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Private sector lender <keyword id="46013" type="COMPANY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> has decided on a 10% pay cut for the employees earning above Rs 25 lakh per annum, in a business sustainability move amid the COVID-19 pandemic, according to a communication.The move comes weeks after the top management voluntarily surrendered 15 per cent of their payments for 2020-21. The COVID-19 crisis is expected to have a heavy impact on the economy and many corporates have been cutting salaries. Some have also retrenched staff, with the unorganised sector being hit the most. The unemployment rate in India touched 27 per cent in the week to May 3, according to think-tank CMIE. "What seemed like a 2-3 months phenomenon in the beginning, has turned out to be a pandemic with serious implications on both lives and livelihood. More importantly, it is increasingly clear that the pandemic is not going away anytime soon," Kotak's group chief Human Resources officer <keyword id="9181249" type="PERSON" weightage="20" keywordseo="sukhjit-s-pasricha">Sukhjit S Pasricha</keyword> said in an internal note. The move to recalibrate salaries is driven by the objective of business sustainability, Pasricha said. "We have decided on a 10 per cent reduction in CTC (cost to company) for all colleagues with a salary of more than Rs 25 lakh per annum, with effect from May 2020 for FY21," the note said. Quoting the bank's Managing Director <keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday Kotak</keyword>, the note said, "we are into unchartered waters and only time will tell how we as a firm, as an economy, as a country, as a world, as humanity, emerge from this momentous event." The group and Kotak himself had earlier announced donations to the PM-CARES Fund and also the <keyword id="13126" type="LOCATION" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> chief minister's relief fund. <div type="Article" hostid="261" msid="75595084" title="11 million Unacademy user accounts were hacked in January — and they are now up for sale on Dark Web" mstype="2" mssubtype="0"></div><div type="Article" hostid="261" msid="75595863" title="The hike in excise duty on petrol and diesel is good news for these two companies" mstype="2" mssubtype="0"></div>

Kotak Mahindra Bank declares 10% pay cut for staff with over ₹25 lakh annual salary

<ul><li>Private sector banks — <keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> and <keyword id="46013" type="COMPANY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> — are absorbing technical professionals in their teams. </li><li>The banks announced as many as 5,000 job openings for fresh graduates with cybersecurity, technical and design skills. </li><li>Axis Bank will hire 2,300 freshers — including campus hires from B-schools and IITs. </li></ul>Axis Bank and Kotak Mahindra Bank — are hiring extensively for technical professionals. These banks will hire 5,000 fresh graduates with cybersecurity, technical and design skills. According to <keyword id="234165" type="PERSON" weightage="20" keywordseo="Sukhjit-Singh">Sukhjit Singh</keyword> Pasricha, chief human resource officer at Kotak Mahindra Bank, the banking industry has witnessed a sudden demand for professionals skilled in technologies like <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword>, digital banking and analytics. This will be the first time that Kotak is hiring from engineering colleges, thanks to the advent of digital technologies. The private bank will hire nearly 2,600 freshers this year, Pasricha <a href="https://economictimes.indiatimes.com/jobs/kotak-mahindra-axis-bank-to-recruit-5000-fresh-grads/articleshow/72340847.cms?from=mdr">told </a>ET. This includes jobs across departments — services, operations and frontline acquisition. On the other hand, Axis Bank will hire 2,300 freshers — including campus hires from B-schools and IITs. It will also hire from National Institute of Design for the very first time. While IT and analytics remain the most sought-after job role, “this year, we have also focused on hiring in risk, compliance and cybersecurity roles,” <a href="https://economictimes.indiatimes.com/jobs/kotak-mahindra-axis-bank-to-recruit-5000-fresh-grads/articleshow/72340847.cms?from=mdr">said</a> Rajkamal Vempati, HR head, Axis Bank. This financial year, the largest public sector bank <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) hired nearly 11,000 employees so far. This includes jobs in retail banking, IT, corporate and international banking and wealth management. “There has been continuous disruption in the financial services sector, mainly due to digitalization. While banks are fast adapting to digital ways, these new services require manpower to reach deeper pockets, to engage with customers and provide them with seamless banking experience,” Alok Kumar Choudhary, deputy managing director (HR) and chief development officer of <a href="https://www.pressreader.com/india/the-economic-times/20191203/282179357947987">State Bank of India said</a>. See also: <a href="https://www.businessinsider.in/careers/news/benching-firing-and-re-deploying-the-story-of-20000-employees-at-tech-majors/articleshow/71934414.cms">Benching, firing and re-deploying — the story of 20,000 employees at tech majors</a> <a href="https://www.businessinsider.in/education/news/b-school-students-get-summer-placements-but-for-technology-job-profiles/articleshow/72139265.cms">B-school students get summer placements — but for technology job profiles</a> <a href="https://www.businessinsider.in/business/news/india-internet-industry-goldman-sachs-investment-ideas-for-future/articleshow/72326122.cms">2020 is the time to bet on India’s internet industry which will be worth $160 billion in 5 years</a>

SBI, Kotak Mahindra and Axis Bank are going digital — hiring for AI, analytics and other tech profiles

