TCS, Satyam defer joining dates

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Recruitments, which are a strong indicator of the expected business for software firms, have suffered a significant drop while placements for the coming season are reflecting the uncertainty in global financial markets.

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The top four IT exporters have nearly frozen hiring of experienced professionals and have deferred the joining dates for many freshers, analysts said. Around a week or two back, number one software exporter Tata Consultancy Services (TCS) reportedly sent out letters postponing joining dates by six to nine months, people familiar with the situation said.

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“This quarter, we don’t immediately see a drop in revenues. But we expect the next quarter to show flat to negative growth for some of the top firms,” said an IT analyst, adding that TCS had the highest exposure to financial services among the top-tier firms with around 43-44% of its revenues coming from financial services.

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According to a survey conducted by brokerage CLSA in 45 colleges, the class of 2009 has received 17.4% lesser job offers compared to the previous year’s figures. Offers from Satyam and Wipro were about 33-50 % lower while that of TCS and Infosys Technologies were 16% and 12% lower, respectively. Regarding the class of 2008, the study noted, “Companies have pushed out the joining dates for the graduating class of 2008.

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Admittedly, the class of 2008 was given job offers in 2007, pre-slowdown and companies have ostensibly over-hired relative to demand.” The numbers could not be confirmed with the IT firms because they were in the silent period before their second quarter results. A Satyam spokesperson said, “We haven’t changed our 12,000-15,000 guidance for new hires—we will honour our commitments.

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We are in our silent period, and as of now, not commenting on specifics like joining dates.” An analyst with a domestic brokerage noted that TCS had scaled down the number of hires it had projected for the year from 35,000 to 30,000 while multinational IBM had asked about 1,000 employees to leave. “Infosys is the only firm that has so far stuck to the number of 25,000 hires that it had initially given out,” he said.

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The CLSA survey, which is probably the first comprehensive survey after the slowdown, said Accenture was the only large firm to have shown an increase in hiring numbers among the colleges it visited. The colleges were spread across eight cities and the top IT exporters had collectively hired 7,278 freshers from them last year. This year, the figure was down to 5,835, the brokerage said.

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In addition, the IT firms were pruning the number of colleges they visited for placements and dropping tier-2 and tier-3 colleges from the list. Infosys, which visited around 1,079 campuses last year, has scaled the number down to 620 this year, while Wipro has reduced it from 300 to 106.

Top 10 Biggest Security Threats Of The Future

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Who knew there were so many ways to become a victim of cyber crime? No doubt, the security landscape has significantly changed as financially motivated criminals create malware, infiltrate systems and steal valuable data and assets. But as security threats grow in size, scope and sophistication, so do the opportunities for channel partners to help businesses secure their networks and reduce the risk of attack. In Everything Channel's State of Technology: Security survey, hundreds of channel partners estimated some of the biggest threats we might see on the horizon through 2009.

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Trojans/Info Stealing Keyloggers/Fast Flux Botnets
Attackers often hit the jackpot with information stealing bots and keyloggers that sit silently on systems and steal sensitive and financial data—all completely unbeknownst to the user. Security reports indicate that more than 700,000 pieces of new malware have already been detected since January. And if current malware trends continue, this type of data-stealing malware will more than double in 2009. One of the most notorious Trojans is Storm. Also known as Nuwar, the Storm is the most versatile malware on record. And it is thus far unstoppable. The bot's creators released thousands of variants and code-changing techniques, creating the largest peer-to-peer botnet in history.

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Data Loss/Breaches
No one wants to become the next TJX. Data has become a business's most important asset—and cyber criminals know it. Consequently, cyber criminals will increasingly refine their attacks to get at the heart of a businesses' data center. Malware, delivered via blended threats and social engineering, is designed to stealthily swipe data off a user's computer and send it to offshore servers, where it is collected and then used or sold to the highest bidder on the black market. While financial data, such as Social Security numbers, credit card and bank account information will continue to be attractive targets, security experts say that criminals will increasingly focus on intellectual property, passwords and other types of identifying information.

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Internal Threats
Whether intentional or accidental, internal threats will continue to be one of the biggest security threats over the next 12 to 18 months. If a company's security policies are unknown or unenforced, users will continue to unknowingly engage in risky behavior, such as surfing unsafe Web sites, clicking on malicious links delivered via e-mails, or failing to encrypt sensitive data. As the workforce becomes increasingly mobile, users will further increase the risk of exposure by working on open networks with unencrypted mobile devices.

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Organized Cyber Crime
Gray Pigeons. Honkers Union of China. They sound like teenage garage bands, but in reality they are highly organized and complex cyber crime organizations. In the last two years, groups of hackers once loosely defined with a common goal have coalesced into complex multi-layered global networks. Sophisticated organizations like the Russian Business Network are responsible for creating and distributing much of the malware that is increasingly targeting businesses that span the market segments. And unlike other types of organized crime, cyber crime hackers can rely on their anonymity and international presence in order to avoid detection and escape the law.

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Phishing/Social Engineering
Considered a gateway to a larger "blended attack," social engineering is becoming more creative and targeted in nature. In a phishing attack, users will generally be enticed with an alluring e-mail subject line, often touting a fake breaking news headline or a celebrity video. Once the e-mail is opened, the user is treated to a brief message, and encouraged to click on a malicious link embedded in the message claiming to lead to another Web site or video. Instead, the link often links to an infected Web page, which installs malware on the unsuspecting user's computer. Social engineering has become so sophisticated, that attackers have begun to design e-mails specific to targeted individuals—usually executives and others with access to sensitive information—in what is known as a spear phishing attack

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Viruses
While not posing the same threat as in years past, viruses still can wreak havoc on a company's network by infecting files and applications, costing a company thousands of dollars of lost production time. Viruses such as Parite, first detected in October 2001, infects its host file, Netsky, and drops executable malware. Other viruses, such as Virut, are polymorphic file infectors that download and run other malicious programs, meanwhile infecting all the executable files in order to replicate.

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Cyber Espionage
Cyber attacks aren't just for stealing credit card numbers and social security information. Following Russia's invasion of Georgia, hackers from both countries escalated what some had termed an all out cyber war by hijacking news and popular Web sites each other's countries. Attacks on Georgian Web sites rerouted visitors and left many government and news sites defaced or blocked entirely. Security experts say to expect that cyber espionage will soon become a standard means of attack during international conflict.

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Zero Day Exploits
Once hackers detect a security glitch in an application, it's only a matter of time before they develop malicious code to attack vulnerable systems before a patch is created. These vulnerabilities often affect Web browser and applications relegated to a specific platform. But recently, security researchers detected a variation of a cross-platform Domain Name Server vulnerability that can open the door wide open for what is known as cache poisoning attacks—tricking the DNS to accept an incorrect request which subsequently reroutes unsuspecting users to another, usually malicious, Web site. Once a user is rerouted to the malicious site, financially driven cyber criminals then have the ability to dump Trojans, keystroke loggers and an array of malicious payloads onto users' vulnerable computers. Meanwhile, attackers are working to develop malicious software that can automate Web browser vulnerability exploits, reducing the time it takes to exploit a system to seconds.

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Zero Day Exploits
Once hackers detect a security glitch in an application, it's only a matter of time before they develop malicious code to attack vulnerable systems before a patch is created. These vulnerabilities often affect Web browser and applications relegated to a specific platform. But recently, security researchers detected a variation of a cross-platform Domain Name Server vulnerability that can open the door wide open for what is known as cache poisoning attacks—tricking the DNS to accept an incorrect request which subsequently reroutes unsuspecting users to another, usually malicious, Web site. Once a user is rerouted to the malicious site, financially driven cyber criminals then have the ability to dump Trojans, keystroke loggers and an array of malicious payloads onto users' vulnerable computers. Meanwhile, attackers are working to develop malicious software that can automate Web browser vulnerability exploits, reducing the time it takes to exploit a system to seconds.

