matter where they are across the business, to come up with use cases and ways that AI can make a difference in their function.In the past, this would be the limit of just one entity, one function to come up with the right use cases. Maybe it was the software team, CIO team, or CTO.Now we're looking across the entire business and saying, "Come up with the right use cases that can help your function, your programs, your organization."Even in the area that I lead around corporate responsibility and ESG, we're deploying AI technology to create better learning pathways for our users or to look at ESG and data analytics. So this is an area we're leading within the organization and not necessarily waiting for another function to help us lead.<h2 id="b9d6a0b9-97d7-4bef-b44c-1a0b1ebba35e">Maggie Hulce, chief revenue officer, Indeed</h2>We are moving towards AI-enabled transformation being a companywide expectation, as opposed to just a few teams working on it and incubating it. That requires, as others have said, cross-team learning and development, and we are acknowledging we need both centrally driven, top-down things and a lot of bottom-up things.That's a parallel concept to DEI. We've gone through the transition of separate DEI organizations to having it be the expectation that equity is every leader's responsibility.Having a separate team that's supposed to make everybody behave with equity just doesn't work.With well-being, we've been on this track that, of course, physical and mental health, employee engagement, and employee voice are really important. Right now, there's more focus on training managers for the challenges of the multigenerational workforce and the mix of in person and remote.The speed of change is getting more and more rapid. How do we equip the managers up and down to help navigate this? And that's a big part of employee buy-in and navigating change. In the C-suite itself, you have more roles that have to think cross-functionally and be cross-functionally trained. Because as you think about how AI can change processes, it blurs and breaks old functional lines.That will make people uncomfortable. But if you let the functional lines be blockers, it will definitely slow you down. So our expectation is that we're going to see more and different types of roles that are enabling transformation.<h2 id="9b14003d-0c96-46b6-9c44-0515cc2393cf">Lucrecia Borgonovo, chief talent and organizational-effectiveness officer, Mastercard</h2>One of the biggest shifts is around decision-making — the move from siloed decision-making, where each member of the C-suite has a defined set of decisions they're accountable for, to a C-suite that acts more as a collective leadership body. It acts more cross-functionally, and there are more shared responsibilities and more joint decision-making that becomes part of the norm.There's much more fluidity and interdependency across different roles and functions. C-suite leaders are wearing multiple hats and creating roles that are much more versatile in nature.Tim Paradis: We've seen new C-suite roles emerge in recent years, like chief AI officer and chief ethics officer. The C-suite itself is getting larger in some cases. What new C-suite offices might emerge next?Nixon-Saintil: I'm seeing a lot of new roles, especially in corporate social responsibility and ESG. More "chief impact officers" are focused on social impact across the business. Those roles sometimes oversee environmental affairs and sustainability initiatives.The "chief sustainability officer" role has increased significantly over the last two years. Many large companies had them, but now smaller or midsize companies are adding that role to the C-suite, especially as they prepare for regulation around sustainability and all of the mandatory disclosure that is occurring."Chief ESG officer" is a new role that we are seeing as well, with a focus on ESG, regulation, controls, and accountability.Adya: The common thing that will happen across roles is the use of data and AI across every role.There are two roles that we are seeing in some of our bigger customers. One is chief experience officer, who is focused on what we call "human experience." It's not just about the experience of users but also of the stakeholders, business users, and customers of the enterprise.For example, if you go to a company and ask a finance person, "What does experience look like for you?" He or she will say that I would want to close my books on time. That's the experience. They don't care about whether they're using X, Y, or Z vendor. For them, closing the books on time is their experience. So this is about looking at the experience of the stakeholders, the users, and their customers.Then, while there is a "chief AI officer" role that's picking up, there is also a lot of focus on automation. How do we use automation in a business process? So the "chief automation officer," cutting across the enterprise, is looking at areas where we could potentially drive automation in a big way.Borgonovo: One that is on my mind is what you might call a "chief optimization officer," focused on how do you extract the most value across your products, your services, and all the different investments that you make, identifying items that aren't necessarily scaling.The other one that we have seen at Mastercard is the "chief risk officer," a new role created in response to the environment getting incredibly complex and the importance of embedding risk management into the organization.Roles like chief transformation officer will continue to be relevant. It all depends on the maturity of the different capabilities that you have in the organization.Pittman: I think that a lot of these roles — whether it's chief diversity officer, chief risk officer, chief digital officer — are really about building new competencies that are not widely spread. Where it's working best, you see companies standing up leadership for these capabilities and then pushing it down the line. It's got to be everybody's accountability.The number of companies naming chief transformation officers grew about 140% over the last couple of years. It's one of those roles where the impact is most measurable. You can see with a chief transformation officer, from the time they're appointed to the next two years, on average, that the company is going to improve its shareholder return performance versus its peers.That's pretty remarkable in terms of impact, so we'll keep seeing that. With the pace of change, the half-life of market leadership keeps getting shorter and shorter. We're going to see the role of the chief transformation officer being critical to enable C-suites to keep up with the pace of change and drive cross-functional initiatives.Hulce: I was just pitching this idea of a transformation leader, not necessarily reporting to the CEO but one across internal functions to help drive the next 18 months given how fast we intend to stand up totally different ways of working.When we think about transformation for external products versus transformation for internal processes, it is a bit different. So when we think about the work we're trying to do for external products, making sure the scope is clear — those are long-standing, typical questions for how you stay competitive and innovate.But rapid cross-functional, internal transformation is different. Can you make a successful role to drive a complete rethink of process and workflow across many functions with technology and AI being a critical enabler?In the past, it wasn't as important to do cross-functionally as it is now, with what gen AI can do. It's a big opportunity to radically rethink how this work gets done.Murray: Business-unit leaders now have an explicit responsibility to look at everything within their business line and think about on a 2-by-2 matrix the feasibility versus the impact of transforming end-to-end process.Chen: I do like this idea of a chief transformation officer, but the risk there is if every leader isn't equipped with thinking about how to proactively get value from tools that are around the organization and the data that is available. Everyone is going to have to be reskilled to learn how to do that, with AI as one of the new accelerator tools.

