Refund unclaimed deposits: RBI to banks

A surprise windfall might be waiting for you. The Reserve Bank of India has asked banks to locate and refund unclaimed deposits estimated at over Rs 1,700 crore to customers or their legal heirs.

Banks will have to publish the list of unclaimed deposits and inoperative bank accounts that are inactive/inoperative for 10 years or more on their websites.

The list, which has to be made available by 30 June 2012, will contain only the names of the account holder and his/her address as mentioned in the unclaimed deposits and inoperative accounts.

It will be updated on a regular basis. Banks will also have to provide a search option to discover unclaimed accounts held by individuals.

As in December 2010, Rs 1,723.24 crore in 1.03 crore non-operational accounts in different banks were lying unclaimed.

Source:

www.businesstoday.in

How recruiters look at your resume

How recruiters look at your resume:

In a study by TheLadders (of n equals 30), recruiters looked at resumes and make some judgments. During evaluations, eye tracking software was employed, and they found that the recruiters spent about six seconds on a resume looking for six main things: name, current company and title, previous company and title, previous position start and end dates, current position start and end dates, and education. After that, it was a crapshoot.

Beyond these six data points, recruiters did little more than scan for keywords to match the open position, which amounted to a very cursory "pattern matching" activity. Because decisions were based mostly on the six pieces of data listed above, an individual resume’s detail and explanatory copy became filler and had little to no impact on the initial decision making. In fact, the study’s eye tracking technology shows that recruiters spent about 6 seconds on their initial "fit/no fit" decision.

If I ever have to submit a resume, I'm just going to put those six things as bullets and then the rest will all be keywords in small, light print. It'll be like job search SEO.
Update: I've been told that TheLadder's reputation might be less than savory, and a quick search shows some in agreement, so it might be wise to sidestep the service. Instead, go with my awesome six-bullet advice and you're gold.
[via @alexlundry]

India Gate, New Delhi (India)

Will a lack of references cost you a job offer?

Employers do check references, so declining to provide any is not really an option. Here's how to manage this essential element of a job hunt.

FORTUNE -- Dear Annie: Why do so many companies request personal references on job applications (especially online) even before setting up an interview? They usually ask for contact information for teachers, relatives, and acquaintances, as well as bosses and coworkers, both current and former.

I'm really not comfortable with this, for several reasons. First, I'm in my mid-40s and have been out of college a long time, so giving professors as references isn't practical. Second, I don't like to provide information on family and friends because it's too personal. As for work-related references, most of my previous colleagues and supervisors have retired or moved on, and I've lost touch with them. And I don't want anyone at my current company to know I'm job hunting, so they're out too. So my question is, can I just decline to give references? Employers usually don't take the time to check them anyway, do they? — Stumped in San Francisco

Dear Stumped: Well, of course you can decline to give references -- but don't be surprised if that brings any further contact with a prospective employer to a screeching halt. "Companies certainly do check references," says Jeff Shane, executive vice president of reference-checking firm Allison & Taylor. "Especially in this job market, where there are often many qualified candidates competing for each opening, saying 'no' to this request is rolling the dice."

Personal references are relatively unimportant, he adds, since kind words from your friends "generally don't carry much weight anyway. What is critical, however, is strong professional recommendations, particularly from former bosses." Refusing to let hiring managers contact them, Shane says, is "a red flag" -- in large part because it suggests you have something to hide -- and could well cost you the job before you've even been interviewed for it.

MORE: Games: A job recruiter's new best friend?

So what should you do now? First, try to track down at least two or three of the people who were familiar with your work in the past and with whom you've since lost touch. Ideally, these would be people to whom you reported, but erstwhile peers and others (satisfied clients, for example) will do in a pinch. Google them, look them up on LinkedIn, or see if professional associations or mutual acquaintances have any information on how to reach them.

It's nice of you not to want to bother former bosses who have retired, but if you thank them profusely for understanding the importance of your request, you'll probably find your misgivings are misplaced. Managers who have done any hiring at all are well aware of how much references matter, so they're unlikely to resent your asking. If you want to keep your intrusion on their time to a minimum, you can always write your own letter of recommendation and ask them to sign it.

All this detective work and diplomacy is worth the effort, says Shane, because "if an employer is really interested in you and you don't provide references, they may go to Plan B." That's where the hiring manager or a human resources person calls the HR department at a company where you used to work and fishes around for someone who remembers you and who is willing to chat about what your work was like.

The trouble with that, of course, is that the person they stumble across could turn out to be an old nemesis who (even if company policy officially forbids it) will be only too happy to trash you -- and then you'll really wish you had taken the time to locate a few of your fans.

MORE: Airline employees aren't the only stressed workers

In this as in so much else, a bit of advance planning can avert a huge hassle later on. "The trick is not to lose touch with potential references in the first place," says Shane.