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Vishing
Security researchers have found that Voice over Internet Protocol (VoIP) attacks comprised more than double the number of security vulnerabilities in 2007 compared to all of 2006. While VoIP threats seem to be here to stay, the defensive technology is still playing catch-up. And while many users are becoming increasingly savvy to spam, phishing and other Internet related scams, that awareness doesn't always translate to voice protocols. Security experts anticipate a 50 percent increase in VoIP-related threats by the end of this year.

HR Software Reduces Paper Use, Carbon Footprint

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According to Richard Thomas, director of product strategy and marketing at MidlandHR, human resource software can help companies with their corporate sustainability reporting and environmental strategies. If companies switched to electronic payslips, the UK could save 994 tones of carbon emissions per year.

On the company’s blog, Changeboard, Thomas writes that HR and payroll are central to CSR, and is typically where the responsibility for CSR strategies lies. HR software is now reducing heavily paper-driven processes by offering an integrated software program which centralizes data and reduces the amount of paper required.

Shelter introduced e-payslips in 2006. The organization’s payroll manager, Doug Bird commented that “Considering that we have 860 staff at Shelter, we could save at least 10,320 printed payslips per year, which would equate to approximately 29 kilograms of CO2 emissions per year.”

Some benefits of HR software includes:
– Online CV database: Allows CVs to be kept in an online database for current and future positions. CV assessment and psychometric tests can also take place online.

– E-payslips: Employees can receive an electronic record of every payslip, and help reduce the carbon footprint of the organization.

– Absence monitoring online: Line managers can enter data into the system directly, removing the need for paper forms to be passed to the HR department, and requiring them to input the information.

– Holidays: For all holiday requests, details can be entered online, removing the requirement to circulate requests on paper.

– Company expenses: An internal system can be used to record, monitor and authorize expenditures. For all expenditures, online recording can save paper usage, and provide a centralization of data

– Time sheets: An online system reduces paper usage, and speeds up the time required to honor payments. More www.webnsn.com

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FIRING Employees in TCS, Wipro, Satyam, IBM, Patni....

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TCS planning more layoffs, Wipro sacks 1000, Satyam to axe 4,500... It seems the days of pink slips have come to haunt Indian IT pros. Though all companies have termed these terminations performance-based, it is anyone's guess that global slowdown has started hurting Indian IT cos. Late last year, the global IT giant IBM had reportedly laid off 700 entry-level trainee programmers (ELTPs) across its offices in India. Zensar too had reportedly given pink slips to 2 per cent of it staff, again the company claimed that it was on performance basis. The increments and salaries too have been a causality at most IT firms. Here's looking into the companies who have taken the manpower call. India's TOP corrupt states

After delayed appraisals and cut in payouts, India's fourth largest IT service provider, Satyam Computer is reported to downsize its workforce by a whopping 4,500 employees. This translates to a little less than 9 per cent of the 51,000 employees that the company employs. Company sources reveal that 1,500 employees have been put under the performance improvement plan (PIP), euphemism for employees put on watch list and asked to shape up or ship out. Apart from this, 3,000 others have not been given any increment in the last appraisal cycle, thereby indicating that their services are dispensable. Last Friday, company’s chief Ramalinga Raju had sent out an email to all employees warning them, especially the ones on the bench, to not bunk office and be in their best dress code, failing which they may face strict disciplinary action. India's TOP 15 best cities for IT-BPO growth

The company is reported to have handed pink slips to about 400 engineers and associates in Hyderabad, Pune and Visakhapatnam centers. The company management reportedly asked some of the employees to move out of its rolls to a contractual agreement or leave. Like its peers, Satyam too claims that the layoffs are a part of its appraisal system. Global head, human resources, SV Krishnan says, "Our experience has shown that around half of them exit the system either voluntarily or involuntarily. We have concluded our appraisal process some weeks back, and we believe we are witnessing similar trends like those in the past." There were also reports that the company has deferred the joining date of 7500 graduates it had recruited from various college campuses this year. Cricket's super captains

However, the company said that it has no intension of withdrawing these offers. Interestingly, the company has recently announced plans to hire 15000 this year.


According to a recent report Asia's largest software exporter, Tata Consultancy Services is gearing up to another round of layoffs. The company also plans to discourage employees from staying on bench for more than two months on any of its centres. Incidentally, the company had also fired close to 500 employees, citing poor performance after its annual appraisal. It was also among the very first companies to announce a cut in the employee variable pay across the board. TOP Indian Television Anchors

The company which sees some project delays this quarter, but no cancellations, terms this as an employee utilisation exercise. The process will involve counselling employees and training them. Employees would be asked to undertake projects on which they have never worked on and will have to update their skills. Recently, TCS also retrenched 15 employees from its Australian subsidiary. Interestingly, last month too, the company had shown door to some 25 employees from its Kolkata and Bangalore centers for fudging CVs. By June-end, the total employee strength TCS stood at 116,300, across 64 countries. The company hired 8,982 employees in the first quarter. Why BPOs in India fail to retain good people


The bad news has come from India's third largest IT outsourcer, Wipro Technologies too. The company has already laid off 1,000 employees, and another 2,000 employees have been put on scanner. The company is reviewing the performance of 60,000 global IT services employees from the senior leadership team down to the person with one-year experience.

Terming it as a regular exercise, company's corporate vice-president (human resources) Pratik Kumar said, "As the appraisal cycle gets over, a multi-layer review happens. Following that, people who have fallen in the lower quadrants of performance are put on watch. Some are asked to pull up and others are asked to move on." He added that, "We took a closer look at our hiring and realised that we did not need to hire more, since there were people on the bench." Many employees are being given counselling to improve their performance, others may be asked to leave.

At the end of the quarter ended June 2008, Wipro’s IT services employee base had fallen to 61,345 from 62,070 employees at the end of the previous quarter. TOP Indian Reality Shows

In July, Mumbai-based Patni Computer Systems too gave pink slips to 400 employees on grounds of non-performance. Terming it as a routine exercise and not a slowdown setback, country's sixth-largest exporter said that it is an effort to weed out non-performers. Rajesh Padmanabhan, vice-president and head, global HR, Patni, said, "This is an absolutely regular appraisal that is important for any performance-driven organisation. It is something standard we do every year. Over 650 killed in terror attacks in India in 8 years

Employees who have got 0-1 rating on a scale of 5 typically form the basis for the first-level shortlist. These are performance-based resignations; we've not issued any termination letters.” However, industry sources reveal that the laid off employees included several project managers as well. Are you ready for these Bollywood Blockbusters?

Incidentally, while in case of TCS, the retrenched number was about 0.5 per cent of the workforce, for Patni, it made for closer to 3 per cent of the 14,800-strong workforce. Narendra K Patni, Chairman and CEO, Patni Computer Systems said, "The overall market environment remains challenging with prevailing global uncertainties. We are cautious in our short-term outlook but remain positive on long-term prospects and are continuing our investments in identified areas."

Fringe Benefit Tax (Full Details)

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What is fringe benefit tax?The imposition of fringe benefit tax that proposes to tax companies on perquisites provided to their employees by Finance Minister P Chidambaram in his recent Budget has sparked off a huge debate amongst corporate and tax circles.

Fears have been aired that many an industry will be badly hit by the fringe benefit tax and act as a barrier to their growth and well being.

So just what is fringe benefit tax?

The taxation of perquisites -- or fringe benefits -- provided by an employer to his employees, in addition to the cash salary or wages paid, is fringe benefit tax.

Any benefits -- or perks -- that employees (current or past) get as a result of their employment are to be taxed, but in this case in the hands of the employer.

This includes employee compensation other than the wages, tips, health insurance, life insurance and pension plans.

Fringe benefits as outlined in section 115WB of the Finance Bill, mean any privilege, service, facility or amenity directly or indirectly provided by an employer to his employees (including former employees) by reason of their employment.

They also include reimbursements, made by the employer either directly or indirectly to the employees for any purpose, contributions by the employer to an approved superannuation fund as well as any free or concessional tickets provided by the employer for private journeys undertaken by the employees or their family members.

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What are these fringe benefits that will be taxed?