The C-suite is evolving — and new roles may join to drive innovation, say execs from IBM, JLL, Clear Capital, and more

New Delhi [India], May 24 (ANI): <keyword id="21790772" type="General" weightage="20" keywordseo="Indias-data-centre-industry" source="Orion">India's data centre industry</keyword> to attract an investment of USD 5.7 billion by 2026 amid the growing demand for <keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword> (<keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword>), says a report by real estate and investment management company, JLL. The report highlights that India's <keyword id="13391374" type="General" weightage="20" keywordseo="data-centre-industry" source="Orion">data centre industry</keyword> will add 791 MW capacity by 2026 and this expansion will lead to a demand of 10 million sq. ft of real state space. "The <keyword id="126804" type="General" weightage="20" keywordseo="data-centre" source="Orion">Data Centre</keyword> (DC) industry in India is set to witness remarkable growth, with projections of adding 791 MW capacity by 2026. This expansion will drive demand for 10 million sq. ft. of real estate space, attracting investments worth USD 5.7 billion" said the report. A data center is a facility that centralises an organisation's IT operations and equipment to store, process and transfer data and applications. The report highlights that growth in computing power and the resulting new applications are expected to drive strong demand for DC industry over the medium term. The expected demand of the Indian data centre industry to reach 650-800 MW during 2024-26. The surge in demand for data centres is primarily fuelled by the increasing adoption of Artificial Intelligence (AI). The report points out that Cloud Service Providers (CSPs), who essentially offer IT infrastructure systems primarily for data storage and computing power accessible through the Internet, have realigned their requirements to factor in AI-led demand. The CSPs have also announced higher investments to scale up AI-led growth. "The exponential growth in processing power and data volumes, driven by AI, necessitates the development of new data centres capable of meeting energy, processing, and cooling needs. The anticipated expansion and progression of diverse AI disciplines are projected to create additional demand for data centres, expanding their capacity requirements and advancing their capabilities" said Rachit Mohan, Head, Data Centre Advisory, India, JLL. According to the report in the second half of 2023, there was a 12 per cent increase in absorption to 81 MW compared to 72 MW during the same period last year. This growth can be attributed to cloud service providers (CSP) gaining momentum after a brief hiatus during the first half of 2023. In Mumbai, absorption nearly doubled during this period as CSPs renewed their pace of absorption. "India is poised to be the third-largest economy, with a projected USD 5 trillion GDP by 2027 with digital economy contribution of around 20 per cent. This digital expansion is anticipated to propel the growth of India's data centre industry, projected to increase from 853 MW in 2023 to 1,645 MW by 2026," said Dr. Samantak Das, Chief Economist and Head of Research &amp; REIS, India, JLL. There was a lower supply addition of 75 MW during H2 2023 as the available supply from the first half was utilised to meet the demand, resulting in tighter vacancy levels of 5.5 per cent. With a large user market, talented workforce, and thriving startup ecosystem, India presents a significant opportunity to emerge as a global data hub, driven by sustainable practices. The country's DC sector expanded from 350 MW in 2019 to 854 MW in 2023, in line with the increasing digital usage trends.

Amid growing demand for AI, India's Data Centre boom to drive USD 5.7 billion investments by 2026: JLL

<ul><li>India’s office market absorption in 2022 is higher than the pre-pandemic five-year average (2015-19). </li><li>Delhi-NCR led the way in the list of office absorption rates at 23.7% in the final quarter of 2022. </li><li><keyword id="6354552" type="General" weightage="80" keywordseo="hyderabad" source="Orion">Hyderabad</keyword> and Chennai show strong year-end momentum and are powered ahead of Mumbai and <keyword id="6354321" type="General" weightage="80" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> in Q4 net absorption. </li></ul>As <keyword id="47357" type="General" weightage="20" keywordseo="offices" source="Orion">offices</keyword> are opening up once again almost after two years of the pandemic, the net absorption of office properties across the top seven cities (Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune) has surpassed pre-pandemic levels, a report by real estate company <keyword id="6370127" type="General" weightage="100" keywordseo="jll" source="Orion">JLL</keyword> revealed. Interestingly, the net absorption of office properties this year has also surpassed the five-year pre-pandemic average (2015-2019) by 3.1%. At 38.25 million sq. ft, the net absorption this year is second only to the 2019’s net absorption numbers for the past 10 years, showcasing the strong resilience of the Indian office markets, as per JLL. “The office market in India has made a strong recovery in 2022 with the year emerging as the strongest in terms of office market performance post-Covid and second only to 2019 over the last decade. Even with the evolving hybrid work ecosystem, we have seen a sharp rise in office occupancy levels,” Rahul Arora, head office leasing advisory India and MD, Karnataka, Kerala at <keyword id="484198" type="General" weightage="50" keywordseo="jll-india" source="Orion">JLL India</keyword> said. However, on a quarter-to-quarter basis, the net absorption rate was down by 19% at 7.99 million sq. ft. This was mainly due to delayed decision-making and a cautious approach from occupiers impacting deal closures in the last quarter of the year, says the report. “We are likely to see some delayed decision-making as businesses look at macroeconomic signals before committing capital for new offices. Driven by segments like flex, healthcare-life sciences, GCCs and manufacturing/industrial along with its leadership position in the global tech ecosystem, office demand is expected to be similar to 2022 with a marginal to the slight upside,” said Dr Samantak Das, chief economist and head of research and REIS, India, JLL. Delhi-NCR led the way in the list of office absorption rates at 23.7% in the final quarter of 2022. This was followed by Hyderabad and Chennai, which were ahead of Mumbai and Bengaluru. Pan-India net absorption, as a result, was 46.1% higher on a YoY basis, Arora added. “Over the next 12 months, around 53-58 million sq. ft is lined up with average pre-commitment levels of 14-17%. For assets owned by institutional landlords which are 30% of the supply pipeline, pre-commitment rates stood at 22-25%, signalling the flight to quality with healthy workspaces and ESG considerations being given significant weightage during space planning,” Das said. Gross leasing at a three-year high The gross leasing hit a three-year high — up 47.4% YoY, informed JLL. The gross leasing activity for 2022 was at 49.41 million sq. ft because declining Covid cases and greater clarity in the business environment supported on-ground real estate activity, the report said. Delhi-NCR and Bengaluru were the two biggest office markets in India this year in gross leasing activity, followed by Mumbai. These three markets accounted for over two-thirds share of the overall occupier activity for the 2022 calendar year. Not just gross leasing, even new completions reached a new historic high for the Indian office markets at 58.27 million sq. ft in 2022. Completions in Q4 2022 were headlined by Hyderabad and Bengaluru which combined for a 60.5% share of the quarterly supply additions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/market-regulator-sebi-issues-list-of-most-wanted-defaulters-all-untraceable/articleshow/96573278.cms">Market regulator SEBI issues list of 'most wanted defaulters' - all untraceable</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/its-been-20-years-of-mukesh-ambanis-leadership-and-heres-how-ril-grew/articleshow/96573826.cms">It's been 20 years of Mukesh Ambani's leadership, and here's how RIL grew</a>

