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<keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="261" meta.entityid="Reliance Group">Reliance Group</keyword> has launched the <keyword id="24017314" type="General" weightage="20" keywordseo="Reliance-Group-Corporate-Centre" source="keywords">Reliance Group Corporate Centre</keyword> (RGCC) as part of its <keyword id="24017313" type="General" weightage="20" keywordseo="2030-growth-strategy" source="keywords">2030 growth strategy</keyword>. "The RGCC will serve as a strategic hub, providing guidance to the Group's companies as they pursue new opportunities and technological advancements," the firm said in a statement. The core team of RGCC will include experienced leaders of the Group -- Sateesh Seth, Punit Garg, and K Raja Gopal. Garg currently leads as CEO of <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords">Reliance Infrastructure</keyword>, while K Raja Gopal has been at the helm of Reliance Power for six years. He has over 27 years experience in the power sector. Other leaders from the Group companies will also be invited to the RGCC. "The establishment of RGCC aims to harness the in-house expertise of these seasoned leaders to support the Group's forward-looking growth initiatives and cultivate a new generation of leadership for future project," the statement said. The RGCC will play a pivotal role in mentoring and developing emerging leaders, blending experience with fresh talent to propel the Group towards sustained growth. A Reliance Group spokesperson highlighted, "We are thrilled to introduce RGCC, a team of seasoned professionals with a broad spectrum expertise. This strategic move aims to steer the Group's future growth by tapping into the vast experience of these leaders, will help navigate industry challenges and capitalise on new opportunities, drive innovation, and deliver exceptional value to our customers and stakeholders. We believe RGCC will be instrumental in shaping the next phase of our Group's success." In recent developments, Reliance Infrastructure Ltd and Reliance Power Ltd, key entities under the Reliance Group, have achieved zero bank debt status and outlined plans for expansion into new growth areas. Reliance Power has secured 1,270 MW of renewable power projects in Bhutan, while Reliance Infrastructure, through its subsidiary Reliance Defence Ltd, is setting up a manufacturing facility for small arms, ammunition, and explosives in Ratnagiri, Maharashtra, spanning 1,000 acres. "To support these ambitious expansion plans, the companies have announced a combined fundraising effort of Rs 17,600 crore. This includes Rs 4,500 crore via preferential equity issues, Rs 7,100 crore from Varde Partners through equity-linked long-term FCCBs, and Rs 6,000 crore via Qualified Institutional Placement (QIP), with Reliance Power and Reliance Infrastructure each targeting Rs 3,000 crore," it added.

Anil Ambani's Reliance Group sets up centre to helm 2030 growth strategy

<ul class="summary-list"><li>Amy Lentz is the chief people officer at Toms Shoes, and she posts HR content on social media.</li><li>While HR departments can be helpful, they can't fix your problems unless you help yourself first.</li></ul>This as-told-to essay is based on a conversation with Amy Lentz, the Chief People Officer at Toms and founder of Hack Your HR in Los Angeles. It has been edited for length and clarity.I've been the chief people officer at <a target="_blank" class="" href="https://www.businessinsider.com/toms-blake-mycoskie-talks-growing-a-business-while-balancing-profit-with-purpose-2016-6">Toms Shoes</a> for four years. I manage the nuts and bolts of human resources, including recruiting, <a target="_blank" class="" href="https://www.businessinsider.com/how-small-business-help-onboard-support-new-hires-trainees-2023-10">onboarding</a>, and succession planning.I also began <a target="_blank" class="" href="https://www.instagram.com/hackyourhr/?hl=en">Hack Your HR</a> in 2023, where I create short-form content in the HR space. In my Instagram videos, I share advice to help people get ahead in their corporate jobs and information about the back end of HR.I help people understand how to advocate for themselves at work, what language to use with their managers, and how to ask for help if they're not getting the support they need.Although HR can help with a lot, they can't fix every problem you may have as an employee. Here are three things you're wasting your time on if you take them to HR.<h2 id="42d9c325-db7e-4c68-a2d0-fc6350e149fd">1. HR can't make decisions alone</h2>Every HR department is run differently, so while HR tasks may vary, HR isn't typically a decision-making entity but more of a recommending entity.If someone wants a promotion and their manager says no, they might go to HR, thinking, "I'm going to appeal to HR, and then they will be able to decide if I get it."That's like saying if I go to Mom and she doesn't give me what I want, I will go to Dad. It doesn't work like that.Similarly, it can sometimes be misperceived that HR approves salaries. Typically, HR is the messenger for budgets, not the one deciding. We might recommend a number based on what's legal, compliant, and makes sense within compensation guardrails, but ultimately, someone else might make that decision, like executive leadership or finance.<h2 id="d637ae75-a7ff-45d1-b552-48837da9b7f7">2. HR can't guarantee your growth</h2>You might want to grow in your role or make more money, but as HR, I need to support the department's needs, which may have other hiring priorities that don't have room for your growth.The best thing you can do is know what you want. If you've expressed a desire to grow and haven't been able to showcase your value, I recommend bringing it up with your manager during <a target="_blank" class="" href="https://www.businessinsider.com/mistakes-managers-make-during-performance-reviews-2023-9">performance review season</a>.On HR's end, they need to be transparent on whether a promotion is possible for you. If a company isn't profitable, if there's been a communicated hiring freeze, or if a promotion is desired but the direct manager has provided performance-related feedback and there hasn't been enough time to show improvement, then it's not the right time to ask.<h2 id="dcbffdd3-b6c6-4144-b000-7feffc3290f7">3. HR can't advocate for you without you</h2>People often assume that their boss or HR will come to them with promotions or opportunities, but HR can't just get you a job or a promotion — you have to advocate for it.People who create growth plans and are a positive squeaky wheel get much further ahead than those who are passive. They ask themselves: What do I want? Where am I now? Where do I want to go? Then, they make a plan to get there, and they're vocal about it.When you first start with a company, I recommend setting up an informational conversation with HR so you can ask about available resources. Also, ask about the performance review process, resources for growth and development, whether a mentor program exists, and any opportunities HR provides to staff that may not be publicized.HR can't do everything for you, but they can help you to the greatest of their ability if you do your part, too.

