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<ul><li>As unemployment crisis deepens in India, more working professionals seek <keyword id="79541" type="PERSON" weightage="20" keywordseo="job-security">job security</keyword> from their employers. </li><li>As much as 52% of the workforce is willing to forfeit over 10% of their salary, to have job security, according to a Randstad report. </li><li>According to the findings from Universum India Talent Survey 2019, work-life balance and international exposure have been key factors driving Indian professionals to land a job.</li></ul>Indian professionals are looking for job security now more than ever, as the job crisis in the country looms large. Over half which is 52% of the working population is willing to forfeit over 10% of their salary to have job security, according to a report titled “Randstad Employer Brand Research(REBR) 2019” by Randstad India. 
 
 
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 Salary and employee benefits remain top concerns of the workforce. Job security is also the key to employee retention. Nearly 45% of respondents said that job security is a key aspect while deciding whether to stay on with their current employer. Also, female employees attributed more importance to healthy work-life balance, as compared to their male counterparts. Of late, Indian employees are prioritising work-life balance, international exposure and job security while considering a job, according to the findings of Universum India Talent Survey 2019. This comes in the back of another report that revealed that more of India’s educated millenials are <a href="https://www.businessinsider.in/as-unemployment-swells-in-india-educated-millennials-favour-government-jobs/articleshow/69267943.cms">transitioning</a> from private sector to government job prospects, for the sake of job security and dignity. “The emergence of career progression as a key ‘stay or leave’ attribute is testament to the fact that even in a digital first world, employees would prefer to work for a company that offers a clear pathway of growth,” said Paul Dupuis, MD &amp; CEO Randstad India. In general, nearly 23% of employees in India are open to a security versus compensation trade-off. See also: <a href="https://www.businessinsider.in/as-unemployment-swells-in-india-educated-millennials-favour-government-jobs/articleshow/69267943.cms">As unemployment swells in India, educated millennials favour government jobs</a> <a href="https://www.businessinsider.in/nearly-400-government-jobs-likely-for-domain-experts-from-the-private-sector/articleshow/69752074.cms">Nearly 400 government jobs likely for domain experts from the private sector</a> <a href="https://www.businessinsider.in/financial-services-sector-to-add-47800-new-jobs-delhi-mumbai-top-locations/articleshow/69767312.cms">Financial services sector to add 47,800 new jobs — Delhi, Mumbai top locations</a>

Indians are willing to give up 10% of salary for job security

<keyword id="45395" type="CITY" weightage="20" keywordseo="Google-India">Google India</keyword>, the search engine giant has been named as India’s most ‘attractive employer brand’, according to the Randstad Employer Brand Research 2017. This was followed by Mercedes–Benz India as the runner-up. Google India also emerged as the winner of the 7th edition of <keyword id="4465585" type="UNKNOWN" weightage="20" keywordseo="randstad-award">Randstad Award</keyword>, based on this survey. The sectoral specific winners for the most attractive employers this year are Amazon India for E-Commerce, ITC Limited for FMCG and <keyword id="49855" type="COMPANY" weightage="20" keywordseo="philips">Philips</keyword> India for Consumer and Healthcare. The Randstad Employer Brand Research, covering 75% of the global economy with 26 participating countries and more than 1,65,000 respondents worldwide, clearly reflects that this year too, salary and employee benefits continue to be the top driver among the Indian workforce across all profiles while choosing an employer. This is followed by good work-life balance and job security. However, for the IT professionals, good work-life balance emerged as the top priority while choosing an employer. It is interesting to note that the importance accorded to good work-life balance has increased considerably across all work profiles, with this attribute moving up to Rank 2 from Rank 5, as per last year’s findings. The survey findings further reveal that more than a quarter of employees (31%), say that they are not loyal to any one industry or sector and are open to shift industries. Compensation remains a key driver in determining employee loyalty to a sector with 42% of the respondents saying that they are open to a job shift to a completely different industry, only if the pay and benefits are at least similar to what they receive now in their current operating industry or sector. The survey also highlights that the Indian workforce prefers to work for companies operating in sectors like IT (65%), followed by BFSI (63%) and retail &amp; FMCG (62%). Presenting the survey insights, Dr. Moorthy K. Uppaluri, MD &amp; CEO, Randstad India, said, “Employer branding continues to be of strategic importance influencing the talent agenda, particularly so in an economy that’s driven by knowledge workers. Organizations have come to realize the value of employer branding and the return from such investments, both in terms of attracting new talent and retaining. A multi-generational and diverse workplace, the new war for talent, swiftly evolving technology innovations and the evolution of new strategic talent solutions – with these disruptive game changers playing in tandem, the job market has undergone a paradigm shift to become extremely candidate focused. Today, it is critical for employers to have a buffet of choices and an employer brand that’s appealing to various layers of this talent strata”. Dr.Moorthy further added, “At this juncture, understanding workforce trends, expectations and key Employee Value Proposition (EVP) drivers are imperatives for organizations. For the last seven years, our employer brand research has been consistently adding value to this process by capturing the voice of the ecosystem by holding a mirror to the preferences of the current and potential workforce that has helped employers transform themselves into talent magnets”. Key findings from the Survey: -The younger workforce in India, aged 18-24 years is more oriented towards salary and benefits, long-term job security and good training. Workforce between 25-44 years – often the age when parental responsibility becomes significant, look for companies that offer a good work-life balance. - To the mature workforce of India, aged 45-65 years, salary and good work-life balance remain major drivers while choosing an employer. Since this age group might face challenges in finding a new job, they clearly prioritize long-term job security as well. - According to the survey results, large and multinational corporations emerge as the preferred workplace for employees across all profiles. However, IT professionals indicated that they would rather work in the dynamic start-up ecosystem over the SME sector. On the other hand, Engineering talent prefer working in start-ups over the public sector companies, reveals the survey. - The survey reveals that talent across all profiles in the country find company websites as the most trusted channel to verify brand reputation, followed by LinkedIn, which is used extensively by IT and Engineering talent.

