HR News: 08 Dec, 2023

1.

Mass resignations at X following Musk’s bonus

The social-media platform is facing internal issues with numerous employees, both senior and junior, resigning from their roles. X, formerly known as Twitter, is facing internal issues with numerous employees, both senior and junior, resigning from their roles. Despite recent bonus distributions, the departure of numerous employees, particularly in the sales department has raised concerns about the platform’s future. A report from Business Insider highlights a turbulent period in Elon Musk’s leadership at X. Additionally, the billionaire is currently dealing with criticism from advertisers due to his outspoken posts, along with recent comments on an antisemitic conspiracy theory. Reportedly, X is presently functioning with a reduced staff at its office, and the advertising division is undergoing financial setbacks. The initial significant layoffs took place post the acquisition of Twitter last year, followed by widespread resignations in 2023This raises apprehensions about the company’s capacity to sustain revenue and pull new advertisers.

 

2.

1.23 lakh new employees added by Indian banks in FY23

In 2023, India's top 15 private banks hired 350 employees daily, with 11% attrition resulting in 70,000 replacement hires. In the fiscal year FY23, Indian banks witnessed their most substantial surge in hiring over the past decade, according to the data from the Reserve Bank of India the addition of 1,23,000 new employees. In 2023, the top 15 private banks in India hired an average of 350 employees every working day. These banks experienced an average attrition rate of 11 per cent over the past 12 months, leading to 70,000 replacement hires. Axis Bank is anticipated to increase its workforce by 7-8 per cent in the current financial year. Additionally, HDFC, ICICI and Bandhan Bank collectively added 40,000 employees in the first half of the fiscal year. Based on these trends, the banking sector is on track to surpass the previous year’s record and potentially achieve an all-time high in headcount growth.

3.

Coforge allots shares to employees.

Each share will have a face value of Rs 10.  Coforge, an IT company, has allotted 19,179 equity shares to its employees on 3 December, 2023. This decision from its ESOP Allotment Committee is a part of its Employee Stock Option Plan. Each share will have a face value of Rs 10, as stated in an exchange filing by the company. Furthermore, the company stated that it is currently in the process of fulfilling additional formalities related to the issuance and listing of the mentioned shares. The company has obtained share application money in connection with the mentioned allotment, totalling Rs. 1,91,790.