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How to manage Recession? | Cost cutting Measures

Posted By On 12:24 PM Under

1. Recession is taking its toll on each and every company and the methodology being adopted by a few companies is as listed below:
(a) Layoff- Message being sent to employee in a polished manner as restructuring. Like Boeing, Bombardier the Canadian airlines is laying off 3,000 jobs.
(b) Advt and entertainment gets the axe: Industry chamber Assocham said that the private sector will be spending up to 35 per cent less on advertising and entertainment remuneration during this fiscal year.
(c) "Garv se Kaho Hum Kanjoos Hain" - The mantra given by Mr Kishore Biyani to its employess managing the big Bazaar and future group other companies.
(d) CEO leading by example by taking the salary cuts like Citibank CEO Mr Pandit getting $1 salary per month.
(e) Ashok Leyland has accepted 3 days working week.
(f) Wipro Azim Premji has told employees to have heart as bad phase will also pass by through an open letters to its employees.
(g) Even Mr Ratan Tata has written a letter to his employees and one thing which raises the eyebrows in his letter where he has asked the pending deals to be finished even if it entails taking the loans at higher interest rates.

2. Other companies have point blank forced the salary cuts across the throat of its employess and they have no choice but to accept the same.

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