Google emerges as the 'Most Attractive Employer'; here's what's making it India's favourite workplace

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Netflix CEO Reed Hastings <a href="https://www.slideshare.net/reed2001/culture-1798664">first publicly released</a> his company's culture deck in 2009.</li><li>In more than 120 slides, Netflix broke down its management and cultural philosophy to prepare potential recruits for what it would be like to work with the then DVD-by-mail operation.</li><li>The company regularly updates its cultural philosophy in a memo on its website. But current document retains many of the core principles of the original.</li><li>Business Insider breaks down the most bold, and at times controversial, slides that still hold up 10 years later.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>Ten years ago, Netflix CEO Reed Hastings <a href="https://www.slideshare.net/reed2001/culture-1798664">first publicly released</a> his company's culture deck. In more than 120 slides, Netflix broke down its management and cultural philosophy to prepare potential recruits for what it would be like to work with the then DVD-by-mail operation.The presentation, previously used as an internal onboarding document for new hires, offered a peek into the culture of the growing tech operation, which is now worth more than $125 billion and employs about 7,100 people around the world.Some aspects of Netflix's management philosophy <a href="https://www.businessinsider.com/netflix-culture-management-presentation-2011-7">instantly stirred up controversy</a>, like its high-performance culture, lack of a formal vacation policy, and aversion to "brilliant jerks." But the document also set an example for other employers, who have since adopted some of its aspects, or begun formalizing and being more transparent about their own cultures.Top Facebook exec Sheryl Sandberg <a href="https://www.gq.com/story/netflix-founder-reed-hastings-house-of-cards-arrested-development?mobify=0">once said</a> the deck "may well be the most important document ever to come out of the Valley."Netflix regularly updates its culture and management philosophy in a <a href="https://jobs.netflix.com/culture">memo on its website</a>. But the document retains many of the core principles of the original deck."The Netflix culture deck, when it came out, was certainly an innovative way to approach a corporate culture," Jodi Chavez, the president of staffing agency Randstad Professionals' life sciences division, as well as its executive search arm, Tatum, told Business Insider. "The majority of ideas in the deck are still very relevant today."Here are the 10 most impactful takeaways of the culture deck that was published in 2009.<a href="https://www.businessinsider.com/intelligence/top-10-trends-in-digital-media?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=netflix&amp;itm_campaign=top-10-trends-in-digital-media"></a>

The 10 most impactful slides from Netflix's groundbreaking culture deck that experts say still hold up 10 years after its debut