As per the Finance Bill, fringe benefits shall be deemed to have been provided if the employer has incurred any expense or made any payment for the purposes of:

(a) entertainment;
(b) festival celebrations;
(c) gifts;
(d) use of club facilities;
(e) provision of hospitality of every kind to any person whether by way of food and beverage or in any other manner, excluding food or beverages provided to the employees in the office or factory;
(f) maintenance of guest house;
(g) conference;
(h) employee welfare;
(i) use of health club, sports and similar facilities;
(j) sales promotion, including publicity;
(k) conveyance, tour and travel, including foreign travel expenses;
(l) hotel boarding and lodging;
(m) repair, running and maintenance of motor cars;
(n) repair, running and maintenance of aircraft;
(o) consumption of fuel other than industrial fuel;
(p) use of telephone;
(q) scholarship to the children of the employees.

In cases where the employer is engaged in the business of carriage of passengers or goods by motor car or by aircraft, a lower percentage of expenses on repair, running and maintenance of motor cars or aircrafts or fuel expenses has been specified.

Similarly, for hotels, a lower percentage of the expenses incurred on hospitality has been specified for purposes of calculating the liability under the fringe benefit tax.

An employer liable to pay fringe benefit tax is required to furnish a return of fringe benefits before the due date as given in section 115WD.

Section 115WE outlines the procedure for the assessment of the return of fringe benefits filed by the employer and the determination of tax or interest payable or refund due and in either case the issue of intimation to that effect.

Who pays fringe benefit tax?

Under the proposed provisions, fringe benefit tax is payable by an employer who is either an individual or a Hindu undivided family engaged in a business or profession; a company; a firm; an association of persons or a body of individuals; a local authority; a sole trader, or an artificial juridical person.

The tax is payable in respect of the value of fringe benefits provided or deemed to have been provided by an employer to his employees during the previous year.

The value of fringe benefits so calculated, is subject to additional income tax in respect of fringe benefits at the rate of thirty per cent, as provided in section 115WA.

The fringe benefit tax is payable by the employer even where he is not liable to pay income-tax on his total income computed in accordance with the other provisions of this Act.

The benefit does not have to be provided by the employer directly for him to attract fringe benefit tax. fringe benefit tax may still be applied if the benefit is provided by a third party or an associate of the employer or by under an arrangement with the employer.

Why fringe benefit tax?

The taxation of perquisites -- or fringe benefits -- provided by an employer to his employees, in addition to the cash salary or wages paid, is subject to varying treatment in different countries.

These benefits are either taxed in the hands of the employees themselves or the value of such benefits is subject to a 'fringe benefit tax' in the hands of the employer.

The rationale for levying a fringe benefit tax on the employer lies in the inherent difficulty in isolating the 'personal element' where there is collective enjoyment of such benefits and attributing the same directly to the employee.

This is so especially where the expenditure incurred by the employer is ostensibly for purposes of the business but includes, in partial measure, a benefit of a personal nature.

Moreover, in cases where the employer directly reimburses the employee for expenses incurred, it becomes difficult to effectively capture the true extent of the perquisite provided because of the problem of cash flow in the hands of the employer.

Therefore, the finance minister has proposed to adopt a two-pronged approach for the taxation of fringe benefits under the Income-tax Act.

Perquisites which can be directly attributed to the employees will continue to be taxed in their hands in accordance with the existing provisions of section 17(2) of the Income-tax Act and subject to the method of valuation outlined in rule 3 of the Income-tax Rules.

In cases, where attribution of the personal benefit poses problems, or for some reasons, it is not feasible to tax the benefits in the hands of the employee, it is proposed to levy a separate tax known as the fringe benefit tax on the employer on the value of such benefits provided or deemed to have been provided to the employees.

For this purpose, a new Chapter XII-H is proposed to be inserted in the Income-tax Act containing sections 115W to 115WL, which provides for the levy of additional income tax on fringe benefits.

The chapter is divided into three parts. Part A contains the meaning of certain expressions used, part B enumerates the basis of charge, and part C delineates the procedures for filing of return in respect of fringe benefits, assessment and the payment of tax thereon.

Will phone bills invite fringe benefit tax?
Yes. For telephone expenses, the finance minister assumes that 10 per cent of all calls made from an office is by employees for personal reasons, while for fuel, the extent of use by employees has been taken at 20 per cent.

However, there is some talk that the fringe benefit tax on telephone expenses may be 'reworked'.

How will the fringe benefit tax be calculated?

The value of fringe benefits shall be the aggregate cost incurred. That is, the total expense deducted will be considered for purposes of levying fringe benefit tax. From this, a certain percentage will be deducted. The difference therein will be taxed at the rate of 30%.

However, the fringe benefit tax rate varies from 10 per cent to 50 per cent depending upon the expense incurred: For example, for the use of telephones 10 per cent fringe benefit tax will be charged, while entertainment expenses, festival expenses, gifts, use of club facilities, etc will be taxed at the rate of 50 per cent.

Will housing perks be affected too?
The department of revenue has notified changes in the income tax rules that double the taxable income of private sector employees on account of housing perquisites.

The amendments came hours after Finance Minister P Chidambaram proposed the fringe benefit tax on employers in his Budget.

At present, in cities with over 400,000 population, the perquisite value of accommodation for private sector employees to be included in an employee's taxable income is treated as 10 per cent of his salary. This now doubles to 20 per cent.

The changes in the Income Tax Rules, notified by the Central Board of Direct Taxes on February 28, are effective from April 1 2005.

The new rules mean that a person earning an annual salary of Rs 10 lakh will have to fork out an additional Rs 33,660 annually by way of the higher tax on the housing perquisite.

According to tax experts, the housing perquisite value of such a person will now double to Rs 2 lakh. As a result, his tax liability on account of the perquisite will double to Rs 67,320 a year.
For other cities, the perquisite value of accommodation, which was treated as 7.5 per cent of the salary, will now go up to 15 per cent. The value of accommodation is added to the taxable income and income tax is paid at the applicable rate.

What about fringe benefit tax on use of cars, etc?

The tax on perquisites like maintenance of a car, club membership, free meals, credit cards and tours and travel, which were earlier taxed in the hands of the employees, has been withdrawn and the employer will now be liable to pay tax on this. But this may not result in any relief for employees.

In the case of the perquisite value of a car, employees are taxed at a rate ranging between Rs 1,200 (for small cars) and Rs 1,600 a month (for bigger vehicles) in addition to Rs 400 or 600 for a driver provided by the company.

How badly will it hurt corporate India?
Reports suggest that the fringe benefits tax is likely to result in India Inc incurring an additional expenditure of about Rs 25,000 crore.

Will advertising agencies be hit by fringe benefit tax?
The 30 per cent fringe benefit tax will hurt advertising agencies badly as in this sector about 10% to 12% of an employee's salary comes in the form of perks.

In the glamorous world of advertising attending conferences all over the world, wining and dining to network with clients and bag more business, etc is the done thing. Now all these expenses will come under the ambit of fringe benefit tax.

Also, advertising agencies are people-oriented one and staff welfare and salaries account for almost 50 per cent of their expenses. The fringe benefit tax will thus hurt ad agencies badly.

Which other countries levy fringe benefit tax?

Although fringe benefit tax may seem new to India, it's not a novel concept. This tax is already levied in the United States, the United Kingdom, Canada, Australia, New Zealand, Japan and some other nations.

The fringe benefit tax rules proposed in the Budget by the finance minister are modelled on the Australian system. With the only difference that fringe benefit tax is proposed to be taxed at between 10 per cent and 50 per cent in India, whereas in Australia it is taxed at a flat rate of 60%.

In Australia, when you invite your client to a meal what you spend on your own lunch will attract fringe benefit tax, and not what you spend on your client's lunch, which is marked as business expense.

A meal in an in-house canteen or ordered in office is, however, exempted from tax. But reimbursements for a party at home is not.

What is the reaction of India Inc to fringe benefit tax?
India Inc is quite nervous about the proposed fringe benefit tax and feels that the gains from the reduction in corporate tax announced in the last Budget would be nullified by the cut in depreciation rates.