Delhi-NCR and Bengaluru are India’s biggest office markets in 2022: JLL report

The rise in <keyword id="6468581" type="General" weightage="20" keywordseo="housing-prices" source="Orion">housing prices</keyword> and mortgage rates have impacted affordability levels to buy homes in the last two years across seven major cities but it may improve next year due to a likely reduction in repo rate, according to JLL India. The improvement in affordability levels would further boost housing sales, which have risen despite increases in property prices and interest rates on home loans. The consultant on Sunday released its 'Home Purchase Affordability Index' (HPAI), which signifies whether a household earning an average annual income (at an overall city level) is eligible for a housing loan on a property in the city at the prevailing market price. "The rising repo rate in 2022 as the RBI reacted to the global recessionary and inflationary trends, plus a strong demand recovery spurring price hikes, worsened affordability in 2022," the report said. In 2023, the consultant said that affordability levels are likely to marginally worsen or remain the same when compared to 2022. A stronger price increase has been countered by stagnancy in repo rate movement, declining <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> and relatively higher growth in household incomes, the consultant explained. "In 2024, we are likely to see a renaissance with affordability levels expected to be on an improving trajectory as <keyword id="493702" type="General" weightage="20" keywordseo="macroeconomic" source="Orion">macroeconomic</keyword> fundamentals support a repo rate reversal and thereby interest rate reduction that could provide another fillip to the residential sales market," the report said. JLL expects a 60-80 basis points reduction in repo in the next year. It has derived this index through a combination of variables, which include home loan interest rates, average household income and price of the residential apartment. The HPAI is the ratio of the average household income to the eligible household income. Eligible household income is defined as the minimum income that a household should earn to qualify for a home loan on a 1,000-square-foot apartment at the prevailing market price. A value of 100 means that a household has exactly enough income to qualify for the loan. A value less than 100 implies that an average household does not have enough income to qualify for a housing loan. A value of more than 100 implies that an average household has more than enough income to qualify for a home loan. As per the data, the affordability index in Mumbai is estimated to dip to 88 from 92. In Delhi NCR, the index is seen declining to 121 from 125. The Index of Bengaluru is estimated to have dipped to 158 from 168. The index in Hyderabad is seen at 169 against 174 last year. Pune will witness a marginal fall to 182 from 183, while Kolkata will see a marginal improvement to 194 from 193. The affordability index of Chennai is estimated to be flat at 162 this year. JLL India noted that affordability was at its lowest in 2013 before rising on a sustained basis through 2014 to hit optimal levels in 2021. "Despite residential price hikes being sustained in 2023, better economic and job prospects and healthier income growths compared to 2022 have led to a relatively minor dip in affordability in 2023. "In fact, affordability levels remain much above the pre-COVID and worst affordability periods for all cities, clearly highlighting the headroom for market growth to continue," said Siva Krishnan, Managing Director and Head of Residential Services, India, JLL.

Affordability levels to buy homes hit in last 2 years; to improve in 2024 on likely repo rate cut: JLL

<keyword id="6358070" type="General" weightage="100" keywordseo="mumbai" source="Orion">Mumbai</keyword>, <keyword id="13749453" type="General" weightage="20" keywordseo="housing-sales-in-mumbai" source="Orion">Housing sales in Mumbai</keyword> are likely to cross Rs 1 lakh crore this calendar year and may breach the Rs 2 lakh crore-mark in 2030 on rising demand, according to a report. Realtors body <keyword id="6404896" type="General" weightage="80" keywordseo="naredco" source="Orion">Naredco</keyword>'s Maharashtra chapter and property consultant JLL India on Friday released a report "Unlocking Opportunities with Infrastructure Development" here. The report noted that Mumbai maintains its position as one of India's largest residential markets, contributing 40 per cent to the total residential sales value in the country. In number of units, the Mumbai market accounts for 25 per cent of total sales volume across seven cities. "The market has witnessed a strong recovery in sales with 2022 surpassing 2018 both in terms of sales value and sales volume," the report said. In 2023, sales of residential units in Mumbai are expected to increase further. "Residential sales value is likely to breach the Rs 1 lakh crore mark." Sales would breach the Rs 2 lakh crore mark in 2030, the consultant estimated. Mumbai witnessed sales of Rs 90,552 crore during the 2022 calendar year and Rs 50,075 crore in the first half of this calendar year. Pre-Covid, the housing sales in Mumbai stood at Rs 60,928 crore in 2019 and Rs 66,820 crore in 2018. Mumbai city has demonstrated a robust recovery in 2022, witnessing an increase in both sales value and volume. "Maharashtra is amid a remarkable transformation driven by the visionary approach of its government towards infrastructure development. The opportunities that lie before us are boundless, and it is our shared responsibility to harness them, for the betterment of the state and the advancement of the real estate sector," Sandeep Runwal, President of NAREDCO Maharashtra and MD of Runwal Developers, said. Karan Singh Sodi, Senior Managing Director, Mumbai, MMR, India, JLL, said individuals have a preference for staying close to office markets. "Owing to this, residential clusters in proximity to office markets have flourished and attracted steep prices whereas those with limited connectivity have trailed," Sodi said. During the past three years, Mumbai's housing market, particularly in the luxury segment, has demonstrated a consistent upward trajectory, Ashwin <keyword id="297510" type="General" weightage="50" keywordseo="chadha" source="Orion">Chadha</keyword>, CEO of India Sotheby's International Realty, said. "The surge in demand has propelled both supply and prices, leading to an anticipated expansion in market size," Chadha said.

