LakshHR

Ila Rai, Senior Consultant, reflects on her achievements, and experiences as a valued member of the LakshHR family. #EmployeeExperience #Testimonial #LifeAtLaksh #EmployeeStories #TeamSpotlight #CareerGrowth #WorkCulture

𝐋𝐚𝐤𝐬𝐡𝐇𝐑 𝐢𝐬 𝐛𝐚𝐜𝐤 𝐰𝐢𝐭𝐡 𝐢𝐭𝐬 𝐖𝐞𝐞𝐤𝐥𝐲 𝐑𝐞𝐜𝐫𝐮𝐢𝐭𝐦𝐞𝐧𝐭 𝐃𝐢𝐠𝐞𝐬𝐭! 🌟 Stay ahead of the curve with our comprehensive wrap-up of major recruitment news and trends. Each week, we bring you the latest insights, updates, and analysis from the world of recruitment. Whether you're an HR professional, recruiter, or job seeker, our digest is designed to keep you informed and empowered. This week's focus is the Economic Survey 2024. The major stories are: 1. Notable C-Suite Resignations 2. Indian economy would require average employment of about eight million in the non-farm sector each year until 2036, based on the expected addition to the workforce and the shedding of jobs by agriculture. 3. Increased salary gap between CEOs and median employees in India's leading companies. 4. Corporate sector’s profits have surged, with over 33,000 companies showing a near quadrupling of profit before taxes from FY20 to FY23. Employee hiring and salary hikes did not follow suit in the same proportion. 5. 20-30% higher net additions in IT services by FY25 end. 6. The rise of job transitions across industries: More professionals with tech skills are being hired in traditionally non-tech sectors like manufacturing, FMCG, and banking. 7. Kraft Heinz’s India GCC to increase headcount to 2000 from 400. 8. Talent Attrition is a huge problem in Bengaluru GCCs 9. 200k hospitality jobs will be created in hospitality sector over the next 12-18 months Don't miss out! Follow us for your weekly dose of recruitment news. hashtag #RecruitmentDigest hashtag #HRNews hashtag #HiringTrends hashtag #JobMarketUpdates Ankur Agrawal, Prashant Jha, Sumedha Kaushik, Vipin Pandey, Swadesh Sen, Tina Garg

𝐈𝐧𝐭𝐞𝐫𝐧𝐬𝐡𝐢𝐩 𝐒𝐜𝐡𝐞𝐦𝐞, 𝐁𝐮𝐝𝐠𝐞𝐭 𝟐𝟎𝟐𝟒: 𝐇𝐨𝐰 𝐜𝐚𝐧 𝐢𝐭 𝐛𝐞 𝐦𝐚𝐝𝐞 𝐈𝐧𝐝𝐢𝐚𝐩𝐫𝐨𝐨𝐟 In June 2024, the Centre for Monitoring the Indian Economy recorded India's unemployment rate to be 9.2%, the highest in 16 years. What's even more concerning is that the unemployment rate has historically been the highest for graduates and above. It highlights a skill gap in the workforce. To address this, the internship scheme promises a one-year internship in the top 500 companies to 1 cr. youth for a stipend of INR 5k/month. A closer examination of the scheme reveals gaps that need to be filled to make it a success and actually solve the bigger problem. 1. 𝐋𝐢𝐭𝐭𝐥𝐞 𝐬𝐜𝐨𝐩𝐞 𝐟𝐨𝐫 𝐮𝐩𝐬𝐤𝐢𝐥𝐥𝐢𝐧𝐠: Only covering ₹500/month per intern leaves firms with very little initiative to invest in training properly. 2. 𝟒𝟎𝟎𝟎 𝐢𝐧𝐭𝐞𝐫𝐧𝐬 𝐩𝐞𝐫 𝐲𝐞𝐚𝐫 𝐩𝐞𝐫 𝐟𝐢𝐫𝐦, 𝐨𝐫 𝟐𝟎,𝟎𝟎𝟎 𝐢𝐧𝐭𝐞𝐫𝐧𝐬 𝐢𝐧 𝟓 𝐲𝐞𝐚𝐫𝐬, 𝐢𝐬 𝐚 𝐡𝐮𝐠𝐞 𝐰𝐨𝐫𝐤𝐟𝐨𝐫𝐜𝐞 𝐭𝐨 𝐡𝐚𝐧𝐝𝐥𝐞, even for large organizations with adequate resources. 3. 𝐀 𝐬𝐭𝐢𝐩𝐞𝐧𝐝 𝐨𝐟 ₹𝟓𝟎𝟎𝟎/𝐦𝐨𝐧𝐭𝐡 𝐜𝐚𝐧’𝐭 𝐜𝐨𝐯𝐞𝐫 𝐥𝐢𝐯𝐢𝐧𝐠 𝐞𝐱𝐩𝐞𝐧𝐬𝐞𝐬 𝐢𝐧 𝐚 𝐦𝐞𝐭𝐫𝐨 𝐜𝐢𝐭𝐲, making the move challenging for Tier-2 and 3 cities youth. 4. Most top firms already invest heavily in internship programs. Thus, interns hired through the scheme may just be 𝐂𝐒𝐑 𝐧𝐮𝐦𝐛𝐞𝐫𝐬 𝐟𝐨𝐫 𝐫𝐞𝐜𝐨𝐫𝐝𝐬, 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐯𝐚𝐥𝐮𝐞 𝐚𝐝𝐝𝐢𝐭𝐢𝐨𝐧. 5. 𝐎𝐧𝐞 𝐲𝐞𝐚𝐫 𝐝𝐮𝐫𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝐭𝐨𝐨 𝐥𝐨𝐧𝐠. The average internship duration is 3.66 months. Companies may hesitate to invest in such a large chunk of interns for so long. 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞-𝐛𝐚𝐬𝐞𝐝 𝐬𝐭𝐢𝐩𝐞𝐧𝐝 𝐩𝐚𝐲𝐨𝐮𝐭, along with 𝐬𝐭𝐢𝐩𝐞𝐧𝐝 𝐫𝐞𝐯𝐢𝐬𝐢𝐨𝐧 𝐭𝐨 𝐦𝐚𝐤𝐞 𝐢𝐭 𝐚𝐭 𝐩𝐚𝐫 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐜𝐨𝐬𝐭 𝐨𝐟 𝐥𝐢𝐯𝐢𝐧𝐠, would encourage interns to opt for it and actually work hard on-ground as well. 𝐀𝐧 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐦𝐞𝐜𝐡𝐚𝐧𝐢𝐬𝐦 𝐟𝐨𝐫 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬, along with an 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐧𝐮𝐦𝐛𝐞𝐫 𝐨𝐟 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐟𝐫𝐨𝐦 𝟓𝟎𝟎, is required to ensure that the initiative does not just remain a scheme for the books and yields desired results. What are your thoughts on the same? Share with us in the comments. #Internship #Budget2024 #employment Ankur Agrawal, Prashant Jha, Sumedha Kaushik, Vipin Pandey, Tina Garg

