Business
Skills have taken precedence over qualification in last 71 years: TimesJobs Survey

About 53% of hiring managers say the biggest transition in the Indian employment scene in last 71 years is that more skilled workforce is preferred in comparison to highly qualified ones. Also analysing the job scene since India’s independence revealed that MNCs have been the biggest job creators in India in comparison to other factors. These facts emerged from TimesJobs special report on 71 years of Independence.
From being an agrarian country to a technology leader in the new world order, India has indeed come a long way since August 1947.
Talking of employment, India has undoubtedly created more jobs and the skill levels of workforce have also improved. TimesJobs conducted an exclusive survey to study the trends in recruitment scene in the last 71 years and many facts emerged from the study. The survey received responses from more than 1,000 HR managers. Here are the major survey findings:
Skilled candidates preferred over highly qualified ones
TimesJobs survey findings show a major shift from hiring qualified candidates to skilled ones. Majority (53%) of HR managers think one has to be aptly skilled in order to get a job in India today, whereas being qualified is given the last consideration in independent India.
The survey findings also show that analytical skills are most desired by the organisations, whereas cognitive and social and emotional intelligence are secondary in comparison. About 72% of respondents believe professional degree or a certificate course is need of the hour to grab a good job in present times.
MNCs, the biggest job creators post-independence
Majority (65%) of people agree that independent India has churned more job opportunities. And, the acting catalyst for increasing job opportunities is growing penetration of MNCs in India. Factors like investment in infrastructure and government reforms to generate employment were ranked second and third respectively. This is a clear indictor of a sentiment that India’s burgeoning economy – which is attracting foreign players – and friendly policies are helping generate more jobs for people.
Women emerged as better leaders
Last 71 years were not only about the paradigm shifts in the employment space but these years also saw break down of conventional decorum, especially the advent of women in corporate spheres. TimesJobs survey questioned about the difference women have created in the corporate sector. More than 41% respondents think women have changed the convention of male dominance at leadership positions, whereas 37% of respondents say over the years women have become more liberal in choosing their profession.
This is just a wake-up call
“TimesJobs survey concludes that the Indian job market has done fairly well in the last 71 years in terms of jobs creation and also in terms of scope of employment. However this is just a beginning since the coming age is all about technology and related services and India has a lot of potential to be a world leader in that sphere,” saidRamathreya Krishnamurthy, Business Head, TimesJobs and TechGig.
The survey also revealed that professional competition has intensified, bringing aspects like skill upgradation, career rotation to the forefront.
India recently became sixth largest economy on the GDP basis, but a lot needs to be done to create more jobs for millennial population and improving the work-life balance at workplaces.
Business
Sunak to raise business tax to pay for COVID-19 support – The Sunday Times

(Reuters) – British finance minister Rishi Sunak is set to increase a tax on business to pay for an extension to COVID-19 support schemes in the budget next month, The Sunday Times reported https://bit.ly/3ujaBcU.
Sunak, in his speech on March 3, will announce he is increasing corporation tax from 19 pence in the pound and will outline a pathway where it rises to 23 pence in the pound by the time of the next general election, the report said. The move will raise an expected 12 billion pounds ($16.8 billion) a year, the report added.
According to the report, at least 1 pence is set to be added to the bill for business from this autumn, at a cost to business of 3 billion pounds, with further rises in subsequent years.
Allies of Sunak clarified he would not increase corporation tax higher than 23%.
These measures will be helpful in paying for an extension to the furlough scheme, VAT cuts and business support loans until at least August.
Unlike the 2010 Conservative-led government, which pursued spending cuts to rebalance the economy after the global financial crisis, Sunak is expected to defer most of the toughest decisions about how to pay for that support in his budget speech.
“The corporation tax hike will be higher than expected and the extension of the support schemes will be longer than most people expect,” the newspaper quoted a source as saying.
Insiders indicated the stamp duty holiday on property purchases would also be extended in line with the other coronavirus support measures, the report said.
Britain’s economy had its biggest slump in 300 years in 2020, when it contracted by 10%, and will shrink by 4% in the first three months of 2021, the Bank of England predicts.
($1 = 0.7136 pounds)
(Reporting by Vishal Vivek in Bengaluru; Editing by Lincoln Feast.)
Business
Foxconn chairman says expects “limited impact” from chip shortage on clients

