| |
A DELOITTE survey of 100 of the world’s largest financial-services companies indicates that these companies expect to transfer an estimated $356 billion of their operations and two million jobs offshore over the next five years to reduce costs, and the most likely beneficiary of this move is India.
Falling in line with such a trend is Prudential Process Management Services (India) Pvt Ltd (PPMS), the fully-owned subsidiary of Prudential plc, UK. The company opened a $10-million centre in the suburb of Powai in Mumbai last May and is poised to boost its employee strength in three months to 850 from 628. It has been necessitated by a number of projects that the company has taken up for the parent company. In a chat with eWorld, R.K. Rangan, Managing Director, PPMS, talks of the company’s present and future plans. Excerpts:
Rangan says Prudential’s decision to outsource its back-office operations was opposed by the unions. However, despite protests, the company has set up business process outsourcing (BPO) operations in Ireland, Scotland and London, besides the Mumbai facility.
The Indian subsidiary was set up in an effort to cut costs and adopt customer-friendly solutions, as the financial services business transformed itself from one based on personal interaction to the online mode. Says Rangan: “We do not call it outsourcing to India. The unions have been kept in the picture from the start. There is a struggle, but we have assured our staff that they will be helped with jobs.” He clarifies that not all the jobs have been lost, as staff are being redeployed wherever possible.
Besides, quite apart from the cost advantage, outsourcing was also necessitated by a real shortage of skilled workers in the UK and the US, he says. Prudential plc is just one of the global brands that is outsourcing operations. Other multinational corporations such as GE and American Express have also set up large service centres in the country. There are a number of reasons for the trend among MNCs to set up subsidiaries, the most important being the need to maintain confidentiality. A fully-owned subsidiary also allows for flexibility of operations. Further, companies setting up bases in the country train staff for their specific requirements.
Tags: american express, back office operations, business process outsourcing, cost advantage, deloitte, eworld, financial services business, future plans, global brands, india pvt ltd, indian subsidiary, ireland scotland, mncs, multinational corporations, next five years, personal interaction, powai, prudential, prudential plc, skilled workers |
Have a Question? Ask Us..
In the world this exchange could coexist with the primary market. The Alternative Investment Market (AIM) in London, is such an example, along with many others in countries such as Mexico, China, Brazil and South Africa. Anil Bhardwaj, secretary general of the Federation of Indian Micro and Small & Medium Enterprises (FISME) indicates a separate exchange is very urgent, in compliance with similar formats in other countries. "It has not yet a priority. We have a lot of small businesses, and only a few small and medium enterprises in India. You scaling up or they die."
But the idea has its
Kozhikode, FEB. 28 `Tathva-2004 ', the annual All-Festival of India technique, had a launch ceremony on the campus of National Institute of Technology, Calicut (NITC) Chathamangalam, near here, today, hui.
The new director of the Indian Institute of Management Kozhikode (IIM-K), Krishna Kumar, inaugurated the Festival of New Calendar Complex.
Speaking on the occasion, Professor Krishna Kumar said that to meet the challenges of global competition on the domestic market, it was a unique design with local content. `` The local content is to function as competitive edge research. No multinational companies can compete with Lijjad Pappad because of its high local
Major economies worldwide, including USA and the UK, behind HR 2020, and it would again be in India for "import" human power in the country, Inde's National Association of Software and Service Companies (NASSCOM) President Kiran Karnik.
"The high population density in India, was thought to be the curse, which in turn his blessing," said Karnik, spoke of a seminar jointly organised by the Federation of Indian Chambers of Commerce (FICCI) and 'National Institute for Industrial Engineering (NITIE) here on Friday.
The population of India, which was a cause for derision, would be his salvation, he said and added, "Body shopping" would
NEW DELHI, India, Sunday, Dec. 28 An explosion ripped through a major coal mine in northeastern India yesterday, setting off flooding that trapped hundreds of workers, according to reliable reports from the scene. The men were feared dead.
US-based computer manufacturer Dell intends to double its workforce to 20000 over the next three years in India, where there is only one for a growth of 40 per cent of their founder and chairman Michael Dell said Monday in Bangalore.
"We have big plans for growth in India," he told a press conference. "We expect that within the next three years, our workforce in India to roughly double from 10000 to 20000" India had produced 200000 graduates of the year 2005. "We see this as a fantastic opportunity for us, for some of the best and brightest engineers for our
Ahmedabad, April 2nd (PTI), Director General of the Council of Scientific and Industrial Research (CSIR), RA Mashelkar said today emulates India needs of the United States and the market in the world through the creation of a brand , the name of "Innovative India."
Delivering the 11th convocation address in the Mudra Institute of Communications, Ahmedabad (MICA) Mashelkar here tonight, said, "the United States, the brand and product launches as a country of unlimited possibilities, a bit like India, for sale, as a country of D'ideas. "Mashelkar said India was positioned globally as subcontracting hub, a tourist, medical care, a computer
As far as higher education is concernced, the educational scenario has changed dramatically in India in the last decade. In the debate of an MBA in India versus abroad, as a student currently pursuing my MBA in India, I believe that an Indian MBA scores over an international MBA on several counts.
The main advantage is the cost. An MBA from any good B-school in the US or UK costs anywhere between Rs 25 to 50 lakhs, whereas Indian MBA schools charge ten per cent of the same amount. Secondly, when living abroad, you spend far more than you would
Giants football of Real Madrid will not be in India next month, organizers of the proposed relocation of the Champions League Spain said Thursday.
"Real Madrid dropped its proposal to visit India in August," Indian Institute of Social Welfare and Business Management (IISWBM) Director Ashoke Dutta said in a Relase here.
Dutta said, Madrid, whose star-studded line-up included players like Figo, Roul, Ronaldo, Roberto Carlos and David Beckham, turned decidedly against India in the car, because it has targeted appropriations for the Asia trip .
Madrid was adopted by the IISWBM to play a game of India in their return from Japan and
NOIDA, India - most economical of India, success depends in part on what happens in this town on the outskirts of New Delhi, where construction workers had brick for new buildings on Science , libraries and homes of the rapid growth of Amity International School.
Amity is part of a wave of private universities in India - the most high-profile of the nation's business bosses tracks - Mushrooms, for the performance of the explosion in demand for low - educated workforce. While the private universities that have needed to add the capabilities of an emergency, they are also questions about the
The number of GMAT takers in India is growing every year. And experts predict the number to grow at between 20 to 25% over the next three to five years. Here’s what’s attracting Indians towards this international test.
From less than six thousand in 2001, to over 16,000 last year, the number of Indians opting for GMAT, is increasing every year. Out of the two lakh people taking GMAT every year across the world, about 5% are from India. Experts say the number of GMAT takers in India is growing at 20% per annum already.
Chad Troutwine, Co-Founder,
MBA Tag Clouds
