Citigroup Inc. (branded Citi) (NYSE: C, TYO: 8710) is an American multinational financial services company based in New York City. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998.[2]
Citigroup Inc. has the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. The company employs approximately 260,000 staff around the world, and holds over 200 million customer accounts in more than 140 countries. It is a primary dealer in US Treasury securities.[3]
Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive bailout by the U.S. government.[4] Its largest shareholders include funds from the Middle East and Singapore.[5] On February 27, 2009, Citigroup announced that the United States government would take a 36% equity stake in the company by converting $25 billion in emergency aid into common shares; the stake was reduced to 27% after Citigroup sold $21 billion of common shares and equity in the largest single share sale in US history, surpassing Bank of America's $19 billion share sale one month prior.
Citigroup is one of the Big Four banks in the United States, along with Bank of America, JP Morgan Chase and Wells Fargo
Top Indian IT players have announced fresh recruitments of close to one lakh people this year indicating a positive growth. However, all is not well in the industry. Hiring may have increased, but so has the churn.
An analysis of recruitment numbers of top IT players over the past year showed that the difference between gross and net additions have been alarmingly widening. Attrition and employee retention are grave problems that the industry is still struggling to battle.
For example, Tata Consultancy Services had 1,60,429 employees including subsidiaries as on March 31, 2010 compared with 1,43,761 the previous year. The company had a gross addition of 38,063 employees (previously 48,595) and a net addition of 16,668 (32,354 the previous year).
Gross additions for the 2009-10 financial included over 12,500 people from the acquisition of Citigroup BPO. The company reported an increase of 7.67 per cent in gross additions last fiscal, (not including Citigroup BPO employees). “New economy companies have to age and become old economy sometime or the other,” said a senior official of a multinational IT firm that has a large offshore presence in India. He referred to the lack of structured hiring practices and linearity in revenues.
“The industry saw positive growth alone in the last 20 years and just one year of marginal growth completely rocked its fundamentals. Some companies asked the-ir IT candidates to work for their BPO division. One co-mpany even went to the extent of completely outsourcing the hiring process. The biggest problem the IT industry will face this year will be on the supply side,” he added.
Most companies did not honour offer letters last year. After waiting for long, most candidates either pursued higher studies or opted for other companies.
“Indian IT services companies introduced stringent measures during 2007-09 such as cutting down on sundry expenses, travel cost control, increasing working hours, withholding promotions and raise. These measures had increased discontent among employees resulting in job hopping as opportunities came their way,” said Shashi Bhusan, senior research analyst of Prabhudas Lilladher. “High attrition pushes administrative costs for Indian IT services companies. Also, the new hires would require training and ramping up latency time, which would escalate the cost along with hiring of new employees at higher costs.”
Like TCS, Infosys also had the problem of increased gap between gross and net additions. The company added 6,837 employees (net) as against 18,905 (gross) taking the total strength to 92,688 during financial year 2009-10 from 85,851 the previous year. Attrition increased from 11.1 per cent to 13.4 per cent.
Wipro had 1,08,071 employees, including 25,649 people in its BPO division. Attrition in its IT operations was 13.6 per cent compared with 13.2 per cent last year. Voluntary attrition was at 12.1 per cent as against 11.3 per cent last year and involuntary attrition was six per cent against eight per cent last year. Most companies do not consider churn during or before the training period while calculating attrition numbers.
To assess the impact of having an effective workplace on employee engagement and commitment,
job satisfaction, retention, and mental health, we created an average rating for the
six criteria of an effective workplace—job autonomy, learning opportunities, decision-making
involvement, coworker/supervisor support, and flexibility.
• Among employees in effective workplaces, more than twice as many (82%) express high
levels of job engagement and commitment as employees in ineffective workplaces (36%).
• Among employees in effective workplaces, nine times as many employees (81%) express
high levels of satisfaction with their jobs as employees in ineffective workplaces (9%).
• Among employees in effective workplaces, twice as many (77%) say they are “not at all
likely” to seek a new job with another employer within the next year as employees in
ineffective workplaces (38%).
• Nearly three times as many employees in effective workplaces—36 percent—exhibit very
good mental health as employees in ineffective workplaces—13 percent.