3 work problems HR can't solve for you, from an HR professional

A recent report by <keyword id="23201114" type="General" weightage="20" keywordseo="Centrum-Institutional-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Centrum Institutional Research" meta.hostid="261" meta.entityid="Centrum Institutional Research">Centrum Institutional Research</keyword> reveals a sharp rise in the number of <keyword id="21365016" type="General" weightage="100" keywordseo="wealthy-Indians" source="keywords">wealthy Indians</keyword> over the past five years. The data highlights that the number of individuals earning more than Rs 10 crore annually has surged by 63%, bringing the total count to approximately 31,800. Meanwhile, those earning over Rs 5 crore per annum now number 58,200, marking a significant 49% increase. <h2>Wealth growth across <keyword id="23201527" type="General" weightage="20" keywordseo="income-tiers" source="keywords">income tiers</keyword></h2>The report not only tracks the increase in high earners but also highlights growth among those earning above Rs 50 lakh annually. Over the last five years, this group has expanded by 25%, with nearly 10 lakh individuals now in this income bracket. In terms of cumulative income, the report showcases rapid growth. The income of individuals earning over Rs 10 crore annually grew at a compound annual growth rate (CAGR) of 121% between FY19 and FY24, reaching a staggering Rs 38 lakh crore. Those earning more than Rs 5 crore annually saw their collective income grow by 106% CAGR, amounting to Rs 40 lakh crore. Similarly, the income of those earning over Rs 50 lakh per annum increased by 64%, totaling Rs 49 lakh crore over the same period. <div type="Article" hostid="261" msid="113328057" title="The illegal maneuvers the rich use to get richer" mstype="2" mssubtype="0"></div>The Centrum report also forecasts significant growth for India's <keyword id="20301791" type="General" weightage="20" keywordseo="High-Net-Worth-Individuals" source="keywords">High Net Worth Individuals</keyword> (HNI) and <keyword id="21662893" type="General" weightage="20" keywordseo="Ultra-High-Net-Worth-Individuals" source="keywords">Ultra High Net Worth Individuals</keyword> (UHNI). By 2028, their combined financial assets are expected to rise from USD 1.2 trillion in 2023 to USD 2.2 trillion, driven by an annual growth rate of 13-14% over the period from 2023 to 2028. The <keyword id="23201526" type="General" weightage="20" keywordseo="mass-affluent-market" source="keywords">mass affluent market</keyword> is also projected to grow in early double digits during this time. <h2>A gap in professional <keyword id="20074812" type="General" weightage="20" keywordseo="wealth-management" source="keywords">wealth management</keyword></h2>While the wealth of India's affluent is growing rapidly, the report highlights a key difference between India and advanced economies: only 15% of financial wealth in India is professionally managed, compared to 75% in more developed markets. This gap suggests a significant opportunity for the professional wealth management sector as India’s wealthy population continues to grow. (With inputs from ANI)

Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028

<ul><li><keyword id="20940216" type="General" weightage="20" keywordseo="Synology" source="keywords" meta.keywordsubtype="org" meta.entityname="Synology" meta.hostid="261" meta.entityid="Synology">Synology</keyword> has showcased its upcoming enterprise solutions in India.</li><li>The Taiwanese <keyword id="20653112" type="General" weightage="20" keywordseo="storage-solutions" source="keywords">storage solutions</keyword> provider has revealed its enterprise-level solution blueprint for India.</li><li>The company has announced new GenAI-powered features for its Office Suite.</li></ul> Taiwanese storage solutions provider Synology has launched its new enterprise-level solution blueprint in India at its Synology Solution showcase held in India. The announcement comes as the first enterprise application blueprint in India and is a significant part of the company’s expansion plans in India. Since 2021, the company has recorded a 600% growth in business sector revenue in India, contributing to a total revenue growth of 350%. The company showcased its latest offerings in data protection, storage, and surveillance, emphasizing solutions designed to address the growing demands of modern enterprises. <h2>Synology showcases new products</h2>The company showcased its upcoming products, including the ActiveProtect appliances, which were first<a href="https://www.businessinsider.in/tech/news/synology-introduces-new-products-aimed-at-data-protection-and-scalability/articleshow/110711086.cms"> announced</a> during the company’s Synology Solution Exhibition 2024. The ActiveProtect lineup includes dedicated backup systems that are optimised for rapid deployment and scalability. This backup solution is aimed at simplifying deployment and it can manage up to 2,500 multi-server environments across multiple sites. <div type="Article" hostid="261" msid="111748677" title="Synology bets big on the Indian market amid strong growth, growing demand" mstype="2" mssubtype="0"></div> “The ActiveProtect series focuses on data recovery and immutability, making it a reliable tool for IT professionals to ensure data security. Its multi-site friendly design aligns perfectly with India's business structure,” said Russell Chen, country manager, SAARC Region, Synology. The company also showcased its scale-out storage solutions and advanced surveillance solutions at the event. “Driven by the demand of technology trends, such as AI, IoT, digital transformation, and so on, Synology has performed exceptionally well in the Indian enterprise market, especially in sectors like government, manufacturing, and media and entertainment. Moving forward, we will continue to dedicate ourselves to meeting the modern storage needs of growing enterprises,” said Michael Chang, APAC sales head, Synology. The developing scale-out solution delivers scale-out storage, supporting both file and object storage and performance growth when adding additional storage servers. Synology also introduced its C2 Surveillance Station, which is a cloud-based video surveillance solution with edge AI and multi-layer encryption. The company is enhancing its <keyword id="19999884" type="General" weightage="20" keywordseo="AI-capabilities" source="keywords">AI capabilities</keyword> with the Synology AI Console, integrating GenAI into the Office Suite. According to the company, this will allow organisations to use the latest large language models (LLMs) while maintaining strict control over data privacy and security. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/diwali-gift-zomato-platform-fee-increased-to-rs-10-ahead-of-the-festive-season/articleshow/114493617.cms">Diwali gift from Zomato – Platform fee increased to ₹10 ahead of the festive season</a> <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/snapdragon-8-elite-announced-to-power-iqoo-13-oneplus-13-xiaomi-15-series-and-more/articleshow/114463844.cms">Snapdragon 8 Elite announced, to power iQOO 13, OnePlus 13, Xiaomi 15 series and more</a>

Synology introduces new enterprise solutions, reports significant growth in India

A day before the official release of India's Gross Domestic Product (<keyword id="35050" type="General" weightage="20" keywordseo="GDP" source="Orion">GDP</keyword>) figures for <keyword id="21593310" type="General" weightage="20" keywordseo="Q1-FY25" source="keywords">Q1 FY25</keyword>, a report by <keyword id="20548750" type="General" weightage="20" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="261" meta.entityid="Anand Rathi">Anand Rathi</keyword> research estimates the GDP to grow by 7 per cent, primarily driven by the robust performance of the services sector. The financial advisory firm also maintains its full-year <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> projection at 7 per cent, though it warns of potential downside risks. Utilities GVA is expected to rise by 11.5 per cent, while the construction sector has slowed due to election-related disruptions and the impact of heat. The mining sector remains strong, supported by increased coal production. The services sector is expected to be the primary driver of GDP growth in Q1 FY25. Despite reduced <keyword id="20155204" type="General" weightage="20" keywordseo="government-spending" source="keywords">government spending</keyword> ahead of the elections, which is likely to dampen growth in some service sectors, financial, real estate, and professional services are expected to have performed well. This performance is attributed to strong market activity and credit growth. However, the trade and transport sectors present a mixed picture, with some indicators showing improvement while others remain moderate. Overall, Services Gross Value Added (GVA) is expected to grow by 8.2 per cent in Q1 FY25. As per the report, Investment was a key growth driver in FY24, fuelled by government infrastructure projects and a real estate upswing. However, the momentum appears to have slowed in Q1 FY25 due to pre-election restrictions. Despite this, the report predicts a significant rise in government capital expenditure in the coming months, supported by greater budget allocations. The report highlights the changing dynamics of private consumption in India. FY24 saw weak consumption, especially in rural areas, with final consumption expenditure growing by just 3.8 per cent. However, as FY25 begins, there are signs of a rural revival. Indicators such as increased two-wheeler sales and improving Fast-Moving Consumer Goods (FMCG) volume growth signal a rebound in rural demand. In contrast, urban demand continues to show signs of sluggishness. The muted sales of passenger vehicles, weaker retail credit transfers, and flat Goods and Services Tax (GST) collections underscore this trend. While consumption is not expected to see a significant rise in Q1 FY25, the outlook for the remainder of the year appears positive. This optimism is bolstered by anticipated higher agricultural output and sharper government focus on rural areas. The agriculture sector is expected to post a subdued growth of 2.1 per cent in Q1 FY25, affected by scorching heat and uneven rainfall last year, which led to lower reservoir levels and hindered farming activities. However, the outlook is more promising for the remainder of the fiscal year, with better rains and improved sowing conditions expected to boost agricultural output Additionally, a rebound in stamp duty collections suggests buoyant real estate sales. Private capital expenditure, which was previously subdued, is expected to expand in FY25, driven by rising capacity utilisation and strong order books. The industrial sector, which grew by 9.5 per cent in FY24, is expected to see a shift in growth drivers in Q1 FY25. The focus is now moving towards utilities and mining, with manufacturing growth slowing. While government infrastructure projects and private capital expenditure will continue to support industrial growth, the global growth slowdown poses potential risks.