Housing sales in Mumbai likely to cross Rs 1 lakh cr this year: Naredco-JLL

<ul><li>Hotels in <keyword id="826" type="General" weightage="100" keywordseo="goa" source="Orion">Goa</keyword> earned a revenue of ₹9,000 per room, followed by <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> and <keyword id="66" type="General" weightage="50" keywordseo="delhi" source="Orion">Delhi</keyword>. </li><li>There was a considerable increase in hotel reservations across all six major cities — Delhi, Goa, Mumbai, Chennai, Bengaluru and Hyderabad. </li><li>This growth is driven by weddings and meetings, incentives, conferences and exhibitions (MICE), and business travel. </li></ul>Goa is <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>’s favorite hotel destination with the best occupancy rates and earnings per room, a survey conducted by <keyword id="14677312" type="General" weightage="50" keywordseo="jll-hotels-group" source="Orion">JLL Hotels Group</keyword> revealed. India witnessed a 244% demand increase in hotels across six major cities — Delhi, Bengaluru, Chennai, Goa, Hyderabad and Mumbai in the second quarter of 2022, according to Hotel Momentum India Report 2022. This growth is driven by weddings and meetings, incentives, conferences and exhibitions (MICE), and business travel. “The stellar performance of the hospitality sector over the past few months has boosted confidence levels of hotel owners and operators. This is further amplified by the return of the business traveler. Investors’ gaze has returned to the sector,” Sanjay Sethi, CEO of Chalet Hotels. All six key markets continued to witness a year-on-year growth in revenue per available room (<keyword id="1995892" type="General" weightage="50" keywordseo="revpar" source="Orion">RevPAR</keyword>) in the second quarter of 2022 as compared to last year, the report revealed. Goa remained the leader in RePAR, with a 54% increase in hotel occupancy levels. The average daily rate of hotels in Goa was the highest in India, at over ₹9,000. Mumbai was second with an occupancy rate the same as Goa and RevPAR of ₹8,000. Delhi was at the third place with each room generating a revenue of over ₹6,000. Bengaluru saw the steepest increase in RevPAR in Q2 2022, with a 660% growth compared to the same period in the previous year. “As business travel and corporate off-sites continued to grow, summer holidays offered a further impetus to the overall demand resulting in a renewed confidence in the sector. We expect this momentum to continue over the next few quarters on the back of long weekends, festivals, weddings, events, and business travel evenly contributing to this growth story,” said Jaideep Dang, managing director - hotels and hospitality group, <keyword id="52011" type="General" weightage="50" keywordseo="south-asia" source="Orion">South Asia</keyword>, JLL. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/machine-learning-and-statistics-are-the-most-important-skills-required-for-data-science-jobs-in-india-says-report/articleshow/93455981.cms">Machine learning and statistics are the most important skills required for data science jobs in India, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech-buying-guides/best-tech-gifts-for-your-sisters-this-rakhi/articleshow/93455849.cms">Best tech gifts for your sisters this Rakhi</a>

Goa hotels recorded the best occupancies and earned more too says report

<ul><li>The <keyword id="490866" type="General" weightage="20" keywordseo="Indian-hospitality-sector" source="Orion">Indian hospitality sector</keyword> witnessed a strong growth in the third quarter (Q3) this year primarily due to corporate travel. </li><li>According to the <keyword id="6370127" type="General" weightage="100" keywordseo="jll" source="Orion">JLL</keyword> report, the revenue generated per available room (<keyword id="1995892" type="General" weightage="80" keywordseo="revpar" source="Orion">RevPar</keyword>) growth in Q3 2022 was recorded as 89.6% as compared to Q3 2021. </li><li>Bengaluru saw the highest <keyword id="11294543" type="General" weightage="20" keywordseo="RevPar-growth" source="Orion">RevPar growth</keyword> of 241% in the Q3 2022 as compared to the same period last year.</li></ul>The Indian hospitality sector witnessed a strong growth in the third quarter (Q3) this year primarily due to corporate-related bookings, says a report by JLL India. “The hotel room demand across business cities remained strong during the quarter primarily driven by meetings, incentives, conferences and exhibitions (MICE) and other business-related travel,” said the JLL’s Hotel Momentum India (HMI) Q3, 2022 report. According to the report, the revenue generated per available room (RevPar) grew by 89.6% in Q3 2022 as compared to Q3 2021. On a sequential basis however, compared to Q2, its RevPar dipped by 3.8% due to reduced corporate travel amidst long weekends and festivals. Last year during the same quarter, the country was struggling to recover from the fatal second wave of the pandemic, which had a significant impact on the performance of the overall hospitality sector. All forms of travel have been picking up ever since lockdowns ended earlier this year. “Hotels across major business and leisure destinations are performing either at par or higher than pre-Covid RevPAR levels. This stellar recovery has renewed confidence in the sector resulting in increased development and investment activity,” Jaideep Dang, managing director of hotels and hospitality group, India, JLL. <cmsannotation type="cmsannotation" annotationid="Bengaluru tops the chart of RevPar growth and average daily rate" comment="subhead" text="Bengaluru tops the chart of RevPar growth and average daily rate">Bengaluru tops the chart of RevPar growth and average daily rate</cmsannotation> As per the report, Bengaluru saw the highest RevPar growth of a whopping 241% in the Q3 2022, on a year on year basis. Its average daily rate (ADR) also grew at 80% in Q3. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RevPar growth (in last one year) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ADR growth percent (in last one year) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">241.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">80.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">140.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">71.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">123.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">114.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">80% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">103.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">54.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goa </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">75.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24.9% </td></tr></tbody></table>Source: JLL Report After Bengaluru, Hyderabad and Chennai witnessed the highest RevPar growth in Q3 2022 over Q3 2021. “We believe this momentum will continue through the year-end. Furthermore, we expect the hotel investment climate to remain buoyant in 2023 as hotel performances further strengthen,” Dang added. The last quarter of the year is expected to remain busy due to a <a href="https://www.businessinsider.in/business/news/big-fat-indian-weddings-back-but-with-slimmer-guest-lists/articleshow/95657820.cms">hectic wedding season </a>and leisure travel during the winter vacation. Meanwhile, business travel will continue to remain strong through the end of the calendar year, the report predicts. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/slower-rate-hikes-on-the-cards-say-analysts-ahead-of-rbis-december-monetary-policy-meet/articleshow/95881537.cms">Slower rate hikes on the cards, say analysts ahead of RBI’s December monetary policy meet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/article/its-not-just-mercedes-even-bank-deposits-are-competing-with-equities/articleshow/95879457.cms">It’s not just Mercedes, even bank deposits are competing with equities</a>