B e n e f i t Wh e n e l i g i b l e
Who pays for
coverage
D e s c r i p t i o n
C o m p a n y - p r o v i d e d b e n e f i t s ; n o e n r o l l m e n t r e q u i r e d
Basic Life/Accidental
Death and Dismemberment
insurance
On your date of hire Company paid Coverage equal to total compensation
rounded up to the nearest $1,000 to a
maximum of $200,000 for employees
whose total compensation is less than
$200,000
Short-Term Disability After one month of
service
Company paid Compensation during an approved
disability leave for up to 13 weeks
based on years of service
Long-Term Disability
For employees whose total
compensation is $50,000.99
or less
On your date of hire
Note: If your total
compensation is
$50,001 and above,
see Long-Term
Disability under the
“Health and welfare
benefits” section.
Company paid Compensation of 60% of total
compensation up to $500,000
when an approved disability extends
beyond 13 weeks; proof of good health
required if enrolling outside of initial
eligibility unless enrollment is the
result of a qualified change in status
Business Travel Accident
insurance
On your date of hire Company paid Coverage of five times total
compensation to a maximum of $2
million for yourself; eligible dependents
also are covered when traveling with
you on Citigroup business
H e a l t h a n d w e l f a r e b e n e f i t s ; e n r o l l m e n t r e q u i r e d
Medical On your date of hire;
coverage is retroactive
to your date of hire if
you enroll during your
initial eligibility period
You and Citigroup share
the cost of contributions
based on the amount of
your total compensation
Choice of medical options (ChoicePlan,
HMOs, High Deductible Health Plans,
Hawaii Health Plan) for you and your
eligible dependents; prescription drug
coverage included
Dental On your date of hire;
coverage is retroactive
to your date of hire if
you enroll during your
initial eligibility period
You and Citigroup share
the cost of contributions
Choice of three options for you and
your eligible dependents; not all
options are offered in all locations
Vision Care On your date of hire;
coverage is retroactive
to your date of hire if
you enroll during your
initial eligibility period
Employee paid Supplies and services for you and/or
your eligible dependents
Long-Term Disability
For employees whose total
compensation is $50,001 and
above
On your date of hire
Note: If your total
compensation is
$50,000.99 or
less, see Long-Term
Disability under the
“Company-provided
benefits” section.
Employee paid Compensation of 60% of total
compensation up to $500,000
when an approved disability extends
beyond 13 weeks; proof of good health
required if you enroll outside of initial
eligibility period unless enrollment
is the result of a qualified change
in status
Citigroup Inc. has the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. The company employs approximately 260,000 staff around the world, and holds over 200 million customer accounts in more than 140 countries. It is a primary dealer in US Treasury securities.[3]
Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive bailout by the U.S. government.[4] Its largest shareholders include funds from the Middle East and Singapore.[5] On February 27, 2009, Citigroup announced that the United States government would take a 36% equity stake in the company by converting $25 billion in emergency aid into common shares; the stake was reduced to 27% after Citigroup sold $21 billion of common shares and equity in the largest single share sale in US history, surpassing Bank of America's $19 billion share sale one month prior.
Citigroup is one of the Big Four banks in the United States, along with Bank of America, JP Morgan Chase and Wells Fargo
Top Indian IT players have announced fresh recruitments of close to one lakh people this year indicating a positive growth. However, all is not well in the industry. Hiring may have increased, but so has the churn.
An analysis of recruitment numbers of top IT players over the past year showed that the difference between gross and net additions have been alarmingly widening. Attrition and employee retention are grave problems that the industry is still struggling to battle.
For example, Tata Consultancy Services had 1,60,429 employees including subsidiaries as on March 31, 2010 compared with 1,43,761 the previous year. The company had a gross addition of 38,063 employees (previously 48,595) and a net addition of 16,668 (32,354 the previous year).
Gross additions for the 2009-10 financial included over 12,500 people from the acquisition of Citigroup BPO. The company reported an increase of 7.67 per cent in gross additions last fiscal, (not including Citigroup BPO employees). “New economy companies have to age and become old economy sometime or the other,” said a senior official of a multinational IT firm that has a large offshore presence in India. He referred to the lack of structured hiring practices and linearity in revenues.
“The industry saw positive growth alone in the last 20 years and just one year of marginal growth completely rocked its fundamentals. Some companies asked the-ir IT candidates to work for their BPO division. One co-mpany even went to the extent of completely outsourcing the hiring process. The biggest problem the IT industry will face this year will be on the supply side,” he added.
Most companies did not honour offer letters last year. After waiting for long, most candidates either pursued higher studies or opted for other companies.
