Going dollar-wise, Infy wants staff to save 10-times of Citi’s

Going dollar-wise, Infy wants staff to save 10-times of Citi’s
PTI
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First Published: Tue, Dec 02 2008. 10 58 PM IST
Updated: Tue, Dec 02 2008. 10 58 PM IST
New Delhi: After Vikram Pandit-led Citigroup, it is the turn of Infosys to go dollar-wise on saving costs.
But, the Indian IT giant seems to have gone even ahead and wants its employees to save 10 dollars each, as against the American banking behemoth’s idea of challenging every single dollar spent by its staff.
In the backdrop of a global economic crisis affecting businesses across the world and the companies running from pillar to post, CEO Krish Gopalakrishnan has asked the Infosys employees in an internal mail that if each one of them was able to save 10 dollars, it would result into a total savings of about one million dollars for the company.
The mail follows a similar internal memo from the management of the crisis-ridden US banking behemoth Citigroup in mid-August, that said that each of the employees must do their part by “challenging every dollar” spent.
As part of that cost-cutting drive, Citi also clamped down on colour photo-copying and printing wherever it was not “essential” and asked the staff to go for double-sided printing to cut down on paper usage.
Besides, Citi also clamped down on excessive Blackberry usage, expense claims for more than one mobile phone, cutting on the help of outside management consultants, spending on client meetings, offsite meetings and costs related to hardware and software purchases.
However, the steps do not seem to have resulted into desired cost saving results for the bank, which announced much more massive measures later, including job cuts to the tune of more than 50,000 employees.
Besides, the bank had to go in for a government rescue package entailing capital infusion of 40 billion dollars and a federal guarantee for 306 billion dollars of toxic assets.
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First Published: Tue, Dec 02 2008. 10 58 PM IST