When you leave a job where you've worked well with your boss, or if a boss who likes your work is moving on, make it a point to hold on to his or her contact information. Then call or email every now and then, just to say hello and stay current with what he or she is up to lately.

"Send a card at the holidays, maybe even meet for coffee once in a while," Shane suggests. "This way, when there is a specific job you want, and you'd like to give this person as a reference, you can coach them a little bit on what you'd like them to say to a prospective employer, because you're not calling out of a clear blue sky."

Keeping in touch is smart for one other reason: Since former bosses often have a way of moving onward and upward to bigger and better things, they sometimes turn out to be future bosses, too.

Talkback: Do you find it difficult to give references when employers ask? Have you ever been unpleasantly surprised by what a reference said about you? Leave a comment below.

How to Negotiate Salary?

Salary is the important part of a job and the most valuable target in an interview. Companies negotiate salaries only with candidates who have cleared the technical rounds. The foremost point in salary negotiations is that the company is willing to include the candidate in their team and it will be based on the pay. Salary negotiation is similar to a straight line and its two endpoints.

• Salary arrived at, should not dip below the candidate's actual worth
• Salary asked for, should not rise above what the company can afford

First point implies company's gain and candidate's loss in terms of salary. The second point implies loss for both company and candidate in terms of a worthy employee and an opportunity respectively.

There are three stages in a salary negotiation, preparing for a negotiation, the actual negotiation talk and after the negotiation.

Preparing for a salary negotiation
The candidate has to have in mind that the company's representative is much more experienced in terms of salary negotiation. Therefore, ample preparation is necessary to reach a desirable conclusion. Preparations include the following aspects.

• Salary range: It is necessary to understand about the salary ranges for the job applied. This is very important for a first-ever salary negotiation. Salary ranges can be found from websites. For example, average accountant salaries in different states (LINK HERE)
• Worth: The candidate should know his/her worth before entering a salary negotiation. Ending up with a lesser-then-worth salary or losing the opportunity by negotiating for a skyrocketing one will not serve the purpose.
• Experience, Performance: The salary in mind should be proportional to the candidate's experience, achievements and mainly on performance in the interview.
• Equated: Salaries are not amounts of money. They also include benefits. A salary asked for should be a healthy equation comprising of monetary, perks and other benefits. Extra paid time off is also a benefit.
• Company research: Research about the company is a crucial factor in salary negotiations. Knowing the average salaries in the company will help.
• Reason: If the target company is reported to have a good growth or if a change in job is needed immediately, salary should not be a big concern. Switching to a job with better working conditions and less pressure is also an advantageous situation.

Actual negotiation talk
On the day of the negotiation, arriving on time is important. A professional attire identical to the one worn for the interview is necessary. While negotiating salary, few points have to be remembered.

• Politeness in talk with literally no arrogance
• Clear detailing of strengths, achievements and advantages
• Asking, not demanding, for an appropriate salary, nominal increase from current job, with proper splits
• Salary is not just money, added perks and benefits are a plus
• Understanding the company's worth and future in the company
• Understanding the negotiation time limit

After the negotiation
If the negotiation is successful, it is mandatory to obtain the salary terms discussed in a written format. In case of an unsuccessful negotiation, the candidate should leave with a handshake on a positive note.

Important Notice for Savings Accounts‏ (For Axis Bank Customers Only)

Dear Customer,

We periodically review our charges and fee structures so as to stay in line with market practices and related changes. As part of the review, the Average Quarterly Balance (AQB) requirements of various accounts have been revised with effect from next quarter cycle i.e. 15^th June – 14^th September, 2012.The revised AQB requirements are as below:-

#The AQB charge waiver on the mentioned product codes basis the fixed deposit relationship value will be discontinued from next quarter cycle i.e. 15^th June – 14^th September, 2012 onwards. *The requirement is on the Half Yearly Average Balance.

There is no change in AQB balance requirement for the products not mentioned in the above table. Your product/scheme code is given on the front page of the account statement. For any clarification please contact your branch. Non-maintenance of AQB balances attracts charges as per extant guidelines.

Also, we have revised our Cash Transaction Limits and Charges for Anywhere Banking services, which allow you to deposit or withdraw cash at any Axis Bank branch pan India. These charges will be calculated on a monthly basis and will come into effect from 15th May 2012 to 14th June 2012 (monthly charge cycle).

 

Charge Structure*:

Center

Old Charge Structure

Revised Charge structure

Metro/Urban

First 5 transactions free in a month at any branch

Home branch: No Value Limit

Non-home branch: Rs. 50,000 free per day, else Rs. 2.5 per 1,000 above Rs. 50,000 (Min Rs. 95)

6th transaction onwards at any branch - Rs. 2.5 per 1,000 on the full amount (Min Rs. 95)

First 5 Transactions or Rs 10, 00,000 of cash deposit/withdrawal in a month is free, whichever is earlier.