Corporate demand boosts hotel demand in Q3: JLL

<ul><li>Kolkata is the most affordable residential market in the country. </li><li>Chennai and <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> also have relatively good affordability levels, but <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> may soon slip below the threshold of an affordable market. </li><li>It is becoming increasingly expensive to buy homes for buyers due to macroeconomic headwinds, inflationary pressures and rising input costs. </li></ul>Kolkata, <keyword id="6354552" type="General" weightage="80" keywordseo="hyderabad" source="Orion">Hyderabad</keyword>, and <keyword id="2094" type="General" weightage="80" keywordseo="pune" source="Orion">Pune</keyword> remain the most affordable residential markets in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> while the metropolitan city of Mumbai has become slightly less affordable, reveals real estate firm <keyword id="6370127" type="General" weightage="100" keywordseo="jll" source="Orion">JLL</keyword>’s Home Purchase Affordability Index (<keyword id="4260039" type="General" weightage="80" keywordseo="hpai" source="Orion">HPAI</keyword>) 2022 Report. However, affordability levels are set to progressively fall for 2022 and 2023 as macroeconomic headwinds and inflationary pressures eat into household incomes, and residential prices rise as input costs are yet to be fully transmitted, JLL said. RBI’s Repo rate hike is yet another factor that will lower affordability levels, it added. “Affordability levels are likely to trend down through the end of 2022 and thereafter in 2023 as well. Mortgage rates are likely to move up further to near 8-year highs. Price pressures and slower income growth are further likely to create a temporary glitch for affordability,” Samantak Das, chief economist, and head of Research and REIS, India, JLL said. This would, however, be a temporary phase, and the momentum witnessed during 2013 and 2021 – when affordability increased consistently across the key seven cities – is likely to sustain. “While affordability is likely to be impacted, the momentum-inhibitor looks to be a temporary one with India’s focus on economic growth and likely easing of inflationary pressures expected to reverse the current interest rate growth,” said <keyword id="7251915" type="General" weightage="50" keywordseo="siva-krishnan" source="Orion">Siva Krishnan</keyword>, managing director, and head of <keyword id="15703348" type="General" weightage="50" keywordseo="residential-services-india" source="Orion">Residential Services India</keyword>. India’s most affordable housing cities in 2022 Kolkata, with a value of 192 is still on track to remain the most affordable residential market in the country among the top seven cities with Pune (183) and Hyderabad (174) close second. All three cities are likely to register lower affordability for 2022 and 2023, the report said. “Mumbai has been the fastest-moving city in terms of its HPAI score improvement and became an affordable market with its threshold hitting 100. It is likely to slip below the threshold value of an affordable market but only slightly given all the macroeconomic headwinds and remain much above its HPAI low of 43 in 2013,” said JLL. JLL Home Purchase Affordability Index (HPAI) signifies whether a household earning an average annual income (at an overall city level) is eligible for a housing loan on a property in the city, at the prevailing market price. A value of 100 means that a household has exactly enough income to qualify for a housing loan. Going below that marker means an average household does not have enough income to qualify for a housing loan. Chennai (161) and Bengaluru (167) have relatively good affordability levels, the report added. Affordability to still remain attractive JLL Research’s analysis revealed that affordability was at its highest in 2021 with decadal low interest rates, attractive prices and household income recovery all coming together to create the perfect storm. In 2022, affordability gains have been slightly mitigated as inflationary pressures have caused developers to pass on the rise in input costs to the buyers and the RBI’s repo rate hikes have resulted in higher home loan costs. The current year is likely to see household incomes rise by an average of 7%. Residential prices have also risen driven by robust demand and pass-through of rising input costs onto homebuyers, with the price growth averaging 4-10% across the major cities, the report added. “What remains pertinent is that we are coming off an 18-month period of a robust recovery in residential demand even as prices and interest rates have moved up during the latter part of this timeframe,” said Krishnan. “Affordability despite the estimates of a decline will still remain quite attractive and second best only to 2021,” he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/go-after-big-smugglers-sending-mountains-of-illegal-drugs-into-the-country-fm-to-enforcement-agencies/articleshow/96001566.cms">Go after big smugglers sending 'mountains' of illegal drugs into the country: FM to enforcement agencies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-services-sector-output-growth-hits-3-month-high-in-nov-on-strong-demand/articleshow/96001482.cms">India's services sector output growth hits 3-month high in Nov on strong demand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/upcoming-whatsapp-new-features-in-2023/articleshow/95998284.cms">Check out upcoming new WhatsApp features in 2023</a>

Kolkata, Hyderabad and Pune remain India’s most affordable residential cities: JLL