The 2024 budget has made it clear that the government is encouraging people to opt for a new tax regime for tax filing. A simplified tax regime, several measures have been taken to make it more lucrative for people to opt for it. These include: 1. Standard deduction of INR 75,000, as opposed to INR 50,000 in the old tax regime. 2. Multiple income tax slabs. 3. Increase in employer contribution to NPS from 10 to 14%. 4. Raising income threshold limit for rebate under Section 87A from ₹5 lakh to ₹7 lakh. 5. Raising the tax rebate from ₹12,500 to ₹25,000. However, despite these changes, you might be better off opting for the old tax regime as it allows for tax benefits if you claim deductions (covered in the document). Which tax regime would turn out the best for you? Learn how you can compute your deductions and compare the tax payout under both regimes to make the best choice. #IncomeTax #Budget2024 #FinanceManagement Ankur Agrawal, Prashant Jha, Sumedha Kaushik, Vipin Pandey, Tina Garg

In Budget 2024, Finance Minister Nirmala Sitharaman emphasized a shift towards the new income tax regime, introducing four significant modifications while leaving the old regime unchanged. Firstly, the tax slab rates were revised: no tax on income up to ₹3 lakh, 5% for ₹3 lakh-7 lakh, 10% for ₹7 lakh-10 lakh, 15% for ₹10 lakh-12 lakh, 20% for ₹12 lakh-15 lakh, and 30% for income above ₹15 lakh. Secondly, the standard deduction for salaried employees was increased from ₹50,000 to ₹75,000, which would have the maximum impact. Thirdly, the tax-deductible limit for an employer’s contribution to an employee’s National Pension System (NPS) account was raised from 10% to 14% of the basic salary in the new tax regime. Lastly, enhanced deduction for the family pension from ₹15,000 to ₹25,000 (believed to not make a very significant contribution to savings). Overall, these changes result in a maximum tax saving of ₹17,500 under the new regime. However, despite these changes, you may benefit more from the old tax regime if you can claim more deductions. #budget2024 #newtaxregime #financeminister Ankur Agrawal, Prashant Jha, Sumedha Kaushik, Vipin Pandey, Tina Garg

Namrata Singh, Senior Consultant, who's been a part of the Laksh Family and an invaluable asset shares her thoughts. #EmployeeExperience #Testimonial #LifeAtLaksh #EmployeeStories #TeamSpotlight #CareerGrowth #WorkCulture

It's The Era Of "Hire Fast, Fire Fast," Says Former BharatPe MD And Co-Founder Ashneer Grover. LakshHR has identified five ways an organization can speed up its hiring for core roles that generate frequent vacancies by over 85%, saving more than 40 days in the process: 1. Candidate Sourcing: Build a ready-to-go talent pool for core roles requiring regular hiring. 2. CV Screening: Leverage technology (Resume screening software, assessments, video screening, and chatbot) to filter out uninterested people and funnel in the best talent. 3. Interviews: Have Structured processes and multiple interviewer panels in place, allowing multiple interview rounds to happen parallelly. 4. Negotiation and Offer: Be upfront compensation and benefits from the start, clarifying the salary ceiling and maximum hike in the initial rounds. 5. Joining: Target candidates who can join immediately, skipping the notice period wait. #HireFast #hiring #recruitment Ankur Agrawal, Prashant Jha, Sumedha Kaushik, Vipin Pandey, Tina Garg

Yash Tayal, Consultant, an indispensable member of LakshHR, shares his experiences. #EmployeeExperience #Testimonial #LifeAtLaksh #EmployeeStories #TeamSpotlight #CareerGrowth #WorkCulture

🚀 Journey of Excellence: The Evolution of IITs in India 🇮🇳 Discover the remarkable timeline of India's premier institutions of technology! From the establishment of the first Indian Institute of Technology, Kharagpur in 1951 to the latest additions, this visual guide by LakshHR showcases the expansion of IITs across the country. Celebrating decades of innovation, education, and contributions to the global tech landscape. #Innovation #Technology #HigherEducation

SWATI DHAR, Consultant, reflects on her growth, achievements, and experiences as a valued member of the LakshHR family. #EmployeeExperience #Testimonial #LifeAtLaksh #EmployeeStories #TeamSpotlight #CareerGrowth #WorkCulture