Anand Rathi anticipates Q1 FY25 GDP growth at 7%, a little lower than RBI's estimate of 7.1%

Small and medium enterprises (<keyword id="20086849" type="General" weightage="20" keywordseo="SMEs" source="keywords">SMEs</keyword>) are driving a major surge in <keyword id="21881529" type="General" weightage="100" keywordseo="job-applications" source="keywords">job applications</keyword> across key sectors, with more than 35 million job applications recorded in the first eight months of 2024, according to a report by jobs and professional networking platform apna.co. The growth is fueled by rising demand in sectors like BFSI (Banking, Financial Services, and Insurance), BPO (Business Process Outsourcing), and hospitality. The report highlights that the surge in job applications is largely for roles such as Sales &amp; Marketing Managers, Accounting Technicians, Telecallers, Back Office Executives, and Business Development Associates. These positions are critical for the expansion of businesses in these sectors, and the growing demand reflects a strong upward trend in hiring. "SMBs and MSMEs employ more than 110 million people, making them the backbone of our economy. Their success is crucial for our nation's journey towards achieving a USD 5 trillion economy," said Nirmit Parikh, Founder &amp; CEO of apna.co. Parikh emphasised that the demand for skilled workers in these sectors is expected to continue growing, creating vast opportunities for <keyword id="20019820" type="General" weightage="20" keywordseo="job-seekers" source="keywords">job seekers</keyword> across India. <h2>Major growth in Tier-2 and Tier-3 cities</h2>An interesting trend noted in the report is that over 55% of the total job applications for SMB roles came from tier-2 and tier-3 cities, including Jaipur, Indore, Ahmedabad, Lucknow, Kochi, and Bhubaneswar. As businesses expand into these cities, the talent pool is evolving to meet the growing demand, fostering a symbiotic relationship between employers and job seekers. Out of the 35 million job applications received, 14 million came from women, marking a 30% year-on-year increase in female participation. Women are increasingly taking on roles across diverse fields like finance, accounts, marketing, and graphic design, reflecting their rising involvement in the workforce. As SMEs and MSMEs continue to grow, the <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword> they generate are set to further contribute to India’s economic goals, fueling progress toward the USD 5 trillion economy target. (With inputs from PTI)

Small businesses generated 35 million job applications till Aug 2024, 14 million were from women: Report

<ul><li><keyword id="4550079" type="General" weightage="100" keywordseo="Genz" source="Orion">GenZ</keyword> employees are expected to dominate the workforce soon</li><li>Most employees say they want job satisfaction</li><li>Employees also value <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword></li></ul> Decades back, it was common for corporate employees to continue working at one place for their entire lives. Gradually, this started changing and people began switching jobs for <keyword id="19993653" type="General" weightage="20" keywordseo="career-growth" source="keywords">career growth</keyword>. Today, as GenZ is now a part of the workforce, the job-switch trend is commonplace. However, if you think that the younger generation is switching jobs just to get a better pay cheque, you might be wrong. According to a new survey, <keyword id="19919711" type="General" weightage="20" keywordseo="gen-z" source="keywords">Gen Z</keyword> employees feel job satisfaction is more important than a fat pay cheque. Moreover, for many Gen Z professionals, work-life balance has become the make-or-break factor. The report also shows that almost half of them—47%, to be exact—are considering leaving their current jobs within the next two years, searching for something more fulfilling. <h2>What does your GenZ employee want?</h2>The study, carried out by the talent platform Unstop, surveyed over 5,350 Gen Z workers alongside 500 HR professionals to get a better picture of what this generation wants from the workplace. The study revealed that Gen Zers know what they value most in their careers. <div type="Article" hostid="261" msid="113255941" title="SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?" mstype="2" mssubtype="0"></div> 77% of the respondents said that they would rather work for a company that offers growth and opportunities than settle for a higher salary. Almost half (43%) want jobs where they can get practical experience and develop new skills. And 72% say job satisfaction outweighs the need for bigger salaries. Work-life balance is another critical factor. Nearly half (47%) of young professionals say it’s something they carefully consider when looking at new opportunities. For them, an ideal workday involves completing their tasks efficiently, without feeling overloaded, and leaving enough time for personal growth. <h2>Recruiters misunderstanding GenZ priorities </h2> <a href="https://www.businessinsider.in/tech/news/ai-is-entering-classrooms-in-italy-new-learning-tools-to-be-tested-in-15-classrooms-across-four-regions/articleshow/113364057.cms" data-type="tilCustomLink" target="_blank">The study</a> also found out that HR teams often misunderstand these priorities. While 78% of Gen Z workers are switching jobs to boost their career growth, 71% of HR professionals assume it's mostly about higher pay. In reality, only 25% of Gen Zers see salary as the top motivator when changing jobs. The survey also uncovered another key ambition for Gen Z: a clear career path with opportunities for advancement. While many recruiters (44%) believe that company culture is more important to Gen Z than career progression, the truth is that this generation seeks a mix of both—a positive work culture, but also a chance to climb the ladder. Unstop’s report dives into more than just job-hopping. It touches on concerns about entering the job market, mental health expectations, and the distinct working styles of Gen Z, which move away from the "one-size-fits-all" approach of older generations. <div type="Article" hostid="261" msid="113284215" title="Was willing to focus my life on software: Bill Gates on when he dropped out of college" mstype="2" mssubtype="0"></div> "For the youngest generation in the workforce, work isn't just a place you go to every day to get your account credited regularly. It has to fit into several key aspects of your life seamlessly," Ankit Aggarwal, Founder and CEO of Unstop, said as per a PTI report. He added, "They (Gen Z) are reminding us that work should be a part of life, and not the other way around... It's a call to action for employers and recruiters. Those employers who adapt to these fast-changing expectations will be preferred by the new generation of employees." <h2>GenZ growing at the workplace</h2>Gen Z is also on the cusp of becoming a dominant force in the global workforce. By 2025, they’re expected to make up 27% of workers worldwide, according to the World Economic Forum. Adobe predicts this number will grow to 30% by 2030. In fact, Gen Z is projected to outnumber Baby Boomers in the workplace as early as this year (2024). A Glassdoor report recently said that by the end of this year, Gen Z workers will surpass Baby Boomers in numbers within the U.S. workforce.