TAIPEI (Reuters) – The chairman of Apple Inc supplier Foxconn said on Saturday he expects his company and its clients will face only “limited impact” from a chip shortage that has rattled the global automotive and semiconductor industries.
“Since most of the customers we serve are large customers, they all have proper precautionary planning,” said Liu Young-way, chairman of the manufacturing conglomerate formally known as Hon Hai Precision Industry Co Ltd
“Therefore, the impact on these large customers is there, but limited,” he told reporters.
Liu said he expected the company to do well in the first half of 2021, “especially as the pandemic is easing and demand is still being sustained.”
The global spread of COVID-19 has increased demand for laptops, gaming consoles, and other electronics. This caused chip manufacturers to reallocate capacity away from the automotive sector, which was expecting a steep downturn.
Now, car manufacturers such as Volkswagen AG, General Motors Co and Ford Motor Co have cut output as chip capacity has shrunk.
Counterpoint Research says the shortage has extended to the smartphone sector, with application processors, display driver chips, and power management chips all facing a crunch.
However, the research firm predicts Apple will face a minimal impact, due to its large size and its suppliers’ tendency to prioritise it. Apple is Foxconn’s largest customer.
Foxconn is looking at other areas for growth, including in electric vehicles (EVs), and Liu said their EV development platform MIH now had 736 partner companies participating.
He expected it would have two or three models to show by the fourth quarter, though did not expect EVs to make an obvious contribution to company earnings until 2023.
Liu also said the company was still looking for semiconductor fab purchase opportunities in Southeast Asia after not winning a bid to take over a stake in Malaysia-based 8-inch foundry house Silterra.
(Reporting by Ben Blanchard and Jeanny Kao; Writing by Josh Horwitz; Editing by William Mallard and Ana Nicolaci da Costa)
Business
EU seeks alliance with U.S. on climate change, tech rules

By Sabine Siebold and Kate Abnett
BERLIN (Reuters) – Europe and the United States should join forces in the fight against climate change and agree on a new framework for the digital market, limiting the power of big tech companies, European Union chief executive Ursula von der Leyen said.
“I am sure: A shared transatlantic commitment to a net-zero emissions pathway by 2050 would make climate neutrality a new global benchmark,” the president of the European Commission said in a speech at the virtual Munich Security Conference on Friday.
“Together, we could create a digital economy rulebook that is valid worldwide: a set of rules based on our values, human rights and pluralism, inclusion and the protection of privacy.”
The EU has pledged to cut its net greenhouse gas emissions to zero by 2050, while President Joe Biden has committed the United States to become a “net zero economy” by 2050.
Scientists say the world must reach net zero emissions by 2050 to limit global temperature increases to 1.5 degrees above pre-industrial times and avert the most catastrophic impacts of climate change.
The hope is that a transatlantic alliance could help persuade large emitters who have yet to commit to this timeline – including China, which is aiming for carbon neutrality by 2060, and India.
“The United States is our natural partner for global leadership on climate change,” von der Leyen said.
She called the Jan. 6 storming of the U.S. Capitol a turning point for the discussion on the impact social media has on democracies.
“Of course, imposing democratic limits on the uncontrolled power of big tech companies alone will not stop political violence,” von der Leyen said. “But it is an important step.”
She was referring to a draft set of rules unveiled in December which aims to rein in tech companies that control troves of data and online platforms relied on by thousands of companies and millions of Europeans for work and social interactions.
They show the European Commission’s frustration with its antitrust cases against the tech giants, notably Alphabet Inc’s Google, which critics say have not addressed the problem.
But they also risk inflaming tensions with Washington, already irked by Brussels’ attempts to tax U.S. tech firms more.
Von der Leyen said Facebook’s decision on a news blackout on Thursday in response to a forthcoming Australian law requiring it and Google to share revenue from news underscored the importance of a global approach to dealing with tech giants.
(Additional reporting by Foo Yun Chee; editing by Robin Emmott and Nick Macfie; editing by Jonathan Oatis)