<ul><li>Almost 44% of the total <keyword id="14913607" type="General" weightage="20" keywordseo="office-building-stock" source="Orion">office building stock</keyword> across top seven cities in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> is green certified, says a <keyword id="6370127" type="General" weightage="100" keywordseo="jll" source="Orion">JLL</keyword> report.</li><li>Delhi NCR and Mumbai which contribute over 41% of total green-certified stock in the country.</li><li>There is a 13% average rental premium in green-certified IT buildings.</li></ul>Almost 44% of the total office building stock across top seven cities in India is green certified, says a report by <keyword id="150310" type="General" weightage="50" keywordseo="jones-lang-lasalle" source="Orion">Jones Lang LaSalle</keyword> (JLL). However, most of these <keyword id="427573" type="General" weightage="20" keywordseo="green-buildings" source="Orion">green buildings</keyword> are in Delhi NCR and Mumbai which contribute over 41% of total green-certified stock in the country. Most of the green buildings stock is owned by institutional investors and real estate investment trusts or REITs. The JLL report also throws light on why green buildings are becoming popular. “Going green has its advantages. There is a 13% average rental premium in green-certified IT buildings and a 36% average premium in non-IT buildings,” the report says. Green buildings, also known as sustainable buildings, use sustainable material and processes and aid efficient use of natural resources like energy and water, reduces pollution and uses waste reduction measures. Organizations are keen on choosing office spaces that help them reduce carbon emissions, and this is driving demand for green buildings. “Even in the two-year period immediately preceding the pandemic, the share of gross leasing in green-certified buildings was higher at 53% and rose further to 57% during the pandemic period. This clearly outlines the greater shift underway in occupier preferences for sustainable, green-certified buildings,” said Radha Dhir, CEO and country head - India, JLL. <cmsannotation type="cmsannotation" annotationid="Green buildings less likely to remain vacant, more likely to command premium" comment="subhead" text="Green buildings less likely to remain vacant, more likely to command premium">Green buildings less likely to remain vacant, more likely to command premium</cmsannotation> In addition to higher rentals, green buildings are also less likely to remain vacant. According to Dr. Samantak Das, chief economist at JLL, vacancies are lower by 3-12% in green buildings across prominent submarkets. In He says that rental premiums are as high as 15-54% for green buildings while its non-green counterparts have to deal with brown discounting – a rating term that describes buildings that would need maintenance investments going ahead. “Across all core submarkets in the top seven cities where IT/IT SEZ projects form a significant proportion of total Grade-A stock, green-certified buildings enjoy higher occupancy compared to non-certified counterparts,” said Das. In general, most of India’s Grade-A stock is predominantly for IT/IT SEZ usage – and this share is at 71% share. Within this stock, half of it is green certified. For the non-IT stock, green penetration is much lower at 28%. “The lower vacancy levels in this green-certified non-IT stock also underline the impact of green certifications on occupiers’ space decisions, more so in the case of their corporate offices which are representative of the firms’ ethos and corporate responsibility statements,” he added. The report predicts that over the next decade, the penetration levels of green-certified buildings will cross 50% overall. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kfc-pizza-hut-and-dominos-are-going-desi-with-their-menus/articleshow/94030563.cms">The Taste of India: American chains go desi with veg makhani burgers, tandoori tofu subs and achaari pizzas</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/moodys-retains-indias-credit-rating-at-baa3-stable-says-the-economy-is-diversified-with-high-growth-potential/articleshow/94029919.cms">Moody’s retains India’s credit rating at ‘Baa3 stable’, says the economy is ‘diversified with high growth potential’</a>

Green buildings command rental premiums of 13-36% as demand grows: JLL

<keyword id="6357824" type="General" weightage="20" keywordseo="sales" source="Orion">Sales</keyword> of <keyword id="47359" type="General" weightage="20" keywordseo="apartments" source="Orion">apartments</keyword> across seven <keyword id="480949" type="General" weightage="20" keywordseo="major-cities" source="Orion">major cities</keyword> are estimated to rise by 20 per cent to around 2.6 lakh units, the highest since 2008, on better demand, according to JLL India. Sales stood at 2,15,621 units in the last calendar year in Delhi-NCR, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru and Pune. Real estate consultant JLL India on Thursday said sales in the first nine months of 2023 reached 1,96,227 units as against 1,61,575 units in the year-ago period. Only apartments are covered in the report while <keyword id="4454413" type="General" weightage="20" keywordseo="row-houses" source="Orion">row houses</keyword>, <keyword id="46887" type="General" weightage="20" keywordseo="villas" source="Orion">villas</keyword>, and plotted developments are excluded. Mumbai includes Mumbai city, Mumbai suburbs, Thane and Navi Mumbai. In 2024, the consultant expects residential sales to be around 2,90,000 to 3,00,000 units on the back of robust demand and quality launches. "Despite the increase in home loan interest rates and <keyword id="72248" type="General" weightage="20" keywordseo="rising-prices" source="Orion">rising prices</keyword>, the overall sentiment in the domestic housing market remains positive, with homebuyers maintaining an upbeat attitude towards purchasing homes. "In 2023, residential sales are expected to surpass 2,60,000 units and launches 2,80,000 units to reach a historic high post-2008," Samantak Das, Chief Economist and Head of Research, India at JLL, said. Commenting on the report, Akhil Saraf, founder of HDFC Capital-backed Reloy, said the real estate industry has undergone a comprehensive transformation in recent years, encompassing regulatory changes and a shift in the mindset of both suppliers and consumers. Reloy helps builders in generating referral sales. "Developers are increasingly adopting a customer-centric approach, focusing on meeting the specific needs and demands of homebuyers. This renewed focus has bolstered confidence among potential buyers, reaffirming real estate as a viable asset class," Saraf added. Pradeep Aggarwal, Chairman of realty firm Signature Global, said the real estate sector has witnessed an impressive surge this year across major cities, including Delhi-NCR. "In areas like Dwarka Expressway, New Gurugram, South of Gurugram (Sohna) and SPR (Southern Peripheral Road), residential demand has seen a significant upswing, driven by a keen interest from buyers towards mid-housing and massive infrastructure development in these locations," Aggarwal said. Construction and real estate firm BCD Group MD Angad Bedi said the real estate sector has demonstrated remarkable resilience in 2023 despite uncertainties related to the global recession and rising interest rates.