Late last year, two of Zack's managers at the construction and engineering firm where he works pulled him aside. Congratulations, they said. You're getting promoted to be the head of the department. They told him the role would come with a 10% raise — or maybe even more. They thought they were rewarding him for all his great work. But the whole time, Zack had one thought on his mind: How do I get out of this?He liked his current role at the company, and he had no interest in running a whole team. Besides, becoming a <a target="_blank" href="https://www.businessinsider.com/truth-promotions-companies-picking-managers-wrong-new-study-2024-9">manager</a> would require him to go into the office every day, the way he used to before the pandemic. "I get to see my kids so much now," he told me. "You couldn't pay me enough to give that up."He told his bosses it was a big change and promised to think it over. A few days later, much to their surprise, he turned it down. "I talked about this with my wife, and I don't think this position is the correct fit for me," he told them. "I'm really happy with what I'm doing. I'm really good at what I'm doing right now."<a target="_blank" href="https://www.businessinsider.com/burnout-women-executives-hustle-culture-girlboss-work-life-balance-2024-8">Climbing the corporate ladder</a> was once the cornerstone of the American dream. But in the aftermath of the pandemic, I've been hearing about people like Zack who no longer aspire to the fancy titles, corner offices, and bigger paychecks that come with a promotion. Many are trying to fly under the radar, desperately hoping they won't get a tap on the shoulder. Others are outright declining promotions — or even asking for a demotion to a role with fewer responsibilities.In a survey conducted by Randstad, a global human-resources consultancy, a whopping 42% of respondents in the United States said they don't want a promotion because they're happy where they are. That was higher than in countries that are known for being more laid back about work, like Italy, Spain, and New Zealand. Maybe that's why earlier this year, a young New Yorker struck a chord on TikTok when he vowed to "<a target="_blank" href="https://www.tiktok.com/@aaronflarin/video/7355249341054962990">descend the corporate ladder</a>." "Some people want to be a manager, and that's OK," he said. "Everyone deserves the opportunity to get chewed out by the CEO directly. But the only team I want to be responsible for is my plants."<div type="image" title="A man walking away from another man holding money" height="2363" width="3080" msid="114689636" hostid="261" sizebytes="145876"></div>The shift away from career advancement is bewildering for bosses, who fought so hard to ascend the ranks themselves. Take Dell, whose executives thought they came up with an ingenious plan to get everyone back into the office. If employees didn't come in at least three days a week, the company announced in February, they would be ineligible for a promotion. The response from <a target="_blank" href="https://www.businessinsider.com/us-dell-workers-reject-return-to-office-hybrid-work-2024-6">Dell's workforce</a> was a collective shrug. Months after the directive, nearly half of employees were still remote, apparently happy to remain in their current roles as long as they could keep working from home. It was a clear sign that in 2024, promotions just aren't the incentive they used to be.At stake, though, is something much larger than the <a target="_blank" href="https://www.businessinsider.com/amazon-workers-blast-strict-rto-mandate-five-days-week-2024-9">RTO wars</a>. After all, careerism has long played an essential role in building dynamic and successful companies. The prospect of becoming senior vice president is what drove so many white-collar professionals to give it their all, even in the face of long hours, soul-crushing meetings, and petty office politics. If the allure of promotions can no longer get everyone to work hard, what will?The dream of climbing the corporate ladder feels as old as America itself. But 200 years ago, there was no corporate ladder to climb. The original work ethic in America — the Protestant one, espoused by the likes of Benjamin Franklin — dates from a time when most Americans were self-employed as farmers and artisans. It was rooted in a rugged individualism that was skeptical of authority and hierarchies, fitting for a country founded on the idea of freedom from tyranny.That became a problem when the Industrial Revolution arrived. Companies exploded in size, and more and more Americans found themselves working for someone else. In 1820, 80% of the workforce was self-employed. By 1870, that share had shrunk to 33%. By 1940, it was 20%."The moral vision of American society had been based upon the image of the independent, self-employed person," writes Shoshana Zuboff, a professor emeritus at the Harvard Business School who has studied the history of work. "Many social critics feared that people would be less likely to work hard under the wage system and, even worse, that something in their very natures might change." America was facing an identity crisis.The solution was to forge a whole new work ethic — one that celebrated the sprawling corporate hierarchies that were swallowing up most Americans. The ideal was no longer independence but interdependence, a willingness to be subsumed by the needs of the larger whole. "What the managers of these new enterprises now needed to induce was obedience and efficiency," writes Zuboff, "not the questioning stubborn ways of the autonomous crafts person idealized by the old work ethic."This new "career ethic" came with a carrot. By serving as <a target="_blank" href="https://www.businessinsider.com/loyalty-employee-employer-job-security-broken-work-companies-bosses-2024-1">loyal soldiers for their companies</a>, employees could expect to gain more prestige, better job security, and bigger salaries. Help the boss, professionals were told, and maybe you can become the boss. The new ethic took hold among the managerial class in the 1950s. By the 1970s, it had spread to the entire workforce.Half a century later, the careerist ethos is still the bible of the corporate workplace. Those who try to opt out risk getting blacklisted as weirdos or losers or <a target="_blank" href="https://www.businessinsider.com/overachievers-leaning-back-hustle-culture-coasting-employees-work">quiet quitters</a>. But cracks are starting to appear in the system: Many people, it has become clear, are no longer willing to make the trade-offs required by <a target="_blank" href="https://www.businessinsider.com/hustle-culture-got-america-addicted-to-work">America's hustle culture</a>. And the number of promotion deniers would likely be even higher if employees weren't worried about outing themselves as non-careerists.One guy I spoke with, a systems analyst I'll call James, is desperate to avoid the promotion his boss keeps hinting at. But he's worried about the consequences of turning it down. "If I told him I don't want to go any further, I feel like he'll start passing me over for new ideas he has," James told me. "For some reason, in our society in America, that's kind of shunned. People are expected to want to keep climbing and climbing."Zack, who's in his early 40s, was one of those people eager to keep climbing. As an apprentice, he dreamed of becoming a foreman. And once he became a foreman, he aspired for even higher positions. "I wanted to run the largest jobs," he says. "I wanted to gain the most experience. I wanted to run the biggest crews." Eventually, he got promoted into a corporate office role, and that opened up even more opportunities for advancement. "I was fairly ambitious," he says. "And it worked out really well." He rose all the way to head up an entire department.But when the pandemic hit, he started questioning that upward trajectory. The first jolt was when his job went remote during the shutdown. Working from home, he realized just how much he'd been missing out on. "At lunchtime, I could go running for 45 minutes," he recalls. "All these things I used to love to do, I started doing again. I was like, oh my God, I never want to give up this life."<div type="image" title="A man refusing to follow another man holding a sword" height="2363" width="3080" msid="114689642" hostid="261" sizebytes="109016"></div>Then, even before the rest of the economy began to open up, his bosses pressured Zack to force his team to come back to the office. He was stunned. Some of his employees had family members who were immunocompromised; an RTO order could endanger their lives. "That was a betrayal from a company I had been incredibly dedicated to," Zack told me. "After that, I was like, well, fuck. I was dedicated to this thing, and it was all a big fucking lie."Rather than toe the company line, Zack quit. He found a job that didn't require him to be a manager, and took a $20,000 pay cut. Today he far prefers being an individual contributor who's free to focus on his own work — another reason he declined the promotion he was offered last year.Professionals younger than Zack, who's an elder millennial, appear to harbor an even stronger anti-advancement streak. In Randstad's survey, <a target="_blank" href="https://www.businessinsider.com/gen-z-hot-jobs-tech-layoffs-healthcare-government-careers-2024-7">Gen Z</a> respondents — those on the lowest rungs of the corporate ladder, earning the lowest salaries — were more likely than millennials or Gen Xers to agree with the statement "I don't want career progression." In another survey, when Gallup asked people what's deterring them from seeking a position in senior leadership, Gen Zers were especially concerned with the long hours and round-the-clock demands that come with a job at the top. For a new generation, the age of American careerism is losing its appeal.Older bosses might be inclined to chalk all this up to a lack of ambition — a sign that young people aren't willing to put in the effort. But I think it makes sense that the allure of career progression is fading, given how much the workplace has changed in recent decades.Take job security. Back in the 1960s, managers had nothing to fear from layoffs, because layoffs were basically unheard of. But today, <a target="_blank" href="https://www.businessinsider.com/middle-managers-great-flattening-organization-meta-tech-layoffs-firing-2023-3">being a manager</a> puts a huge target on your back, because you earn a bigger salary. If you accept a promotion you might wind up being more expendable, rather than less. That elevated risk is the main reason that James, the systems analyst, plans to decline his impending promotion. "They always do layoffs every two or three years," he says of his employer. "I don't want to come up higher on the list as someone who's getting paid more."Besides, the dream of climbing the corporate ladder was probably never as great as it seemed to be. Often, people get promoted only to find themselves doing less of the meaningful work that attracted them to their profession in the first place. This is such a common problem, in fact, that management scholars have a special term for it: managerial blues. It's the sad irony of corporate America: The higher up you go, the less fulfilling your job becomes."Everybody wants to be the VP or the partner with the corner office," says Michel Anteby, a professor of management and organizations at Boston University. "The imaginary is that life will be much better then. But in fact you might be losing out on something that's very meaningful to you."So how can companies motivate employees to work hard, if promotions have lost their appeal? I posed that question to Zack. Given how betrayed he felt by his previous employer, I wondered if he no longer believes in dedicating himself to his job, no matter the potential rewards. But it turns out there are still plenty of things that motivate him. Getting to do interesting work. Having the autonomy to create his own schedule. Feeling like a trusted and valued member of the team. Being surrounded by peers who are great at what they do. Reporting to a manager who actually, in his words, "gives a shit." Those are the things that light a fire under him. "I do work extra," Zack says. "I really do try hard."When I asked James what drives him, he said something similar. "I like my job and I want to keep getting better at it," he told me. "And since I work at a hospital, I'm helping nurses and providers help their patients."There's important guidance here for employers. As the fever of careerism breaks, they can no longer rely on the shiny promise of a promotion to get people to devote themselves to roles that are boring, or toxic, or unfulfilling, or badly managed. But if they make sure that the jobs they offer are enjoyable and meaningful in their own right, employees are prepared to give it their all. The carrot of corporate climbing may be vanishing. But that doesn't have to spell the end of American industriousness.<a target="_blank" class="" href="https://www.businessinsider.com/author/aki-ito">Aki Ito</a> is a chief correspondent at Business Insider.

