Friday, July 31, 2009

Filled Under: ,

Employees lay-offs least likely tool for cost cutting in India: Survey

Retrenchment of employees is the least likely cost-cutting tool for Indian companies, compared to their global peers, and they would be the first across the world to recommence regular salary revisions, a new survey said today.

According to the joint survey by global consultancy service provider Mercer and industry body CII, Indian companies were also increasingly using "innovative" incentive tools as a substitute for salary hikes to retain the talent, but were also cutting on employee mobility and travel to cut HR costs.

"Indian companies (are) least likely to consider retrenchment as a means to cut costs compared with (its) global counterparts," the survey said.

The survey explored the implications of the current global economic situation on talent management, compensation, benefits as well as on employee concerns and the HR functions.

It further said that war for skilled talent in India is set to make a comeback towards end of 2009.

In such unprecedented times Indian companies have been resilient, Mercer Consulting India Managing Director Ravichandar R Padma said adding that most Indian companies have managed to turn the downturn into an opportunity.

Most of the companies worldwide are resorting to job cuts as part of their efforts to bring down cost.

0 comments:

Post a Comment

Blog Archive