“Indian IT services companies introduced stringent measures during 2007-09 such as cutting down on sundry expenses, travel cost control, increasing working hours, withholding promotions and raise. These measures had increased discontent among employees resulting in job hopping as opportunities came their way,” said Shashi Bhusan, senior research analyst of Prabhudas Lilladher. “High attrition pushes administrative costs for Indian IT services companies. Also, the new hires would require training and ramping up latency time, which would escalate the cost along with hiring of new employees at higher costs.”
Like TCS, Infosys also had the problem of increased gap between gross and net additions. The company added 6,837 employees (net) as against 18,905 (gross) taking the total strength to 92,688 during financial year 2009-10 from 85,851 the previous year. Attrition increased from 11.1 per cent to 13.4 per cent.
Wipro had 1,08,071 employees, including 25,649 people in its BPO division. Attrition in its IT operations was 13.6 per cent compared with 13.2 per cent last year. Voluntary attrition was at 12.1 per cent as against 11.3 per cent last year and involuntary attrition was six per cent against eight per cent last year. Most companies do not consider churn during or before the training period while calculating attrition numbers.
To assess the impact of having an effective workplace on employee engagement and commitment,
job satisfaction, retention, and mental health, we created an average rating for the
six criteria of an effective workplace—job autonomy, learning opportunities, decision-making
involvement, coworker/supervisor support, and flexibility.
• Among employees in effective workplaces, more than twice as many (82%) express high
levels of job engagement and commitment as employees in ineffective workplaces (36%).
• Among employees in effective workplaces, nine times as many employees (81%) express
high levels of satisfaction with their jobs as employees in ineffective workplaces (9%).
• Among employees in effective workplaces, twice as many (77%) say they are “not at all
likely” to seek a new job with another employer within the next year as employees in
ineffective workplaces (38%).
• Nearly three times as many employees in effective workplaces—36 percent—exhibit very
good mental health as employees in ineffective workplaces—13 percent.
B e n e f i t Wh e n e l i g i b l e
Who pays for
coverage
D e s c r i p t i o n
C o m p a n y - p r o v i d e d b e n e f i t s ; n o e n r o l l m e n t r e q u i r e d
Basic Life/Accidental
Death and Dismemberment
insurance
On your date of hire Company paid Coverage equal to total compensation
rounded up to the nearest $1,000 to a
maximum of $200,000 for employees
whose total compensation is less than
$200,000
Short-Term Disability After one month of
service
Company paid Compensation during an approved
disability leave for up to 13 weeks
based on years of service
Long-Term Disability
For employees whose total
compensation is $50,000.99
or less
On your date of hire
Note: If your total
compensation is
$50,001 and above,
see Long-Term
Disability under the
“Health and welfare
benefits” section.
Company paid Compensation of 60% of total
compensation up to $500,000
when an approved disability extends
beyond 13 weeks; proof of good health
required if enrolling outside of initial
eligibility unless enrollment is the
result of a qualified change in status
Business Travel Accident
insurance
On your date of hire Company paid Coverage of five times total
compensation to a maximum of $2
million for yourself; eligible dependents
also are covered when traveling with
you on Citigroup business
H e a l t h a n d w e l f a r e b e n e f i t s ; e n r o l l m e n t r e q u i r e d
Medical On your date of hire;
coverage is retroactive
to your date of hire if
you enroll during your
initial eligibility period
You and Citigroup share
the cost of contributions
based on the amount of
your total compensation
Choice of medical options (ChoicePlan,
HMOs, High Deductible Health Plans,
Hawaii Health Plan) for you and your
eligible dependents; prescription drug
coverage included
Dental On your date of hire;
coverage is retroactive
to your date of hire if
you enroll during your
initial eligibility period
You and Citigroup share
the cost of contributions
Choice of three options for you and
your eligible dependents; not all
options are offered in all locations
Vision Care On your date of hire;
coverage is retroactive
to your date of hire if
you enroll during your
initial eligibility period
Employee paid Supplies and services for you and/or
your eligible dependents
Long-Term Disability
For employees whose total
compensation is $50,001 and
above
On your date of hire
Note: If your total
compensation is
$50,000.99 or
less, see Long-Term
Disability under the
“Company-provided
benefits” section.
Employee paid Compensation of 60% of total
compensation up to $500,000
when an approved disability extends
beyond 13 weeks; proof of good health
required if you enroll outside of initial
eligibility period unless enrollment
is the result of a qualified change
in status
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