The end of American careerism

<ul class="summary-list"><li>The Indian economy has grown strongly under Narendra Modi, whose party is set to win another term.</li><li>India's success has caught the eye of figures including Elon Musk, Jamie Dimon, and Tim Cook.</li></ul>India's powerful economic growth and blossoming middle class under Narendra Modi have caught the eye of corporate titans like Elon Musk, Jamie Dimon, and Tim Cook.Modi is pretty much a shoo-in for a third term as prime minister after the national election now underway ends on June 1. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil.<h2>Fueling growth and shaking hands</h2>India's economy has more than doubled in size during Modi's decade in charge to more than $3.7 trillion last year.The International Monetary Fund (IMF) <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/04/29/asias-growth-and-inflation-outlook-improves-but-risks-remain">recently upgraded</a> its growth forecast for real Gross Domestic Product (GDP) to a robust 7.8% this year, 6.8% in 2025, and 6.5% in 2026.India has already overtaken Britain to become the world's fifth-largest economy. It's on track to leapfrog Japan and Germany into third spot behind the US and China by 2027.The country's flagship stock index has also tripled in value since Modi took office in May 2014, thanks to wealth gains and growing investment appetites.Moreover, <a target="_blank" href="https://sbi.co.in/documents/13958/36530824/270224-HCES_Feb24.pdf">one estimate</a> puts the percentage of the Indian population living on less than $2.15 a day at below 5%, down from 12% in 2011. However, the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank</a> pegged that figure at nearly 13% in 2021.India's middle class has also ballooned with 60 million people now earning the rupee equivalent of more $10,000 a year — about $37,200 once adjusted for <a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">purchasing power</a>. Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html">expects</a> the ranks of the relatively affluent to swell to 100 million by 2027."Modi has done an unbelievable job in India," JPMorgan's Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">told</a> the Economic Club of New York last month. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Musk has <a target="_blank" href="https://twitter.com/elonmusk/status/1781541775183610310">posted</a> on X that he's looking forward to visiting India and meeting Modi this year. He delayed his trip last month, blaming "very heavy Tesla obligations." The pair are expected to discuss Tesla building a multibillion-dollar factory in the country.As for Apple's Cook, he hailed India on a November earnings call as an "incredibly exciting market" and a "<a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">major focus of ours</a>" given the explosive growth in potential customers as locals get richer.<div type="image" title="Sundar Pichai, Tim Cook, Narendra Modi, Joe Biden" height="3907" width="5861" msid="109838230" hostid="261" sizebytes="846512"></div>Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai. He's likely to be seeking to attract foreign direct investment (FDI) in India — and to capitalize on bosses' <a target="_blank" href="https://www.businessinsider.com/us-china-relations-reshoring-manufacturing-jobs-made-in-america-2023-10">desire to hedge their bets on China</a> given its strained relationship with the US, economic woes, and how disruptive its strict pandemic lockdowns were to global supply chains."India's population and economic growth numbers are causing a lot of global executives to revisit their India presence and consider scaling up," Richard Rossow, a senior advisor and chair in US-India Policy Studies at the Center for Strategic &amp; International Studies, told Business Insider."Paired with increased concerns about supply chain resilience and security concerns about China, it's a very good time for a hard push to win investments."The United Nations said that India and China both had a population of 1.426 billion in April last year, meaning India is probably now the most populous given its rising birth rate.<h2>Change for the better — mostly</h2>Modi has instigated a raft of major economic reforms since taking office, intended to make India more business-friendly, and boost government revenues by taxing more of the country's vast informal economy.He rolled out a tax on goods and services, simplified bankruptcy laws, lifted FDI restrictions, cut corporate income tax, and ended retrospective taxation.However, not all of Modi's moves spurred growth."Demonetisation was a key economic policy which had negative effects on the economy," Kunal Sen, a director of the United Nations University World Institute for Development Economics, told BI.Sen is the author of several books about India's economy and a professor of development economics at the University of Manchester.He was referring to Modi's sudden declaration in November 2016 that all 500 and 1,000-rupee bills — 86% of Indian currency in circulation — would <a target="_blank" href="https://www.businessinsider.com/india-ending-500-and-1000-rupee-bills-to-fight-corruption-2016-11">no longer be accepted as legal tender</a>.The government's goals were to capture undeclared income, get rid of counterfeit currency, broaden the tax base, and bring more activities into the formal economy."The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. This last economic policy has been revolutionary," Sen said.He was hailing a broader digitization drive under Modi that has <a target="_blank" href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms">transformed</a> how Indians bank, invest, pay their taxes, and conduct business.<h2>Prosperity for all</h2>Modi's efforts have helped to usher in a more prosperous era for some Indians, but many have been left behind.Young people are India's beating heart, with about half its population under 25 and almost two-thirds under 35. Matching those hundreds of millions of people with jobs has proven a challenge, with youth unemployment almost tripling from below 6% in 2000 to about 18% in 2019. It still stands at a hefty 10% in 2023, per the <a target="_blank" href="https://webapps.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_921154.pdf">International Labor Organization</a>.The report found that nearly 30% of India's graduates were unemployed in 2022, and only about 10% of the working-age population was formally employed.<div type="image" title="A farmer uses oxen to plow fields for lentils in Nimaj, Rajasthan, northern India." height="3464" width="5196" msid="109838232" hostid="261" sizebytes="690700"></div>"Unemployment is a big issue," Rossow said, emphasizing this isn't just a problem with recent graduates but a "much, much larger bubble: the underemployed farm laborers."Rising agricultural productivity is likely to help farm workers make a faster transition to city life in the years ahead, but they'll struggle to secure modern jobs in the services industry "without significant reskilling and education," Rossow said.As a result, lower-skilled manufacturing and assembly jobs and lower-end services jobs will be needed, he added.Another major challenge will be tackling a widening wealth divide. The richest 10% of the population hold more than 72% of the nation's wealth, per an Oxfam report <a target="_blank" href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?">published</a> last year.Business tycoons Mukesh Ambani and Gautam Adani both rank among the world's 15 richest people, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. Luxury-goods sales are booming with <a target="_blank" href="https://www.carwale.com/news/mercedesbenz-lineups-waiting-period-reduced-in-india/">long waitlists</a> for flashy purchases like the Mercedes "G Wagon."<div type="image" title="The Ambani family onstage with Rihanna." height="854" width="1280" msid="109838233" hostid="261" sizebytes="99148"></div>The <a target="_blank" href="https://www.businessinsider.com/anant-ambani-pre-wedding-festivities-lack-empathy-india-radhika-merchant-2024-3">lavish pre-wedding party</a> thrown by the Ambani family earlier this year was singled out by some as an affront to the huge number of Indians living in poverty.Almost 1.3 billion people live on less than $3,500 a year by one estimate, and India ranks 111th on the <a target="_blank" href="https://www.globalhungerindex.org/ranking.html">Global Hunger Index</a>, below even North Korea.Rising equality is partly explained by a "capital-intensive mode of economic growth along with increasing power of business conglomerates," Sen told BI, referring to how huge companies like the Adani Group secure huge government contracts to build ports, bridges, highways, and other infrastructure.A third challenge is regional inequality, as some states like Bihar and Uttar Pradesh haven't experienced the same growth and modernization of their economies as others, Rossow said.<h2>The Russia riddle</h2>One striking aspect of Modi's economic boom has been its reliance on Russia since it invaded Ukraine in early 2022.India went from getting 2% of its crude oil from Russia before the war, to 35% last year. During that period, the US and Europe slapped sanctions on Russian oil to defund Putin's military machine and punish Moscow for attacking a sovereign nation.Despite that, India purchased an estimated $37 billion of Moscow's oil in 2023 — 13 times the amount it bought annually prior to the conflict. Its buying helped Russia rake in a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">record $320 billion</a> of federal revenue last year.Indian demand for Russian oil has <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">cooled</a> in recent months as new sanctions have made it <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">more expensive</a>, but the buying remains controversial.Officials in India have <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2">defended</a> the purchases, saying that if they'd bought Middle Eastern oil instead, global crude prices would have shot up.India is also one of the world's largest oil refiners and has helped Western nations to maintain access to refined petroleum products even as they're refraining from buying Russian crude directly.Yet the country imports 85% of its oil, so its overriding interest is securing the cheapest oil possible to support its development, said Neelima Jain, a senior fellow and chair in US India Policy Studies at CSIS."India will continue to buy Russian oil if the price remains favorable and allows for firm volume guarantees, as the country prioritizes energy affordability and accessibility during its rapid rural-to-urban transition, which has led to a 6% year-on-year growth in energy demand," she told BI."In an inflationary environment, economics [rather] than geopolitics will drive India's energy choices."<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="109838234" hostid="261" sizebytes="426292"></div><h2>India the IT hub</h2>Under Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.Big Tech stalwarts like Microsoft have a <a target="_blank" href="https://www.businessinsider.com/microsoft-has-so-many-patents-its-outsourced-the-job-to-india-2013-5">long history</a> of outsourcing to India, but recent efforts to cut red tape and slash corporate taxes appear to have fueled fresh interest.Sweeping layoffs at Alphabet, Amazon, Meta, Salesforce and other US tech titans in the past few years could presage a large exodus of jobs to India.Sanjay Shetty of Randstad India <a target="_blank" href="https://economictimes.indiatimes.com/tech/technology/outsourcing-hubs-like-india-to-bag-40-of-jobs-lost-to-layoffs/articleshow/101088673.cms?">told The Economic Times</a> last summer that he expected 30% to 40% of the tech jobs eliminated globally to move to India by 2025."India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base," Shetty said.Even if that pans out, it won't be a panacea for a country facing not just unemployment and underemployment, but also stark income inequality, regional disparities, and the risk of alienating Western allies by continuing to buy Russian oil.Yet overall, India appears to be headed in the right direction."The growth is real, if focused on a few key states," Rossow said. "India's dynamic technology services sector is to IT services what China is to manufacturing. So there is much to cheer, even as the reform agenda seems to never end."

Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty 

<ul><li>50%-60% of hiring managers consider learning through online courses as an important part of their recruitment process. </li><li>Candidates need to self-assess skills and experience that they already possess and look at skills they want to develop. </li><li>Employees should evaluate the course content and decide whether it aligns with their current and future career goals. </li></ul>While 2021 and 2022 were characterized by the great resignation, 2023 could very well be the time of great <keyword id="6357067" type="General" weightage="100" keywordseo="layoffs" source="Orion">layoffs</keyword>. Recently layoffs have been common especially in the tech sector, with thousands of employees laid off and in lookout for a job, while others are living in the fear that they may be laid off too when the axe falls again. In such a circumstance, employees would do well to upskill so that they can bring more value to their organizations. A recent <keyword id="3554713" type="General" weightage="50" keywordseo="Upskilling" source="Orion">Upskilling</keyword> Trends Report 2023, by Great Learning, a professional learning platform, highlights that upskilling helped 43% of professionals gain career growth in their own organization, while 23% were able to switch to a different domain and 18% were able to secure a new job. “Ideally, the trigger for reading and continuously learning should happen well before the possibility of a layoff. That way you are already prepared. Most industries and functions are in the midst of a technology disruption. A good place to start would be to understand how technology is disrupting your sector and how you can leverage technology to improve your productivity and organization’s competitive advantage,” says Arjun Nair, Co-Founder, Great Learning. E-learning is a great way to acquire new skills, as it gives candidates access to some of the best trainers and teachers in a specific field. “New-age skills acquired from reputed online learning platforms are of great value and employers definitely provide an edge to candidates with such learning experiences. In fact, around 50%-60% of hiring managers consider learning experiences through online courses as an important part of their recruitment process,” says Sanjay Shetty, Director, Professional Search &amp; Selection, and Strategic Accounts, Randstad India, a recruitment agency. <cmsannotation type="cmsannotation" annotationid="Know where you stand" comment="subhead2" text="Know where you stand">Know where you stand</cmsannotation> “Firstly, candidates have to go back to the ancient Greek Delphic maxims - ‘know thyself’,” says Rituparna Chakraborty, Co-Founder and Executive Director, TeamLease Services, a staffing and human resources firm. Candidates have to self-assess skills and experience that they already possess. They have to list down the skills they own, want to develop and how they can gain the skills from different channels/sources needed for the job they aspire for. There are various tools or organizations that offer these services that you can leverage, which are worth investing in. One can also look at job postings where one might be interested in applying going ahead. Looking at these job descriptions will help one understand what skills one should add to their portfolio. As a fresher, you may not have much experience or knowledge about your field, so it's essential to focus on developing foundational or technical skills relevant to your industry. “You can start by assessing your current skill set and identifying any areas where you lack knowledge or expertise. Once you have a better idea of your skill gaps, you can then look for courses or programmes that offer an overview of the industry or job role you're interested in,” says Harsh Bharwani, CEO &amp; Managing Director of Jetking Infotrain, a computer networking institute. If you are in a job, it is important to map your career competencies and aspirations before you venture out to pursue paid courses, in particular.. “Consult career transition experts and, if available, career coaches, as well as peers, mentors, and industry experts who can advise you on the nuances of relevance and scalability and teach you from their successes and failures,” says Manu Saigal, Director - General Staffing, Adecco India, an HR services and recruiting company. <cmsannotation type="cmsannotation" annotationid="Choose the right course" comment="subhead2" text="Choose the right course">Choose the right course </cmsannotation> The choice of a course will be a function of one’s aspirational career path and where they stand at present . “You must be sure that the courses you are taking shall improve your probability of success and will add resilience. Employers are looking at employees who can be put to multiple job roles and hence possess a variety of skills – sometimes diagonally opposite,” says Shantanu Rooj, Founder &amp; CEO, TeamLease Edtech. For example, software engineers with understanding of psychology would be a great combination! So one approach is to identify skills and competencies that can assist you in advancing in your career or provide you with a competitive advantage in obtaining a promotion. Always look at who is providing and who is teaching the course. Value of the course will depend on the instructor, content, and provider (in that order). “Finally, work towards applying the learning from the course on the job. Remember, courses do not make you employable, they help you develop those skills that make you employable. In your resume, focus on how the courses helped you in your job,” says Prof. Niraj Mankad, associate professor, operations, FLAME University. While a course offered by a reputed university like Harvard may hold more value, you need to assess and evaluate the course contents and how relevant it is to your industry and whether it aligns to their current and future goals. One way to find out more about a course is to connect with people on Linkedin who have already taken the same course and ask them how the course has benefited them in terms of learning and career opportunities. When choosing a course, it is important to strike the right balance between hard skills and soft skills. “Today, aspirants should focus on developing a combination of soft and hard skills as both are equally important in today's employment landscape,” says Shetty. For example, in the field of digital marketing, hard skills such as search engine optimization, pay-per-click advertising, and web analytics are important, but so are soft skills such as communication, creativity, and critical thinking. On the other hand, an IT professional needs to be adept in hard skills including Java, DevOps, MySQL, etc. as well as soft skills such as communication, teamwork, time management, and adaptability. Constant re-skilling and upskilling is thus extremely crucial to remain employable and competitive in today’s rapidly evolving job market. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dr-reddys-acquires-mayne-pharmas-usa-prescription-portfolio-for-105-mn/articleshow/98265086.cms">Dr Reddy's acquires Mayne Pharma's USA prescription portfolio for $105 Mn</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-ports-spicejet-interglobe-aviation-among-stocks-to-watch/articleshow/98261988.cms">Sensex, Nifty50 likely to open in the red amid negative global cues: Adani Ports, SpiceJet, InterGlobe Aviation among stocks to watch</a>

