Letters of the month

The cryp T o melT down of 2022

Crypto is a fascinating asset but also one of the most risky on the market, with little regulations. Therefore the collapse caused by having no proper oversight of these big crypto founders and whether they are suitable to run such a business or even whether the promises they make are founded in reality. It seems investors did not learn so well from the subprime mortgage crisis as they should have. Yet whereas the subprime mortgage crisis was a matter of big investors knowingly handing out the risks to small and uninformed investors, the crypto meltdown is about investors of all sizes being overly eager and jumping on a bandwagon without their due diligence. One can only hope that the bounce back does not only build up to another crash.

- KamlESH mEHTa

Pamela's recounting of her experience in early years before gender equality is a powerful reminder of how far we have come. If not for the efforts of women to step forward and stand firm under the pressure of gender bias and the efforts of men to support them and stop that pressure, we might still all be in such unevolved dark ages where women's skills and capabilities and contributions are dismissed because they are not men. Indeed it has been a game changer to have determined groundbreakers like her opening paths for the next generation.

- PaRVEEN CHOPRa

Evolving APAC talent acquisition trends

It is really difficult to understand what employees want these days. Despite the layoffs and the economic downturn salary does not seem enough to get the right talent? As an employer we might be able to hire people cheaply just because they are desperate, but what are the odds that these are the people who actually benefit the company in the long term? Yet when hiring the people we actually want most, somehow there is so much more to consider besides pay alone.

- GIaaN HaRIDaS

Managing a global hybrid team

A very important point about accountability and trust, which many often get confused with micromanagement. A leader must trust their team and that trust is even more important when it is a distributed team, otherwise how is the team to function at all. What's more, trust then goes hand in hand with accountability, so that the entire business can function. A good leader can accomplish

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What digital leaders can learn from football

Nagarro @Nagarro

“Organisations must refocus – they must create exceptional employee touchpoints that make people feel valued & appreciated.” Shruti Tandon,MD, People Enablement, Nagarro talks to @PeopleMatters2 about building a #CARING workplace, #WorkFromAnywhere & more.

Four lessons about hybrid work from 2022

A great summary of the things that we must remember if we are going to make the hybrid model successful. Hybrid and flexible work is a new reality, there is no denying it. The only question that remains is how well we can adapt our business and ourselves to the model.

- KaRaN KaSHYaP

A key focus for L&D should be business alignment

Great takeaways here reinforcing important points. Such as, the L&D budget is meant for developing skills that help the business and not just for entertainment or checking the box. That means choosing skills that will really be helpful to achieving business goals (business alignment) and making sure they are put into use constantly for that objective (practice).

aBDul GaNI

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The corporate world can indeed benefit a lot from taking on the leadership style and the values and outlook associated with sports, like agility and an open mind. It will be a great cultural shift for some companies and the burden will be on HR to make this change happen. Time for HR practitioners to become sports fans.

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maDHuKaR DauDa

One way to turn the tide of employee retention

It's true that learning new skills is very important to many today, but that's because people are keen to increase their job security and make themselves more employable especially if there is a chance for career advancement or better still, higher pay. To truly retain staff the focus should not just be on the skills alone but also on rewarding them. There are three places to reward them, for gaining the skills, using the skills in their work, and benefiting the company because of the skills. That will definitely be the finishing touch in getting them to stay with their employer.

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GuRPREET SINGH

GlobalLogic India @GlobalLogic_IN

In a riveting discussion with @PeopleMatters2, AVP & TAG Head, @ShuchitaS, elucidates her views on how talent is flourishing across the globe and the need for employers to go the extra mile to secure the perfect fit for their teams.

Cielo @Cielotalent

What are the talent acquisition trends in 2023? How has the talent acquisition market evolved since 2020? Read on and find out in the new @PeopleMatters2 article, featuring Kumar Bhaya and Doug Terry: cielo.ly/z1Ym50Mu2Zm #IlluminateTalent tomas Chamorro-Premuzic @drtcp

The big question for leaders today is not how to execute their digital transformation strategy or protect their business from disruption, but how to create a culture where machines and humans can enhance each other.

LEAD @leadapp_ai

#Mentorship does not only support the mentee to learn, but it also allows the #mentors to grow. Read the article "Why becoming a mentor is crucial for employee #growth and #retention" via @PeopleMatters2 lnkd.in/dJbdV4_y #leadership #culture #employeeengagement

Infra.Market @InfraMarket_

Sheetal Bhanot, CHRO, @InfraMarket_ in an interview with @PeopleMatters2 underlines value of creating meaningful experiences by fostering a culture of connectedness.