Nearly 70 per cent of the CEOs surveyed in the Associated Chambers of Commerce and Industry's Business Barometer survey were happy with the reduction of the corporate tax from 35 per cent to 30 per cent, while 57 per cent out of them were of the view that the gains from the corporate tax reduction will be nullified because of the cut in the depreciation rates.

Most of the CEOs surveyed said that the impact of the fringe benefit tax would be 'most severe' on Indian enterprises. They argued that advertisement and sales promotion expenses should not be included under fringe benefit tax.

The survey also pointed out that the cash withdrawal tax would be a big blow for small retailers and dealers.

However, 30 per cent of the respondents said that since the surcharge has also been increased from 2.5 per cent to 10 per cent, the overall benefit of the corporate tax reduction was only around three per cent.

Some software firms feel that a wide variety of payments would come under the ambit of fringe benefit tax. A recent survey also said that because of the impact of the fringe benefit tax, companies across sectors are likely to cut down on the increments that employees would get.

The proposal has invited criticism even from the Institute of Chartered Accountants of India, which has otherwise praised the finance minister for rationalising the tax administration.

Will the tax be lowered by the finance minister in view of the widespread opposition to it?

Reports say that the finance ministry is considering reworking the taxable value of the fringe benefits proposed in the Budget. The move follows industry's concern that the present proposals go beyond taxing the collective benefits enjoyed by employees.

The taxable value could be brought down in some cases where the proposed deemed fringe benefits were felt to be high. The reworked fringe benefit tax structure would also define the taxable expenses more clearly so that genuine business expenditure was not taxed.

Will small firms be spared?
A Business Standard report said that the finance ministry is considering a threshold staff strength for levying the fringe benefit tax on employers.

Finance ministry officials indicated that organisations with very few employees could be exempted from the tax. This is based on the assumption that small employers do not spend large amounts on fringe benefits.

The ministry will also examine combining the tax return for fringe benefits with the income tax return to avoid the need for filing separate forms, the report said.

LEAVE POLICY

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PURPOSE OF LEAVE

Leave is granted to employees with the good intension of providing rest,
recuperation of health and for fulfilling social obligations. This provides for a healthy and efficient staff for the company.


LEAVE YEAR AND APPLICABILITY

q Though leaves are important to all of us but leaves are not a matter of right. The discretion of allowing or disallowing leaves lies with the management based on the exigencies of business or seriousness of the case.
q The leave policy is applicable to all the employees from their date of joining.
q This policy is not applicable to the employees who are employed with the company on contractual terms.
q For employees working on client site, authority to allow or disallow the leave lies with both the client as well as our management. Decision will be taken on mutual understanding.
q Leave year is from 1st January to 31st December.
q By this policy Paid Leaves will be given to the employees
q Employees who are appointed during the course of the year shall be entitled to the leaves on pro-rate basis.

PAID LEAVES

Applicability:

q All employees are applicable to Paid Leave from their date of joining.

Eligibility:

q The employee is entitled to get 24 paid leave in a year i.e. 2 paid leaves in a month, which will credit to the employees leave account at end of the month.
q For the current year there will be 6 paid leaves, as this policy will be applicable from month of October.
q These leaves will be given on pro-rate basis.

Guidelines for availing leaves:

q In case an employee goes on leave for more than 2 days then a 3 days notice in writing or via email is expected. A copy of which should be forwarded to the HR department.
q In cases of sickness or emergencies atleast a prompt call or 1 day prior notice is expected.
q Saturdays, Sundays and holidays will be counted as part of the leave.
q Any employee who is absent for more than eight days (including National/ Festival/ weekly offs) without information shall have to give a explanation to satisfaction of management regarding such absence.
q Employees whose date of joining service falls between 1st to the 15th of a month are entitled to get the leave credit for that month.
q Employees whose date of joining service falls between 16th to the end of the month are not entitled for the leave credit for that month.
q If an employee is relieved on any day between 1st to 15th of a month, then he / she is not entitled for leaves due for that month.
q If an employee happens to leave on any day between 16th to the end of the month then he / she is entitled for leaves due for that month.
q After resigning during the notice period employee cannot make use of the leaves.

ACCUMULATION:
q All the leaves accumulated throughout the year will get carried forward to a maximum number of 60 days. After which the leaves will get lapsed.

LEAVE ENCASHMENT:
q For encashment the minimum balance in the account should be minimum of 45 days.
q Only confirmed employees are eligible for encashment.
q Leave encashment will be calculated on basis of Basic Salary.
q On separation from the company the balance leaves will be encashed as part of full and final settlement.

COMPENSATORY OFF:
q When an employee works on the day of weekly off or a holiday, then a compensatory off will be given to the employee.
q Allowing or disallowing the compensatory off will entirely be the management decision.
q Compensatory off should be taken within 30 days after have worked on day of weekly off or holiday.

LOSS OF PAY:
Objective -
q To provide for authorized absence of employees when Employees have no leave to their credit.
Applicability –
q To all the employees of the company.
Eligibility -
q If an employee goes on leave for more number of days than his balance leaves then those extra days will be treated as Loss of pay.


Management has the right to review, modify and rescind this policy at any given point of time.

PERFORMANCE MANAGEMENT (Full Details)

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Performance management system is a principal tool in achieving corporate objectives in that it links those objectives with employee goals and achievements.

It focuses on improving performance through matching outcomes against individual, departments and organizational objectives, and to the training and development needs of employees at all organizational levels.

Managers using performance management system effectively are generally more concerned with performance planning and improvement and performance assessment.
Performance management system is an accepted management practice operating within organizations because it can be a valuable process for employees and employers alike.

It provides for both recognition of high performance and early detection of performance that is not meeting expectations, allowing prompt remedial action to be taken. Benefits of performance management system At a macro level performance management assists organisations to match outcomes with company objectives.

It provides a system for improving organization performance and outcomes, within the Company’s objectives and policy framework, while maintaining good industrial relations.

Links achievements at all levels of the organisation with corporate, business and departmental objectives.
It generates benefits throughout organizational functions and processes.

Introducing outcomes focused culture and increasing motivation.
Recognizes that people are the organization’s most valuable resource, and that people are the key to an innovative, professional and service-oriented public service

Performance management emphasizes the relationship between the management and development of people and an effective organisation, and provides a fair and equitable environment for improving performance.

Encouraging structured feedback from employees and supervisors on performance and career planning and from the community on organizational performance; Clarifying expectations, roles, responsibilities and resources required to achieve goals; The system is regularly reviewed, with particular attention given to key elements (eg process of reviewing individual performance; provision of helpful feedback; updating of key accountabilities, criteria and indicators; and training and development plans); PMS provides

-as a valuable input to skills inventories for manpower planning; -helps to identify what to pay and what will serve as an equitable monetary package; -helps to clarify who could be trained -helps to determine who could be promoted -provides the development planning

THIS IS WHY IS ''PMS'' IS SO VITAL FOR THE DEVELOPMENT OF MANPOWER PLANNING BECAUSE IT PROVIDES THE BASIS/ BASIC/ FUTURE REQUIREMENTS OF HUMAN RESOURCES.

Interview Process

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Basic guidelines for interviewer

Create a two-way conversation to find the best qualified applicant for a specific job
Provide accurate and appropriate information to the applicant about the job and the working conditions
Reinforce a positive image of the Institution
Following steps are to be followed by an interviewer in the interview process:
1.Preparing for the Interview
2.Opening the Interview
3.Continuing the Interview
4.Types of questions you may wish to ask
5.Testing (If applicable)
6.Legal Considerations
7.Closing the Interview
8.Evaluation and selection

Preparing For The Interview
Review Job Needs
What is necessary for success in the position?
Knowledge
Skills
Abilities
Traits or characteristics
Review Applications/Resumes
Does the applicant possess the minimum education/experience required?
Are there gaps in the work record?
What additional information is needed?Think about separating applications/resumes into three groups.
"A" = Meets Key Criteria You may wish to screen these candidates by telephone before having an interview set up, particularly if they would be coming from a distance.
"B" = Does Not Meet Key Criteria But could be considered.
"C" = Does Not Meet Criteria After completing Applicant Cover Sheets, return "C" files promptly to Human Resources so the H.R. Rep can complete the tracking process.
Prepare Format and Setting
Formulate questions to meet objectives set for the interview.
· questioned about the same job-related areas,
· allotted the same amount of time to answer questions,
· given the same test(s), if any. Select a setting that will provide privacy and physical comfort.

