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 PSU's back In fashion!!!

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Posts : 259
Join date : 2009-01-11

PostSubject: PSU's back In fashion!!!   Sat Feb 07, 2009 12:30 am

At a time when most private sector firms are freezing recruitments and cutting frills, many PSU firms are doing exactly the opposite. Moreover, many people are now getting attracted to these PSUs as they are offering great opportunities even in the current downtrend. What’s more interesting is the fact that this trend is not confined to any one sector. PSU firms across sectors – banking, insurance, petroleum & energy are on a hiring spree, undeterred by the global recession. “Stability and robustness of organisations is an area where the PSUs score even in such times of crisis,” comments Pramod Sadarjoshi, executive director, HRD, IDBI Bank.
Citing her firm’s case, Dipti Sanzgiri, executive director (HRD), Bharat Petroleum says, “We have certain projects which we go ahead with regardless of the market conditions.” Given that, it becomes imperative for these firms to build their talent pipeline. “The PSUs are on a growth path, especially in terms of expanding talent pool,” confirms Sadarjoshi. “This is a great time to expand, to consolidate and really build the ‘bench-strength’ of the ‘best and brightest’ talent,” adds Sadarjoshi.
Job-cuts in private firms are turning out to be a blessing in disguise. It is clearly a win-win situation for the PSUs having the ‘appetite’ to absorb good people, and for good people who are wanting to be part of more stable, assured ‘career-zones’. “What is also giving impetus to this trend is that PSUs like IDBI Bank are competing in the marketplace by becoming nimble-footed, efficient and progressive,” reasons Sadarjoshi.
Life Insurance Corporation (India’s largest Insurer) is reportedly planning to hire 45,000 this fiscal. Similarly, State Bank of India is reportedly planning to hire about 25,000 by the fiscal-end. Bharat Petroleum which has hired over 70 people in the last quarter too has aggressive hiring plans. “We’ll hire 20-30 in the next quarter for roles of Sales or engineering officers,” informs Sanzgiri.

However, hiring is just one part of the PSU growth story. The other part is the pro-active measures these public sector firms are undertaking to retain their talent.

IDBI is one such example of a PSU that is taking many steps to retain employees including giving ESOPs. “Apart from it becoming a major wealth-creating option, ESOPs, inherently bring in the concept of accountability,” Sadarjoshi points out. “This in turn promotes ownership for excellence, and a direct and tangible equation between performance culture and share-holder value,” he explains further.

All these factors are leading many to look at PSUs with a renewed interest including those in the private sector. “Many want to have a fulfilling, balanced career which the PSUs provide, and hence there is a plenty of interest in the private sector employees to explore opportunities in PSUs,” opines Sadarjoshi. “We certainly are enjoying a plethora of interest on part of the talent-pool in the market. While I cannot put a percentage, I must say it is very encouraging,” he adds.

So, in a nutshell, PSUs are today having the DNA which comprises the ‘best of both worlds’. Thus, there’s a paradigm shift in the way Indian workforce is looking at PSU jobs. Many are embracing work opportunities in these firms with a new enthusiasm.
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