This layoff season, upskill to stay afloat say experts

<ul><li>AI and data science are the most dynamic jobs in vogue — as demand for digitally-equipped professionals rises. </li><li>Companies are willing to pay nearly ₹20 lacs per annum for employees with three years of experience. </li><li>According to Randstad Insights Salary Trends Report 2019, the IT industry is the highest paymaster. Their salaries ranges from ₹4 lacs to ₹35 lacs per annum. </li><li><keyword id="7376003" type="UNKNOWN" weightage="20" keywordseo="data-science-jobs">Data science jobs</keyword> have witnessed nearly 37% growth over the last three years, as per LinkedIn.</li></ul>The demand for digital literacy is at an all time high. It is hence no surprise that there is cutthroat competition to hire technology professionals with skills in — AI, data science and machine learning. This has also led to a significant rise in their remunerations. AI and data science are the most dynamic fields of all — which explains the exceptional rise in demand for digitally-equipped professionals. “You don’t have to wait for 10 years to be at a level in the field of data science. For those having upto three years of experience, companies are willing to pay nearly ₹20 lacs per annum on an average,” Ashish Malhotra, director at bitgrit Japan — a global data science community, told Business Insider. And it can go as high as $15,000 (over ₹1 million) per annum for experienced data scientists in the global markets like the US, he added. According to Randstad Insights Salary Trends Report 2019, the IT industry is already the best paying sector. Their employee salaries range from ₹4 lacs to ₹35 lacs per annum. “The renewed demand for professionals with digital skills — cloud, product management, analytics, AI and automation — could be the major factors for the sector’s strong showing this year,” <a href="https://www.businessinsider.in/careers/news/these-are-the-average-corporate-salaries-in-top-indian-cities/articleshow/72896441.cms">said the report</a>. Data science experts The experts in the field, called data scientists adopt techniques and tools to draw insights and derive solutions for real-time problems. This includes data mining, statistical modeling, pattern recognition and data visualization. Mathematics and analytical bent of mind are core to a data science career. As per LinkedIn, India ranks among the top three countries poised to lead the world in <keyword id="7651297" type="UNKNOWN" weightage="20" keywordseo="AI-skills">AI skills</keyword> with robotic process automation, compliance, and integration as the fastest growing skills. Data science jobs have witnessed nearly 37% growth over the last three years. The sectors which are wooing away the most data scientists are the usual suspects - healthcare, banking and financial services, insurance, retail and telecom. “Talent with the ‘right-fit’ skills commands a significant premium over their peers and companies are not constrained by bell curves and averages when it comes to the salary structure for professionals with in-demand skills,” <a href="https://www.businessinsider.in/careers/news/these-are-the-average-corporate-salaries-in-top-indian-cities/articleshow/72896441.cms">said</a> Paul Dupis, MD &amp; CEO, Randstad India. Future of data science Big data is unstructured, but holds immense potential to improve performance and efficiency of the systems. In India, the data science market is pegged at $11 billion — which is anticipated to hit $326 billion by 2025. The more India automates, more will it need experts who can facilitate it. As per <a href="https://www.businessinsider.in/big-data-and-analytics-may-be-the-hottest-sector-but-india-has-a-serious-dearth-of-data-scientists/articleshow/66860305.cms">LinkedIn</a>, India is estimated to have less than 10% of data scientists available globally — which explains the rise in demand. See also: <a href="https://www.businessinsider.in/careers/news/ai-and-machine-learning-jobs-are-in-demand-but-hiring-is-difficult/articleshow/72879872.cms">Indian CEOs are having a tough time retaining AI, ML, and data science experts</a> <a href="https://www.businessinsider.in/careers/news/become-a-data-scientist-in-3-months-if-you-are-a-software-engineer/articleshow/73044672.cms">It takes just three months for a software engineer to become a data scientist. Find out how</a> <a href="https://www.businessinsider.in/python-r-machine-learning-sql-top-skills-to-become-a-data-scientist/articleshow/70738261.cms">Three data scientists reveal what it takes to transition from physics to a data science career</a>