Majority Gen Z employees feel job satisfaction is more important than salary, say work-life balance is crucial

<ul class="summary-list"><li>Deloitte and EY are trimming employee numbers as the consulting sector faces a slowdown in demand.</li><li>EY's latest financial report showed performance and hiring fell to their lowest levels in 14 years.</li></ul>Deloitte and EY have trimmed staff as demand for professional services provided by the two Big Four firms declines.In the UK, 250 employees working on advisory services have been fired from Deloitte in recent weeks, <a target="_blank" class="" href="https://www.ft.com/content/c6c83d6d-505d-4d41-87c7-b41ff21acf84?accessToken=zwAGJTUewe1AkdPGyD1tUF1NQdOHx7Qf8hrPhA.MEUCIGd8bE8IuIvMTake0_-aZzM_Mv-Cfutx9xqi5I9luWaUAiEAkzeuXXlkfmq9JMk3JCAM4Pg7a7sh0m0toIpNriMtp5s&amp;sharetype=gift&amp;token=136ca422-d562-4f29-9b6c-1e3b0d9c4520">The Financial Times</a> reported.A source with knowledge of the matter told Business Insider that about 1% of the UK workforce had left the company as part of internal "performance management processes."It was the third time in 13 months that the Big Four firm had laid off workers, the FT reported. Deloitte declined to comment on the latest layoffs.Deloitte is the world's largest professional services firm in the world by revenue and employees. Its most recent financial report, published in September, revealed that hiring and earnings have slowed in the last year.Deloitte's global workforce expanded to 460,000 in the 2024 financial year, an increase of 3,000. Tens of thousands of new hires were made in the previous two years.Global revenue was up 3.1% to $67.2 billion. In the 2023 fiscal year, the firm reported a 14.9% increase.Consulting revenues contracted significantly, with year-on-year growth falling from 19.1% in the 2023 fiscal year to 1.9% in 2024.Big Four counterpart EY has been headed in a similar direction, its <a target="_blank" class="" href="https://www.ey.com/content/dam/ey-unified-site/ey-com/en-gl/campaigns/value-realized/documents/ey-gl-value-realized-report-latest-10-2024.pdf">annual report</a> published Thursday showed. It showed employee numbers fell by 2,450 in the year to June 30 — the first decrease in 14 years.Revenue was up 3.9% on the previous year to $51.2 billion. This amounted to the firm's poorest performance since 2010.<div type="image" title="Brit weather" height="4000" width="6000" msid="114554164" hostid="261" sizebytes="650946"></div>Major consulting firms are experiencing a <a target="_blank" class="" href="https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3">slowdown in demand</a> for advisory services. Professional services firm Accenture cut its revenue forecast for 2024 from between 2% and 5% to between 1% and 3%. The firm cited the "uncertain macro environment" for its reduced expectations and said that clients continue to cut back.The trend has hit particularly hard given many of the firms went on a hiring spree during the pandemic as businesses looked for advisory support to handle to the impacts of the pandemic. In the 2023 fiscal year, Deloitte expanded its UK team alone by 7,000 employees.Aside from workforce reductions, consulting firms are also introducing new policies as they face up to an industry slowdown.PwC has <a target="_blank" class="" href="https://www.businessinsider.com/pwc-reduces-half-day-friday-benefit-for-uk-staff-2024-7">ended</a> its "Summer Fridays" perk that allowed UK staff to take Friday afternoons off for three months of the year. They were only permitted to do so for two months in 2023 and six weeks in 2024.In March, Deloitte launched "the biggest overhaul of its global operations in a decade," the FT reported. The overhaul will take a year to implement and will see the business cut itself down from five to four divisions in an effort to slash costs.For the second year running, EY has <a target="_blank" class="" href="https://www.businessinsider.com/ey-graduate-hires-start-dates-delayed-slowdown-strategy-consulting-2024-10">delayed start dates </a>for some new hires. The firm has also reduced the number of internships available next summer and cut pay by roughly 2% for some of its US partners.<h2 id="5e979be9-8ab7-4413-ac9d-f18c1186eab5">The worst may be over</h2>The firm told Business Insider that the decision to delay was made to help ensure new joiners would have "the quality and breadth of assignments to ensure a successful start and strong professional trajectory."The worst of the slowdown in the sector is likely already over, said James Callander, managing director of Freshminds, a UK-based consulting recruitment firm.Callander said the policies and workforce reductions that have been implemented will balance the amount of talent with the amount of work. He added that there's often a lag between the data on workforce numbers and the reality of the business.Callander was optimistic that the market would pick up by 2025: "Companies and businesses going through change and growth will always require professional advice."Do you work at Deloitte or another Big Four firm? Contact this reporter in confidence at <a target="_blank" href="mailto:pthompson@businessinsider.com">pthompson@businessinsider.com</a>

Deloitte and EY trim staff amid slowing demand following years of rapid growth for Big Four firms