Post that, Rs 4 per 1000 rupees on the deposit/withdrawal amount or Rs 100 whichever is higher shall be charged

Semi Urban/Rural

First 10 transactions free in a month at any branch

Home branch: No Value Limit

Non-home branch: Rs. 50,000 free per day, else Rs. 2.5 per 1,000 above Rs. 50,000 (Min Rs. 95)

11th transaction onwards at any branch - Rs. 2.5 per 1,000 on the full amount (Min Rs. 95)

First 10 Transactions or Rs 10,00,000 of cash deposit/withdrawal in a month is free, whichever is earlier.

Post that, Rs 4 per 1000 rupees on the deposit/withdrawal amount or Rs 100 whichever is higher shall be charged

*In addition to the above-mentioned charges, service tax/other applicable taxes shall be charged and payable by the customer as per government rules and regulations. Charges shall not be applicable on Cash transactions at Axis Bank ATMs.

Following products are excluded from the above changes - Wealth (All schemes), Privee (All schemes), Retail Trust, Government Trust (All schemes) and the following schemes are excluded from cash charges:

SBNRE, NREPM, NREPI, NROPI, NREZR, NRISL, SBMIA, PBNRE, SBSDF, SBSTF.

For any clarification, please visit your nearest Axis Bank branch or log on to www.axisbank.com or call us at 1-800-233-5577 /1-800-209-5577 /1-800-103-5577.

Warm Regards

Axis Bank Ltd

 

for more information visit: http://www.axisbank.com/

Salary Negotiation Tips

Many people have trouble when it comes to negotiating salary. A few key tips can make a big difference in your bottom line.

Some people find the phase of salary negotiation to be awkward and difficult. Particularly when economic times are hard or you are looking for your first job in the field, you might not know how to go about negotiating your salary. Salary negotiation isn’t rocket science and it doesn’t have to be stressful. With a few simple tips you can nudge your salary in the right direction the next time you get a job offer.

Be Specific About Results

You should highlight your past results in any negotiation on salary. However, it is important that you be specific about what you have achieved in the past. Nothing is more specific than numbers. Don’t say that you increased sales. Say that you increased sales by 20 percent in a number of different departments. Don’t say that you were productive. Say that you created over 100 more documents than other people in your department. Specific numbers show that your results aren’t just something you trot out to get more pay. It shows that your results are very real and verifiable.

Don’t Ask

It’s best to let your potential employer make the first move regarding salary. If you must ask about how much you will be paid make sure that you do this after you have secured the job. This puts you in a far better negotiating position as you have proof that the company wants you on board.

Attitude

As in any other endeavor, having the right attitude is a crucial component of success. You can get the right attitude through a visualization exercise where you strongly visualize having the job and making the amount of money that you desire. While this isn’t a form of magic it may give you an added dose of confidence that makes all the difference. Externally you can express excitement about the job to the hiring team. This will show them that it’s not “just a job” for you . Companies will be more inclined to pay more for someone who is more invested in the job than just trying to get a steady paycheck.

Do Your Homework

Researching salaries in the field is important, especially if you have never held a position in the industry before. Looking around and seeing what people working in your position make at different levels of experience will give you a solid idea of what to ask for when you begin negotiating, as well as what to accept as an offer.

Dress for Success

While looking like a million bucks won’t get you a million bucks, it will exude an aura of success. Remember that nothing invites prosperity more than prosperity. Get a new suit and a fresh haircut when looking for a job and make sure that your personal appearance is always in top form when you are in negotiations. This sends the message to the company that you would like the job, but you don’t need it.

Accept Alternatives to Cash

Remember that compensation is more than just money in the bank. Health insurance, paid time off, expense accounts, profit sharing, stock options, signing bonuses and regular raises for performance are just some of the things that can offset a lower salary. Take the entire package into account when negotiating and making your decision.

Know When to Walk Away

Part of being an effective negotiator is knowing when to leave the table. Unless you are particularly desperate for a job you’ll need to know when to walk away from the table. Never settle for less than what you think you are worth. This can lower your salary expectations for the long term.

Showcase References

Get a portfolio of references for salary negotiations. These don’t necessarily have to be from former employers. They can also be from colleagues or professors from college. Anyone who is familiar with the quality of your work and past performance can make a powerful argument that you are worth every penny you’re asking for. The praise of others necessarily means much more than the praise that you heap on yourself, no matter how objective you are being.

Prepare for Objections

Just like writing a persuasive essay, you should be ready for any objections that your potential employers may have to your salary request. Think carefully about any reasons that your future boss may not want to pay you what you think you are worth. Then come up with counterarguments in advance.