Opening the Interview
Some basics
Be prompt and welcoming.
Give your name/title clearly.
Address the applicant by name.
Initiate Relaxed Flow of Information
Draw the applicant into small talk -- weather, hobbies, etc. Ask a transition question such as "How did you happen to become interested in the Institution?"
Explain Interview Process
You might say something like "Before we start, let me give you some idea of what I'd like to cover in the next in this interview session with you. I want to review your background so we can see if this position is suited to your talents and interests. So, I'd like to hear about your jobs, education, interests and anything else you'd like to tell me. And after we've covered your background, I want to give you some information about our organization and the job, and answer any questions you may have."
Take Notes
Take notes to ensure you remember important points
Jot down key words or phrases in an unobtrusive way.
Continuing the Interview
Your Job As Interviewer
Ask questions that are:
Broad, open-ended,
Job-related, objective, meaningful,
Direct, clear, understood,
Related to the applicant's:
Education/training,
Work history in chronological order,
Attitudes toward work, people, working conditions,
Goals, motivation and self-evaluation,
Possible reaction to specific situations with the job
e.g., pressure, peak loads, supervision.
Listen -- the more you talk, the less you learn about the applicant. Ask follow-up questions -- "how", "why". Maintain control of the process. If pace lags, or if the applicant talks too much or focuses on irrelevant subjects, say, "Let's go back to..." or "Tell me a little more about..."
Provide honest information about the job:
Provide a full job description,
Explain the operation of the department/group,
Describe working conditions, hours, special policies or procedures of the department/group
Be realistic -- don't undersell or oversell.
Types of Questions You May Wish To Ask
(If applicable to position)
Work History - Descriptive
· To obtain specific information and to fill in gaps on the application:
Tell me a little more about the duties of your present/last job.

What are/were the major responsibilities in your present/last job?
What do/did you spend the most time doing and how much time is/was spent doing it?
What do/did you particularly enjoy doing in your job?
There are generally several reasons for leaving a job. What are/were some of your reasons?
Work History - Evaluative
· To obtain information about attitudes and motivation toward work:
· What are/were some of the aspects of your job that you feel particularly good about, and why do you feel that way about them?
· What are/were some of the more rewarding aspects of your work/job?
· How has your job prepared you to assume greater responsibilities?
· What do you feel are/were the greatest frustrations in your present/last job? Why?
· What is your general impression of the present/last organization/department for which you worked?
· What do/did you particularly like or dislike about your job?
· How do you feel your work history reflects your job objectives and your abilities?
Working Conditions and Work Relationships
To obtain information about personality characteristics in the work environment:
· How do/did the people you worked with affect your job?
· If there are/were negative interactions, how can/could they be/have been improved?
· What is/was the working environment in your present/last job?
· Describe your working relationship with your supervisor and co-workers.
· In all jobs, there are heavy and light periods. What do/did you do in such cases?
· If there an are/were difficulty in your job/how was the situation handled?

Applicant's Goals and Job Objectives
· To determine the appropriateness of your position for the applicant:
· Why did you apply for this particular position?
· How do you feel your qualifications can best contribute to getting the job done?
· What is important to you in a job and why would those factors be important?
· What are your career objectives and how are you preparing yourself to reach them?
Applicant's Self-Evaluation
· What gives/gave you the most satisfaction in your present/last job? Why?
· How do you feel you could make the best contribution to the Institution?
· What do you feel are your outstanding strengths? Your primary weaknesses?
Testing
· Conduct the test in a private, comfortable area free of distraction
· Explain instructions clearly.
· Give the applicant sufficient practice time if needed.
· Avoid the word "test" by saying "We need to check your ability in...."

Closing the Interview
Insure that you and the candidate have concluded on common ground:
· Ask if s/he has any other questions.
· Summarize what has been discussed.
· Review the next steps with a clear and honest timetable (and stick to it).
Be friendly and honest to the end of the interview; don't give false encouragement or go into details for rejection.
DO NOT MAKE A JOB OFFER OR ANY COMMITMENT WITHOUT PRIOR APPROVAL FROM THE HUMAN RESOURCES DEPARTMANT
Thank the applicant for his/her interest.

Evaluation and Selection
Evaluate:
· Work experience, education/training,
· Motivation and attitude,
· Ability to perform the job,
· Needs of the work group,
· Departmental needs,
· Affirmative action goals of the department and Institution,
· Input from others who interviewed the applicant,
· Employment verification and references (Human Resources will assume this responsibility if you choose).

Ways to reduce employee stress

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There are many ways in which management can reduce employee stress.

Here are ten ways HR managers can help:

1. Allow employees to talk freely with one another. In an organization in which employees can talk freely with each other, productivity and problem-solving usually are enhanced.

2. Reduce personal conflicts on the job. Here are three steps that employers can take to minimize conflicts:

a) training managers and employees to resolve conflicts through communication, negotiation and respect;

b) treating employees fairly; and

c) defining job expectations clearly.

3. Give employees adequate control over how they do their work. Workers are more productive and able to deal with stress better if they have some control over and flexibility in how they perform their work.

4. Ensure that staffing and expense budgets are adequate. Heavier workloads can increase illness, turnover and accidents and decrease productivity. Therefore, a new project may not be worth taking on if staffing and funding are inadequate.

5. Talk openly with employees. Management should keep employees informed about bad news as well as good news. Giving employees opportunities to air their concerns to management also is important.

6. Support employees' efforts. Workers are better able to cope with heavy workloads if management is sympathetic, understanding and encouraging. Listening to employees and addressing their issues also is helpful.

7. Provide competitive personal leave and vacation benefits. Workers who have time to relax and recharge after working hard are less likely to develop stress-related illnesses.

8. Maintain current levels of employee benefits. Workers' stress levels increase when they see reductions made in their employee benefits. Employers must weigh carefully the savings gained from reducing benefits with the potentially high costs of employee burnout.

9. Reduce the amount of red tape for employees. Employers can lower burnout rates if they ensure that employees' time isn't wasted on unnecessary paperwork and procedures.

10. Recognize and reward employees for their accomplishments and contributions. Ignoring employees' accomplishments can lower morale and provoke talented and experienced employees to seek work elsewhere.

Manpower Planning (Full Details)

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Def: A process by which an organization should more from its current manpower position to its desired manpower position”

Need:
l Rapid changes in Technology,
l Need for new skills and employees,
l Changes in organization design & structure,
l Demographic changes like (age, sex, education), (Transfers, retirements..,)
l Pressure from trade unions, politicians..,

Process
Analyzing the organisation plans.

(Sales, production, technology, financial, marketing plan)

1. Assessment / Audit of the current manpower profile
-numbers, skills, ages, flexibility, sex, experience, capabilities, character, potential and also -normal turnover, staff movements planned, retirements, succession planning etc.

2. Corporate Mission 3. Corporate Objective4. Corporate Strategy 5. Corporate Organization Policy/ Budget Guidelines. 6. Corporate HR objective/ strategy 7. Corporate Industrial Relations Policy 8. Corporate Sales forecasts [3 or 5 or 10 years] 9. Corporate Product Plans [3 or 5 or 10 years] 10. Corporate Production forecasts. [3 or 5 or 10 years] BASED ON THE ABOVE, YOU DEVELOP A SERIES OF CRUDE FORECASTS OF STAFF REQUIRED.

lForecasting the overall HR requirements.