<ul><li>88% professionals on professional networking platform <keyword id="19951562" type="General" weightage="20" keywordseo="linkedin" source="keywords">LinkedIn</keyword> are considering a <keyword id="167744" type="General" weightage="20" keywordseo="new-job" source="Orion">new job</keyword> in 2024, marking a 4% year on year (Y-o-Y) rise compared to 2023. </li><li>The primary drivers for job change include a quest for improved work-life balance (42%) and the necessity for higher wages (37%). </li><li>79% are increasing content sharing on LinkedIn, while 83% are actively expanding their professional networks. </li></ul>Looking for a new job in the new year? You are not the only one. The new year has not brought great news as far as <keyword id="11018" type="General" weightage="20" keywordseo="jobs" source="Orion">jobs</keyword> are concerned with economic uncertainty continuing to plague companies. Professionals are, however, exhibiting a bold approach to <keyword id="6359968" type="General" weightage="20" keywordseo="career" source="Orion">career</keyword> decisions amidst economic uncertainties, according to recent findings from LinkedIn. In fact, nearly 8 out of 10 (79%) expressed a willingness to pursue opportunities outside their current industry or role, according to Linkedin research. The research has also revealed that nearly 9 out of 10 (88%) professionals are considering a new job in 2024, marking a 4% year on year (Y-o-Y) rise compared to 2023. This shift suggests a change in mindset, with professionals no longer opting to endure uncertainties but instead taking proactive steps to steer their careers, emphasising <keyword id="23080" type="General" weightage="20" keywordseo="productivity" source="Orion">productivity</keyword> and <keyword id="42546" type="General" weightage="20" keywordseo="growth" source="Orion">growth</keyword>. LinkedIn's analytics show a 9% Y-o-Y increase in job search activity on its platform in 2023 compared to 2022. The primary drivers for job change include a quest for improved work-life balance (42%) and the necessity for higher wages (37%) amid a challenging economic landscape. Matching skills sets with jobs becoming more difficult While professionals are bullish, they are finding it hard to keep up with the rapid change in skills required to do some jobs largely driven by the rapid developments in generative <keyword id="6355999" type="General" weightage="20" keywordseo="ai" source="Orion">AI</keyword>. Nearly half (45%) of professionals said they do not know how to match their skills to the job they want, making the job search process more difficult. In fact a report by Linkedin in November 2023 found out that Gen Z was investing 73% more time in learning new skills compared to other generations. LinkedIn data also shows that skills for jobs have changed by 30% since 2015 in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>. Professionals are also finding job hunting tough with 55% saying that looking for a job is frustrating and 59% saying they rarely hear back from recruiters. It is time to get innovative with one’s job search In the face of intense competition and the fact that most recruiters do not get back after a job application, professionals are adapting their job search strategies to distinguish themselves. A significant 72% of professionals have modified their approach, incorporating innovative formats like video and digital resumes. Additionally, they are embracing the use of artificial intelligence (AI), with approximately 81% acknowledging its potential to enhance the efficiency and productivity of their job search. Taking charge of their careers, professionals are actively building their professional brand and leveraging connections to improve their job prospects. As many as 79% professionals are increasing content sharing on LinkedIn, while 83% are actively expanding their professional networks. This proactive approach reflects professionals' commitment to staying competitive and securing opportunities in a challenging job market. Explains Nirajita Banerjee, career expert and senior managing editor, LinkedIn India, “As Indian professionals take charge of their careers in 2024, it’s going to get increasingly competitive with more professionals entering the job market. To be successful in their job hunt, it's essential for professionals to stand out by dedicating time to spruce up their profiles, highlighting their skills, and staying informed about industry developments.” <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;">Fastest growing jobs in India </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;">1. Closing Manager 2. Influencer Marketing Specialist 3. Design Specialist 4. Drone Pilot 5. Recruiter 6. Sales Development Representative 7. Demand Generation Associate 8. Customs Officer 9. Growth Manager 10. Investor Relations Manager 11. Political Analyst 12. Delivery Consultant 13. Client Advisor 14. Creative Strategist 15. Chief Revenue Office </td></tr></tbody></table> Source: Linkedin

Eight out of ten professionals looking to pursue a job outside their current industry or role