Sales of apartments in top 7 cities may rise 20 pc to 2.6 lakh units this year: Report

<ul><li>Ever since the government announced the nationwide lockdown on March 24, the unemployment rate in India remained high at over 20%, according to <keyword id="9267267" type="COMPANY" weightage="20" keywordseo="the-centre-for-monitoring-indian-economy">the Centre for Monitoring Indian Economy</keyword> (CMIE). </li><li>The job loss and pay cuts will impact the <keyword id="400812" type="PERSON" weightage="20" keywordseo="senior-executives">senior executives</keyword> the most, according to Rituparna Chakraborty, EVP &amp; co-founder at TeamLease Services. </li><li>This week, Business Insider brings job openings across companies for executive roles like VPs, SVPs, and Business Heads.</li></ul>The COVID-19 pandemic has cost many Indian employees their jobs and salaries. Ever since the government announced the nationwide lockdown on March 24, the unemployment rate in India remained high at over 20%, <a href="https://www.businessinsider.in/careers/news/india-unemployment-worsens-cmie-jobless-rate-spikes/articleshow/75989712.cms">according to</a> the Centre for Monitoring Indian Economy (CMIE). Since there is uncertainty around Covid-19 and its possible impact, more pay cuts and job cuts are in the offing. On both fronts, the <a href="https://www.businessinsider.in/business/corporates/news/infosys-reportedly-plans-to-reduce-the-number-of-managers-the-ceo-and-coo-got-over-25-salary-raise-in-fy20/articleshow/76127600.cms">senior executives are the most impacted</a>. Rituparna Chakraborty, EVP &amp; co-founder at TeamLease Services told Business Insider that organisations will implement a ‘balanced approach’ while deciding on who will get impacted by the move to cut wages. “In all possibilities, the senior officials shall bear more of the brunt than others,” she said. Every week, Business Insider collates interesting vacancies across marquee organisations. A few such vacancies are listed here. This week we bring job openings across companies for executive roles like VPs, SVPs, and Business Heads. Here are a few of those opportunities: Barclays Position: Vice President Location: Chennai Experience: Relevant experience in the banking industry Eligibility: Bachelor’s degree Barclays is looking for an experienced banking operations manager to join as the Vice President. The selected hire will work on trade settlements, critical payments and confirmations. He will review the risk factors in the operational process. The selected data scientist will also be responsible for the development and implementation of policies and procedures, thereby ensuring that all the compliance, risk policies and procedures are followed. To apply for the job, the candidate must have a strong understanding of the end-to-end processes in the confirmations and settlements. He should be a team player, along with excellent communication skills. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1862499301/">here</a>. SAIF Partners Position: Vice President - Marketing Location: Gurgaon Experience: Not specified Eligibility: Not Specified Private equity firm SAIF Partners is hiring a digital marketing head for one of its companies based in Gurgaon. The candidate will work on the development and execution of business strategies by improving brand performance. He will chalk out the strategy for consumer marketing and digital marketing. This includes paid search, social advertising, inbound calling, email, webinars, mobile calling campaigns and more. To apply, the candidate must have experience in direct marketing and analytics along with email, display advertising, affiliate, SEO/SEM and social media skills. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1619041529/">here</a>. Mastercard Position: Associate Managing Consultant Location: Gurgaon Experience: Relevant experience at CXO level, specifically in strategy consulting Eligibility: Master’s degree or higher Mastercard is hiring a managing consultant, who is experienced in strategy consulting and has worked at a CXO level before. The selected hire will work as a digital strategy development lead to create design patterns that can be used for customers. The consultant will help develop capability frameworks to drive customers. He will work with consultants globally and lead a team of internal consultants to develop the company’s digital strategy. The applicants must have experience in digital payments and handling clients. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1862620964/">here</a>. Morgan Stanley Position: Analytics - Vice President Location: Mumbai Experience: Minimum 10 years with exposure to coding languages Eligibility: Master’s degree in Finance or Engineering related areas; CFA or FRM Morgan Stanley is looking for Vice President - Analytics for its Portfolio Analytics group. The selected candidate will be expected to understand portfolio performance, risk and other analytics applications. The role includes supervision and guidance to the team to ensure timely deliveries to all clients, engaging with stakeholders. The VP will help build new analytical tools for the company, along with maintaining the existing ones. He will also perform risk analysis and performance evaluation. To apply for the job, the candidate must have analytical and problem-solving abilities, along with the understanding of equities, fixed income. He should have experience in coding languages like Excel-VBA or R. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1877032440/">here</a>. JLL Position: Director - Planning Location: Chennai Experience: Minimum 10 years in planning, construction or project management Eligibility: Degree in any property-related discipline Global real estate firm JLL is looking for a director for project and development services in India. The hired candidate will be responsible for the overall project planning and guiding the teams to help them meet the clients’ expectations. The planning director will be required to submit monthly reports, and monitor project budgets. This will include project planning, scheduling, monitoring, budgets and contract administration. He will also be responsible to develop and manage engineering and construction schedules and inspect projects including material, workers, machinery, equipment and engineering staff. To apply for the job, the candidate must have good communication skills so as to deal with business owners and other senior executives. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1810889273/">here</a>.

Barclays, Morgan Stanley, JLL and others hiring senior executives during the coronavirus lockdown

New Delhi, April 20 () The hotels and hospitality sector in India has declined sharply in the first quarter of 2020, as the COVID-19 outbreak impacts various segments of the sector, according to global real estate consultant JLL. Coming off a high performance base in 2019, the COVID-19 outbreak and the containment measures introduced by the government have resulted in a severe drop in foreign and domestic travel, across both the tourism and business traveller segments, the report 'India Hospitality Industry Review 2019' has said. "In the third week of March 2020, at an all-India level, the hotels sector witnessed a decline of more than 65 per cent in occupancy levels as compared to the same period of the previous year," it added. As travel restrictions around the world intensified further, second and third quarters of 2020 are likely to be similarly impacted, it added. At least 30 per cent of hotel and hospitality industry revenue could be impacted if situation doesn't improve by the end of June 2020. With more than 60 per cent of organised hotels in India already shut and several others operational with single digit occupancies, a recovery will be gradual, the report said. Industry estimates indicate that in India, branded and organised hotels annual revenue is Rs 38,000 crore, it added. "As the sector navigates turbulent times through the pandemic, growth and development of hotels in India is also likely to be impacted in the next two years. Any dry powder that is available today will focus more on buying operating assets rather than building new ones," JLL India CEO and Country Head Ramesh Nair said. The strong performance of the office sector was the key to robust hotel market performance across the top 7 business cities of India, the report said. "There are several macro factors that play favorably to India's hotel and hospitality industry. First and foremost, the massive domestic sector, which has also become travel savvy over the years, will likely drive the rebound as travelers extend their average length of stay at a certain destination," JLL Hotels &amp; Hospitality Group MD Jaideep Dang said. Secondly, India may get an increased share of manufacturing and logistics business that may bring back business travelers to the country in the medium term, he added. Focus on development could shift towards Tier 1 cities, which are fundamentally stronger business-driven markets, the report said. On debt side, new hotel development will be impacted as there will be limited lender appetite, particularly in more volatile resort markets. Investors led by private equity funds will be looking out for stressed assets as the working capital pain and reduced revenues will impact yields for existing hotel owners, it added. "2020 started with a strong deal pipeline estimated at about USD 1 billion worth of tradeable assets. Investment action will likely get deferred as the sector rebuilds itself after containment of COVID-19, however, we estimate that more assets may fall in the ring for sale in the latter half of the year", the report said. Growth and development is likely to slow down in the next two years. Projects under development will likely get delayed and raising development finance will also become more challenging, it added. Depending upon an early containment of the pandemic, green shoots on transaction activity will likely appear towards third quarter of 2020, the report said. AKT HRS