Data scientists with 3 years experience can earn ₹20 lacs per annum

<ul><li><keyword id="1930805" type="PERSON" weightage="20" keywordseo="Wistron">Wistron</keyword>, one of <keyword id="6354427" type="ORGANIZATION" weightage="20" keywordseo="apple">Apple</keyword>’s manufacturers for the iPhone in India, is facing trouble with the Indian government over the non-payment and delay in payment of wages. </li><li>According to lawyers, allegations against the company are in violation of three Indian labour laws — the <keyword id="695544" type="PERSON" weightage="20" keywordseo="Payment-of-Wages-Act">Payment of Wages Act</keyword> (PWA) of 1936, the Factories Act (FA) of 1948 and the Contract Labour, <keyword id="3938435" type="PERSON" weightage="20" keywordseo="Regulation-and-Abolition-Act">Regulation and Abolition Act</keyword> (CLRA) of 1970.</li><li>Wistron blames the issue of the payment of salaries to a software ‘glitch’ on its system, which could cushion the blow.</li></ul>Supplier of Apple iPhones in India, Wistron, claims a software ‘glitch’ is the reason why its contract employees’ salaries were being unfairly deducted and payments were four days late. A dispute that led to a violent reaction from the workers at the Narasapur (Karnataka) factory who threw stones, damaged some vehicles and looted some of the iPhones kept for export, according to the FIR filed by Wistron against 7,000 people. <div type="image" title="wistron factory damage1_edited" msid="79790340" hostid="261" caption="&amp;lt;p&amp;gt;Damage to Wistron&amp;#39;s factory in Karnataka after employee protests turned violent&amp;lt;/p&amp;gt;"></div> While that argument may help Wistron cushion the blow, lawyers believe that the current allegations against the company are in violation of three Indian labour laws — the Payment of Wages Act (PWA) of 1936, the Factories Act (FA) of 1948 and the Contract Labour, Regulation and Abolition Act (CLRA) of 1970. The company, which also manufactures IT products for Microsoft and Lenovo, is currently being investigated by Apple, the Karnataka government’s Department of Factories, Boilers, Industrial Safety &amp; Health and the Karnataka Police. “Software glitch can be a reason but that is not of any consequence under the law. That is for Wistron to take care and deal with its software provider,” Neeraj Dubey, a corporate law partner at Singh &amp; Associates told Business Insider. Minimum wage and timely payment of wages The state’s labour department preliminary enquiry has deduced that the hiring agencies were not at fault. It was Wistron’s management, which deducted two to four days’ of salary over the past couple of months due to a software ‘glitch’. <div type="image" title="wistron factory damage 2_edited" msid="79791172" hostid="261" caption="&amp;lt;p&amp;gt;Overturned and burned vehicles left in the wreckage of the violence at Wistron&amp;#39;s factory in Karnataka&amp;lt;/p&amp;gt;"></div> The workers <a href="https://www.thenewsminute.com/article/wistron-iphone-plant-violence-workers-say-months-pent-anger-behind-outburst-139681">said</a> that they were angry because they weren’t paid for the additional hours they worked for many months. Things boiled over after the November wages were delayed by four days. “The law mandates salaries to be disbursed by the 7th of every month. Wistron paid contractors on December 10 and those agencies paid workers the next day. The company has said that the delay was because they were trying to fix the technical snag that had led to the deduction of salaries in the previous months,” the labour commissioner told the press. Under the Payment of Wages Act (PWA) of 1936, not paying wages on time is a punishable offence within stipulates a fine at least ₹1,500 for every violation, but could extend to up to ₹7,000 for first offenders. “Although the agency or the contractor is responsible for payment of wages - if they fail to pay the workers, the liability under the Contract Labour Regulation Act is that of the principal employer’s i.e. Wistron in the present scenario,” Avik Biswas, a partner at IndusLaw, told Business Insider. Dubey adds that there is also scope for an additional fine of ₹10,000 for non-maintenance of proper records pressed against Wistron. Laws to specifically protect contract workers Wistron had hired 9,800 employees through six contractors — Creative Engineers, Quess Corp, Innovsource, Adecco Group, Needs Manpower Support Services and Randstad. While 1,343 were permanent employees, the <a href="https://theprint.in/india/missing-contractors-key-to-solving-mystery-of-wistron-iphone-plant-attack-police-begin-hunt/569016/">other 8,490 were hired on a contract basis</a>. The latter are protected by the Contract Labour - Regulation and Abolition Act (CLRA) of 1970. Under this law, if the investigators find Wistron’s management guilty of non-payment of wages, they could end up in jail for up to three months, be fined up to ₹1,000, or both. Location, location, location Biswa adds that since this incident took place at a factory, the Factories Act (FA) of 1948 will also apply. This dictates that if any worker — including those working on contract — works on the premises for more than nine hours in a day, they’re entitled to overtime wages. These overtime wages have to be at least double the ordinary rate of wages. A preliminary report submitted by the Department of Factories Boilers and Industrial Safety dated 13 December, found that Wistron had increased overtime work hours for employees without informing the Labour Department. It added the difference in pay was not credited along with the salary for the month of November 2020. “The salary of the housekeeping contract workers are not paid till date, and are required to work for 12 hours a day for six days a week, and are being paid the same salary which they were being paid when they were working for 8 hours a day,” said the report. If the allegations hold true, the penalty for not paying or overtime would leave both the occupier and manager of the factory includes imprisonment of up to two years, a fine not exceeding ₹1 lakh or both. “If the contravention is continued after conviction, with a further fine which may extend to ₹1,000 for each day on which the contravention is so continued” explained Biswas. How much protection does the ‘glitch’ offer? According to the law, the company is accountable to be prosecuted. “The reason for non-payment of actual dues is immaterial as making the payment is of paramount significance under the laws,” said Dubey. However, if Wistron can prove that the offence was committed without the knowledge of its employees and Wistron could have done nothing about the software glitch, then Wistron may not be accountable under CLRA. “Similarly, under PWA, there may be no penalty if Wistron can satisfy the law only broken due to a bona fide error — like a software glitch — as to the amount payable to the employed person,” explained Biswas. And, finally, under FA, if the management at Wistron can prove to the satisfaction of the court that they followed due diligence to enforce the law and that the non-payment of wages occurred due to a specific person committing the offence on their own, then the liability of the Company can be significantly limited. SEE ALSO: <a href="https://www.businessinsider.in/science/news/fda-says-it-will-rapidly-work-toward-authorizing-modernas-covid-19-vaccine/articleshow/79789544.cms" data-type="tilCustomLink">FDA says it will 'rapidly work toward' authorizing Moderna's COVID-19 vaccine</a> <a href="https://www.businessinsider.in/tech/news/facebook-and-google-have-been-accused-of-striking-a-secret-illegal-advertising-deal/articleshow/79778780.cms" data-type="tilCustomLink">Facebook and Google have been accused of striking a secret, illegal advertising deal</a>

If investigators find Wistron management guilty, here's what is at stake for the company

India is shining, and the world is taking a notice of that. Global companies are setting up their bases in India, and the economy is growing like never before. However, when it comes to working overseas, a substantially higher number of Indian employees will not think twice before saying yes, even if it means leaving the country that the world is attracted to. 
 