If you have ever scoured <keyword id="-1109" type="General" weightage="20" keywordseo="job-listings" source="Orion">job listings</keyword> on platforms like LinkedIn, you have surely come across posts seeking “ambitious and self-reliant” candidates who can “think outside the box” and “develop creative solutions”. While these buzzwords sound appealing, they may actually attract the wrong kind of candidates—those that display narcissistic tendencies and are more likely to bend the rules than follow them! A forthcoming study in Management Science, available on the SSRN server, has found that such enticing keywords signify that firms are searching for “rule benders” rather than “rule followers”. Ultimately, this language ends up disproportionately attracting narcissistic applicants, who are more prone to unethical or fraudulent behaviour. For this study, Nick Seybert, Associate Professor of Accounting at UMD's Robert H. Smith School of Business, along with co-authors Scott Jackson from the University of South Carolina and Jonathan Gay from the University of Mississippi, zeroed in on the accounting field. They chose this sector because narcissists and rule benders in this area can have an immediate and damaging impact. The study involved testing online participants (college graduates recruited via a research crowdsourcing platform) for narcissism levels and their attraction to rule-bender terms in <keyword id="22374125" type="General" weightage="20" keywordseo="job-descriptions" source="keywords">job descriptions</keyword>. A similar study was conducted with experienced accounting managers, and factors influencing professional <keyword id="22374122" type="General" weightage="20" keywordseo="recruiters-language-choices" source="keywords">recruiters' language choices</keyword> were also examined. The findings revealed that narcissists are more drawn to <keyword id="22374121" type="General" weightage="20" keywordseo="rule-bender-language" source="keywords">rule-bender language</keyword> in <keyword id="21494790" type="General" weightage="100" keywordseo="job-postings" source="keywords">job postings</keyword>, both for general positions and specifically for accounting roles. Seybert explains that even before a single job seeker clicks 'apply,' the language in a job posting can be too tempting for narcissists to ignore, increasing the likelihood of attracting unethical candidates. While recruiters often consume advice on how to avoid hiring narcissists, they unwittingly attract them by using such language in job postings, Seybert notes. Furthermore, the intent behind the recruiters’ language choice can be irrelevant—such job descriptions can even unintentionally attract rule-bending narcissists to firms. Additionally, the research shows that <keyword id="22374126" type="General" weightage="20" keywordseo="professional-recruiters" source="keywords">professional recruiters</keyword> are more likely to use such rule-bender language in job postings for innovative, high-growth companies, as well as firms that might benefit from manipulating their earnings. The key takeaway is that 'rule-bender' language can slip into job postings both intentionally and unintentionally, resulting in a much larger percentage of <keyword id="22374120" type="General" weightage="20" keywordseo="narcissistic-candidates" source="keywords">narcissistic candidates</keyword> in the applicant pool, Seybert concludes. The findings were recently published on SSRN and can be accessed <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4866862">here</a>.

Hiring “self-reliant” candidates who “think outside the box”? Beware, your job post might be attracting rule-bending narcissists!

New Delhi [India], May 20 (ANI): A recent Certified Practising Accountant (CPA) Australia survey has revealed an overwhelming optimism among <keyword id="21735155" type="General" weightage="100" keywordseo="Indian-small-businesses" source="keywords">Indian small businesses</keyword>, with 84 per cent anticipating continued growth in 2024, significantly surpassing the market average of 70 per cent. Despite global <keyword id="20413867" type="General" weightage="20" keywordseo="economic-uncertainties" source="keywords">economic uncertainties</keyword>, 80 per cent of Indian respondents remain confident about the local economy's prospects for 2024, well above the survey average of 65 per cent. This buoyant outlook has been on an upward trajectory since 2022, highlighting the resilience and dynamism of India's small business sector. <keyword id="21735156" type="General" weightage="20" keywordseo="CPA-Australia-survey" source="keywords">CPA Australia survey</keyword> showed a rise in the growth rate of Indian <keyword id="390673" type="General" weightage="20" keywordseo="small-businesses" source="Orion">small businesses</keyword> from 73 per cent in 2022 to 77 per cent in 2023--the highest since 2019. Indian small businesses are riding a wave of optimism and growth, according to <keyword id="21735157" type="General" weightage="20" keywordseo="CPA-Australia" source="keywords" meta.keywordsubtype="org" meta.entityname="CPA Australia" meta.hostid="261" meta.entityid="CPA Australia">CPA Australia</keyword>'s latest annual Asia-Pacific Small Business Survey. The survey reveals that over three-quarters of Indian small businesses reported growth in 2023, surpassing pre-pandemic levels and making India's small business sector one of the most dynamic and fastest-growing in the Asia-Pacific region. Prafulla Chhajed, a CPA member of CPA Australia in India, emphasized the critical role of Micro, Small, and Medium-sized Enterprises (<keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in driving India's economic success. Chhajed said, "Micro, Small and Medium-sized Enterprises (MSMEs) are making a significant contribution to India's economic success. Not only is India's rapid economic growth and improving business environment boosting their confidence, support from the government ranging from digitalisation to access to funds, is assisting businesses to recover from the pandemic." He further said, "India's small businesses are enthusiastically improving their performance through innovation, adopting technologies, and building connections with overseas markets. 'Good staff' was nominated as the top positive factor that benefited India small business performance in 2023. It explains why Indian respondents have been so willing to add new employees over the past two years". "This year the pace in jobs creation by small businesses is expected to slow, although remain high in comparison to other markets. This is most likely due to a combination of factors including increasing levels of automation and rising labour costs," he added. However, Chhajed cautioned that the pace of job creation might slow down due to rising automation and labor costs, though it will still remain high compared to other markets. The survey highlighted several challenges faced by Indian small businesses, including increasing costs, competition, and cashflow difficulties. Staff and material costs were particularly detrimental in 2023, rising slightly from the previous year. To cope with these expenses and support growth, 68 per cent of small businesses sought external funding last year, though this figure dropped 20 percentage points from 2022. This year, 81 per cent plan to seek finance, despite tougher financing conditions. Only 42 per cent of respondents found it easy to secure funds in 2023, a sharp decline from 69 per cent in 2022. This trend is expected to continue, with just 43 per cent anticipating ease in accessing funds this year, down from 64 per cent previously. "Difficulty in accessing finance is a common challenge for small businesses worldwide. Though government loans like <keyword id="20151906" type="General" weightage="20" keywordseo="pradhan-mantri-mudra-yojana" source="keywords">Pradhan Mantri MUDRA Yojana</keyword> (PMMY) helps to foster entrepreneurship by offering financial support, MSMEs should not solely rely on borrowing to fund their long-term development, particularly in a high-interest rate environment", Chhajed explained. A significant number of Indian small businesses focused on managing costs and cash flow last year. Among the technologies they invested in, accounting software was particularly popular, with 23 per cent adoption. Professional advice was also sought frequently, with 34 per cent consulting accountants and 38 per cent seeking advice from friends and family. "Indian MSMEs are very competitive in many areas such as digitalisation and innovation, now they should focus on cost management and cashflow to increase their financial return. It's wise to use accounting software to control cost and analyse financial performance regularly. Further, financial experts like qualified accountants may provide professional advice to small businesses to manage technical issues like taxation and improve financial performance", Chhajed suggested. Indian small businesses also show a strong inclination towards innovation and global expansion. Leading the 11 surveyed markets, 34 per cent of respondents expect substantial revenue growth from overseas markets this year, significantly higher than the survey average of 19 per cent. Additionally, 44 per cent plan to introduce new products or services, compared to the market average of 29 per cent. Chhajed said, "The Indian government has established good platforms to bolster our MSMEs' global expansion, for example, international trade fairs for MSMEs. He added, "They could leverage these opportunities to connect with overseas customers and promote their novel products globally. Besides, our thriving digital economy also fosters MSMEs' innovation and revolution in the digital era." The survey gathered insights from 4,222 small businesses across 11 Asia-Pacific markets, including 505 respondents from India, providing a comprehensive overview of the region's small business landscape. (ANI)

