Skip to main content

Companies' reduction of office space in 2012 results to 1 lakh fewer white-collar jobs

NEW DELHI: Around 1 lakh fewer white-collar jobs were created in India's top seven urban centres in 2012 compared with the previous year, if leasing or renting of new office space is considered a proxy for employment generation.
According to real estate consulting firm CBRE, the office space absorption or leasing of new space in these cities has come down from 35 million sq ft in 2011 to about 26 million sq ft in 2012. Data from Cushman & Wakefield, another international real estate consultancy, shows leasing is down from 37 million sq ft to 27 million sq ft while Jones Lang LaSalle says new office occupancy has fallen from 36 million sq ft to 28 million sq ft.

In India, the thumb rule is that a white-collar worker occupies an average space of 70 sq ft. An 8-10 million sq ft reduction in new office space occupancy during the year means 1-1.30 lakh fewer jobs have been created this year compared with 2011. The seven towns and cities covered by these consulting firms in their surveys include the National Capital Region of Delhi, Mumbai, Pune, Hyderabad, Bangalore, Kolkata and Chennai.

The drop in new jobs mirrors the slowdown in the economy and the tepid rate of hiring in many sectors. "It is a tough situation. Hiring across sectors is down 25-30%," says Ajay Shah, general manager (sourcing) at TeamLease Services, a manpower consultancy.

While companies in the oil & gas, drugs and auto sectors saw some hiring, the biggest occupiers of space - the IT/ITes and banking & financial services sectors - witnessed a steep drop in recruitment. "IT firms have lowered hiring for future projects. Companies in other sectors have also reduced anticipatory hiring for new businesses. They are just going ahead with replacement hiring," says Ganesh Shermon, partner and head of human capital practice at KPMG India.

http://economictimes.indiatimes.com/news/news-by-industry/jobs/companies-clampdown-on-office-space-in-2012-results-to-1-lakh-fewer-white-collar-jobs/articleshow/17606098.cms
 

Comments

Popular posts from this blog

Future of oil is bleak. By 2030, 95% of people may not own private cars which would wipe off the automobile industry

A futurist and clean energy expert, Toni Seba, has predicted that electric vehicles would destroy the global oil industry after a decade. By 2030, 95% of people won't own private cars which would wipe off the automobile industry, he says.

Boeing and JetBlue Airways have announced they would begin selling a hybrid-electric commuter aircraft by 2022. Planned by start-up Zunum Aero, the small plane would seat up to 12 passengers and reduce travel time and cost of trips under 1,600 km.

Ref http://auto.economictimes.indiatimes.com/amp/news/oil-and-lubes/the-future-of-oil-is-almost-here-and-it-doesnt-look-very-pretty/60972841

Can Herbalife 'Afresh' cause insomnia(sleeplessness) and heart problems?

Here is another "great" product from Herbalife. Marketed as an ENERGY drink mix. Few people know it contains Gurana seeds which have no active compound giving artificial energy other than caffeine. Afresh also contains additional caffeine

Ingredients of Herbalife Afresh Energy Drink Mix:
Maltodextrin, Orange Pekoe Extract, Guarana Seed Extract, Acidity Regulator - 330 and Caffeine Powder.

http://mall.coimbatore.com/bnh/herbalife/afresh-energy-drink-mix.htm

http://products.herbalife.co.in/energy-and-fitness/afresh-energy-drink

Side effect include insomnia, sleeplessness and heart problems, It is especially harmful for people with High blood pressure.

http://www.medicinenet.com/caffeine_tablets-oral/article.htm

PPF interest rate cut to 7.9% but are other investment options better? Here's a comparison

The Public Provident Fund (PPF) will now offer 7.9% but experts say it is still a good option for investors. Given that consumer inflation is down to 3.65%, the real rate of return of the PPF is a healthy 4.25%. 

"This is quite impressive for an option that offers assured returns," says Amol Joshi, Founder, PlanRupee Investment Service. "Investors should continue to take advantage of this long-term tax-free product," he adds. 

Even if you compare the PPF rate with the 10-year government bond yield, the scheme is attractive. "The 10-year bond yield is a better benchmark for PPF than consumer inflation," says Manoj Nagpal, CEO, Outlook Asia Capital
Currently, the 10-year bond yield is around 6.8% and the PPF at 7.9% makes it for a premium of 110 basis points. "Historically, the average premium has been around 75 bps. So, the PPF investor is today earning a higher real return," says Nagpal. Even so, some investors may be feeling disappointed by the cu…