(Future capabilities, knowledge, skill of present employees)

1. The impact of technological change on task needs. 2. Variations in the efficiency, productivity, flexibility of labor as a result of training, work study organizational change, new motivations, etc. 3. Changes in employment practices [e.g. subcontractors or outsourcing etc ] 4. Other variations due to new legislations like new health requirements, safety requirements etc. 5. Changes in government policies like tax/ tariff etc 6. Labor demand and supply 7. Skills levels availability

lSupply forecasting HR.
(Future supply=Present inventory + Potential additions+ Potential loss)

lEstimating the net HR requirement.
(Net = Future supply requirement – Present overall HR)


lAction plans if surplus or Shortage.
(If surplus = Redeployment (Transfers) or Retrenchment/Redundancy (demotions, voluntary retirements)

(If Shortage = Employment or Training or Development or internal mobility)

lForecasting future supply from all sources.
(If deficit is estimated in any dept. mgt. has to forecast, from consultants/internal sources/Training institutes…)

lAction Plan.
(It may Transfer/promotion/training & development/recruitment…)

What should emerge from this analysis / reviews is a "thought out" and logical staffing demand schedule for varying dates in the future which can then be compared with the crude supply schedule.

The comparison will then indicate what steps must be taken to achieve a balance.

This will involve now -recruitment / selection plan. -Training plan -retraining plan -early retirement plan -redundancy plan -changes in workforce utilization plan -succession plan. -personnel and career plans
These plans will help to bring supply and demand into equilibrium, not just as a one-off but as a continual workforce planning exercise the inputs to which will need constant varying to reflect the actual as against predicted experience on the supply side and changes in production actually achieved as against forecast on the demand side.

Cost-contribution

lRemuneration cost. (Pay, allowances, fringe benefits, bonus…)
lRecruitment cost. (Adverting, conducting test interviews/ medical exams…
lTraining Cost. (Trainers…)

10 Tips to Bullet Proof Your Resume

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webnsn.com presenting 10 Tips to Bullet Proof Your Resume

Top Tips for a great Resume Go through this given set of tips and you will be on your way to making a great Resume.

Tip 1 -Headings...never underestimate them

With employers receiving hundreds of resumes you must make sure that your resume hooks an employer's attention within a 5-second glance. A great way to do this is to use job titles and skill headings that relate to and match the jobs you want. For example, compare the headings Gaurav used in his before resume to the headings used in his after resume.

Before Resume:Accounting / RecordkeepingAdministrativeComputer Skills
After Resume:Management of A/R and A/P AccountsComputerized Accounting ApplicationsDepartmental Administration / RecordkeepingWhich set of headings are the strongest for an Accounts Payable / Receivable Manager position?

Tip 2 - Use Design That Grabs Attention

Employers make snap judgments when glancing at your resume. If they see unrelated job titles or skills the likelihood is very high that they will make an immediate assumption that you are not qualified for the job you want. Adding to this problem is the fact that employers don't have the time to read through each of your job descriptions to determine if you have the skills they need.

You Must Do That For Them! The design of your resume must highlight the most important information about your work experience, skills and education. At first glance this information forms the image that employers have of your skills and abilities.

Tip 3 - Create Content That Sells

Resume design should get attention but it's really the content of your resume, the descriptions you include of your skills and abilities, that determine how many interviews you generate--as well as the level of salary offers you receive. Compare the before and after statements from Roger's resume shown below:

Before Resume:Maintained records for accounts receivable and accounts payable accounts.
After Resume:Managed over 1,000 accounts receivable and payable accounts working directly with the Chief Financial Officer.Which of these examples presents Roger as being more qualified, having higher skills and worth a higher salary? As this example illustrates, our image of Roger is changed and elevated when we read the after example.

Tip 4 - Quantify and Use Power Words

As Roger's after statement demonstrates, using numbers to describe your achievements and responsibilities can greatly expand and elevate your image. Using numbers and quantifying creates vivid images in our mind when we read them, whereas general statements like the before examples are easy to skip over or forget. Typically the more specific you can be in describing your duties the better.

Another strategy that is extremely important in controlling the image that employers develop about you--is to use Power Words or verbs that match the level of position you want. For example, Roger wants to use the experience he's gained to move into a management position. To strengthen his image he should use as many "management oriented" words as possible. Which example below do you think is the strongest?

Typical Verbs:Gave work assignments to staff of entry level accounting clerks.
Power Words:Directed workflow, supervised and trained accounting staff performing posting to general ledger, accounts receivable and payable accounts.

Tip 5 - Analyze Ads and Job Descriptions to Identify Key Words

Learning how to analyze the key words that employers provide in help wanted ads and job descriptions is a key element in creating powerful resumes. For example, read the ad Roger found for an Accounts Receivable Manager below and see how many key words, phrases, or skill descriptions that it includes.

Accounts Receivable ManagerSeeking experienced A/R Manager to oversee accounts, manage billing and collections, train accounting and clerical staff, develop status reports for management and prepare monthly balance sheets. B.A. Degree or A.A. Degree with minimum of 2 years experience required.

Even though this ad is small it contains 12-13 key words or phrases that should be addressed in Roger's resume. Roger can also key words from an ad like this to create headings for his resume such as:

Key Word Skill HeadingsManagement of A/R AccountsBilling and CollectionsSupervision of Accounting and Administrative StaffBalance Sheet and Management Status Reports

Tip 6 - Identify and Solve Employer's Hidden Needs

In addition to the skills or needs listed in the ad shown above, the employer will have many more needs that Roger should identify and address in his resume and cover letter. For example, this employer will need someone who can deal effectively with other departments, research accounting issues and records to solve problems. To beat today's heavy competition for jobs, it's important that you identify and anticipate the full range of needs each employer faces and show how you can solve those needs.

Tip 7 - Sell the Benefits of Your Skills

Most resumes provide a list of duties that each applicant has been responsible for--without explaining the benefit of those skills to employers. For example, a secretary's resume might state she can type 80 wpm and is extremely accurate. This statement lacks an explanation of how her typing speed and accuracy benefit an employer's bottom line. The real benefit is that the employee can produce more work and ultimately save the employer money. A better statement for this person's resume would be:

Selling The Benefits of Skills· Achieved top production volume by maintaining high degree of accuracy with typing speed at 80 wpm.· Cut labor expense over $6,000 annually by eliminating the need for part-time wordprocessing staff.

Tip 8 - Create An Image That Matches The Salary You Want

As you write your resume, keep in mind the level of job and salary you want. Be sure to create an image that presents you at the appropriate level. For example, language used in a resume for an $8 an hour position is much different than the language used for a $16 an hour position. I recently met Lynn, who had held a Health Insurance Claims Management position making $42,000 per year. She had retrained for the accounting field and hadn't yet gained any "direct accounting experience" although she had prepared monthly accounting reports as a Department Manager.

I was appalled when she shared the resume she had been counseled to create. It began with this statement:

Seeking an entry level position in the accounting field.
Now what pay rate do you think this statement would motivate employers to offer Lynn? A much better statement would be:

Seek an Accounting position utilizing my experience:· Managing a department and accounting for up to $250,000 in monthly claims.My goal is to help people either stay at their current salary level or move up--not go backwards. As you can see, the last statement greatly elevates Lynn's image and will be much more likely to generate salary offers comparable to her last pay rate.

Tip 9 - Prioritize the Content of Your Resume

Another big mistake that job seekers make is to list very important data in the lower sections of their job descriptions. As you compile statements for your resume, prioritize them by importance, impressiveness and relevance to the job you want. Remember that a strong statement which uses power words and quantifies will affect every statement under it. Read the two examples below. Which one has the most impact?

UnprioritizedMaintained records control, filing, office supply purchasing and equipment maintenance.Managed front office functions to support the President, Vice President and staff of 20 Sales Representatives.

PrioritizedManaged front office functions to support the President, Vice President and staff of 20 Sales Representatives. Maintained records control, filing, office supply purchasing and equipment maintenance.

