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India Inc tones down office events to control cost

India Inc tones down office events to control cost
PTI
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First Published: Sun, Mar 22 2009. 05 04 PM IST
Updated: Sun, Mar 22 2009. 05 04 PM IST
Mumbai: Amidst the on-going downturn, Corporate India has been toning down office events to bare minimum, if not completely doing away with them, as a cost controlling measure, and curtailment of executive travel tops the priority list for streamlining costs.
“Unfortunately, office events like staff picnics, annual day celebrations which facilitate employee bonding and were considered very crucial in the good times have now been curtailed completely or have been toned down to the bare minimum,” recruitment solution provider EmmayHR said in its recent report adding that 43% of respondents have already implemented this step.
EmmayHR, now owned by the Randstad Holding nv, carried out an online survey to take a stock of the current HR challenges by Corporate India in which 921 decision makers across sectors in five cities took part.
“Cost control is clearly the first step that companies are resorting to during these tough times. As many as 63% respondents mentioned that executive travel tops in the list towards streamlining costs and air travel is done only if it merits physical presence of the executive,” the survey revealed.
The focus on cost control notwithstanding, India Inc is not oblivious of motivating employees as 63% of the respondents felt it essential to applaud the achievements of high performers not only to encourage them to sustain their performance but also inspire others to come up to the curve.
“While the idea may not be unique or new but the methods of applauding moves from being purely commercial to elements which have higher perceived value,” it said, adding that some companies were encouraging employees to work out of home.
Respondents, believe this is a great way to tide over the crisis as 62.5% prioritised it in the third rank among the 11 measures they want to initiate in their firms.
“Organisations across sectors are re-looking at their existing human talent and assigning additional or new duties or roles to them. Organisations are also exploring every possible option to become lean and profitable,” it said.
But, they are not averse to retain stars as the companies were banking on them to tide over the slump and emerge as a strong player when the economic graph turned upwards.
“Given the current scenario, every company is banking on their rainmakers. If there was a need for retaining stars, it is now!” the survey said.
Over 53% of respondents believe in involving high performers in the management decision making, the survey said.
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First Published: Sun, Mar 22 2009. 05 04 PM IST