Hotels, hospitality sectors severely impacted by COVID-19 pandemic: JLL

<div class="KonaFilter image-container display-table"><div><div class="image on-image">WeWorkWeWork employees asked management for clarity around the outsourcing contracts last week.</div></div></div><ul class="summary-list"><li>WeWork is outsourcing its facilities staff to real estate services company JLL, according to a Monday memo reviewed by Business Insider. </li><li>Starting on December 9, the affected cleaning teams will be part of JLL or one of the company's partners. </li><li>It's a reversal of co-CEO Artie Minson's 2015 decision to cut WeWork's outsourcing contracts.</li><li>While this round of outsourcing was months in the making, the news comes as WeWork looks to cut costs in other areas, including thousands of job cuts. </li><li><a href="https://www.businessinsider.com/heres-the-latest-wework-news-2019-6">For more stories about WeWork, click here. </a></li></ul>WeWork's cleaning staff will have another employer in a month. The beleaguered office company is outsourcing its US and Canada facilities staff to real estate services giant JLL, per a Monday memo to employees reviewed by Business Insider. Starting on December 9, the affected cleaning teams will be part of JLL or one of the company's partners. It's unclear how many staff members are affected by the change.A representative for WeWork declined to comment, and JLL did not respond to a request for comment. <h3>Employees advocate for clarity</h3>Every member of the US and Canada cleaning, pantry, and facilities teams will be offered a job with JLL or one of its partners, the memo said. The job changes are effective on December 9. Pay will remain the same, and shifts will not immediately change. "When making this decision, we kept our employees' success top of mind. JLL is an industry expert that will help us provide a more consistent experience for our members, strong leadership for our teams, and career development opportunities for the employees that join their organization," the memo said. The staff shift, <a href="https://www.businessinsider.com/leaked-memo-wework-to-outsource-cleaning-facilities-staff-2019-11">which was announced to employees earlier this month</a>, comes as the office company looks to cut costs in a number of areas following a <a href="https://www.businessinsider.com/softbank-agrees-to-rescue-wework-in-a-bailout-deal-2019-10">bailout from SoftBank</a>. <a href="https://www.businessinsider.com/wework-plans-thousands-of-job-cuts-shelving-initial-public-offering-2019-10">Major layoffs are coming</a>, and executives are selling non-core businesses and winding down projects like <a href="https://www.businessinsider.com/wework-closes-wegrow-rebekah-neumanns-school-effort-2019-10">elementary school WeGrow</a>. Arik Benzino, the US, Canada, and Israel "CWeO" - WeWork's title for country manager - told cleaning and facilities employees in an email earlier this month that WeWork has been looking at outsourcing for nearly a year. "We're undertaking it because we believe it will fundamentally improve the experience of our team and our members," he said in the email.WeWork <a href="https://www.businessinsider.com/leaked-memo-wework-to-outsource-cleaning-facilities-staff-2019-11">brought cleaning staff in-house in 2015,</a> which current co-CEO Artie Minson said at the time helped improve the customer experience. Now, WeWork employees have been advocating for cleaners, asking chairman Marcelo Claure to "prioritize the wellbeing" of staff, Business Insider earlier <a href="https://www.businessinsider.com/leaked-memo-wework-to-outsource-cleaning-facilities-staff-2019-11">reported</a>.Employees also started a Slack channel to organize and <a href="https://weworkersco.org/">sent a letter </a>to management under the name "The WeWorkers Coalition" last week.That letter, signed by hundreds, highlighted the need for more communication about the fate of the cleaners, among other asks. "We will also need clarity around the contracts our cleaning staff will be required to sign in order to keep their jobs, which are being outsourced to a third party," the email said. <section data-track-content="" data-post-type="post">Get in touch! Contact this reporter via encrypted messaging app Signal at +1 (646) 768-1627 using a non-work phone, email at <a href="mailto:mmorris@businessinsider.com">mmorris@businessinsider.com</a>, or Twitter DM at <a href="https://twitter.com/MeghanEMorris">@MeghanEMorris</a>. (PR pitches by email only, please.) You can also <a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6">contact Business Insider securely via SecureDrop</a>.Also read: <section><h4><a href="https://www.businessinsider.com/wework-needs-a-big-expensive-it-upgrade-2019-11">Insiders say WeWork's IT is a patchwork of cheap devices and Band-Aid fixes that will take millions to fix</a></h4><h4><a href="https://www.businessinsider.com/read-wework-lays-out-five-year-plan-priorities-in-leaked-memo-2019-11">Read the memo WeWork's new chairman just sent to all staff outlining its 5-year plan using the New York City Marathon as a metaphor</a></h4><section><h1><a href="https://www.businessinsider.com/softbank-backed-fair-struggled-after-explosive-growth-say-insiders-2019-11">SoftBank-backed startup Fair burned through nearly $400 million in 10 months. Insiders reveal how Softbank stepped in and cleaned house in the wake of WeWork.</a></h1><h1><a href="https://www.businessinsider.com/weworks-flatiron-school-lays-off-dozens-of-people-2019-11">WeWork's coding boot camp Flatiron School has laid off dozens of employees</a></h1></section></section></section> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/target-effect-how-retailer-gets-you-spend-more-money-2018-10">Target just released its Black Friday ad. Here's how 'The Target Effect' gets customers to spend more money than they were expecting.</a></h3> <div> </div> </div>

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