This ‘urge’ to go overseas for jobs has rapidly grown over the last five years, no matter the slowdown in global economy, and the rapid pace of India’s economy. 
 
A Randstad survey reveals that 85% of the respondents surveyed said that they are keen on working abroad, and a shocking 88% of these numbers are women. A 2011 survey on the same topic stated the number of respondents willing to go overseas for job to be 74%. 
 Bhaskar Chakravorti, senior associate dean, The Fletcher School, Tufts University has something to say for this ‘<keyword id="3507678" type="UNKNOWN" weightage="100" keywordseo="foreign-fascination">foreign fascination</keyword>’. 
 
"Even economies such as India that are experiencing a rare burst of growth do not hold a promise that this growth is going to last and lead to exciting new jobs. The alternative is to look elsewhere beyond one's home market with the hope that somehow the grass is going to be greener on the other side," Chakravorti told <a href="http://economictimes.indiatimes.com/jobs/india-shining-but-lure-of-overseas-jobs-still-hard-to-resist/articleshow/53331522.cms">ET</a>. 
 
Second, the pace at which business is becoming global, there are some dynamic opportunities that exist in new markets outside India. "Naturally, it creates a desire to visit and work in these places," said Chakravorti. 
 "Earlier, going abroad for higher earnings and better lifestyle was desired because India offered few opportunities. Although India is a different place now, the old perception continues by and large, and perceptions take time to change. It is noteworthy that not everyone wants to go abroad for more income. Better lifestyle, equal opportunity for all, and lower crime are other reasons. And these remain issues of concern in India," said Siddharth Shekhar Singh, associate professor of marketing at <keyword id="6357275" type="ORGANIZATION" weightage="100" keywordseo="Indian-School-of-Business">Indian School of Business</keyword>. 
 
Moreover, it’s the impact that work experience abroad has, leading to better career opportunities, which adds to Indians’ wish to earn this experience, even if they don’t plan to permanently settle down abroad. 
 
Some of the key sectors that continue to lure Indian talent to overseas jobs are IT, accounting and financial services, consulting, healthcare and oil &amp; gas. 
 
<a href="http://mcraigweaver.com/images/eye.jpg">Image source</a>

Indian economy is growing rapidly, but youth is still lured by jobs in foreign lands

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Robert Galbraith/ReutersIntel CEO Brian Krzanich.</div></div></div>Good morning! Here's the tech news you need to know this Wednesday.1.<a href="http://uk.businessinsider.com/intel-buys-nervana-systems-for-at-least-350-million-2016-8" target="_blank">Intel has bought a two-year old machine learning startup called Nervana Systems, a move aimed at expanding its data centre business.</a> Intel declined to share the financial details of the deal, but <a href="http://www.recode.net/2016/8/9/12413600/intel-buys-nervana--350-million">Recode reports</a> it paid "at least $350 million (£268 million)," citing an anonymous source.2. <a href="http://uk.businessinsider.com/the-us-government-is-auctioning-16-million-worth-of-bitcoin-this-month-2016-8" target="_blank">The US government is selling 2,700 bitcoin, valued at nearly $1.6 million (£1.2 million) based on current exchange rates.</a> The seized bitcoins will be auctioned on August 22.3. <a href="http://uk.businessinsider.com/facebook-blocks-ad-blockers-updates-its-ad-preferences-2016-8" target="_blank">Facebook is taking a stand against ad blockers.</a> The social network announced on Tuesday that it has tweaked its tech to prevent ad blocking software from working on its desktop site.<a href="http://uk.businessinsider.com/job-site-monster-is-being-acquired-by-dutch-recruiter-randstad-for-429-million-2016-8" target="_blank"></a>4. <a href="http://uk.businessinsider.com/eif-billions-into-british-startups-2016-8" target="_blank">The future of a crucial source of UK startup money hangs in the balance following the nation's decision to leave the European Union.</a> That source is the relatively unknown European Investment Fund (EIF), which invested over €2.3 billion (£2 billion) in <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> startups between 2011 and 2015.5. <a href="http://uk.businessinsider.com/new-netflix-tool-fastcom-shows-you-how-fast-your-internet-is-2016-8" target="_blank">Netflix has launched an app that shows you how fast your internet really is.</a> <a href="https://media.netflix.com/en/company-blog/now-available-globally-fast-com-a-new-tool-to-check-your-internet-speed">Netflix's pitch</a> is that its tool is "ad free with a streamlined design that is quick and easy to understand."6. <a href="http://uk.businessinsider.com/entrepreneur-first-is-sending-staff-to-the-us-to-cozy-up-to-wealthy-investors-2016-8" target="_blank">Startup factory Entrepreneur First has set up an investment team to help founders on its programme to raise money from the world's most reputable investors.</a> The company builder has produced several impressive startups over the last few years, including Magic Pony Technology which was acquired by Twitter for a reported $150 million (£115 million).7. <a href="http://uk.businessinsider.com/google-chrome-blocks-adobe-flash-2016-8" target="_blank">Google put the nail in Adobe Flash's coffin.</a> The company will "de-emphasize" Adobe Flash in its Chrome browser and by December, Adobe Flash will no longer be turned on by default in Chrome.<a href="http://uk.businessinsider.com/researchers-detail-highly-sophisticated-malware-projectsauron-kaspersky-russia-iran-rwanda-2016-8" target="_blank">8. Researchers have found a highly sophisticated malware called "Sauron".</a> The five-year-old piece of malware has been secretly targeting governments, militaries, telecoms companies, and scientific research centres.9. <a href="http://uk.businessinsider.com/russian-hackers-attack-oracles-cash-registers-2016-8" target="_blank">Russian hackers appear to have infiltrated up to 330,000 computer cash registers.</a> The registers were sold by Oracle.10. <a href="http://uk.businessinsider.com/job-site-monster-is-being-acquired-by-dutch-recruiter-randstad-for-429-million-2016-8" target="_blank">Job site Monster</a><a href="http://uk.businessinsider.com/job-site-monster-is-being-acquired-by-dutch-recruiter-randstad-for-429-million-2016-8" target="_blank"> has been snapped up by Dutch recruiter Randstad Holdings for $429 million (£330.3 million).</a> It works out to $3.40 (£2.60) per share. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/london-hottest-pokemon-go-gyms-london-eye-big-ben-buckingham-palace-trafalgar-square-piccadilly-circus-2016-8">London's 6 hottest Pokemon Go gyms</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="FxbW01NTE6OPvK75EUNUbMCmYKC6kL5N" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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