CandyDate Jobs Awards Employees US $2 Million Shared Bonus

Online, April 16, 2011 (Newswire.com) - CandyDate Jobs, India's largest human resource consultancy awarded its 1020 India based employees a shared bonus of US $2 million or Rs 9.5 crore. The move came after 125 of CandyDate Jobs employees resigned in a month to join competitors for higher salaries and better future prospectus.

"We want our Q2 to be better this time; we cannot afford to lose employees at this stage." said Rahul Malhotra, CXO of the company.

CandyDate Jobs is growing at a rate of 25% per month in India and is sitting on a cash pile of US $40 million or Rs 180 crore which it may use to acquire small and midsized human resource consultancies. The recent acquisition of UK Steels, a India based steel plant labor consultancy, may cause a US $5.5 million Rs 24.75 crore loss to the company this quarter as the steel companies in India are passing through a rough phase and is cutting down on employee base, however, the company is confident that this new business will break even this year.

"We will very soon foray into different businesses which are directly correlated to our existing business; this will help us to pass on growth challenges to different verticals. We will take best care of our people as they are our backbone and partners in our success, we may announce few more bonuses this year as we are confident of better growth rate this year." said Alok Mishra, HR Director of CandyDate Jobs.