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GLOBAL MELTDOWN

GLOBAL MELTDOWN. MANAGING WORKFORCE DURING RECESSION. GROWING MARKET ECONOMY. Starting Point = Willingness to buy. DECLINING MARKET ECONOMY. MOST AFFECTED AREAS. Most impacted. Mildly impacted. Least impacted. Banks Financial services Real estate I.T. MOST AFFECTED HR PROCESSES.

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GLOBAL MELTDOWN

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  1. GLOBAL MELTDOWN MANAGING WORKFORCE DURING RECESSION

  2. GROWING MARKET ECONOMY Starting Point = Willingness to buy

  3. DECLINING MARKET ECONOMY

  4. MOST AFFECTED AREAS Most impacted Mildly impacted Least impacted • Banks • Financial services • Real estate • I.T.

  5. MOST AFFECTED HR PROCESSES • Recruitment • Training • Compensation and Benefits • HR Front Office

  6. EFFECT ON EMPLOYEES • Low Morale • Low Loyalty • Increased Stress Levels • Grapevine • Job Insecurity

  7. KEY HR STRATEGIES • Optimize Manpower Strength • Incorporate Job Rotation • Work on Compensation and Benefits • Redesign Training and Development Programs • Be Proactive, not Reactive

  8. KEY HR STRATEGIES • Have a clear Leadership Strategy • Adopt Flexible Scheduling • Communication to be Transparent and Fair • Streamline Job Descriptions • Ensure Retention of Key Employees

  9. HR PRIORITIES COST IMPACT

  10. APPLICATION OF KAIZEN PRINCIPLE

  11. RECESSIONAN OPPORTUNITY IN DISGUISE • As a Strategic Partner • For Building Future • To Act as a Moral Guardian

  12. ITS TIME TO… • Consolidate and Invest • Enhance Skills and Improve Performance • Implement Changes • Leverage Simultaneously ‘Winning The Princess’ and ‘Slaying The Dragon’ Strategies

  13. MEASURES TO CUT COSTS • Reducing Hours Worked Per Week • Offering Flexible Scheduling • Eliminating or Reducing Executive-level Bonuses • Effecting Percentage Reductions in Pay • Freezing Hiring • Freezing Salaries

  14. MEASURES TO CUT COSTS • Substituting Telecommuting for Working at the Office • Auditing Office Supply Expenses • Eliminating unnecessary expenses on Traveling and Meetings • Eliminating or scaling back Corporate Parties, Luncheons and Events. • Offering Employees Unpaid Vacations/Imposing Mandatory Holidays

  15. CORPORATE INPUTS

  16. JET AIRWAYS • Bonuses are significantly frozen • Slashed salaries: • Top key executives - 25% • Pilots, Engineers - 20% • Chief executive and operational heads - 25 % • Allowances frozen for trainee pilots, though the pilots who come below Rs.75,000 per month salary bracket have been left out. financialexpress.com

  17. TCS: • Promotions are on hold • Contractual employees in HR team • No increase in wages until 2010 • Introduction of Cost Management Programs • SATYAM: • Issue of appointment letter and confirmation kept on hold for this year • Replacing high cost HR to low cost HR thehindu.com

  18. L&T InfoTech : • Postponing training program • Postponing campus placement • RAMCO SYSTEMS: • Cutting salaries of senior employees by 10-15% • Laid off 200 employees in May 2008 siliconindia.com

  19. COMPANIES STILL HIRING • Bharati AXA Life plans to add another 4000 employees by end of 2009. • In the Private Security Sector, the expected additional requirement in the next two years is about 2,00,000. • TCS has made 25,000 technical campus offers for 2009-10, a 13% increase over its intake of 22,000 • Its closest rival, Infosys Technologies, will be making around 20,000 offers in the same period, an 18% increase. business.outlookindia.com

  20. “No matter how big the problem is, no problem is insurmountable” -Dr Robert H Schuller's ,Tough Time's Never Last, But Tough People Do.

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