84% of Indian small businesses anticipate robust growth in 2024: CPA Australia survey

COVID-19 has changed the way the world works, quite literally. About 100 million people worldwide now spend a mix of days at home and in the office each week, more than four years after the pandemic lockdowns upended traditional job routines. Yet, a significant question remains unresolved: Is letting employees <keyword id="20231207" type="General" weightage="20" keywordseo="work-from-home" source="keywords">work from home</keyword> a couple of days a week actually beneficial for productivity, <keyword id="20154404" type="General" weightage="20" keywordseo="job-satisfaction" source="keywords">job satisfaction</keyword> and career progression? <keyword id="22043671" type="General" weightage="20" keywordseo="Nicholas-Bloom" source="keywords">Nicholas Bloom</keyword>, a prominent Stanford economist, has provided compelling insights into this ongoing debate, suggesting that <keyword id="10310934" type="General" weightage="100" keywordseo="hybrid-work" source="Orion">hybrid work</keyword> schedules can be mutually advantageous for employees and their companies. <cmsannotation type="cmsannotation" annotationid="The Trip.com trials" comment="subhead" text="The Trip.com trials">The Trip.com trials</cmsannotation> At the heart of Bloom’s research is an experiment conducted by Trip.com, one of the world's leading online travel agencies, back in 2021. Involving 1,600 employees from various backgrounds, the study split participants based on their birthdates into groups working full-time in the office and those adopting a hybrid model. The research team analysed their performance and promotion data over two years, focusing on productivity and work quality comparisons between these groups. The analysis revealed that employees working remotely for two days each week matched the productivity levels and promotion rates of their counterparts who remained in the office full-time. Additionally, the experiment highlighted a notable decrease in employee turnover. Those who switched to a hybrid schedule saw a 33% reduction in resignations, with the most significant retention observed among women, non-managers and long-commute workers. This reduction in turnover minimised attrition, translating into cost savings worth millions of dollars for Trip.com. “The results are clear: Hybrid work is a win-win-win for <keyword id="21311443" type="General" weightage="20" keywordseo="employee-productivity" source="keywords">employee productivity</keyword>, performance and retention,” said Bloom, who holds the William D. Eberle Professorship of Economics at Stanford and is also a senior fellow at the Stanford Institute for Economic Policy Research (SIEPR). <cmsannotation type="cmsannotation" annotationid="What’s with the hybrid hesitation?" comment="subhead" text="What’s with the hybrid hesitation?">What’s with the hybrid hesitation?</cmsannotation> Hybrid work continues to have its fair share of critics, notable among which are Elon Musk, head of Tesla, SpaceX and X, and Jamie Dimon, CEO of JPMorgan Chase. They have argued that remote work, in any form, undermines employee training, innovation and company culture. According to Bloom, the issue with such critics is that they often confuse hybrid schedules with fully remote work, leading to mixed perceptions. Most research has targeted jobs that don’t necessitate office presence, like customer support or data entry, where the findings are inconsistent and often lean negative. Bloom believes the issues with such completely remote work primarily emerge from poor management. Unlike previous studies, Bloom’s research is the most extensive examination of hybrid work among university-educated professionals to date. It uses a randomised controlled trial approach, allowing the researchers to link the observed benefits directly to Trip.com’s <keyword id="20445439" type="General" weightage="20" keywordseo="hybrid-work-model" source="keywords">hybrid work model</keyword>, rather than external factors. “If managed right, letting employees work from home two or three days a week still gets you the level of mentoring, culture-building, and innovation that you want. From an economic policymaking standpoint, hybrid work is one of the few instances where there aren't major trade-offs with clear winners and clear losers. There are almost only winners,” Bloom concluded. Reflecting on these findings, Trip.com has fully embraced hybrid work across the company, signalling their support for this progressive work arrangement. The study was recently published in the journal Nature and can be accessed <a href="https://www.nature.com/articles/s41586-024-07500-2">here</a>.

You Searched For "Professional growth" and got 12 results

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