Tip 10 - Tweak and Target Your Resumes and Cover Letters

You will generate many more interviews by tweaking your resume and cover letter so that they address the specific skills each employer requests. For example, Sally originally wanted a customer service position, then found an ad for a Retail Management opening. How well qualified do the headings in the left hand column present her for the Retail Management position? Do you think the headings in the right hand column will generate more and better interviews for Retail Management positions?

Customer ServiceCash AccountabilityComputer Skills
Retail Management / Customer ServiceCash Accountability / Supervision of Retail StationsRetail Accounting Applications
Sally's actual title had been Lead Cashier, even though she managed her own retail cashiering station in addition to 6 other cashiers and stations. Once Sally had created her original resume, it only took about 5 minutes to tweak and relabel her skill descriptions to fit Retail Management positions. This "relabeling" is entirely truthful and is extremely important in landing more interviews because it allows job seekers to apply for, and look qualified for, a wider range of jobs.

World's 10 top management gurus

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webnsn.com presenting World's 10 top management gurus.

"Deregulation, emerging markets, new forms of globalisation, convergence of technologies and industries, and ubiquitous connectivity, these have changed many aspects of business," said management guru C K Prahalad in an interview. Prahalad is the world's topmost management guru and the first Indian-born thinker to claim the title.

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The Thinkers 50 2007 list, produced by Suntop Media in association with Skillsoft, is a definitive guide to who is the most influential living management thinker. Although the list is still dominated by North Americans (37 of the 50 gurus are from the United States), three more Indian management experts have made it to the Top 50. As yet, no Chinese guru has emerged.

1. C K PRAHALAD

Coimbatore Krishnao Prahalad was born in the town of Coimbatore in Tamil Nadu. He studied physics at the University of Madras (now Chennai); worked as a manager in a branch of the Union Carbide battery company, then went to the Harvard University and earned a PhD.

Prahalad, is now the Paul and Ruth McCracken Distinguished University Professor at the Ross School of Business, University of Michigan, specializes in corporate strategy.

His books include:
Multinational Mission: Balancing Local Demands and Global Vision (1987), coauthored with Yves Doz, Competing for the Future (1994), co-authored with Gary Hamel. Printed in fourteen languages, the book was named the Best Selling Business Book of the Year in 1994, and The Future of Competition: Co-Creating Unique Value with Customers (2004) (coauthored with Venkatram Ramaswamy).

On his vision about India, Prahalad says: "As a country, India must have high and shared aspirations like it had in 1929 when the leaders of the then Congress party declared their ambition as Poorna Swaraj. Since then, India has never had a national aspiration which every Indian could share."

2. BILL GATES

For long the world?s richest man, till he was upstaged by legendary investor Warren Buffett recently, Bill Gates wears many a hat: computer whiz kid, entrepreneur extraordinaire, compassionate capitalist, top management thinker. . .

Born on October 28, 1955, William H Gates III grew up in Seattle with his two sisters. Their father, William H Gates II, is a Seattle attorney. Their late mother, Mary, was a schoolteacher, University of Washington regent, and chairwoman of United Way International. Gates attended public elementary school and the private Lakeside School. There, he discovered his interest in software and began programming computers at age 13.

In 1973, Gates entered Harvard University as a freshman, where he lived down the hall from Steve Ballmer, now Microsoft's chief executive officer. While at Harvard, Gates developed a version of the programming language BASIC for the first microcomputer - the MITS Altair. In his junior year, Gates left Harvard to devote his energies to Microsoft, a company he had begun in 1975 with his childhood friend Paul Allen.

Books that he wrote: The Road Ahead (1995), held the No. 1 spot on the New York Times' bestseller list for seven weeks. Business @ the Speed of Thought (1999). Published in 25 languages the book is available in more than 60 countries. ill Gates stepped down as chief executive officer of Microsoft in January, 2000; remained as chairman and created the position of chief software architect. Gates's last full-time day at Microsoft was June 27, 2008. He remains at Microsoft as a part-time, non-executive chairman.

Gates married Melinda French from Dallas, Texas on January 1, 1994. They have three children: Jennifer Katharine Gates (1996), Rory John Gates (1999) and Phoebe Adele Gates (2002). Bill Gates' house is a 21st century earth-sheltered home in the side of a hill overlooking Lake Washington in Medina, Washington

3. ALAN GREENSPAN

Born on March 6, 1926 in New York City, Alan Greenspan was Chairman of the Board of Governors of the Federal Reserve of the United States -- the US Fed -- from 1987 to 2006. It was said that when he sneezed, the world caught a cold.

He currently works as a private advisor, making speeches and providing consulting for firms through his company, Greenspan Associates LLC. Greenspan was lauded for his handling of the Black Monday stock market crash that occurred very shortly after he first became chairman, as well as for his stewardship of the Internet-driven, 'dot-com' economic boom of the 1990s.

Greenspan is an accomplished saxophone player. While in college, he played in a jazz band. He attended New York University, and received a BS in Economics in 1948, and a MA in 1950. Greenspan went to the Columbia University, intending to pursue advanced economic studies, but subsequently dropped out.

In 1977, NYU awarded him a Ph.D. in Economics. On December 14, 2005, he was awarded an honorary Doctor of Commercial Science from NYU, his fourth degree from that institution. Greenspan was famous for his ability to give technical and confusing speeches. US News & World Report once said "Few can confuse Wall Street as thoroughly as Federal Reserve Board Chairman Alan Greenspan can."

And Motley Fool radio show included a game called 'What Did the Fed Chief Say?', where contestants were challenged to interpret snippets of Greenspan's speeches. His memoir, titled The Age of Turbulence: Adventures in a New World was published in 2007.

4. MICHAEL E PORTER

Michael E Porter is the Bishop William Laurence University Professor at the Harvard Business School. Porter was born in Ann Arbor, Michigan. His father was an army officer. He studied mechanical and aerospace engineering at Princeton and then switched to business, earning an MBA and a PhD in economics from Harvard. He later joined the faculty there.

It is said that Porter has always been obsessed by competition. Unfortunately, he slipped from the number one position he held in the 2005 list to the fourth position in the 2007 list.

Books that he wrote:
Competitive Strategy Techniques for Analyzing Industries and Competitors (1980)
Comparative Advantage (1985)
The Competitive Advantage of Nations (1990)
Can Japan Compete? (1999)

5. GARY HAMEL

The Wall Street Journal has ranked Gary Hamel as the world's most influential business thinker, and Fortune magazine has called him ?the world's leading expert on business strategy.? For the last three years, Hamel has also topped Executive Excellence magazine's annual ranking of the most sought after management speakers.

Born in 1954, Hamel is a visiting professor at Harvard Business School and London Business School. Hamel has worked for companies as diverse as General Electric, Time Warner, Nokia, Nestle, Shell, Best Buy, Procter & Gamble, 3M, IBM, and Microsoft.

Hamel's landmark books, Leading the Revolution and Competing for the Future, have appeared on every management bestseller list and have been translated into more than 20 languages. His latest book, The Future of Management, was published by the Harvard Business School Press in October 2007 and was selected by Amazon.com as the best business book of the year. Hamel, a Fellow of the World Economic Forum and the Strategic Management Society lives in Northern California and believes that 'Dilbert is the bestselling business book of all time.'

6. W CHAN KIM & RENEE MAUBORGNE

W Chan Kim is co-founder and co-director of the INSEAD Blue Ocean Strategy Institute and The Boston Consulting Group Bruce D. Henderson Chair Professor of Strategy and International Management at INSEAD, France.

Prior to joining INSEAD, he was a professor at the University of Michigan Business School, USA.
He has served as a board member as well as an advisor for a number of multinational corporations in Europe, the United States and Pacific Asia. He is an advisory member for the European Union and is the country advisor to Malaysia. He was born in Korea.

Kim is a Fellow of the World Economic Forum. His Harvard Business Review articles, co-authored with Renee Mauborgne, are worldwide bestsellers and have sold over half a million reprints. Renee Mauborgne is the INSEAD distinguished fellow and a professor of strategy at INSEAD.