> @PeopleMatters2

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H r tEc H no Logy myInterview raises $11Mn in series A funding

Video interviewing software provider myInterview has secured an $11 million series A funding round led by the company’s existing investors Aleph and Entrée Capital and new investor Jesselson Capital. The round also saw par-

Microsoft invests in HR tech unicorn Darwinbox

HR tech unicorn Darwinbox has received investments from Microsoft as a strategic investor, although financial details of the investment were not disclosed. Darwinbox's solution will integrate with various Microsoft platforms, including LinkedIn, Dynamics 365, Microsoft 365 (Microsoft Teams, Microsoft Viva), and Azure Active Directory.

Econo M y & Po L icy Gloomy economic outlook, recession fears haunt CEOs world over

ticipation from SeedIL Ventures, Digital Horizon and Ocean Azul Partners. The funding will go into expanding the company's product offering, which focuses on candidate attraction and engagement for high volume hiring. As part of this investment round, myInterview has appointed Amalia Bercot as co-CEO. Bercot joins myInterview after previously founding Sendinblue, a SaaS solution.

This will be Microsoft's first such partnership in the HRMS space in Asia, and is one of the focused partnerships that Microsoft is creating with product-led startups in India.

Jo BS & Layoff S Microsoft confirms 10,000 layoffs

Microsoft CEO Satya Nadella confirmed in a blog post that the tech giant will be shedding almost 5 per cent of its 221,000 strong fulltime workforce in response to a prolonged slump in demand which has hurt Windows and devices sales. However, Nadella said the company will 'continue to hire in key strategic areas' and will provide full support to the sacked employees. The large-scale layoff follows on last October's downsizing, where Microsoft had laid off under 1,000 employees across several divisions. Analysts say that this move from a tech industry mainstay suggests a worsening economic environment.

Across the world, CEOs foresee a gloomy economic outlook that can last through the end of 2023 or to mid-2024 in the regions where they operate, according to a study by Conference Board 2023 C-Suite Outlook. The study anticipates real GDP growth of 2.1% in 2023 amid regional recessions in the US, Europe, and some of the largest Latin American economies. Concerns about labour shortages and talent retention persist, and

Econo M y & Po L icy Global growth to bottom out in 2023, says IMF Chief

IMF Managing Director Kristalina Georgieva has said the organisation is not likely to downgrade its forecast for 2.7 per cent growth in 2023, stressing that a feared oil price spike had failed to materialise and labour markets remained strong. She warned that 2023 would be another ‘tough year’ for the global economy, and inflation would remain stubborn, but the IMF expects the slowdown in global growth to “bottom out” and “turn around towards the end of ‘23 and into ‘24.”

CEOs feel companies should prepare for higher wage and benefit costs in 2023. Across the board they cite four broad strategies: accelerating innovation and digital transformation; pursuing new opportunities; cutting noncore costs; and revising business models.

Jo BS & Layoff S ILO forecasts decline in global job market growth by 50% in 2023

The International Labour Organization (ILO) says that global employment growth is set to witness a 1 per cent slump this year compared to 2% in 2022, triggered by the economic fallout of the Ukraine war, high inflation and tighter mon- etary policy. The international body also predicted that global unemployment would rise slight- ly in 2023, by around 3 million, to 208 million (corresponding to a global unemployment rate of 5.8 per cent). Furthermore, progress in reducing the number of informal jobs in the world is also likely to be reversed in the coming years. And the global jobs gap, a measure of the unemployed and underemployed, stood at 473 million in 2022, around 33 million above the level of 2019.

Credit Suisse cuts 10% of European investment bankers

Credit Suisse will be cutting more than 10 per cent of European investment bankers this year, having already laid off hundreds of staff in London and

Zurich a month ago. The latest cuts are part of its downsizing plans, announced in October, to cut as many as 9,000 roles globally over the next three years, and follow on its second consecutive annual loss next month. The bank is under significant stress at present, having suffered huge client withdrawals in October.

Sation & B E n E fit S India Inc set to see 9.8% salary hike in 2023

co MPE n

Workers in India are likely to see an average salary increment of 9.8% in 2023, according to Korn Ferry’s latest India Compensation Survey. In alignment with India’s focus on accelerated digital capability building, the survey has

Apple's CEO to take a 40% pay cut

Tim Cook's pay is going from $99.4 million to $49 million. In a filing with the SEC, Apple has disclosed that the primary reason is Cook’s own recommendation to the compensation committee, supported by investors' counsel. The present cut of $35 million comes from a change in the projected substantial increments in life sciences and healthcare and high technology sectors at 10.2% and 10.4% respectively. Employees in Tier 1 cities continue to receive higher compensation as compared to Tier 2 and Tier 3 cities, but with hybrid model and remote work developing into an accepted norm, there is a shift towards work becoming location agnostic, aiding Tier 2 cities such as Ahmedabad and Pune in giving competition to tier 1 cities in fixed annual cash received by employees. equity component of his pay. In the previous year, $75 million worth of shares was accorded to him by the company, based on Apple's stock market performance. This year, that award was slashed to $40 million. However, the cut will not result in any changes in his basic salary of $3 million and bonus value of $6 million.