Getting What You Want

Every salary negotiation is different. There are, however, some guidelines that you can bear in mind that will put you in a better negotiating position. Getting the job is only half the battle. The other half of the battle is negotiating a salary that makes the job worth your while.

When Your Influence Is Ineffective

By CHRIS MUSSELWHITE AND TAMMIE PLOUFFE

In today's highly matrixed workplace, your ability to influence others can be the key to your professional success. In a previous blog post, we asked questions and provided links to influencing style assessment tools — all in the effort to demonstrate why learning about influencing styles, including identifying our own primary style, is critical to personal effectiveness. The bottom line: Since we naturally default to the one (sometimes two) styles that work best at influencing us, our influencing ability and our effectiveness to influence others will remain limited until we develop influencing style agility, achieving the ability to use any style comfortably.

Once we have identified our style and learned about the others, the next step is learning how to recognize when a style is being used ineffectively. As some readers of our previous blog wisely commented, everyone has used all of the influencing styles at one time or another. This underscores the fact that no style is inherently bad. In fact, any influencing style can be used effectively as long as the influencer fully considers the situation — the people involved, what's at stake for everyone, and the organizational culture in which everyone is operating.

But influence becomes ineffective when individuals become so focused on the desired outcome that they fail to fully consider the situation. While the influencer may still gain the short-term desired outcome, he or she can do long-term damage to personal effectiveness and the organization, as it creates an atmosphere of distrust where people stop listening, and the potential for innovation or progress is diminished.

Because a style's effectiveness or ineffectiveness is completely situational, it's tricky to recognize when a style you are using isn't working. Since the same argument or presentation can be "heard" differently by different people, recognizing when a style is ineffective requires enough interpersonal insight to accurately judge how your appeal is being perceived.

In order to gain agility between styles — and make sure that you're using each effectively — take a moment to consider situations where specific influencing styles are ineffective. We've provided a breakdown for each of the five styles below:

Rationalizing: Rationalizing can be ineffective when it makes others feel overwhelmed, that their perspectives are not being heard, or that the influencer values data more than their feelings. This can happen when the influencer repeats the same factual argument, ignores value-based solutions, or fails to consider the emotions or feelings of others. These behaviors can be perceived as competitive or self-serving, and may generate a competitive response.

Asserting: Asserting generally won't work when people feel pressured — especially when asserting statements start to feel like aggressive, heavy-handed, or unreasonable demands. This can lead to resistance or resentment accompanied by passive aggressive or negative behavior, which can result in compliance when the influencer really needs commitment. In other words, people may say they are in agreement with the influencer, but when the time comes for action, they may not behave the way the influencer had in mind. The asserting style is especially ineffective when one is influencing up or there is need for collaboration.

Negotiating: Negotiating is being used ineffectively when people become confused about the influencer's key position. This can happen when the influencer negotiates too much, loses sight of the bigger picture, or gives up something that is seemingly critical to his or her long-term strategic interest. When an influencer gives in to the demands or needs of other stakeholders to avoid conflict, it may communicate that the influencer is less concerned about an issue than they really are. When one is in an inferior position or there is nothing to exchange, the negotiating style is especially questionable.

Inspiring: Inspiring isn't working when people feel misled, especially when there is a lack of trust at the start. This can happen when people are influenced toward a common ground only to discover there is none; others may assume that the influencer has a hidden agenda or an overall lack of transparency. All of this erodes trust, causes suspicion, and costs the influencer future credibility.

Bridging: Bridging is ineffective when the influencer uses what he or she knows about the stakeholders' interests during the influencing process to the extent that they feel manipulated. Instead of connecting people to one's position, the influencer may be making them suspicious about his or her motives. This can happen when there is too little common ground or open conflict at the outset. The influencer may be perceived as self-serving or insincere about the interests of other stakeholders. More so, when bridging includes a push for collaboration when the prerequisites or time doesn't allow it, this can lead to distrust in the organization.

It's clear that unless we take the time to learn enough about the different influencing styles and take notice of the situations around us, we run the risk of damaging our personal effectiveness in the short term and harming our organization in the long run.

Can you tell when the influencing style you are using is ineffective? How are you going to improve your influencing abilities?

About The Authors: Chris Musselwhite is president and CEO of Discovery Learning Inc. and Tammie Plouffeis the managing partner of Innovative Pathways.

Senior FP&A Analyst/Finance Manager - Morgan McKinley Ltd - Singapore - JobsDB.com

Senior FP&A Analyst/Finance Manager - Morgan McKinley Ltd - Singapore - JobsDB.com

Senior FP&A Analyst/Finance Manager - Morgan McKinley Ltd - Singapore - JobsDB.com

Senior FP&A Analyst/Finance Manager - Morgan McKinley Ltd - Singapore - JobsDB.com