<ul><li>Management graduates from top b-schools — including Indian Institutes of Management (IIMs) — are taking up technical job roles over management consulting and <keyword id="48051" type="ORGANIZATION" weightage="20" keywordseo="investment-banking">investment banking</keyword>. </li><li>This transition may be due to the extensive demand for digital literacy across job roles as the demand for qualitative and quantitative proficiency has increased. </li><li>Companies are hiring management interns with engineering background — especially in the computer science and electronics domain.</li></ul>With the advent of digitisation, management graduates from top b-schools — including Indian Institutes of Management (IIMs) — are taking up <a href="https://www.businessinsider.in/education/news/b-school-students-get-summer-placements-but-for-technology-job-profiles/articleshow/72139265.cms">technical job roles over management consulting and investment banking</a>. “Technology is creating opportunities , making way for newer jobs — many of them still unknown to us. The convergence of Big Data with <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">Artificial Intelligence</keyword> has emerged as the single most important development that is shaping the future of how firms drive business value from their data and analytics capabilities,” Neeti Sharma, Senior Vice President, TeamLease Services told Business Insider. A study by talent solutions company Xpheno predicted that companies are expected to hire almost a third of management students for <keyword id="8433367" type="UNKNOWN" weightage="20" keywordseo="tech-profiles">tech profiles</keyword>. This transition may be due to the extensive demand for digital literacy across job roles as the demand for qualitative and quantitative proficiency has increased. In addition to this, consulting and i-banking multinationals banking on technologies like data science, artificial intelligence, <keyword id="294572" type="TECHNOLOGY" weightage="20" keywordseo="machine-learning">machine learning</keyword> and Internet of Things (IoT) offer higher remuneration for innovation skills. <div type="Article" hostid="261" msid="71515437" title="IIM Calcutta students receive over ₹1 lakh monthly stipend for analytics internships" mstype="2" mssubtype="0"></div>

 Nearly 68 management students were hired for IT and analytics profiles at Indian Institute of IIM Bangalore from companies like Ola, Oyo Rooms and United Health Group among others. The employer’s side On the employers front too, <keyword id="24019" type="PERSON" weightage="20" keywordseo="automation">automation</keyword> has restrained the demand for traditional i-banking roles. They are also looking for more diverse candidates. Companies are hiring management interns with engineering background — especially in the computer science and electronics domain. <div type="Article" hostid="261" msid="72139265" title="B-school students get summer placements — but for technology job profiles" mstype="2" mssubtype="0"></div>

 With automation making inroads in the Indian job market, humans are competing with machines to keep up. According to Microsoft, every business is going to be a Software business, build applications, use advanced analytics. Given that, companies are now looking at hiring employees that bring in AI and ML skills. “AI &amp; ML tools are being used across the life cycles of workflows &amp; projects across organizations. Many MBA students are Engineering graduates and hence it is natural that companies hiring from campus look for candidates who have a background of both technical as well as managerial skills which will enable them to perform better at their jobs,” Neeti added. Banks going digital With digitisation, techno-functional managers have become essential to companies. Public sector banks Axis Bank and Kotak Mahindra Bank also recently announced that they will hire 5,000 fresh graduates with cybersecurity, technical skills. <a href="https://www.businessinsider.in/careers/news/sbi-kotak-mahindra-and-axis-bank-are-going-digital-hiring-for-ai-analytics-and-other-tech-profiles/articleshow/72342982.cms">According to</a> Sukhjit Singh Pasricha, chief human resource officer at Kotak Mahindra Bank, the banking industry has witnessed a sudden demand for professionals skilled in technologies like artificial intelligence, digital banking and analytics. <div type="Article" hostid="261" msid="72342982" title="SBI, Kotak Mahindra and Axis Bank are going digital — hiring for AI, analytics and other tech profiles" mstype="2" mssubtype="0"></div>

 “Legacy job categories such as Banking or Transaction Processing may be heavily impacted by the automation that AI brings to the business — replacing jobs. The banking industry is anticipated to grow by incorporating AI systems, machine learning &amp; big data. This includes automation of customer service with chatbots, improving risk models, understanding customer behavior, credit decisions, risk and compliance, fraud detection and anti-money-laundering to name a few,” Anne Soumya, HR Director of The Adecco Group India told BI. See also: <a href="https://www.businessinsider.in/looking-for-a-job-heres-why-data-analytics-should-be-on-the-top-of-your-list/articleshow/67649196.cms">Here’s why it might be the best time to opt for a career in data analytics</a> <a href="https://www.businessinsider.in/careers/news/ai-blockchain-digital-maketing-and-other-top-emerging-jobs-in-india-according-to-linkedin/articleshow/72446654.cms">These are the top 15 emerging jobs in India, according to LinkedIn</a>

Recruiters explain why finance MBAs in India are looking beyond investment banking roles⁠— and rightly so

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Kotak Mahindra Bank declares 10% pay cut for staff with over ₹25 lakh annual salary

PTI

SBI, Kotak Mahindra and Axis Bank are going digital — hiring for AI, analytics and other tech profiles

Prerna Sindwani

Recruiters explain why finance MBAs in India are looking beyond investment banking roles⁠— and rightly so

Prerna Sindwani

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