Both Kim and Mauborgne are winners of the Eldridge Haynes Prize, awarded by the Academy of International Business and the Eldridge Haynes Memorial Trust of Business International, for the best original paper in the field of international business.

Their book, Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant, published in 2005 has become an international best seller.

7. THOMAS J PETERS

Tom Peters was born on November 7, 1942 in Baltimore, Maryland. A writer on business management practices, Peters is best-known for, In Search of Excellence, co-authored with Robert H. Waterman, Jr.

He went to Severn School for high school and attended Cornell University, receiving a bachelor's degree in civil engineering in 1965, and a master's degree in 1966. He then studied business at Stanford Business School, receiving an MBA and PhD. In 2004, he also received an honorary doctorate from the State University of Management in Moscow.

From 1974 to 1981, Peters worked as a management consultant at McKinsey & Company, and then in 1981, he went solo and became an independent consultant. According to Peters, excellence in business depends on eight ingredients.

Activism, with people who 'do it, fix it (and) try it' Excellent companies 'learn from the people they serve'. They promote entrepreneurship and autonomy Management learns from a 'hands-on' approach Workers are valued as the key to achieve productivity Excellent companies stick to their knitting, exploiting their core competencies and not pursuing wild goose chases They keep their form simple and their staff lean; They know how to be simultaneously tight-fitting and expansive.
Books that he wrote:
A Passion for Excellence: The Leadership Difference (1985)
Thriving on Chaos: Handbook for a Management Revolution (1987)
Liberation Management: Necessary Disorganization for the Nanosecond Nineties (1992)
The Brand You 50 (1999)

8. JACK WELCH
Born in Salem, Massachusetts, the son of a rail road conductor, he studied chemical engineering at the university of Massachusetts, gaining a PhD in the same subject from the university of Illinois.

He joined General Electric's plastics division in 1960. At age 33 he became one of the company's youngest general managers and in December 1980, after a little over twenty years in the company, he was named GE's eighth CEO, the youngest in the company's history.

GE's financial success came at the expense of extensive layoffs. During the process of streamlining the company, over 100,000 workers lost their job. His perceived ruthlessness earned him the moniker 'Neutron Jack'.

Since retiring Jack Welch is busy as a consultant to a number of Fortune 500 firms. He also wrote his memoirs: Jack: Straight from the Gut, which was published in 2001; and with Suzy Welch he wrote Winning: The Ultimate Business How-To Book in 2005.

9. RICHARD BRANSON

Richard Branson was born in 1950 and educated at Stowe School. It was here that he began to set up Student Magazine when he was just 16. By 17 he'd also set up Student Advisory Centre, which was a charity to help young people.

In 1970, he founded Virgin as a mail order record retailer, and not long after he opened a record shop in Oxford Street, London. In 1972, a recording studio was built in Oxfordshire, and the first Virgin artist, Mike Oldfield, recorded 'Tubular Bells' which was released in 1973. This album went on to sell over 5 million copies!

Branson's Virgin brand grew rapidly during the 1980s - as he set up Virgin Atlantic Airways and expanded the Virgin Records music label. Richard Branson is the 236th richest person according to Forbes' 2008 list of billionaires with an estimated net worth of $7.9 billion.

The eldest and only boy of three children, his sisters are Lindi and Vanessa. His father Ted was a barrister, and mother, Eve, worked in the theatre, as a glider pilot instructor and as a flight attendant. Branson has has dyslexia and thus fared poorly in his studies. Branson is married to his second wife, Joan Templeman, with whom he has two children: Holly, a doctor, and Sam Branson.

The couple wed in 1989 at Necker Island, a 74 acre island in the British Virgin Islands that Branson owns. He also owns real estate on the Caribbean island of Antigua and Barbuda. In 1998 Branson released his autobiography entitled Losing My Virginity and in Business Stripped Bare.
Branson has guest starred, usually playing himself, on several television shows, including Friends, Baywatch, Birds of a Feather, Only Fools and Horses, and The Day Today.

10. JAMES C COLLINS III

Jim Collins was born in in 1958 in Boulder, Colorado. He studied business at Stanford. He began his research and teaching career on the faculty at Stanford University's Graduate School of Business, where he received the Distinguished Teaching Award in 1992. In 1995, he founded a management laboratory in Boulder, Colorado, where he now conducts research and teaches executives from the corporate and social sectors.

Jim has served as a teacher to senior executives and CEOs at over a hundred corporations. He has also worked with social sector organisations, such as: Johns Hopkins Medical School, the Girl Scouts of the USA, the Leadership Network of Churches, the American Association of K-12 School Superintendents, and the United States Marine Corps.

In 2005 he published Good to Great. He also authored Beyond Entrepreneurship: Turning Your Business into an Enduring Great Company (1995) and Built to Last: Successful Habits of Visionary Companies (2004). In addition, Collins is an avid rock climber.

The Thinkers 50 list also include the names of three more management gurus ?- Ram Charan at rank 22, Vijay Govindarajan at 23, and Rakesh Khurana at 45.

RAM CHARAN

Born in 1939 in Uttar Pradesh, Ram Charan worked in his family's shoe shop while growing up.
He earned a degree in engineering from Banaras Hindu University and later studied at Harvard Business School, where he was awarded an MBA (1965) and a doctorate (1967).

Before becoming a full-time consultant in 1978, he taught at the Harvard Business School, the Kellogg School of Management, and Boston University. Charan is the author of various popular books on business, including Boards That Deliver, What The CEO Wants You To Know, Boards At Work, Every Business Is A Growth Business (with Noel Tichy), Profitable Growth Is eryone's Business, Confronting Reality, and Execution (with Larry Bossidy and Charles Burck).

Charan was elected a Fellow of the National Academy of Human Resources in 2000 and named a Distinguished Fellow in 2005. He is also a director of Austin Industries.

VIJAY GOVINDARAJAN

Vijay Govindarajan, known as VG, is the Earl C. Daum 1924 Professor of International Business at the Tuck School and founding director of Tuck's Center for Global Leadership. He is also the faculty co-director for Global Leadership 2020, Tuck's executive education program that focuses on global management and is taught on three continents.

Since 2000, Govindarajan has focused on teaching corporations to build breakthrough businesses while simultaneously sustaining excellence in their core business??the subject of his new book Ten Rules for Strategic Innovators. Govindarajan currently writes a column for FastCompany.com. His articles have also appeared in journals such as Harvard Business Review, strategy+ business, California Management Review, MIT Sloan Management Review, Accounting, Organisations and Society, Decision Sciences, and Journal of Business Strategy.

Prior to joining the faculty at Tuck, Govindarajan was on the faculties of The Ohio State University and the Indian Institute of Management (Ahmedabad, India). He has also served as a visiting professor at Harvard Business School, INSEAD (Fontainebleau, France), the International University of Japan (Urasa, Japan), and Helsinki School of Economics (Helsinki, Finland).

Govindarajan received his doctorate and his MBA with distinction from the Harvard Business School. Prior to this, he received his Chartered Accountancy degree in India. He was awarded the President's Gold Medal for his outstanding performance in obtaining the first rank.

RAKESH KHURANA

Rakesh Khurana is a Professor of Business Administration in the Organizational Behavior area at the Harvard Business School. He teaches a doctoral seminar on management and markets and the board of directors and corporate governance in the MBA programme.

Khurana received his BS from Cornell University in Ithaca, New York and his AM (Sociology) and PhD in Organization Behavior from Harvard University. Prior to attending graduate school, he worked as a founding member of Cambridge Technology Partners in sales and marketing. His book on the CEO labour market, Searching for a Corporate Savior: The Irrational Quest for Charismatic CEOs was published in October, 2002.

Khurana's work on the deficiencies of the CEO labor market and the emergence of the charismatic CEO succession model is regularly featured by the general media such as: Business Week, The Wall Street Journal, The New York Times, Newsweek, The Washington Post, CNBC, and The Economist. His From Higher Aims to Hired Hands received the American Sociological Association's Max Weber Book Award in 2008 for most outstanding contribution to scholarship in the past two years.